CAGNY Slide Presentation

Exhibit 99.2

Agenda

Gary

Rodkin

–

Overview

Greg

Smith

–

Supply

Chain

André

Hawaux

–

Financial

Metrics

Gary Rodkin, CEO

This release contains forward-looking statements. These statements are based on

management’s current views and assumptions of future events and financial performance

and are subject to uncertainty and changes in circumstances. The Company undertakes no

responsibility to update these statements. Readers of this release should understand that

these statements are not guarantees of performance or results. Many factors could affect

the Company’s actual financial results and cause them to vary materially from the

expectations contained in the forward-looking statements. These factors include, among

other things, future economic circumstances, industry conditions, the Company’s ability to

execute its operating and restructuring plans, availability and prices of raw materials,

product pricing, competitive environment and related market conditions, operating

efficiencies, the ultimate impact of the Company’s recalls, access to capital, actions of

governments and regulatory factors affecting the Company’s businesses and other risks

described in the Company’s reports filed with the Securities and Exchange Commission.

The Company cautions readers not to place undue reliance on any forward-looking

statements included in this release, which speak only as of the date made.

Note on Forward-Looking Statements

Early Focus

Vision

Culture

Wiring

Portfolio Changes

Cost

–

“Low Hanging Fruit”

Current Focus

Innovation / Renovation

Marketing Impact

Pricing

Next Wave of Productivity

“Player-Coach”

Approach

Becoming a True Operating Company that

Delivers Sustainable, Profitable Growth

Consumer Foods Segment:

Sticky Innovation

Marketing Impact

Smart Pricing

Top-Line Growth Drivers

Liquid Eggs

$125 MM

Number

Cocoa Mix

$150 MM

Number

Whipped

Toppings

$125 MM

Number

Cooking Spray

$125 MM

Number

Frozen

$1.9 B

Number

Canned Pasta

$475 MM

Number

Popcorn

$425 MM

Number

Canned

Tomatoes

$275 MM

Number

Shelf Stable

Desserts

$175 MM

Number

Sizable Equities in Attractive Categories

Meat Snacks

$225 MM

Number

Meat Snacks ranking includes convenience stores

High Quality Sales Trends for Many Brands

Chef Boyardee

Orville Redenbacher's

Greater than 5% Sales Growth: Rolling 3-Qtr Period

Blue Bonnet

Egg Beaters

Healthy Choice

Hebrew National

Libby’s

Marie Callender's

Rosarita

Wesson

Snack Pack

Innovation Platform:

Amazing Taste

Health & Wellness

Extreme Convenience

Key Drivers

Healthy Choice Cafe Steamers

Healthy Choice Cafe Steamers

On-Track for

$100 MM

Year 1

Raising the

Bar Toward

Restaurant

Quality

Meeting Strict

Health & Wellness

Guidelines

Delivering

Extreme

Convenience

Healthy Choice Cafe Steamers Ad

Video

Healthy Choice Panini

Healthy Choice Meals

* Includes

Month

Allocation

Café

Steamers

+ 8%

Avg Price

+ 0.3% (Measured Channels)

Mkt Share

+ 19% (All Channels)

Net Sales

Healthy Choice Meals

FY ’08 YTD* vs. Year AGO

Orville Naturals

Orville Naturals

Bold Flavors

All Natural

One-Step

Convenience

Orville Naturals Ad

Video

Hunt’s

Hunt’s

+ 1.7%

+ 9%

Mkt Share

+ 1.1%

Mkt Share

Net Sales

+ 5%

Net Sales

10/07 –

1/08

vs. Year AGO

FY ’08 YTD vs. Year AGO

Hunt’s Canned Tomatoes

* Period of Increased Advertising & New Products

Hunt’s Ad

Video

Chef Boyardee

Chef Boyardee

+ 2.6%

Mkt Share

+ 6.5%

Net Sales

FY ’08 YTD

Chef Boyardee

Winter 2008

Product News

Protein

Calories

210mg

50mg

Cholesterol

1.5 g

Fat

Shell Eggs (Large)

Egg Beaters with Yolk

Egg Beaters –

Now with Yolk

Taste at Parity

with Shell Eggs

Egg Beaters Ad

Video

Orville Redenbacher’s Smart Cakes

External Focus

Early Prototyping

Iterative Feedback

Final Testing

Launch

Fewer, Bigger, Better, Faster to Market

Innovation Process:

Brands –

Categories –

Technologies

More Product News:

Game Changing Snacks

Game Changing

Meals

Fiscal Year 2009 Pipeline

Focusing on:

•

Healthy

•

Flavor

•

All

Natural

•

Portable

Marketing Investment

Effectiveness Significantly Improving

Long-Term A&P Target:

6-7% of Sales

for

Consumer

Foods

Segment

Investment will Accelerate for High-ROI Opportunities

Pricing Actions

Latest Round Effective March 24th

–

95%+ Portfolio

–

Significant $ Impact

Very

Clear

Direction

Initiative

Led

CEO

Commercial Operations

Food & Ingredients Segment

–

Sales = $1.9 Billion

+ 13%

–

Operating Profit = $252 Million

+ 14%

Trading & Merchandising Segment

–

Sales = $873 Million

+ 74%

–

Operating Profit = $240 Million

+ 341%

Outstanding Fiscal 2008 H1 Performance

Another Key

CAG Growth Driver

$2.0 Billion Annual Sales

# 1 Potato Company in

North America, # 2 Worldwide

20% International

Strong Double Digit Export

Growth Past 5 Years

Margin & ROIC Accretive

3 Year Trends

Sales 8%

CAGR

Trading & Merchandising

Fertilizer Wholesale Distribution

Grain and By-Products Merchandising

Energy and Agricultural Commodities Trading

Proactive Risk Governance & Controls

Linking

Supply

Demand

–

Managing

Logistical

Price

Risk

Organization

Direct CEO Leadership of Largest Operating Segment

Managed as One Portfolio

“Player –

Coach”

Approach

Transition in Process

Greg Smith, Supply Chain

Supply Chain

End-To-End Initiatives to Lower Total Delivered Cost

Procurement

Manufacturing

Logistics

Customer Service

Supply Chain Priorities

Safety / Quality

Customer Service

Cost Management

Biggest $ Impact

Scale & Supplier Base

Overall Equipment Effectiveness

Yield & Waste Reduction

Touches & Miles

End-To-End Initiatives

COGS Opportunities

Logistics

$5.0 B COGS Base

Manufacturing

Procurement

$0.6 B

$1.1 B

$3.3 B

Biggest Opportunity = Consumer Foods Segment

Represents More than 50% of the Total CAG COGS Base

Example:

Procurement

Increased Contracted Volume, Less Spot Buys

Reduced Safety Stock and Obsolescence

Lower Input Delivery Costs

Manufacturing

Optimize Plant Based Run Strategies

Improved Overall Equipment Effectiveness

Logistics

Reduced Working Capital

Improved Customer Service

Vendor Supply Chain

Synchronization

$50 MM

Opportunity

Example:

Procurement

Reduces Can Varieties from 100 to 20

Enables Purchasing Leverage

Manufacturing

Fewer Changeovers

Utilize Capacity Across Multiple Regions

Logistics

Standard Pallets

Reduce Network Miles by 15%

Increase Direct Plant Shipments

$20 MM

Opportunity

Component Consolidation

and Rationalization

Logistics

Consumer Foods Cost Opportunities:

Current View

$225 Million (4-5%)

Fiscal 2010

$225 Million (4-5%)

Fiscal 2009

$225 Million (4-5%)

Fiscal 2008

Current View of COGS

Cost Savings Potential

COGS

Inflation

for

Fiscal

‘08

$400

Million,

Approaching $5.0 Billion in Annual COGS

Procurement

Manufacturing

Source of Savings

$275 Million Achieved in Fiscal 2007

André

Hawaux, EVP & CFO

Financial Outlook

Financial Outlook: Sales, EPS and ROIC

12% +

8% -

10%

4% +

Near Term

13% +

ROIC

8% -

10%

EPS

Sales

Long Term

New Guidance

All EPS and ROIC guidance discussed in this presentation excludes items impacting

comparability. The inability to predict the timing and amount of

future items impacting

comparability makes a detailed reconciliation of projections impracticable.

Sales: 4% +

Financial Outlook

Innovation

Strong Performance in Food & Ingredients

Accelerated Pricing

More Effective A&P Spend

–

Target

6-7% of Consumer Foods Sales

Financial Outlook

List Pricing

Trade Spend Effectiveness

Portfolio Management / Mix

Accelerated Pricing:

Financial Outlook

Mix –

Innovation is Gross Margin Accretive

Productivity

–

COGS: $225 MM / YR Consumer Foods segment

Ultimate Margin Impact Depends on Inflation

–

SG&A: Zero Growth for “Core Overhead”

SAP as an Enabler

Capital Allocation

Key Items Driving 8-10% EPS Growth from 4%+ Sales Growth

Financial Outlook

CAPEX

$450 MM Per Year

–

Quality / Food Safety

–

Innovation

–

Productivity

Depreciation

$350 MM Per Year

Share Buyback Remains Benchmark for Capital Allocation

–

$500 MM Authorization

Summary

More Balanced Algorithm

–

Higher Sales Growth Expectations

–

Mix

–

Productivity

–

G&A Initiatives

–

Capital Allocation

Long Term EPS Goals Unchanged : 8-10% EPS Growth*

–

Assumes normal (

$200 mm/yr) Trading & Merchandising profits

–

Unusually high T&M Profits normalized in determining EPS base yr-to-yr

CAG expects 8-10% EPS growth long-term after normalizing high

T&M profits

* Excluding items impacting comparability.

Summary

Today’s News Release : Q3 2008 Better than Planned

–

Very strong Trading & Merchandising results

–

Food & Ingredients momentum also ahead of expectations

–

As expected, Consumer Foods margin pressure

Pricing benefit starting to show in Q3, more in Q4

Solid Q3 volumes

Input cost increases continue to be high

–

Q3 EPS Strength = Upside to $1.55

FY 2008 EPS*

–

Q3 Not Yet Closed & Increased Investment Levels TBD

–

Details on March 27 (Earnings Release)

Excluding items impacting comparability, see Appendix C.

Margin

Goals

and

Margin

Goals

Very

Different in

an Inflationary Environment

CAG Commitment to $ Growth.

Margin % Goals Relevant at Later Date.

42%

50%

Profit Margin %

After Inflation

& Pricing

Before Inflation

& Pricing

10%

$ Profit Growth

$1.10

$1.00

Profit $

$1.50

$1.00

Costs

$2.60

$2.00

Sales

Example:

Appendix A: Margin % Goals

Profit Grows,

Erodes

Appendix B:

Consumer COGS –

Major Components

Logistics

$5.0 B COGS Base

Manufacturing

Procurement

$0.6 B

$1.1 B

$3.3 B

Proteins

20.0%

Fats and Oils

15.0%

Dairy

5.0%

Grains and Other Ingredients

10.0%

Seeds and Nuts

5.0%

Fruits, Vegetables, Legumes

10.0%

Sweeteners, Starches, Other

5.0%

Packaging

30.0%

Appendix C: Regulation G

Fiscal 2008 EPS Reconciliation for Regulation G purposes

Quarter 1

Quarter 2

Fiscal Year

Total

Diluted EPS from Continuing Operations, rounded

0.36

0.50

Items Impacting Comparability:

Benefit from Restructuring Charges

(0.02)*

Peter Pan Recall Costs

0.01 *

Non-Operating Gain on Merger

(0.01)*

Benefit of Lower than Normal Tax Rate

(0.01)*

Banquet Pot Pie Recall Costs

0.03

***

Additional

company

commentary

will

provided

upward

revisions

full

fiscal

2008

EPS

guidance

the

company's

third

quarter

conference

call

scheduled

for

March

27,

2008.

** The

timing

and

amount

items

impacting

comparability

cannot

determined

this

time.

Diluted EPS Excluding items impacting comparability

$ 0.34

$ 0.53

Above

$1.55***

Quarters 3 & 4

* Items affecting comparability are each rounded to the nearest penny; the sum of items will not equal $0.34 due to rounding.

Above $0.70 total***