Exhibit 99.2

Q2 FY15 Question & Answer

Dec. 18, 2014

Approximately $90 million (versus approximately $171 million in Q2 FY14), reflecting several significant planned plant expansions and improvements in the year-ago period.

Approximately $150 million (versus approximately $138 million in Q2 FY14)

Approximately $79 million (versus approximately $95 million in Q2 FY14), reflecting debt reduction and refinancing activities

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Unallocated Corporate amounts were $92 million of expense in the current quarter and $97 million of expense in the year-ago period. Current-quarter amounts include $25 million of unfavorable hedge-related impact and $9 million of net expense from other items impacting comparability (details starting on page 8 of this release). Year-ago period amounts include $9 million of unfavorable hedge-related impact and $24 million of expense related to other items impacting comparability. Excluding these amounts, unallocated Corporate expense was $58 million for the current quarter and $64 million in the year-ago period.

Approximately $106 million (versus approximately $106 million in Q2 FY14)

Approximately 431 million shares for the quarter

Share repurchases were minimal during the quarter.

Gross margin = segment gross profit* divided by net sales

Gross margin = $913/$4,150 = 22%

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

Operating margin = $248/$4,150 = 6%

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The net-debt-to-total-capital ratio for the quarter was 60%.

This ratio is defined as net debt divided by the sum of net debt plus shareholders’ equity. See question No. 11 for the components of net debt.

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 the overall rate is expected to approximate 34%.

Total capital expenditures for fiscal 2015 are projected to be approximately $550 million.

Total depreciation and amortization for fiscal 2015 is projected to be approximately $560 million.

Net interest expense for fiscal 2015 is projected to be approximately $330 million.

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Note on Forward-looking Statements:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These risks and uncertainties include, among other things: ConAgra Foods’ ability to realize the synergies and benefits contemplated by the acquisition of Ralcorp and its ability to promptly and effectively integrate the business of Ralcorp; ConAgra Foods’ ability to realize the synergies and benefits contemplated by the Ardent Mills joint venture; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the availability and prices of raw materials, including any negative effects caused by inflation or weather conditions; the effectiveness of ConAgra Foods’ product pricing, including product innovation, any pricing actions and changes in promotional strategies; the ultimate outcome of litigation, including litigation related to the lead paint and pigment matters; future economic circumstances; industry conditions; the effectiveness of ConAgra Foods’ hedging activities, including volatility in commodities that could negatively impact ConAgra Foods’ derivative positions and, in turn, ConAgra Foods’ earnings; ConAgra Foods’ ability to execute its operating and restructuring plans and achieve operating efficiencies; the success of ConAgra Foods’ cost-saving initiatives, innovation, and marketing investments; the competitive environment and related market conditions; the ultimate impact of any ConAgra Foods’ product recalls; access to capital; actions of governments and regulatory factors affecting ConAgra Foods’ businesses, including the Patient Protection and Affordable Care Act; the amount and timing of repurchases of ConAgra Foods’ common stock and debt, if any; and other risks described in ConAgra Foods’ reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. ConAgra Foods disclaims any obligation to update or revise statements contained in this document to reflect future events or circumstances or otherwise.

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