Exhibit 12

CONAGRA FOODS, INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)

	2012			2011			2010			2009			2008
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	625.2		$	1,226.1		$	900.5		$	771.9		$	797.5
Add/(deduct):
Fixed charges		258.2			273.5			301.6			314.1			313.6
Distributed income of equity investees		27.4			13.3			30.6			41.4			28.0
Capitalized interest		(5.6	)		(11.6	)		(12.2	)		(3.1	)		(8.2	)
Earnings available for fixed charges (a)	$	905.2		$	1,501.3		$	1,220.5		$	1,124.3		$	1,130.9
Fixed Charges:
Interest expense	$	208.0		$	219.7		$	246.0		$	264.3		$	262.4
Capitalized interest		5.6			11.6			12.2			3.1			8.2
One third of rental expense(1)		44.6			42.2			43.4			46.7			43.0
Total fixed charges (b)	$	258.2		$	273.5		$	301.6		$	314.1		$	313.6
Ratio of earnings to fixed charges (a/b)		3.5			5.5			4.0			3.6			3.6

(1) Considered to be representative of interest factor in rental expense.