CONAGRA BRANDS INC. — Director's Dealing 2007

Jul 19, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONAGRA FOODS INC /DE/ (CAG)
CIK: 0000023217
Period of Report: 2007-07-17

Reporting Person: JOHNSON OWEN (EVP & Chf Administrative Offr)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-17	Options (right to buy)	$26.80	A	53333	Acquired	2014-07-16	Common Stock (53333)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	48013	Direct
Common Stock	6313	Indirect

Footnotes

F1: Options become exercisable as to 40% on May 25, 2008, 30% on May 31, 2009, and 30% on May 30, 2010.