Inputs for WACC Calculation: Risk free rate (%) Yield-to-Maturity of debt (%) Equity risk premium (%)

Beta of stock Corporate tax rate (%) Common shares (MM) Share price ($) Market value of debt ($, MM) Source: 1) US Federal Reserve 13-82011 http://www.federalreserve.gov/d atadownload/Output.aspx?rel= H15&series=bcb44e57fb57efbe 90002369321bfb3f&lastObs=&f rom=&to=&filetype=csv&label=i nclude&layout=seriescolumn 2) Notes - ConAgra Foods 3) Google Finance NYSE:CAG 13-8-2011 4) ConAgra Foods Annual Report 2011 p.22 5) ConAgra Foods Annual Report 2011 p.54 6) ConAgra Foods Annual Report 2011 p.56 3.25% 1) 6.73% 2) 3.46% 2) 0.73 3) 34% 4) 429.7 5) $ 25.51 3) $ 3,274.8 6)

Notes - ConAgra Foods Source: ConAgra Foods Annual Report 2011 p.56 Senior Debt 8.25% senior debt due September 2030 7.0% senior debt due October 2028 6.7% senior debt due August 2027 7.125% senior debt due October 2026 7.0% senior debt due April 2019 5.819% senior debt due June 2017 5.875% senior debt due April 2014 6.75% senior debt due September 2011 7.875% senior debt due September 2010 2.00% to 9.59% lease financing obligations due on various dates through 2029 Other indebtedness 9.75% subordinated debt due March 2021 Total debt $ $ $ $ $ $ $ $ $ $ $ $ 300.00 382.20 9.20 372.40 500.00 500.00 500.00 342.70 105.40 67.00 195.90 Weighting Weighted Interest interest rate rate 0.76% 0.82% 0.02% 0.81% 1.07% 0.89% 0.90% 0.71% 0.00% 0.19% 1) 0.00% 2) 0.58% 6.73%

9.16% 8.250% 11.67% 7.000% 0.28% 6.700% 11.37% 7.125% 15.27% 7.000% 15.27% 5.819% 15.27% 5.875% 10.46% 6.750% 0.00% 7.875% 3.22% 5.795% 2.05% 5.98% 9.750%

$ 3,274.80

1) Taking mid-point between two interest rates 2) Assume that the debts are liabilities of Lamb Weston BSW. Therefore interest rate is LIBOR plus 200 basis points (2%) Source: Google Finance NYSE:CAG 13-8-2011 Date Open High Low Close May 4, 2011 25.01 25.82 24.87 25.51 May 3, 2011 24.61 24.84 24.56 24.75 Source: Zacks Investment Research - CAG: CONAGRA FOODS INC - Stock Earnings Estimateshttp://www.zacks.com/research/report.php?type=estimates&t=CAG retrieved 14-8-2011 Source: For dividends, Digital Look retrieved 14-8-2011 CAG Forecasts Year Ending EPS $ P/E EPS Grth. iv D 31-May-11 2 13.2 4% 87.17 Notes 26.40 Multiplying EPS by P/E ratio 0.8717 27.27 Adding the above two values

Expected Price Expected Dividend Total

$ $ $

Expected Return Risk free rate Equity risk premium

6.91% Dividing total (B35) by closing price on date of announcement 3.45% Using 10 year US Treasury Bill rate 3.46% Subtracting Risk free rate from Expected Return

Weighted Average Cost of Capital (WACC) Calculation

Debt
Pre-tax cost of debt (%) After-tax cost of debt (%) Market value of debt ($, MM) Percent of enterprise value (%) 6.7% 4.4% $ 3,274.8 23.0% Cost of equity (%)

Equity
5.8% $ 10,961.6 77.0%

Total

Market value of equity ($, MM) Percent of enterprise value (%)

Enterprise Value ($, MM)

$ 14,236.4

Percent of enterprise value (%) 100.0% 5.5%

Weighted Average Cost of Capital (WACC, %)

Inputs for WACC Calculation: Risk free rate (%) Yield-to-Maturity of debt (%) Equity risk premium (%) Beta of stock Corporate tax rate (%) Common shares (MM) Share price ($) Market value of debt ($, MM) Source: 1) US Federal Reserve 13-82011 http://www.federalreserve.gov/d atadownload/Output.aspx?rel= H15&series=bcb44e57fb57efbe 90002369321bfb3f&lastObs=&f rom=&to=&filetype=csv&label=i nclude&layout=seriescolumn 2) Notes - Ralcorp 3) Google Finance NYSE:RAH 14-8-2011 4) Ralcorp Holdings 10-Q Quarterly report pursuant to sections 13 or 15(d) 5-5-2011 p.22 5) Ralcorp Holdings 10-Q Quarterly report pursuant to sections 13 or 15(d) 5-5-2011 p.7 6) Ralcorp Holdings 10-Q Quarterly report pursuant to sections 13 or 15(d) 5-5-2011 p.13 3.25% 1) 5.97% 2) 0.13% 2) 0.27 3) 36% 4) 54.8 5) $ 87.39 3) $ 2,204.3 6)

Notes - Ralcorp Source: Ralcorp Holdings 10-Q Quarterly report pursuant to sections 13 or 15(d) p.13 Weighted Interest Senior Debt Weighting interest rate rate Fixed Rate Senior Notes, $ 50.00 2.27% 5.430% 0.12% Series C Fixed Rate Senior Notes, $ 32.10 1.46% 4.760% 0.07% Series D Fixed Rate Senior Notes, $ 100.00 4.54% 5.570% 0.25% Series E Fixed Rate Senior Notes, $ 75.00 3.40% 5.430% 0.18% Series F Fixed Rate Senior Notes, $ 75.00 3.40% 5.560% 0.19% Series I-1 Fixed Rate Senior Notes, $ 25.00 1.13% 5.580% 0.06% Series I-2 Fixed Rate Senior Notes, $ 100.00 4.54% 5.930% 0.27% Series J Fixed Rate Senior Notes $ 577.50 26.20% 7.290% 1.91% maturing 2018 Floating Rate Senior Notes $ 20.00 0.91% 2.850% 0.03% maturing 2018 Fixed Rate Senior Notes $ 67.00 3.04% 7.390% 0.22% maturing 2020 4.95% Senior Notes maturing $ 300.00 13.61% 4.950% 0.67% 2020 Fixed Rate Senior Notes $ 450.00 20.41% 6.630% 1.35% maturing 2039 Fixed Rate Senior Notes, $ 50.00 2.27% 7.450% 0.17% Series 2009A Fixed Rate Senior Notes, $ 50.00 2.27% 7.600% 0.17% Series 2009B 2010 Revolving Credit $ 37.70 1.71% 2.710% 0.05% Agreement 2010 Term Loan $ 195.00 8.85% 2.750% 0.24% $ 2,204.30 5.97% Source: Google Finance NYSE:RAH 14-8-2011 Date Open High Low Close May 4, 2011 89.86 90.2 86.56 87.39 May 3, 2011 84.13 84.29 82.3 83.33 Source: Zacks Investment Research RAH: RALCORP HLDGS INC NEW - Stock Earnings Estimates http://www.zacks.com/research/report.php?type=estimates&t=RAH retrieved 14-8-2011 RAH Forecasts Year Ending EPS ($) P/E Div 30-Sep-11 5.84 15.5 n/a Notes 90.52 Multiplying EPS by P/E ratio 90.52 Adding the above two values

Expected Price Expected Dividend Total

$ $ $

Expected Return Risk free rate Equity risk premium

3.58% Dividing total (B35) by closing price on date of announcement 3.45% Using 10 year US Treasury Bill rate 0.13% Subtracting Risk free rate from Expected Return

Weighted Average Cost of Capital (WACC) Calculation

Debt
Pre-tax cost of debt (%) After-tax cost of debt (%) Market value of debt ($, MM) Percent of enterprise value (%) 6.0% 3.8% $ 2,204.3 31.5% Cost of equity (%)

Equity
3.3% $ 4,786.3 68.5%

Total

Market value of equity ($, MM) Percent of enterprise value (%)

Enterprise Value ($, MM)

$ 6,990.6

Percent of enterprise value (%) 100.0% 3.5%

Weighted Average Cost of Capital (WACC, %)