January 25, 2006

Smithfield Agrees to Acquire Cook's Hams from ConAgra

Smithfield, Virginia (January 25, 2006)—Smithfield Foods, Inc. (NYSE: SFD) today announced that it has signed a definitive agreement to acquire substantially all of the assets of the Cook's ham business of ConAgra Foods Packaged Foods Company, Inc. from ConAgra Foods, Inc. (NYSE: CAG).

Cook's, based in Lincoln, NE, is a producer of traditional and spiral sliced smoked bone-in hams, corned beef and other smoked meat items sold to supermarket chains and independent grocers throughout the United States and Canada. Manufacturing facilities are located in Lincoln, as well as Grayson, KY, and Kansas City, MO. The company's annual sales are about $330 million.

The transaction is subject to Hart-Scott-Rodino antitrust clearance and other customary closing conditions. Smithfield expects to complete the transaction during its fiscal fourth quarter which ends April 30, 2006.

With sales of $11 billion, Smithfield is a leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs. For more information, please visit www.smithfieldfoods.com.

ConAgra Foods Inc. is one of North America's largest packaged food companies, serving consumer grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: ACT II, Armour, Banquet, Blue Bonnet, Butterball, Chef Boyardee, Cook's, Crunch 'n Munch, DAVID, Eckrich, Egg Beaters, Fleischmann's, Golden Cuisine, Gulden's, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Knott's Berry Farm, La Choy, Lamb Weston, Libby's, Lightlife, Lunch Makers, MaMa Rosa's, Manwich, Marie Callender's, Orville Redenbacher's, PAM, Parkay, Pemmican, Peter Pan, Reddi-wip, Rosarita, Ro*Tel, Slim Jim, Snack Pack, Swiss Miss, Van Camp's, Wesson, Wolf and many others. For more information, please visit us at www.conagrafoods.com.

This news release may contain "forward-looking" information within the meaning of the federal securities laws. The forward-looking information may include statements concerning the company's outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The forward-looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include availability and prices of livestock, raw materials and supplies, livestock costs, product pricing, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards, adverse results from ongoing litigation and actions of domestic and foreign governments.

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