RESTATED

                          CERTIFICATE OF INCORPORATION

 

                                       OF

 

                               CONAGRA FOODS, INC.

 

     First:   The  name  of  the   corporation  is  ConAgra  Foods,   Inc.  (the

"Corporation"  or "Company").  The original  Certificate of Incorporation of the

Corporation  was filed with the  Secretary  of State of the State of Delaware on

December  5,  1975.  The  name  of  the  Corporation   when  it  was  originally

incorporated was ConAgra, Inc.

 

     Second: This Restated Certificate of Incorporation  restates and integrates

the  provisions  of the  Certificate  of  Incorporation  of the  Corporation  as

heretofore  amended and supplemented  without any further amendments and without

any discrepancy  between the provisions of the Certificate of  Incorporation  of

the  Corporation as heretofore  amended and  supplemented  and the provisions of

this  Restated  Certificate  of  Incorporation.  This  Restated  Certificate  of

Incorporation  was duly adopted by the Board of Directors of the  Corporation on

December 1, 2005 in accordance  with Section 245 of the General  Corporation Law

of the State of Delaware.

 

     Third:  The Certificate of  Incorporation of the Corporation is restated to

read in its entirety as follows:

 

                                    ARTICLE I

 

                                      NAME

 

     The name of the Corporation shall be ConAgra Foods, Inc.

 

                                   ARTICLE II

 

                              REGISTERED OFFICE AND

                                REGISTERED AGENT

 

     The street  address of the  registered  office of the  Corporation  is 2711

Centerville Road, Suite 400, Wilmington,  Delaware, 19808, County of New Castle.

The  name  of  its  registered  agent  at  such  address  is  The  Prentice-Hall

Corporation System, Inc.

 

                                   ARTICLE III

 

                                    PURPOSES

 

     The general nature of the business and the objects and purposes proposed to

be transacted,  promoted and carried on by the Corporation are to do any and all

of the  things  herein  mentioned  as fully and to the same  extent  as  natural

persons might or could do and in any part of the world, including:

 

(a)  To manufacture,  purchase,  acquire,  prepare,  produce,  own, hold, store,

     process,  prepare for market,  preserve,  package, deal in, trade in, sell,

     distribute, mortgage, pledge and dispose of flour, feed grain, agricultural

     products,   articles  manufactured  from  agricultural  products,  and  any

     articles,  materials,  ingredients,  goods, wares,  merchandise,  products,

     machinery,  equipment and property related or incidental thereto or useful,

     necessary or convenient in connection therewith.

 

(b)  To  operate  factories,  warehouses,  elevators,  and other  buildings  for

     manufacturing,  buying,  selling,  handling, and storing flour, feed grain,

     agricultural products and articles manufactured from agricultural products,

     to conduct a public  warehouse  business,  and to engage  in,  carry on, or

     otherwise  conduct,  or  employ  others to  conduct,  general  research  or

     investigation   for  the  development  of  new  or  improved   products  or

     by-products  and the use of such products or  by-products  as food, and for

     improving the ease or efficiency of the products, operations and procedures

     of the Corporation or for other purposes.

 

(c)  To promote,  institute, enter into, conduct, perform, assist or participate

     in  every  kind of  commercial,  agricultural,  mercantile,  manufacturing,

     mining or industrial  enterprise,  business,  work, contract,  undertaking,

     venture and  operation in any part of the world and, for any such  purpose,

     to purchase,  lease and otherwise acquire, take over, hold, sell, liquidate

     and  otherwise  dispose  of the  real  estate,  crops,  livestock,  plants,

     equipment,  inventory,  merchandise,  materials,  stock, good will, rights,

     franchises,  concessions,  patents,  trademarks  and trade  names and other

     properties  of  the  corporations,   associations,   partnerships,   firms,

     trustees,  syndicates,  ventures,  combinations,  organizations  and  other

     entities  located in or organized  under the laws of any part of the world;

     to continue,  alter,  exchange  and develop  their  business,  assume their

     liabilities,  guarantee  or  become  surety  for the  performance  of their

     obligations,  reorganize  their capital and participate in any way in their

     affairs,  and to take over,  as a going  concern and to continue in its own

     name,  any business so acquired,  all in accordance  with and to the extent

     permitted by law.

 

(d)  To borrow or raise moneys for any of the purposes of the  Corporation  and,

     from time to time,  without  limit as to  amount,  to draw,  make,  accept,

     endorse,  execute,  issue, and grant  promissory  notes,  drafts,  bills of

     exchange,  warrants,  options, bonds,  debentures,  and other negotiable or

     non-negotiable  instruments,  evidences of indebtedness and agreements;  to

     secure the payment thereof and of the interest  thereon and the performance

     thereof by mortgage upon, or pledge, conveyance, or assignment in trust of,

     the whole or any part of the assets of the Corporation, whether at the time

     owned or thereafter acquired;  and to sell, pledge, or otherwise dispose of

     such  securities or other  obligations of the Corporation for its corporate

     purposes.

 

(e)  To guarantee,  purchase, hold, sell, assign, transfer,  mortgage, pledge or

     otherwise  dispose  of the  shares of the  capital  stock of, or any bonds,

     securities or evidences of indebtedness created by any other corporation or

     corporations of the State of Delaware or any other state,  country,  nation

     or  government  and,  while the owner of said stock,  to  exercise  all the

     rights,  powers,  and privileges of ownership,  including the right to vote

     thereon.

 

(f)  To pay for any property,  securities,  rights or interests acquired by this

     Corporation  in cash or other  property,  rights or interests  held by this

     Corporation,  or by issuing and  delivering  in exchange  therefor  its own

     property,  stock, shares,  bonds,  debentures,  notes,  warrants for stock,

     certificates of indebtedness or other  obligations or securities  howsoever

     evidenced.

 

(g)  To  carry  on all or any  part  of its  business  objects  or  purposes  as

     principal,  factor,  agent,  contractor or otherwise,  either alone or as a

     member of, or associated with any  corporation,  association,  partnership,

     firm, trustee,  syndicate,  individual,  combination,  organization,  joint

     venture or entity in any part of the world.

 

(h)  In carrying on its business and for the purpose of  furthering  its objects

     and  purposes,  to enter into and perform  agreements  and contracts of any

     nature  with any  government,  state,  territory,  district,  municipality,

     political  or   governmental   division  or   subdivision,   body  politic,

     corporation,    association,   partnership,   firm,   trustee,   syndicate,

     individual, combination, organization or entity whatsoever.

 

(i)  To have one or more offices,  to carry on all or any of its  operations and

     business and,  without  restriction  or limit as to amount,  to purchase or

     otherwise acquire,  hold, own, mortgage,  sell, convey or otherwise dispose

     of real and personal  property of every class and description in any of the

     States, Districts, Territories or Colonies of the United States, and in any

     and all foreign countries, subject to the laws of any such State, District,

     Territory, Colony or Country.

 

     It is  the  intention  that  the  objects  and  purposes  specified  in the

foregoing clauses of this Article shall not be in any wise limited or restricted

by reference  to or inference  from the terms of any other clause of this or any

other  Articles  in these  Articles of  Incorporation,  but that the objects and

purposes  specified in each of the clauses of this Article  shall be regarded as

independent objects and purposes.  It is also the intention that said clauses be

constructed  both as purposes and powers;  and generally,  that the  corporation

shall be  authorized  to  exercise  and  enjoy  all other  powers,  rights,  and

privileges  granted to or conferred  upon a corporation of this character by the

laws of the State of Delaware,  and the  enumeration of certain powers as herein

specified  is not  intended as  exclusive  of or as waiver of any of the powers,

rights or  privileges  granted or  conferred  by the laws of said State,  now or

hereinafter in force.

 

                                   ARTICLE IV

 

                                AUTHORIZED SHARES

 

     The total number of shares which this  corporation  shall have authority to

issue is One Billion Two Hundred Eighteen Million Fifty Thousand (1,218,050,000)

shares,  divided into One Billion Two Hundred Million  (1,200,000,000) shares of

Common Stock of a par value of Five Dollars ($5.00) per share; One Hundred Fifty

Thousand  (150,000)  shares of Class B  Preferred  Stock of a par value of Fifty

Dollars ($50.00) per share; Two Hundred Fifty Thousand (250,000) shares of Class

C Preferred Stock of a par value of One Hundred Dollars ($100.00) per share; One

Million  One Hundred  Thousand  (1,100,000)  shares of Class D  Preferred  Stock

without par value; and Sixteen Million Five Hundred Fifty Thousand  (16,550,000)

shares of Class E Preferred Stock without par value.

 

     The Class B Preferred  Stock of this  corporation  may be divided  into and

issued in series,  and each series shall be so designated as to distinguish  the

shares  thereof from the shares of all other  series and classes.  All shares of

this Class shall be identical  except as to the  following  relative  rights and

preferences as to which there may be variations  between different series within

Class B as determined by the Board of Directors:  (a) the rate of dividend;  (b)

whether the shares may be  redeemed  and,  if so, the  redemption  price and the

terms and conditions of redemption;  (c) the amount payable upon shares in event

of voluntary or involuntary  liquidation;  (d) sinking fund provisions,  if any,

for the redemption or purchase of shares;  and (e) the terms and conditions,  if

any, on which shares may be converted.

 

     The Class C Preferred  Stock of this  corporation  may be divided  into and

issued in series,  and each series shall be so designated as to distinguish  the

shares  thereof from the shares of all other  series and classes.  The shares of

this  Class  shall not have any  priority  over  Class B  Preferred  Stock as to

payment  of  dividends  or  as  to  distribution  of  assets  upon  liquidation,

distribution or winding up of the corporation. All shares of this Class shall be

identical except as to the following relative rights and preferences as to which

there may be variations between different series within Class C as determined by

the Board of Directors:  (a) whether such shares shall be granted  voting rights

and, if so, to what extent and upon what terms and conditions; (b) the rates and

times at which, and the terms and conditions on which,  dividends on such shares

shall be paid and any  dividend  rights of  cumulation;  (c) whether such shares

shall be granted  conversion  rights and, if so, upon what terms and conditions;

(d) whether the  corporation  shall have the right to redeem such shares and, if

so, upon what terms and conditions;  (e) the liquidation rights (if any) of such

shares,  including  whether such shares shall enjoy any  liquidation  preference

over the common stock; and (f) such other  designations,  preferences,  relative

rights and limitations (if any) attaching to such shares.

 

     The Class D Preferred  Stock of this  corporation  may be divided  into and

issued in series,  and each series shall be so designated as to distinguish  the

shares  thereof from the shares of all other  series and classes.  The shares of

this Class shall not have any priority  over Class B Preferred  Stock or Class C

Preferred  Stock as to the payment of  dividends  or as to the  distribution  of

assets upon  liquidation,  distribution  or winding up of the  corporation.  All

shares of this Class  shall be  identical  except as to the  following  relative

right and  preferences  as to which there may be  variations  between  different

series within Class D as determined by the Board of Directors:  (a) whether such

shares shall be granted  voting  rights and, if so, to what extent and upon what

terms and  conditions;  (b) the  rates  and  times at  which,  and the terms and

conditions  on which,  dividends  on such shares  shall be paid and any dividend

rights of cumulation; (c) whether such shares shall be granted conversion rights

and, if so, upon what terms and conditions;  (d) whether the  corporation  shall

have the right to redeem such shares and, if so, upon what terms and conditions;

(e) the  liquidation  rights (if any) of such  shares,  including  whether  such

shares shall enjoy any  liquidation  preference  over the common stock;  and (f)

such other designations,  preferences,  relative rights and limitations (if any)

attaching to such shares.

 

     The Class E Preferred  Stock of this  corporation  may be divided  into and

issued in series,  and each series shall be so designated as to distinguish  the

shares  thereof from the shares of all other  series and classes.  The shares of

this Class shall not have any  priority  over Class B Preferred  Stock,  Class C

Preferred  Stock or Class D Preferred Stock as to the payment of dividends or as

to the  distribution of assets upon  liquidation,  distribution or winding up of

the  corporation.  All shares of this Class shall be identical  except as to the

following  relative  rights and  preferences as to which there may be variations

between different series within Class E as determined by the Board of Directors:

(a)  whether  such  shares  shall be granted  voting  rights and, if so, to what

extent and upon what terms and conditions; (b) the rates and times at which, and

the terms and  conditions  on which,  dividends on such shares shall be paid and

any  dividend  rights of  cumulation;  (c) whether  such shares shall be granted

conversion  rights and, if so, upon what terms and  conditions;  (d) whether the

corporation  shall have the right to redeem  such  shares  and, if so, upon what

terms  and  conditions;  (e) the  liquidation  rights  (if any) of such  shares,

including  whether such shares shall enjoy any  liquidation  preference over the

common stock; and (f) such other designations,  preferences, relative rights and

limitations (if any) attaching to such shares.

 

     No transfer of stock of this  corporation  shall be operative until entered

upon the books of the corporation.

 

                                    ARTICLE V

 

                                 INDEMNIFICATION

 

     The  Corporation  shall,  to the extent  required,  and may,  to the extent

permitted, by Section 102 and Section 145 of Delaware General Corporation Law as

amended  from time to time,  indemnify  and  reimburse  all persons  whom it may

indemnify  and  reimburse  pursuant  thereto.  With respect to acts or omissions

occurring on or after  September  18, 1986,  no director  shall be liable to the

Corporation  or its  stockholders  for monetary  damages for breach of fiduciary

duty as a director,  provided,  however, that this provision shall not eliminate

or limit the liability of a director (i) for any breach of the  director's  duty

of loyalty to the  Corporation or its  stockholders;  (ii) for acts of omissions

not in good faith or which involve intentional misconduct or a knowing violation

of law; (iii) under Section 174 of the Delaware General Corporation Law; or (iv)

for any  transaction  from  which the  director  derived  an  improper  personal

benefit.

 

     Notwithstanding  the foregoing,  the  indemnification  provided for in this

ARTICLE V shall  not be deemed  exclusive  of any  other  rights to which  those

entitled to receive  indemnification or reimbursement  hereunder may be entitled

under any by-law of this Corporation, agreement, vote or consent of stockholders

or disinterested directors or otherwise.

 

                                   ARTICLE VI

 

                                    DURATION

 

     The Corporation shall have perpetual existence.

 

                                   ARTICLE VII

 

                                     POWERS

 

     The following  provisions  are inserted for the  management of the business

and for the  conduct of the  affairs  of the  corporation,  and it is  expressly

provided  that they are intended to be in  furtherance  and not in limitation or

exclusion of the powers conferred by the statutes of the State of Delaware.

 

(a)  The affairs of this Corporation shall be conducted by a Board of Directors.

     The number of directors of the Corporation, not less than nine (9) nor more

     than sixteen (16),  shall be fixed from time to time by the By-Laws.  Until

     the annual election of directors by the  stockholders of the Corporation in

     2008, the directors of the Corporation shall be divided into three classes:

     Class I, Class II and Class III, each such class, as nearly as possible, to

     have the same  number  of  directors.  The term of  office  of the class of

     directors  elected in 2003 shall expire at the annual election of directors

     by the  stockholders  of the Corporation in 2006, the term of office of the

     class of directors  elected in 2004 shall expire at the annual  election of

     directors by the  stockholders  of the Corporation in 2007, and the term of

     office of the class of directors elected in 2005 shall expire at the annual

     election of directors by the stockholders of the Corporation in 2008, or in

     each case  thereafter when their  respective  successors are elected by the

     stockholders  and  qualify.  At each annual  election of  directors  by the

     stockholders  of the Corporation  held after 2005, the directors  chosen to

     succeed  those  whose  terms  are  then  expired  shall be  elected  by the

     stockholders of the Corporation for a term ending at the annual election of

     directors  by the  stockholders  of the  Corporation  following  the annual

     election of directors by the  stockholders  of the Corporation at which the

     director was elected,  or thereafter  when their  respective  successors in

     each case are elected by the stockholders and qualify.  Commencing with the

     annual  election of directors by the  stockholders  of the  Corporation  in

     2008, the  classification of the Board of Directors shall terminate and all

     directors shall be of one class.

 

(b)  The books of the  Corporation  may be kept  within or without  the State of

     Delaware at such place or places as may be designated  from time to time by

     the Board of Directors.

 

(c)  The  Board of  Directors  may  make,  alter or repeal  the  By-Laws  of the

     Corporation except as otherwise provided therein.

 

(d)  The Board of Directors may authorize and cause to be executed mortgages and

     liens upon the real and  personal  property  of the  Corporation,  may hold

     meetings  outside  the  State  of  Delaware,  may  declare  and  pay  stock

     dividends,  and may set apart out of any funds of the Corporation available

     for  dividends a reserve or reserves  for any proper  purpose or to abolish

     any such reserves in the manner in which it was created.

 

(e)  In  addition  to the  powers  and  authorities  hereinbefore  or by statute

     expressly  conferred upon it, the Board of Directors is hereby empowered to

     exercise  all such  powers  and to do all such  acts and  things  as may be

     exercised  or  done  by  the  Corporation;  subject,  nevertheless,  to the

     provisions of the statues of Delaware, of this certificate of incorporation

     and of any By-Laws  from time to time made by the  stockholders;  provided,

     however,  that no  By-Laws so made  shall  invalidate  any prior act of the

     Board of Directors which would have been valid if such By-Laws had not been

     made.

 

                                  ARTICLE VIII

 

                            MEETINGS OF STOCKHOLDERS

 

     The time for holding  meetings of Stockholders  for the election of a Board

of Directors and for holding any special meetings of the  Stockholders  shall be

as provided for by the By-Laws adopted by the Board of Directors.

 

                                   ARTICLE IX

 

                                    AMENDMENT

 

     The Corporation  reserves the right to amend,  alter,  change or repeal any

provision  contained  in these  Articles of  Incorporation  in the manner now or

hereafter  prescribed by statute,  and all rights  conferred  upon  Stockholders

herein are granted subject to this reservation.

 

                                    ARTICLE X

 

                              INTERESTED DIRECTORS

 

     No contract or  transaction  between a  corporation  and one or more of its

directors  or  officers,  or between a  corporation  and any other  corporation,

partnership,  association,  or other  organization  in which  one or more of its

directors or officers are directors or officers,  or have a financial  interest,

shall be void or voidable solely for this reason, or solely because the director

or  officer  is  present  at or  participates  in the  meeting  of the  board or

committee  thereof  which  authorizes  the  contract or  transaction,  or solely

because his or their votes are counted for such purpose, if:

 

(a)  The  material  facts  as to  his  relationship  or  interest  and as to the

     contract  or  transaction  are  disclosed  or are  known  to the  Board  of

     Directors  or the  committee,  and the  board or  committee  in good  faith

     authorizes  the  contract  or  transaction  by the  affirmative  vote  of a

     majority of the  disinterested  directors,  even  though the  disinterested

     directors be less than a quorum; or (b) The contract or transaction is fair

     as to  the  corporation  as of  the  time  it is  authorized,  approved  or

     ratified,  by  the  Board  of  Directors,   a  committee  thereof,  or  the

     Shareholders.  Common or interested directors may be counted in determining

     the  presence  of a quorum at a meeting of the Board of  Directors  or of a

     committee which authorizes the contract or transaction.

 

                                   ARTICLE XI

 

                                PRIVATE PROPERTY

 

     The  private  property  of the  Stockholders  shall not be  subject  to the

payment of corporate debts to any extent whatsoever.

 

 

<PAGE>

 

                                   ARTICLE XII

 

                        EFFECTS OF BUSINESS COMBINATIONS

 

     The Board of Directors of the  Corporation,  when  evaluating  any offer of

another party to (a) make a tender or exchange offer for any equity  security of

the  Corporation,   (b)  merge  or  consolidate  the  Corporation  with  another

corporation,  or (c) purchase or otherwise  acquire all or substantially  all of

the  properties and assets of the  Corporation,  shall,  in connection  with the

exercise of its judgement in  determining  what is in the best  interests of the

Corporation  and  its  stockholders,  give  due  consideration  to all  relevant

factors,  including  without  limitation the social and economic  effects on the

employees,  customers,  suppliers and other  constituents of the Corporation and

its  subsidiaries  and on the  communities  in  which  the  Corporation  and its

subsidiaries operate or are located.

 

                                  ARTICLE XIII

 

                   ANNUAL AND SPECIAL MEETING OF STOCKHOLDERS

 

     Any action  required or permitted to be taken by the holders of the capital

stock of the Company must be effected at a duly called annual or special meeting

of such  holders  and may not be  effected  by any  consent  in  writing of such

holders.

 

                                   ARTICLE XIV

 

                           PROHIBITION OF "GREENMAIL"

 

A. Any purchase or other  acquisition,  directly or  indirectly,  in one or more

transactions,  by the Company or any Subsidiary (as hereinafter  defined) of the

Company of any shares of Voting  Stock (as  hereinafter  defined)  or any Voting

Stock Right (as  hereinafter  defined)  known by the Company to be  beneficially

owned by any Interested  Stockholder (as hereinafter  defined) who has purchased

or  otherwise  acquired  any such Voting  Stock or Voting Stock Right within two

years prior to the date of such purchase or other  acquisition  from the Company

or Subsidiary  shall,  except as  hereinafter  expressly  provided,  require the

affirmative  vote of at least a majority of all votes entitled to be cast by the

holders of the  Voting  Stock  (excluding  Voting  Stock  held by an  Interested

Stockholder)  voting together as a single class.  Such affirmative vote shall be

required notwithstanding the fact that no vote may be required, or that a lesser

percentage  may  be  specified,  by  law  or any  agreement  with  any  national

securities  exchange,  or  otherwise,  but no such  affirmative  vote  shall  be

required with respect to any purchase or other acquisition by the Company or any

of its Subsidiaries of Voting Stock or Voting Stock Rights purchased at or below

Fair  Market  Value  (as  hereinafter  defined)  or made as part of a tender  or

exchange  offer made on the same terms to all  holders  of such  securities  and

complying with the  applicable  requirements  of the Securities  Exchange Act of

1934 (the  "Exchange  Act") and the rules  and  regulations  thereunder  or in a

Public Transaction (as hereinafter defined).

 

B. For the purposes of this Article XIV:

 

     1. An "Affiliate" of, or a person "Affiliated" with, a specified person, is

a person  that  directly,  or  indirectly  through  one or more  intermediaries,

controls,  or is  controlled  by, or is under common  control  with,  the person

specified.

 

     2. The term  "Associate"  used to indicate a relationship  with any person,

means  (1)  any  corporation  or  organization  (other  than  the  Company  or a

Subsidiary  of the Company) of which such person is an officer or partner or is,

directly  or  indirectly,  the  beneficial  owner of 5% or more of any  class of

equity  securities,  (2) any trust or other  estate in which  such  person has a

substantial  beneficial interest or as to which such person serves as trustee or

in a similar fiduciary capacity,  and (3) any relative or spouse of such person,

or any relative of such spouse, who has the same home as such person.

 

     3. A person  shall be a  "beneficial  owner" of any Voting  Stock or Voting

Stock Right:

 

(a)  which such person or any of its Affiliates or Associates beneficially owns,

     directly or indirectly; or

 

(b)  which such person or any of its  Affiliates or Associates has (i) the right

     to acquire (whether such right is exercisable immediately or only after the

     passage of time),  pursuant to any agreement,  arrangement or understanding

     or upon the exercise of conversion  rights,  exchange  rights,  warrants or

     options, or otherwise, or (ii) any right to vote pursuant to any agreement,

     arrangement or understanding; or

 

(c)  which is beneficially  owned,  directly or indirectly,  by any other person

     with which  such  person or any of its  Affiliates  or  Associates  has any

     agreement,  arrangement  or  understanding  for the  purpose of  acquiring,

     holding, voting or disposing of any security of any class of the Company or

     any of its Subsidiaries.

 

(d)  For  the  purposes  of  determining  whether  a  person  is  an  Interested

     Stockholder,  the relevant class of securities  outstanding shall be deemed

     to include  all such  securities  of which such  person is deemed to be the

     "beneficial  owner" through  application of this  subparagraph 3, but shall

     not  include  any other  securities  of such  class  which may be  issuable

     pursuant to any agreement,  arrangement or understanding,  or upon exercise

     of conversion  right,  warrants or options,  or otherwise,  but are not yet

     issued.

 

4. "Fair Market Value" means,  for any share of Voting Stock or any Voting Stock

Right,  the  average  of the  closing  sale  prices  during  the  30-day  period

immediately preceding the repurchase of such Voting Stock or Voting Stock Right,

as the case may be, on the  Composite  Tape for New York  Stock  Exchange-Listed

Stocks,  or, if such Voting Stock or Voting Stock Right,  as the case may be, is

not quoted on the Composite  Tape, on the New York Stock  Exchange,  or, if such

Voting Stock or Voting Stock  Rights,  as the case may be, is not listed on such

Exchange,  on the principal United States securities  exchange  registered under

the Exchange  Act on which such Voting Stock or Voting Stock Right,  as the case

may be, is listed,  or if such Voting Stock or Voting  Stock Right,  as the case

may be, is not  listed on any such  exchange,  the  average of the  closing  bid

quotations  with  respect to a share of such Voting Stock or Voting Stock Right,

as the case may be, during the 90-day period  immediately  preceding the date in

question on the National  Association  of  Securities  Dealers,  Inc.  Automated

Quotations  System  or any  system  then in use,  or if no such  quotations  are

available,  the Fair  Market  Value on the date in  question  of a share of such

Voting  Stock or Voting Stock Right,  as the case may be, as  determined  by the

Board of Directors in good faith.

 

5. "Interested  Stockholder"  shall mean any person (other than (i) the Company,

(ii) any of its  Subsidiaries,  (iii)  any  benefit  plan or trust of or for the

benefit of the Company or any of its  Subsidiaries,  (iv) any trustee,  agent or

other representative of any of the foregoing, or (v) any person who beneficially

owned more than 3% of any class of Voting Stock on July 11, 1985), who or which:

 

(a)  is the beneficial  owner,  directly or  indirectly,  of more than 3% of any

     class of Voting  Stock (or Voting Stock Rights with respect to more than 3%

     of any such class); or

 

(b)  is an Affiliate  of the Company and at any time within the two-year  period

     immediately  prior  to the  date  in  question  was the  beneficial  owner,

     directly or  indirectly,  of more than 3% of any class of Voting  Stock (or

     Voting Stock Rights with respect to more than 3% of any such class); or

 

(c)  is an assignee of or has otherwise  succeeded to any shares of any class of

     Voting  Stock (or Voting  Stock  Rights with respect to more than 3% of any

     such class) which were at any time within the two-year  period  immediately

     prior  to  the  date  in  question  beneficially  owned  by  an  Interested

     Stockholder,  unless such  assignment  or  succession  shall have  occurred

     pursuant to any Public Transaction or a series of transactions  including a

     Public Transaction.

 

     6. A "person" shall mean any individual,  firm, corporation or other entity

(including a "group" within the meaning of Section 13(d) of the Exchange Act).

 

     7. A "Public  Transaction"  shall mean any (i)  purchase of shares  offered

pursuant to an effective  registration  statement  under the  Securities  Act of

1933, or (ii) open market purchases of shares if, in either such case, the price

and other terms of sale are not  negotiated  by the  purchaser and seller of the

beneficial interest in the shares.

 

     8. The term "Subsidiary"  shall mean any corporation at least a majority of

the  outstanding  securities  of which having  ordinary  voting power to elect a

majority of the board of directors of such corporation (whether or not any other

class of securities has or might have voting power by reason of the happening of

a contingency) is at the time owned or controlled  directly or indirectly by the

Company  or  one of  more  Subsidiaries  or by  the  Company  and  one  or  more

Subsidiaries.

 

     9. The term  "Voting  Stock"  shall mean stock of all classes and series of

the Company entitled to vote generally in the election of directors.

 

     10. The term "Voting Stock Right" shall mean any security convertible into,

and any  warrant,  option  or  other  right of any  kind to  acquire  beneficial

ownership of, any Voting Stock,  other than securities issued pursuant to any of

the Company's employee benefit plans.

 

C. A  majority  of the  Board of  Directors  shall  have the  power  and duty to

determine  for the  purposes of this  Article  XIV, on the basis of  information

known  to  it  after  reasonable  inquiry,  all  facts  necessary  to  determine

compliance with this Article XIV, including without limitation,

 

     1. whether:

 

(a)  a person is an Interested Stockholder;

 

(b)  any  Voting  Stock and  Voting  Stock  Right is  beneficially  owned by any

     person;

 

(c)  a person is an Affiliate or Associate of another;

 

(d)  a transaction is a Public Transaction; and

 

     2. the Fair Market Value of any Voting Stock or Voting Stock Right.

 

D. Notwithstanding  anything contained in this Certificate to the contrary,  the

affirmative  vote of at least a majority of all votes entitled to be cast by the

holders  of  capital  stock  entitled  to  vote  generally  in the  election  of

directors,  voting  together  as a single  class,  shall be required to amend or

repeal this Article XIV or to adopt any provision inconsistent herewith.

 

<PAGE>

 

     IN  WITNESS  WHEREOF,   ConAgra  Foods,   Inc.  has  caused  this  Restated

Certificate of Incorporation to be signed by an authorized  officer,  as of this

1st day of December, 2005.

 

 

                            CONAGRA FOODS, INC.

 

 

                            By:      /s/ Owen C. Johnson

                              Name: Owen C. Johnson

                              Office: Executive Vice President, Organization and

                              Administration, and Corporate Secretary

 

[As Filed: 12-02-2005]