ConAgra Foods, Cargill and CHS Announce Agreement to Form Joint Venture

ConAgra Foods,Cargilland CHS will contribute their respective milling operations to Ardent Mills on a cash-free, debt-free basis in exchange for the agreed ownership interests. Sales for ConAgra Mills, currently a part of ConAgra Foods’Commercial Foodssegment, were approximately$1.8 billionin its fiscal year endedMay 27, 2012. Sales for Horizon Milling were approximately$2.5 billionin its fiscal year endedMay 31, 2012. The owners intend for Ardent Mills to be self-financed through cash flow from operations and its own bank debt and credit facility. The structure and amount of Ardent Mills’ debt financing will be determined during the pre-close period. The owners intend to receive cash distributions from Ardent Mills at closing. Initial estimates of the total proceeds to be distributed range from$800 million to $1 billion.

The formation of Ardent Mills is expected to be completed in late calendar year 2013, following regulatory clearances, financing and the satisfaction of customary closing conditions.

ConAgra Foods,Cargilland CHS look forward to completing the formation of Ardent Mills, creating an exciting, dynamic new company that will utilize its farm-to-consumer knowledge and capabilities to serve bakery and food company customers even better than today.

To learn more about Ardent Mills, visit www.ardentmills.com.