Carlyle/Riverstone Renewable Energy Infrastructure Fund to Join ConAgra Trade Group, Inc. to Build New 105 Million-Gallon-Per-Year Ethanol Plant in Clovis, New Mexico

New York, NY – Carlyle/Riverstone Renewable Energy Infrastructure Fund I, L.P. ("CRREIF"), announced today it plans to build a 105 million-gallon-per-year ethanol plant in Clovis, NM. The plant will be constructed on ConAgra Trade Group’s Peavey grain elevator property. ConAgra Trade Group is the commodity trading arm of ConAgra Foods, Inc. Construction is expected to start in October 2006, with production expected to come online in late 2007.

"We believe the renewable fuels segment of the energy industry is just beginning to grow and are excited to partner our capital and energy expertise with a company of ConAgra Trade Group’s breadth in the agricultural industry," said Michael Hoffman, managing director of Riverstone.

The plant is expected to create 55 jobs at the plant as well as additional 50-75 indirect jobs in service of the plant. Construction related jobs are expected to employ about 300 people. Once it comes on line, the plant will more than triple New Mexico’s ethanol output. New Mexico’s only other ethanol plant, Abengoa in Portales, currently produces 30 million gallons annually.

"I am committed to making New Mexico the Clean Energy State and this ethanol plant is another major step in the right direction," said Bill Richardson, governor of New Mexico. "By promoting American-made fuel, like ethanol, we show that we can help the local economy, combat climate change and keep the country safer."

ConAgra Trade Group, a minority partner in the venture, will supply corn and energy inputs for the plant, market and distribute the plant’s outputs, including ethanol and distillers grains, and provide logistics and risk management services.

"We are very pleased to join CRREIF to make this ethanol plant a reality," said Martin Higgins, executive vice president for business strategies, ConAgra Trade Group. "Given our expertise in agricultural and energy commodities and related services, as well as our extensive grain handling and processing capabilities, we believe we are uniquely positioned to add value in the renewable energy sector."

Pennsylvania-based New Hope Partners, LLC is assisting CRREIF and ConAgra Trade Group to develop the project.

"Clovis Industrial Development Corporation (CIDC) is committed to attracting new industry to the area to diversify the local economy," said Lee Malloy, president, state CIDC. "The announcement of a 105-million-gallon ethanol plant to Rural New Mexico is a great success for the region."

"The City of Clovis, New Mexico is proud to be the selected location for a new ethanol plant that will bring more than 100 new direct and indirect jobs to the Clovis/Portales Microplex," said David Lansford, Mayor of Clovis. "We look forward to a strong partnership with ConAgra Trade Group and CRREIF, and welcome the new plant to the community."

About ConAgra Foods
ConAgra Trade Group, Inc. is a subsidiary of ConAgra Foods Inc. (NYSE: CAG). ConAgra Trade Group offers customized commodity solutions, including procurement, marketing, distribution and risk management. ConAgra Foods is one of North America’s largest packaged food companies, serving grocery retailers, restaurants and other foodservice establishments, as well as supplying a portfolio of ingredients and services to food manufacturers. Popular ConAgra Foods brands include: Angela Mia, Banquet, Chef Boyardee, ConAgra Mills, Egg Beaters, Gilroy Foods, Healthy Choice, Hebrew National, Hunt’s, Lamb Weston, Marie Callender’s, Orville Redenbacher’s, PAM, Spicetec and many others. For more information, please visit www.conagrafoods.com/.