"Traditional expense reporting diverts time from valuable company resources," said Andrew Vaeth, CEO and founder of ExpenseWire. "With Paychex Expense Manager, thousands of SMBs have access to an inexpensive expense tool that gives them more visibility and control so they can stay focused on running their business."

According to industry research, millions of American workers use spreadsheets or other manual methods to submit expense reports. In addition to lost productivity and increased administrative costs, businesses often lose visibility into spending patterns and miss opportunities to control inappropriate spending or even fraud.

Paychex Expense Manager takes advantage of ExpenseWire's "rules engine," which warns approvers if an expense is outside of allowable limits, enabling them to manage expenses down to the line item. In addition, its credit card integration makes creating expense reports even faster and more accurate. Transaction history can be automatically loaded for both corporate and personal cards, which is especially beneficial to employees who frequently use personal credit cards for corporate expenditures.

Paychex Expense Manager streamlines the process of filing, reviewing, approving, and reimbursing employee expense reports online. It provides organizations with increased control over employee spending, and can be deployed quickly throughout the entire organization.

For more information about Paychex Expense Manager, please visit www.paychex.com.

About Paychex

Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex(R). Human resource and benefits outsourcing services include 401(k) plan recordkeeping, health insurance, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices and serves approximately 572,000 payroll clients nationwide. For more information about Paychex and our products, visit www.paychex.com.

About ExpenseWire

The ExpenseWire(R) application sets a new bar for expense management. It simplifies and automates the process of filing, reviewing, approving and reimbursing employee expense reports online. It provides organizations the business insight and process control they require to reduce costs and strategically manage expenses. ExpenseWire's on-demand solution can be deployed quickly and integrates easily with travel booking tools and other third party applications. ExpenseWire is a Rearden Commerce company (www.reardencommerce.com). To learn more about how ExpenseWire delivers on the promise of expense automation, visit www.expensewire.com.

About Rearden Commerce, Inc.

Rearden Commerce makes life simpler by delivering a web-based personal assistant that intuitively manages the everyday details of business and personal life. Just like a seasoned executive assistant, the Rearden Personal Assistant(TM) handles an impressive array of tasks and services, and delights users by considering their unique needs and personal preferences. The Rearden Personal Assistant is built on the Rearden Commerce(TM) Platform, which supports an ecosystem of more than 160,000 trusted merchants and third-party applications providers. Today, more than one and a half million contracted users at organizations ranging from the Fortune 500 to small/medium enterprises, including ConAgra Foods, GlaxoSmithKline and JDSU, rely on the recommendations and assistance of the Rearden Personal Assistant to save time and be more efficient, while saving their companies money. Rearden Commerce is headquartered in Foster City, CA. For more information, visit www.reardencommerce.com.

SOURCE: Paychex, Inc.

Paychex 
Laura Saxby Lynch, 585-383-3074 
Corporate Communications Director 
lsaxbylynch@paychex.com 
OR 
Rearden Commerce & ExpenseWire 
Alicia diVittorio, 650-376-8719 
Alicia.divittorio@reardencommerce.com

Tom McGough, vice president of the Banquet brand, said: "Now, during tough economic times, consumers are looking for more ways to stay on budget without compromising quality. With Banquet Select Recipes, families can enjoy flavorful, complete meals."

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The company had planned to provide the investment community with a business update Wednesday, Sept. 3, 2008, at the Lehman Brothers Back-to-School Conference in Boston, Mass. Because the company is in the process of quantifying the implications of the first quarter Consumer Foods underperformance on the full year outlook, the company has decided not to participate in the conference. It will provide investors with a full fiscal 2009 update as part of the Sept. 18, 2008 first-quarter earnings release.

First-Quarter Financial Reporting: Derivative Gains & Losses (Hedging) & New Segments

The fiscal first-quarter reported EPS, on a continuing operations basis, will include an approximate $0.05-$0.06 net loss from the mark-to-market impact of derivatives used to hedge input costs (discussed below), temporarily classified as unallocated Corporate expense and considered by the company to be an item impacting comparability until later reclassified into results of operating segments. Because the company has not yet finalized all items impacting comparability in the first quarter, it cannot give full commentary on expected first-quarter reported EPS at this time.

The company uses hedging activities to manage the risk in its plans for the cost of various commodity inputs. Following the recent sale of the Trading & Merchandising operations and related organizational changes, and to improve the transparency of operating results, the company, beginning with the first quarter of fiscal 2009, will utilize a new methodology for reporting derivative gains and losses. This methodology temporarily records mark-to-market gains and losses as unallocated Corporate expense. The company later transfers the gains or losses to segment operating profit when the underlying commodity being hedged is expensed in cost of goods sold for the applicable operating segment.

This methodology creates a timing difference between the initial recognition of the derivative gain or loss in unallocated Corporate expense and its later recognition in the operating segments; the company will therefore treat those amounts temporarily recorded in unallocated Corporate expense as items impacting comparability until later reclassified into results of operating segments. The new methodology reduces the impact of any quarterly volatility in the market prices of derivatives used to hedge future input costs from segment results. This is in contrast to the former methodology which directly recorded quarterly mark-to-market gains and losses in the segment results as a component of cost of goods sold regardless of when the related commodity was utilized in the operations or when the related derivative was liquidated. The company will provide an example of the new approach with its first-quarter earnings release.

The net hedging loss for the first quarter is a result of decreases in commodity costs for certain inputs being hedged (primarily corn, soybean oil and natural gas). The company expects that these losses will be largely offset during the fiscal year by actual input costs being lower than planned, or by increased values of derivative hedge positions. Given this context, the hedging loss experienced in the fiscal first quarter should not change the company's yearly fiscal 2009 EPS performance expectations.

In addition to the items described above, the company will utilize new reporting segments this fiscal year, beginning with the fiscal first quarter. The revised segment reporting will provide more details on the specific business units within the Consumer Foods segment.

ConAgra Foods, Inc., (NYSE:CAG) is one of North America's leading packaged food companies, serving grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM and many others. For more information, please visit us at www.conagrafoods.com.

Note on Forward-looking Statements:

This release contains forward-looking statements. 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 release 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, product pricing, future economic circumstances, industry conditions, the company's ability to execute its operating and restructuring plans, competitive environment and related market conditions, operating efficiencies, the ultimate impact of the company's recalls, access to capital, actions of governments and regulatory factors affecting the company's businesses 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 release, which speak only as of the date made.

SOURCE: ConAgra Foods, Inc.

ConAgra Foods, Inc. 
MEDIA 
Teresa Paulsen, 402-595-5210 
Vice President, Corporate Communication 
or 
ANALYSTS 
Chris Klinefelter, 402-595-4154 
Vice President, Investor Relations 
www.conagrafoods.com

SOURCE: ConAgra Foods, Inc.

ConAgra Foods, Inc. 
MEDIA 
Teresa Paulsen, 402-595-5210 
Vice President, Corporate Communication 
or 
ANALYSTS 
Chris Klinefelter, 402-595-4154 
Vice President, Investor Relations 
www.conagrafoods.com