Exhibit 99.2

Q4 FY12 Question & Answer

June 21, 2012

Sales for Ro*Tel were in line with year-ago amounts.

Consumer Foods organic volume decreased 5%.

Commercial Foods volume increased 3%.

Approximately $95 million (versus approximately $97 million in Q4 FY11)

Approximately $372 million (versus approximately $361 million in FY11)

Approximately $98 million (versus approximately $119 million in Q4 FY11)

1

Approximately $337 million (versus approximately $466 million in FY11)

Approximately $51 million (versus approximately $55 million in Q4 FY11)

Approximately $204 million (versus approximately $178 million in FY11). The increase is due primarily to a former debtor’s repayment in full of the payment-in-kind notes receivable in FY11 (related to the divestiture of the Trading & Merchandising operations), and thus the company no longer receives interest income from those notes.

Corporate expense was $513 million for the quarter and $64 million in the year-ago period. Current-quarter amounts include $449 million of net expense from items impacting comparability, the most significant of which are $397 million related to pension accounting changes and $53 million related to hedge loss. Prior-year-ago amounts include $3 million of net expense from items impacting comparability (revised due to pension accounting changes). After adjusting for items impacting comparability, current-quarter expense was $64 million compared with $61 million in the year-ago period.

Approximately $100 million (versus approximately $98 million in Q4 FY11), reflecting an increase in the dividend rate earlier this fiscal year, which was partially offset by the impact of fewer shares outstanding.

Approximately $389 million

Approximately 412 million shares for the quarter; approximately 418 million shares for the full fiscal year

The company repurchased approximately $250 million, or approximately 9.5 million shares, of its common stock during the quarter. The company has approximately $525 million remaining on its existing share repurchase authorization.

2

Gross margin = segment gross profit* divided by net sales

Gross margin = $761/$3,414 = 22%

Operating margin = segment operating profit** divided by net sales

Operating margin = $408/$3,414 = 12%

38% currently and 33% a year ago

This ratio is defined as net debt divided by the sum of net debt plus shareholders’ equity. See question No. #16 for the components of net debt.

After adjusting for items impacting comparability, the effective tax rate for the fourth quarter and the full fiscal year was in line with the company’s expectations.

The company expects the tax rate to be in the range of 34%, excluding items impacting comparability. The company acknowledges that the quarterly rates may be different from this, given the timing of certain matters, but that the overall rate is expected to approximate 34%.

Total capital expenditures for fiscal 2013 are expected to be approximately $450 million.

Net interest expense for fiscal 2013 is expected to be approximately $200 million.

3

PENSION

The following information highlights the major changes in pension accounting that ConAgra Foods has implemented. For a more complete discussion of our change in pension accounting, please refer to our Form 10-K to be filed in July 2012.

Context:

It is important to note that ConAgra Foods is confident that its pensions are adequately funded to handle future needs. ConAgra Foods contributes to its plans periodically, ensuring that the asset balances are adequate and appropriate. As an example, in fiscal 2012, ConAgra Foods contributed approximately $326 million to its plans. As of fiscal 2012 year end, our funding levels were approximately 83%.

Change in Pension Accounting

4

Questions Relating to the Pension Accounting change

Our primary objective was to provide better transparency to our core business performance by eliminating the impact of pension amortization from our income statement for all periods presented.

There are three components:

Over the past couple of years, with the significant drop in interest rates and the resulting increase in pension liabilities, we have experienced significant amortization expense related to our pension actuarial losses. We also expected the fiscal 2013 income statement to be significantly impacted by the amortization of these losses. Given the continued volatility in the financial markets and our desire to provide better transparency to our core business performance, we concluded we should proceed with the change now. Note that the amortization of actuarial losses under the old accounting method does not represent economic losses that occur in that period; those losses were essentially the result of changes in interest rates and changes in pension assets and liabilities, and the resulting impact of those changes on net pension expense. Therefore, the amortization tends to distort the current period financial performance.

5

While both methods are acceptable under GAAP, we and our advisors believe the new method is preferable.

No. It is important to recognize that such gains and losses will only be recognized in years when accumulated gains and losses exceed the 10% threshold.

To the extent interest rates and/or asset values rise, there would be significant reductions in pension expense under the old method. However, our primary objective is to eliminate these volatile pension accounting impacts from our earnings and provide more transparency to our core business performance.

The accounting change has no impact on our funding level or funding requirements. As we said before, we are very comfortable with our funding level and believe we compare favorably to our peers and other comparable pension plan sponsors.

The accounting change would have no material impact on our credit metrics, balance sheet strength or liquidity position. The charges in fiscal 2012 and 2011, which we treat as items impacting comparability, do not impact our assets or liabilities. Effectively, we are moving losses deferred in the accumulated other comprehensive income component of shareholders’ equity into retained earnings. The net effect each of assets, liabilities and shareholders’ equity balances is zero.

Reflecting these accounting changes, ConAgra Foods’ FY11 and FY12 EPS details are summarized below:

6

The current presentation of the quarterly segment sales and operating profits for fiscal years 2011 and 2012, given the recent adoption of a new methodology for pension accounting, is as follows:

ConAgra Foods, Inc.

Segment Operating Results

(in millions)

(unaudited)

7

The current presentation of the quarterly income statement for fiscal years 2011 and 2012, given the recent adoption of a new methodology for pension accounting, is as follows:

ConAgra Foods, Inc.

Income Statement for Fiscal 2011 and 2010

(in millions)

(unaudited)

8

Comments on items impacting comparability included in totals in tables above (Q1 FY11 – Q3 FY12; reported EPS figures have been revised to reflect change in pension accounting; no change in comparable EPS except for new item in Q4 FY11):

Q1 FY11

Included in the $0.32 diluted EPS from continuing operations for the first quarter of fiscal 2011 (EPS amounts rounded and after tax):

Q2 FY11

Included in the $0.46 diluted EPS from continuing operations for the second quarter of fiscal 2011 (EPS amounts rounded and after tax):

Q3 FY11

Included in the $0.52 diluted EPS from continuing operations for the third quarter of fiscal 2011 (EPS amounts rounded and after tax):

9

Q4 FY11 (includes new item)

Included in the $0.61 diluted EPS from continuing operations for the fourth quarter of fiscal 2011 (EPS amounts rounded and after tax):

Q1 FY12

Included in the $0.22 diluted EPS from continuing operations for the first quarter of fiscal 2012 (EPS amounts rounded and after tax):

Q2 FY12

Included in the $0.43 diluted EPS from continuing operations for the second quarter of fiscal 2012 (EPS amounts rounded and after tax):

10

Q3 FY12

Included in the $0.67 diluted EPS from continuing operations for the third quarter of fiscal 2012 (EPS amounts rounded and after tax):

Note on Forward-looking Statements:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The company undertakes no responsibility for updating these statements. Readers of this document should understand that these statements are not guarantees of performance or results. Many factors could affect the company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things: availability and prices of raw materials, including any negative effects caused by inflation; the effectiveness of the company’s product pricing, including any pricing actions and promotional changes; future economic circumstances; industry conditions; the company’s ability to execute its operating and restructuring plans; the success of the company’s innovation, marketing, and cost-saving initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of any product recalls; the company’s success in efficiently and effectively integrating the company’s acquisitions; access to capital; actions of governments and regulatory factors affecting the company’s businesses, including the Patient Protection and Affordable Care Act; the amount and timing of repurchases of the company’s common stock, if any; and other risks described in the company’s reports filed with the Securities and Exchange Commission. The company cautions readers not to place undue reliance on any forward-looking statements included in this document, which speak only as of the date made.

11