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Back Cover Front Cover Front Cover Gate Panel Supply Chain Great Productivity Innovation Brands TM ConAgra Foods, Inc. Fuel Insights Growth One ConAgra Drive Omaha, NE 68102-5001 © ConAgra Foods, Inc. All rights reserved. CONAGRA FOODS, INC., 2010 ANNUAL REPORT ANNUAL 2010 INC., FOODS, CONAGRA Operational Selling Marketing Efficiencies CONAGRA FOODS 2010 ANNUAL REPORT Formula for Growth Using this formula, we expect to increase earnings per share by 8 to 10 percent a year over the long term. 107270_COVERS.indd 1 7/26/10 12:05 PM Back Cover Front Cover Front Cover Gate Panel Supply Chain Great Productivity Innovation Brands TM ConAgra Foods, Inc. Fuel Insights Growth One ConAgra Drive Omaha, NE 68102-5001 © ConAgra Foods, Inc. All rights reserved. CONAGRA FOODS, INC., 2010 ANNUAL REPORT ANNUAL 2010 INC., FOODS, CONAGRA Operational Selling Marketing Efficiencies CONAGRA FOODS 2010 ANNUAL REPORT Formula for Growth Using this formula, we expect to increase earnings per share by 8 to 10 percent a year over the long term. 107270_COVERS.indd 1 7/26/10 12:05 PM Inside Cover Inside Cover Back Inside Cover FOOD SAFETY COUNCIL SCIENTIFIC ADVISORY BOARD David W. Kennedy Acheson, Ph.D. Susan I. Barr, Ph.D., R.D. Nancy Green, Ph.D. Glenelg, Md. Professor, Retired Professor, Nutrition Managing director, The University of British Columbia Florida State University Food and Import Safety Practice Vice president, Health and Wellness Leavitt Partners Dennis M. Bier, M.D. Policy (Retired), PepsiCo Professor of Pediatrics Robert L. Buchanan, Ph.D. Director, USDA/ARS Children’s Robert P. Heaney, M.D. College Park, Md. Nutrition Research Center John A. Creighton university professor Director and professor, Baylor College of Medicine and professor of Medicine Center for Food Safety and Creighton University Security Systems Fergus M. Clydes dale, Ph.D. University of Maryland Distinguished professor and director Janet C. King, Ph.D. of Food Science Policy Alliance Senior scientist, Michael P. Doyle, Ph.D. University of Massachusetts Amherst Children’s Hospital Griffin, Ga. Oakland Research Institute, Regents professor and director, Johanna T. Dwyer, D.Sc., R.D. and professor, University of University of Georgia Center for Director, Frances Stern Nutrition California, Berkeley & Davis Food Safety Center, Tufts Medical Center, Professor, School of Medicine David A. McCarron, M.D. Craig Hedberg, Ph.D. and Friedman School of Nutrition Adjunct professor Minneapolis, Minn. Tufts University Boston Department of Nutrition Professor, Division of Environmental University of California, Davis Health Sciences, Gary D. Foster, Ph.D. School of Public Health, Professor of Medicine and Public Sylvia Rowe FINANCIAL HIGHLIGHTS University of Minnesota Health, Director of the Center for President Our Operating Principles Obesity Research and Education SR Strategy Jean D. Kinsey, Ph.D. Temple University • • Dollars in millions, except per-share amounts MAY 30, 2010 MAY 31, 2009 Simplicity Collaboration Accountability St. Paul, Minn. Mark A. Uebersax, Ph.D. Net sales 1 $ 12,079 $ 12,426 Professor, Department of Ann Grandjean, Ed.D. Professor Emeritus of Food Science Gross profit 1,2 $ 3,065 $ 2,782 Applied Economics, and director, Associate professor, and Human Nutrition The Food Industry Center, Medical Nutrition Education Michigan State University Operating profit 1,3 $ 1,652 $ 1,492 Our Must Do’s University of Minne sota University of Nebraska Medical Center Income from continuing operations before income taxes and Nourish our people to deliver breakthrough performance. equity method investment earnings $ 1,085 $ 912 David R. Lineback, Ph.D. Income from continuing operations $ 745 $ 618 Southport, N.C. Senior fellow, Make high-quality, more nutritious food. Income attributable to ConAgra Foods, Inc., common stockholders $ 726 $ 978 The paper, paper mills and the printers for this publication are all certified by the Joint Institute for Food Safety and Diluted earnings per share from continuing operations Rainforest Alliance’s Smartwood program for meeting the strict standards of the Applied Nutrition (JIFSAN), Forest Stewardship Council (FSC), which promotes environmentally appropriate, Fuel growth through productivity and savings. attributable to ConAgra Foods, Inc., common stockholders $ 1.67 $ 1.36 University of Maryland socially beneficial and economically viable management of the world’s forests. Diluted earnings per share from discontinued operations $ (0.05) $ 0.79 Martin Philbert, Ph.D. Deeply understand what consumers and customers need—and give it to them. attributable to ConAgra Foods, Inc., common stockholders $ (0.05) $ 0.79 Northville, Mich. Diluted earnings per share $ 1.62 $ 2.15 Professor of Toxicology and senior This is a greener annual report. Wow the people who buy our brands. Common stock price at year-end $ 24.18 $ 18.59 associate dean for Research, ConAgra Foods is committed to reducing its impact on the environment. By producing our printed Annualized common stock dividend rate at year-end $ 0.80 $ 0.76 University of Michigan report using 180,000 pounds of paper made from 30 percent post-consumer recycled fiber as opposed to 100 percent virgin wood fiber, and printing with 100 percent renewable wind energy Employees at year-end 24,400 25,600 Do the right thing for our communities and the environment. Steve L. Taylor, Ph.D. (REC’S) we lessened the impact on the environment in the following ways: Lincoln, Neb. 1 Amounts exclude the impact of discontinued operations of the trading and merchandising business, the Gilroy Foods & Flavors business, the Knott’s Berry Farm business, and the Fernando’s business. 2 Professor and director, Enhance stakeholder value by improving cash flow, strengthening our balance Gross profit is defined as net sales less cost of goods sold. 699 trees preserved for the future 66,416 pounds of greenhouse gas reduced 3 Operating profit is defined as income from continuing operations before income taxes and equity method investment earnings, less interest expense, net and general corporate expense. Food Allergy Research & sheet and managing enterprise risks. Refer to Note 22 to the Consolidated Financial Statements for a reconciliation of operating profit to income from continuing operations. Resource Program, 221 million BTUs of energy conserved 319,874 gallons of water waste eliminated Dept. of Food Science & Technology, University of Nebraska 6,050 kWh of electricity offset 19,421 pounds of solid waste eliminated Sources: Estimates above were made using the Environmental Defense paper calculator v2.0 and the U.S. EPA’s Power Profiler. 107270_COVERS.indd 2 7/29/10 7:52 PM Inside Cover Inside Cover Back Inside Cover FOOD SAFETY COUNCIL SCIENTIFIC ADVISORY BOARD David W. Kennedy Acheson, Ph.D. Susan I. Barr, Ph.D., R.D. Nancy Green, Ph.D. Glenelg, Md. Professor, Retired Professor, Nutrition Managing director, The University of British Columbia Florida State University Food and Import Safety Practice Vice president, Health and Wellness Leavitt Partners Dennis M. Bier, M.D. Policy (Retired), PepsiCo Professor of Pediatrics Robert L. Buchanan, Ph.D. Director, USDA/ARS Children’s Robert P. Heaney, M.D. College Park, Md. Nutrition Research Center John A. Creighton university professor Director and professor, Baylor College of Medicine and professor of Medicine Center for Food Safety and Creighton University Security Systems Fergus M. Clydesdale, Ph.D. University of Maryland Distinguished professor and director Janet C. King, Ph.D. of Food Science Policy Alliance Senior scientist, Michael P. Doyle, Ph.D. University of Massachusetts Amherst Children’s Hospital Griffin, Ga. Oakland Research Institute, Regents professor and director, Johanna T. Dwyer, D.Sc., R.D. and professor, University of University of Georgia Center for Director, Frances Stern Nutrition California, Berkeley & Davis Food Safety Center, Tufts Medical Center, Professor, School of Medicine David A. McCarron, M.D. Craig Hedberg, Ph.D. and Friedman School of Nutrition Adjunct professor Minneapolis, Minn. Tufts University Boston Department of Nutrition Professor, Division of Environmental University of California, Davis Health Sciences, Gary D. Foster, Ph.D. School of Public Health, Professor of Medicine and Public Sylvia Rowe FINANCIAL HIGHLIGHTS University of Minnesota Health, Director of the Center for President Our Operating Principles Obesity Research and Education SR Strategy Jean D. Kinsey, Ph.D. Temple University • • Dollars in millions, except per-share amounts MAY 30, 2010 MAY 31, 2009 Simplicity Collaboration Accountability St. Paul, Minn. Mark A. Uebersax, Ph.D. Net sales 1 $ 12,079 $ 12,426 Professor, Department of Ann Grandjean, Ed.D. Professor Emeritus of Food Science Gross profit1,2 $ 3,065 $ 2,782 Applied Economics, and director, Associate professor, and Human Nutrition The Food Industry Center, Medical Nutrition Education Michigan State University Operating profit1,3 $ 1,652 $ 1,492 Our Must Do’s University of Minnesota University of Nebraska Medical Center Income from continuing operations before income taxes and 1. Nourish our people to deliver breakthrough performance. equity method investment earnings $ 1,085 $ 912 David R. Lineback, Ph.D. Income from continuing operations $ 745 $ 618 Southport, N.C. Senior fellow, Make high-quality, more nutritious food. Income attributable to ConAgra Foods, Inc., common stockholders $ 726 $ 978 The paper, paper mills and the printers for this publication are all certified by the Joint Institute for Food Safety and Diluted

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