The following is an announcement by the law firm Milberg Weiss Bershad Hynes & Lerach LLP:

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on August 10, 2001, on behalf of purchasers of the securities of ConAgra Foods Inc., (“ConAgra” or the “Company”) (NYSE: CAG) between August 28, 1998 and May 23, 2001 inclusive (the “Class Period”). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss’ website at: http://www.milberg.com/conagra/

The action, numbered 8:01CV427 is pending in the United States District Court for the District of Nebraska, against defendants Bruce C. Rohde (President since August 1996, Chief Executive Officer Since September, 1997, and Chairman since September 1998), James P. O’Donnell (Chief Financial Officer and Corporate Secretary), Kenneth W. DiFonzo (Senior Vice President), and Jay D. Bolding (Vice President and Controller).

The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between August 28, 1998 and May 23, 2001, concerning its financial performance for the Company’s fiscal years 1998, 1999, and 2000. Throughout the Class Period, defendants issued press releases reporting ConAgra’s quarterly and year-end financial performance, and filed reports confirming such performance with the Securities and Exchange Commission (the “SEC”). These statements, as alleged in the complaint, were materially false and misleading because United Agri Products, a ConAgra subsidiary, engaged in improper accounting throughout the Class Period, including improperly recognizing revenue and insufficiently reserving for bad debt. On May 23, 2001 ConAgra issued a press release announcing that the Company will restate its financial results for the fiscal years 1998, 1999 and 2000. The press release revealed that ConAgra will restate revenues for the Company’s fiscal years 1998-2000, inclusive, which will be reduced by an estimated total of $349 million. The press release further revealed that the Company estimated that, upon restatement, earnings per share will be reduced from $1.35 to $1.32 for 1998, from $1.46 to $1.41 for 1999, and from $1.67 to $1.60 for 2000. In addition, according to the press release, the Company is cooperating with an ongoing investigation by the SEC into the matter.

If you bought the securities of ConAgra between August 28, 1998 and May 23, 2001 you may, no later than October 9, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

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