ConAgra Foods, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

($ in millions)

	Thirty-nine weeks ended
	February 24, 2013
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	870.3
Add (deduct):
Fixed charges	219.3
Distributed income of equity method investees	20.6
Capitalized interest	(4.5		)
Earnings available for fixed charges (a)	$	1,105.7
Fixed charges:
Interest expense	$	175.7
Capitalized interest	4.5
One third of rental expense (1)	39.1
Total fixed charges (b)	$	219.3
Ratio of earnings to fixed charges (a/b)	5.0

(1) Considered to be representative of interest factor in rental expense.