<SEC-DOCUMENT>0001193125-18-298162.txt : 20181012
<SEC-HEADER>0001193125-18-298162.hdr.sgml : 20181012
<ACCEPTANCE-DATETIME>20181012111836
ACCESSION NUMBER:		0001193125-18-298162
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20181009
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181012
DATE AS OF CHANGE:		20181012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONAGRA BRANDS INC.
		CENTRAL INDEX KEY:			0000023217
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		IRS NUMBER:				470248710
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07275
		FILM NUMBER:		181119582

	BUSINESS ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		312-549-5000

	MAIL ADDRESS:	
		STREET 1:		222 W. MERCHANDISE MART PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA FOODS INC /DE/
		DATE OF NAME CHANGE:	20001006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONAGRA INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEBRASKA CONSOLIDATED MILLS CO
		DATE OF NAME CHANGE:	19721201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d637906d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): October&nbsp;9, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Conagra Brands, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-7275</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">47-0248710</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>222 W. Merchandise Mart Plaza,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 1300</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chicago,
Illinois</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>60654</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code:
<FONT STYLE="white-space:nowrap">(312)&nbsp;549-5000</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;9, 2018, Conagra Brands, Inc. (the &#147;Company&#148;) entered into an Underwriting Agreement (the &#147;Underwriting
Agreement&#148;) with Goldman Sachs&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and J.P. Morgan Securities LLC, acting as representatives of the several underwriters named therein (the &#147;Underwriters&#148;),
in connection with the public offering and sale (the &#147;Offering&#148;) of 16,312,057 shares of the Company&#146;s common stock, par value $5.00 per share (the &#147;Common Shares&#148;), at a price to the public of $35.25 per share. As a
component of the Offering, the Company granted the Underwriters a <FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to an additional 1,631,206 Common Shares from the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Offering was registered under the Securities Act of 1933 pursuant to the Company&#146;s Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-227740).</FONT> In connection with the Offering, copies of the Underwriting Agreement and an opinion of Jones Day and related consent are filed as
exhibits to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial
Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d637906dex11.htm">Underwriting Agreement, dated October&nbsp;9, 2018, by and among the Company and Goldman Sachs&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;
&amp; Smith Incorporated and J.P. Morgan Securities LLC, acting as representatives of the several underwriters named therein.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d637906dex51.htm">Opinion of Jones Day.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d637906dex51.htm">Consent of Jones Day (included in Exhibit 5.1).</A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>CONAGRA BRANDS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Colleen Batcheler</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Colleen Batcheler</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: October&nbsp;12, 2018 </P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d637906dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONAGRA BRANDS, INC. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>16,312,057 Shares of Common Stock </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>October&nbsp;9, 2018 </B></P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Goldman Sachs&nbsp;&amp; Co. LLC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J.P. Morgan Securities LLC </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Underwriting Agreement </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;9, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GOLDMAN SACHS &amp; CO. LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. MORGAN SECURITIES LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of the several Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o GOLDMAN
SACHS&nbsp;&amp; CO. LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">200 West Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o MERRILL LYNCH,
PIERCE, FENNER&nbsp;&amp; SMITH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Bryant Park </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. MORGAN
SECURITIES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Introductory. </I>Conagra Brands, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), proposes to (i)&nbsp;issue and sell
to the several underwriters named in Schedule A (the &#147;<U>Underwriters</U>&#148;), acting severally and not jointly, the respective amounts set forth in such Schedule&nbsp;A of 16,312,057 shares of common stock, par value $5.00 per share, of the
Company (the &#147;<U>Common Stock</U>&#148;) and (ii)&nbsp;grant to the Underwriters the option described in Section&nbsp;2(b) hereof to purchase all or any part of 1,631,206 additional shares of Common Stock. The aforesaid 16,312,057 shares of
Common Stock (the &#147;<U>Initial Securities</U>&#148;) to be purchased by the Underwriters and all or any part of the 1,631,206 shares of Common Stock subject to the option described in Section&nbsp;2(b) hereof (the &#147;<U>Option
Securities</U>&#148;) are herein called, collectively, the &#147;<U>Securities</U>.&#148; Goldman Sachs&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and J.P. Morgan Securities LLC have agreed to act as
representatives of the several Underwriters (in such capacity, the &#147;<U>Representatives</U>&#148;) in connection with the offering and sale of the Securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company understands that the Underwriters propose to make a public offering of the
Securities as soon as they deem advisable after this Agreement has been executed and delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has prepared and filed with
the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-227740),</FONT> which contains a base
prospectus (the &#147;<U>Base Prospectus</U>&#148;), to be used in connection with the public offering and sale of Common Stock, including the Securities, and other securities of the Company under the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder (collectively, the &#147;<U>Securities Act</U>&#148;), in accordance with Rule 415 under the Securities Act. Such registration statement, including the financial statements, exhibits and schedules
thereto, in the form in which it became effective under the Securities Act, including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule&nbsp;430B under the Securities Act, is called the
&#147;<U>Registration Statement</U>.&#148; The term &#147;<U>Prospectus</U>&#148; shall mean the final prospectus supplement relating to the Securities, together with the Base Prospectus, that is first filed with the Commission pursuant to
Rule&nbsp;424(b) under the Securities Act after the date and time that this Agreement is executed (the &#147;<U>Execution Time</U>&#148;) by the parties hereto. The term &#147;<U>Preliminary Prospectus</U>&#148; shall mean any preliminary prospectus
supplement relating to the Securities, together with the Base Prospectus, that is first filed with the Commission pursuant to Rule 424(b) under the Securities Act. Any reference herein to the Registration Statement, the Preliminary Prospectus or the
Prospectus shall be deemed to refer to and include the documents that are incorporated by reference therein or are deemed to be incorporated by reference therein pursuant to Item 12 of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> under the
Securities Act prior to 5:40 p.m., New York City time, on October&nbsp;9, 2018 (the &#147;<U>Initial Sale Time</U>&#148;). All references in this Agreement to the Registration Statement, the Preliminary Prospectus, the Prospectus, or any amendments
or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#147;<U>EDGAR</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to financial statements and schedules and other information which is &#147;contained,&#148;
&#147;included&#148; or &#147;stated&#148; (or other references of like import) in the Registration Statement, the Prospectus or the Preliminary Prospectus shall be deemed to mean and include all such financial statements and schedules and other
information which is or is deemed to be incorporated by reference in the Registration Statement, the Prospectus or the Preliminary Prospectus, as the case may be, prior to the Initial Sale Time; and all references in this Agreement to amendments or
supplements to the Registration Statement, the Prospectus or the Preliminary Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
(collectively, the &#147;<U>Exchange Act</U>&#148;), which is or is deemed to be incorporated by reference in the Registration Statement, the Prospectus or the Preliminary Prospectus, as the case may be, after the Initial Sale Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby confirms its agreements with the Underwriters as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1. Representations and Warranties of the Company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby represents, warrants and covenants to each Underwriter, as of the date hereof, the Initial Sale Time, the Closing Date (as
defined below) and any Date of Delivery (as defined below), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Registration
Requirements. </I>The Company meets the requirements for use of <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> under the Securities Act. The Registration Statement and any post-effective amendments thereto are effective under the Securities
Act and no stop order suspending the effectiveness of the Registration Statement or any post-effective amendments thereto has been issued under the Securities Act and no proceedings for that purpose have become or been instituted or are pending or,
to the knowledge of the Company, are contemplated or threatened by the Commission, and any request on the part of the Commission for additional information has been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registration Statement and any post-effective amendments thereto have been declared effective and as of the Initial Sale Time, at the
Closing Date and at any Date of Delivery, the Registration Statement and any amendments thereto (i)&nbsp;complied and will comply in all material respects with the requirements of the Securities Act, and (ii)&nbsp;did not and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. At the date of the Prospectus, at the Closing Date and at any Date of Delivery, neither
the Prospectus (including any applicable prospectus wrapper) nor any amendments or supplements thereto included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing, the representations and warranties in this subsection shall not apply to statements in or omissions from the
Registration Statement or any post-effective amendment or the Prospectus or any amendments or supplements thereto (i)&nbsp;made in reliance upon and in conformity with information furnished to the Company in writing by any of the Underwriters
through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter through the Representatives consists of the information described as such in Section&nbsp;8 hereof or
(ii)&nbsp;relating to that part of the Registration Statement that constitutes the Statement of Eligibility and Qualifications <FONT STYLE="white-space:nowrap">(Form&nbsp;T-1)</FONT> of the Trustee under the Trust Indenture Act of 1939, as amended,
and the rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Preliminary Prospectus and the Prospectus, and any amendments or supplements
thereto, at the time of filing with the Commission, complied and will comply in all material respects with the Securities Act, and the Preliminary Prospectus and the Prospectus delivered to the Underwriters for use in connection with the offering of
the Securities will, at the time of such delivery, be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure Package. </I>The term
&#147;<U>Disclosure Package</U>&#148; shall mean (i)&nbsp;the Preliminary Prospectus dated October&nbsp;9, 2018, (ii)&nbsp;any free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the
Disclosure Package and (iii)&nbsp;the pricing information set forth on Annex II hereto. As of the Initial Sale Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any
</P>
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material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements
in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such
information furnished by any Underwriter through the Representatives consists of the information described as such in Section&nbsp;8 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Incorporated Documents</I>. The documents incorporated or deemed to be incorporated by reference in the
Registration Statement, the Preliminary Prospectus and the Prospectus at the time they were or hereafter are filed with the Commission, complied or will comply in all material respects with the requirements of the Securities Act or Exchange Act, as
applicable, and did not or will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company is a Well-Known Seasoned Issuer</I>. (i)&nbsp;At the time of filing the Registration Statement,
(ii)&nbsp;at the time of the most recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, an incorporated report filed pursuant to
Section&nbsp;13 or 15(d) of the Exchange Act or form of prospectus), and (iii)&nbsp;as of the Execution Time, the Company was and is a &#147;well-known seasoned issuer&#148; as defined in Rule&nbsp;405 of the Securities Act. The Registration
Statement is an &#147;automatic shelf registration statement,&#148; as defined in Rule&nbsp;405 of the Securities Act, that automatically became effective not more than three years prior to the Execution Time; the Company has not received from the
Commission any notice pursuant to Rule 401(g)(2) of the Securities Act objecting to use of the automatic shelf registration statement form and the Company has not otherwise ceased to be eligible to use the automatic shelf registration form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company is not an Ineligible Issuer</I>. (i)&nbsp;At the time of filing the Registration Statement and
(ii)&nbsp;as of the Execution Time (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule&nbsp;405 of the Securities Act), without taking
account of any determination by the Commission pursuant to Rule&nbsp;405 of the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuer Free Writing Prospectuses</I>. Each issuer free writing prospectus as defined in Rule&nbsp;433 of the
Securities Act (each, an &#147;<U>Issuer Free Writing Prospectus</U>&#148;), including any Issuer Free Writing Prospectus identified in Annex I hereto, as of its issue date and at all subsequent times through the completion of the offering of
Securities under this Agreement or until any earlier date that the Company notified or notifies the Representatives as described in this paragraph, did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus. As of the Initial Sale Time, each Issuer Free Writing Prospectus, as supplemented by and taken together with the Disclosure Package, did not,
and as of the Closing Time and each Time of Delivery, will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. If at any time following issuance of </P>
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an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information
contained in the Registration Statement, the Preliminary Prospectus or the Prospectus, the Company has promptly notified or will promptly notify the Representatives and has promptly amended or supplemented or will promptly amend or supplement, at
its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict. The first two sentences of this paragraph do not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by any Underwriter through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by any Underwriter through the Representatives
consists of the information described as such in Section&nbsp;8(b) hereof. Each Issuer Free Writing Prospectus complied or will comply in all material respects with the requirements of the Securities Act on the date of first use, and the Company has
complied or will comply with any filing requirements applicable to Issuer Free Writing Prospectuses pursuant to the Securities Act. The Company has retained or will retain in accordance with the Securities Act all Issuer Free Writing Prospectuses
that were not or are not required to be filed with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Distribution of Offering Material by the
Company. </I>The Company has not distributed and will not distribute, prior to the later of the Closing Date, any Date of Delivery and the completion of the Underwriters&#146; distribution of the Securities, any offering material in connection with
the offering and sale of the Securities other than the Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Representatives and included in Annex I hereto or the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Applicable Registration Rights. </I>There are no persons with registration rights to have any equity or debt
securities of the Company registered under the Securities Act for sale under the Registration Statement, except for such rights as have been duly waived. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;<I>The Underwriting Agreement. </I>This Agreement has been duly authorized, executed and delivered by the Company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Authorization and Description of the Securities.</I> The Securities to be purchased by the Underwriters from
the Company have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be
validly issued and fully paid and <FONT STYLE="white-space:nowrap">non-assessable;</FONT> and the issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder of the Company. The Common Stock conforms in
all material respects to the description thereof contained in the Registration Statement, the Preliminary Prospectus and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accuracy of Statements in Prospectus. </I>The statements in each of the Disclosure Package and the Prospectus
under the captions &#147;Description of Common Stock&#148; and &#147;Description of Capital Stock,&#148; in each case insofar as such statements constitute a summary of the legal matters or documents referred to therein, fairly present and
summarize, in all material respects, the matters referred to therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">l)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Adverse Change</I>. Except as otherwise disclosed
in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package, there has been (i)&nbsp;no material adverse change, or any development that could reasonably be expected to result in a
material adverse change, in the condition, financial or otherwise, or in the earnings or business affairs of the Company and its subsidiaries, considered as one enterprise, whether or not arising in the ordinary course of business (any such change
is called a &#147;<U>Material Adverse Change</U>&#148;) or (ii)&nbsp;to the Company&#146;s knowledge, no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition,
financial or otherwise, or in the earnings or business affairs of Pinnacle Foods Inc. (&#147;<U>Pinnacle</U>&#148;) and its subsidiaries, considered as one enterprise, whether or not arising in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">m)&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Accountants. </I>To the knowledge of the Company, KPMG LLP, independent public accountants for the
Company, who have expressed their opinion with respect to the Company&#146;s audited financial statements for the fiscal years ended May&nbsp;27, 2018, May&nbsp;28, 2017 and May&nbsp;29, 2016 incorporated by reference in the Registration Statement,
the Preliminary Prospectus and the Prospectus, are independent public accountants with respect to the Company and its subsidiaries as required by the Securities Act and the Exchange Act and are an independent registered public accounting firm with
the Public Company Accounting Oversight Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">n)&nbsp;&nbsp;&nbsp;&nbsp;<I>Preparation of the Financial Statements. </I>The financial
statements together with the related notes thereto of the Company incorporated by reference in the Registration Statement, the Preliminary Prospectus and the Prospectus present fairly in all material respects the consolidated financial position of
the Company and its consolidated subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified. Such financial statements comply as to form in all material respects with the accounting
requirements of the Securities Act and have been prepared in conformity with generally accepted accounting principles as applied in the United States (&#147;<U>GAAP</U>&#148;) applied on a consistent basis throughout the periods involved, except as
otherwise noted therein. No financial statements are required to be included in the Registration Statement pursuant to Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> other than those included or incorporated by reference therein. The
selected financial data and the summary financial information of the Company included in the Preliminary Prospectus and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent
with that of the audited financial statements of the Company included in the Registration Statement, the Preliminary Prospectus and the Prospectus. The interactive data in eXtensible Business Reporting Language incorporated by reference in the
Registration Statement, the Preliminary Prospectus and the Prospectus present fairly in all material respects the information called for and has been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. The pro
forma financial statements and related summary pro forma financial information (the &#147;<U>Pro Formas</U>&#148;) of the Company included or incorporated by reference in the Preliminary Prospectus and the Prospectus showing the effect of the
proposed acquisition of Pinnacle by the Company (the &#147;<U>Merger</U>&#148;), and the related notes thereto, have been prepared in accordance with the applicable requirements of the Securities Act and the Exchange Act, and the assumptions
underlying the Pro Formas are reasonable. The Company has reviewed the financial statements together with the related notes thereto of Pinnacle incorporated by reference in the Preliminary Prospectus and the Prospectus with both Pinnacle and its
</P>
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independent registered public accounting firm, Deloitte&nbsp;&amp; Touche LLP, and, based on such review, to the Company&#146;s knowledge, the financial statements together with the related notes
thereto of Pinnacle incorporated by reference in the Preliminary Prospectus and the Prospectus present fairly in all material respects the consolidated financial position of Pinnacle and Pinnacle&#146;s consolidated subsidiaries as of and at the
dates indicated and the results of their operations and cash flows for the periods specified, and said financial statements comply as to form in all material respects with the accounting requirements of the Securities Act and have been prepared in
conformity with GAAP applied on a consistent basis throughout the periods involved, except as otherwise noted therein. Each financial or operational projection or other &#147;forward-looking&nbsp;statement&#148; (as defined by Section&nbsp;27A of
the Securities Act or Section&nbsp;21E of the Exchange Act, or as defined by any other applicable securities laws) contained or incorporated by reference in the Registration Statement, Preliminary Prospectus or the Prospectus (i)&nbsp;was so
included by the Company in good faith and with reasonable basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii)&nbsp;is accompanied by meaningful cautionary
statements identifying those factors that could cause actual results to differ materially from those in such&nbsp;forward-looking&nbsp;statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">o)&nbsp;&nbsp;&nbsp;&nbsp;<I>Incorporation and Good Standing of the Company and its Subsidiaries. </I>Each of the Company and its significant
subsidiaries (as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;1-02(w)</FONT> of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X,</FONT> the &#147;<U>Significant Subsidiaries</U>&#148;) has been duly organized and is validly existing as
a corporation or limited liability company, as applicable, in good standing under the laws of the jurisdiction of its incorporation or organization and has corporate or limited liability company power and authority to own or lease, as the case may
be, and operate its properties and to conduct its business as described in the Disclosure Package and the Prospectus and, in the case of the Company, to execute, deliver and perform its obligations under this Agreement. Each of the Company and the
Significant Subsidiaries is duly qualified as a foreign corporation or limited liability company to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing would not reasonably be expected to result in a Material Adverse Change. All of the issued and outstanding shares of
capital stock or equity securities of each wholly-owned Significant Subsidiary have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company, directly or through wholly-owned subsidiaries, free and clear
of any security interest, mortgage, pledge, lien, encumbrance or claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">p)&nbsp;&nbsp;&nbsp;&nbsp;<I>Capitalization and Other Capital
Stock Matters. </I>As of August&nbsp;26, 2018, the authorized, issued and outstanding capital stock of the Company is as set forth in the balance sheet contained in the Company&#146;s Quarterly Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> for the quarterly period ended August&nbsp;26, 2018, which is incorporated by reference in the Disclosure Package and the Prospectus. The outstanding shares of capital stock of the Company have
been duly authorized and validly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights
of any securityholder of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">q)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Non-Contravention</FONT> of Existing
Instruments; No Further Authorizations or Approvals Required. </I>Neither the Company nor any of its Significant Subsidiaries is (i)&nbsp;in </P>
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material violation or in default (or, with the giving of notice or lapse of time or both, would be in default) (&#147;<U>Default</U>&#148;) under its certificate of incorporation, charter or <FONT
STYLE="white-space:nowrap">by-laws</FONT> or similar organizational documents, as the case may be, (ii)&nbsp;in Default under any indenture, mortgage, loan or credit agreement, deed of trust, note, contract, franchise, lease or other agreement,
obligation, condition, covenant or instrument to which the Company or any of its Significant Subsidiaries is a party or by which it or any of them may be bound or to which any of the property or assets of the Company or any of its Significant
Subsidiaries is subject (each, an &#147;<U>Existing Instrument</U>&#148;) or (iii)&nbsp;in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator
or other authority having jurisdiction over the Company or any of its Significant Subsidiaries or any of its or their respective properties, as applicable, except, with respect to clauses&nbsp;(ii) and (iii) only, for such Defaults or violations as
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change or have a material adverse effect on the ability of the Company to perform its obligations under this Agreement. The Company&#146;s execution,
delivery and performance of this Agreement and consummation of the transactions contemplated hereby, by the Disclosure Package and by the Prospectus (i)&nbsp;have been duly authorized by all necessary corporate action and do not and will not result
in any Default under the certificate of incorporation, charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> or similar organizational documents of the Company or any of its Significant Subsidiaries, (ii)&nbsp;do not and will not conflict with
or constitute a breach of, or Default under, or give to others any rights of termination, acceleration or cancellation of, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any
of its Significant Subsidiaries under, any Existing Instrument, and (iii)&nbsp;do not and will not result in any violation of any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any
court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its Significant Subsidiaries or any of its or their properties, except, with respect to clauses&nbsp;(ii)
and (iii) only, for such Defaults or violations as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change or have a material adverse effect on the ability of the Company to perform its obligations
under this Agreement. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency is required for the Company&#146;s execution, delivery and performance of
this Agreement or consummation of the transactions contemplated hereby, by the Disclosure Package or by the Prospectus, except such as have been or will be obtained or made by the Company under the Securities Act, the Exchange Act, applicable state
securities or blue sky laws and from the Financial Industry Regulatory Authority (&#147;<U>FINRA</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">r)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Actions or Proceedings. </I>Except as disclosed in the Disclosure Package and the Prospectus, there
are no actions, suits, proceedings, inquiries or investigations before or brought by any court or governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company, or
any of its Significant Subsidiaries, which might reasonably be expected to result in a Material Adverse Change or have a material adverse effect on the ability of the Company to perform its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">s)&nbsp;&nbsp;&nbsp;&nbsp;<I>Labor Matters. </I>Except as disclosed in the Disclosure Package and the Prospectus, no material dispute with the
employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">t)&nbsp;&nbsp;&nbsp;&nbsp;<I>Intellectual Property Rights. </I>Except as set forth in the
Disclosure Package and the Prospectus, to the Company&#146;s knowledge, the Company or its subsidiaries own or possess a valid right to use all patents, trademarks, service marks, trade names, copyrights, trade secret,
<FONT STYLE="white-space:nowrap">know-how</FONT> and other intellectual property (collectively, the &#147;<U>Intellectual Property</U>&#148;) used by the Company or its subsidiaries in, and material to, the conduct of the Company&#146;s or its
subsidiaries&#146; business as now conducted or as proposed in the Disclosure Package and the Prospectus to be conducted. Except as set forth in the Disclosure Package and the Prospectus, (i)&nbsp;to the knowledge of the Company, there is no
material infringement by third parties of any Intellectual Property material to the conduct of the Company&#146;s business as now conducted, and (ii)&nbsp;there are no legal or governmental actions, suits, proceedings or claims pending or, to the
Company&#146;s knowledge, threatened, against the Company (A)&nbsp;challenging the Company&#146;s rights in or to any Intellectual Property material to the conduct of the Company&#146;s business as now conducted, (B)&nbsp;challenging the validity or
scope of any Intellectual Property owned by the Company and material to the conduct of the Company&#146;s business as now conducted, or (C)&nbsp;alleging that the operation of the Company&#146;s business as now conducted infringes the Intellectual
Property of any third party, in any case that would, in the case of this clause (C), individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">u)&nbsp;&nbsp;&nbsp;&nbsp;<I>All Necessary Permits, etc. </I>The Company and each Significant Subsidiary possess such valid and current
certificates, authorizations, permits, licenses, approvals, consents and other authorizations issued by, and have made all declarations and filings with, the appropriate state, federal or foreign regulatory agencies or bodies necessary to own their
respective properties and to conduct their respective businesses, except where the failure to possess or to file would not reasonably be expected to result in a Material Adverse Change, and neither the Company nor any Significant Subsidiary has
received any notice of proceedings relating to the revocation or modification of, or <FONT STYLE="white-space:nowrap">non-compliance</FONT> with, any such certificate, authorization, permit, license, approval, consent or other authorization which,
if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Properties. </I>Except as otherwise disclosed in the Disclosure Package and the Prospectus, and except
as would not individually or in the aggregate have a Material Adverse Change, the Company and each of its Significant Subsidiaries has good and marketable title to all the properties and assets reflected as owned in the financial statements referred
to in Section&nbsp;1(n) above (or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">w)&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Law Compliance. </I>The Company and its subsidiaries have filed all necessary federal, state, local and
foreign income and franchise tax returns in a timely manner (taking into account any extensions of the time to file) and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or
penalty levied against any of them (other than any taxes, assessments, fines or penalties as may be being contested in good faith and by appropriate proceedings), except where a failure to make such filings or
</P>
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payments would not reasonably be expected to result in a Material Adverse Change. The Company has made appropriate provisions (to the extent required by GAAP) in the applicable financial
statements referred to in Section&nbsp;1(n) above in respect of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to which the tax liability of the Company or any of its subsidiaries has not been
finally determined. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">x)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company Not an Investment Company. </I>The Company is not, and, solely after giving
effect to (i)&nbsp;the receipt of payment for the Securities, and (ii)&nbsp;the receipt of payment for the Company&#146;s senior debt securities, as contemplated under the caption &#147;Recent Developments-Notes Offering&#148; in the Disclosure
Package and the Prospectus (the &#147;<U>Concurrent Offering</U>&#148;), and the application of the proceeds thereof as contemplated under the caption &#147;Use of Proceeds&#148; in the Disclosure Package and the Prospectus, will not be, required to
register as an &#147;investment company&#148; within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">y)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Price Stabilization or Manipulation. </I>The Company has not taken and will not take, directly or indirectly,
any action designed to or that would be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">z)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Unlawful Contributions or Other Payments</I><I>. </I>None of the Company, any of its subsidiaries or, to the
knowledge of the Company, any director, officer, employee or affiliate of the Company or any of its subsidiaries, has made any unlawful bribe, rebate, payoff, influence, payment, kickback or other unlawful payment or is aware of or has taken any
action, directly or indirectly, that would result in a violation by such persons of the FCPA (as defined below), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined in the
FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company, its subsidiaries and, to the knowledge of the Company, its affiliates have conducted their
businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FCPA</U>&#148; means Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">aa)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Conflict with Money Laundering Laws. </I>The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the &#147;<U>Money Laundering Laws</U>&#148;) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the
Company, threatened. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">bb)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Conflict with OFAC Laws. </I>Neither the Company nor any of
its subsidiaries nor, to the knowledge of the Company, any director, officer, employee or affiliate of the Company or any of its subsidiaries is currently subject to or the target of any sanctions administered or enforced by the United States
federal government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department), the United Nations Security Counsel, the European Union, Her Majesty&#146;s Treasury or other relevant sanctions authority
(collectively, &#147;<U>Sanctions</U>&#148;); and the Company will not directly or indirectly use the proceeds of the offering or the Concurrent Offering, or lend, contribute or otherwise make available such proceeds, to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that, at the time of such funding, is subject to any Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">cc)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Environmental Laws. </I>Except as otherwise disclosed in the Disclosure Package and the
Prospectus, (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign law, regulation, order, permit or other legal requirement relating to pollution or protection of human health (with respect
to exposure to Materials of Environmental Concern, as hereinafter defined) or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including without limitation, laws and
regulations relating to emissions, discharges, releases or threatened releases of regulated chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &#147;<U>Materials of
Environmental Concern</U>&#148;), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environment Concern (collectively, &#147;<U>Environmental Laws</U>&#148;),
which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the business of the Company or its subsidiaries under applicable Environmental Laws, or noncompliance
with the terms and conditions thereof, nor has the Company or any of its subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its
subsidiaries is in violation of any Environmental Law, except as would not, individually or in the aggregate, reasonably be expected to result in Material Adverse Change; (ii)&nbsp;there is no claim, action or cause of action filed with a court or
governmental authority, no investigation with respect to which the Company has received written notice, and no written notice by any person or entity alleging potential liability for investigatory costs, cleanup costs, governmental response costs,
natural resources damages, property damages, personal injuries, attorneys&#146; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location
owned, leased or operated by the Company or any of its subsidiaries, now or in the past (collectively, &#147;<U>Environmental Claims</U>&#148;), pending or, to the Company&#146;s knowledge, threatened against the Company or any of its subsidiaries
or, the Company&#146;s knowledge, any person or entity whose liability for any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually or by operation of law, except as would not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Change; (iii)&nbsp;to the Company&#146;s knowledge, there has been no release, emission, discharge, presence or disposal of any Material of Environmental Concern in
</P>
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connection with the operation of Company or any of its subsidiaries, that reasonably could be expected to result in a violation of any Environmental Law or require expenditures to be incurred
pursuant to Environmental Law, except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; and (iv)&nbsp;neither the Company nor any of its subsidiaries is subject to any pending or, to the
Company&#146;s knowledge, threatened proceeding under Environmental Law to which a governmental authority is a party and which is reasonably likely to result in monetary sanctions of $100,000 or more. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">dd)&nbsp;&nbsp;&nbsp;&nbsp;<I>ERISA Compliance. </I>The Company and its subsidiaries and each &#147;employee benefit plan&#148; (as defined in
Section&nbsp;3(3) of the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &#147;<U>ERISA</U>&#148;)) established or maintained by the Company, its subsidiaries
or their ERISA Affiliates (as defined below) are in compliance in all material respects with ERISA. &#147;<U>ERISA Affiliate</U>&#148; means, with respect to the Company or a subsidiary, any member of any group of organizations described in
Sections&nbsp;414(b), (c), (m) or (o)&nbsp;of the Internal Revenue Code of 1986, as amended (the &#147;<U>Internal Revenue Code</U>&#148;), of which the Company or such subsidiary is a member. No &#147;reportable event&#148; (as defined under ERISA)
has occurred or is reasonably expected to occur with respect to any &#147;employee benefit plan&#148; established or maintained by the Company, its subsidiaries or, except as would not reasonably be expected to result in material liability to the
Company or any of its subsidiaries, any of their ERISA Affiliates. No &#147;employee benefit plan&#148; established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates, if such &#147;employee benefit plan&#148; were
terminated, would have any material &#147;amount of unfunded benefit liabilities&#148; (as defined under ERISA). Neither the Company, its subsidiaries nor, except as would not reasonably be expected to result in material liability to the Company or
any of its subsidiaries, any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &#147;employee benefit plan,&#148;
(ii)&nbsp;Sections&nbsp;412, 4971 or 4975 of the Internal Revenue Code, or (iii)&nbsp;Section&nbsp;4980B of the Internal Revenue Code with respect to the excise tax imposed thereunder. Each &#147;employee benefit plan&#148; established or maintained
by the Company, its subsidiaries or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Internal Revenue Code has received a favorable determination letter from the Internal Revenue Service and nothing has
occurred, whether by action or failure to act, which is reasonably likely to cause disqualification of any such employee benefit plan under Section&nbsp;401(a) of the Internal Revenue Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ee)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sarbanes-Oxley Compliance</I>. The Company is in compliance, and will comply, in all material respects with all
applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ff)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company&#146;s Accounting System.</I> The Company and its subsidiaries maintain systems of &#147;internal
control over financial reporting,&#148; as such term is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> under the Exchange Act, that comply with the requirements of the Exchange Act. Except as disclosed in the Disclosure Package
and the Prospectus, since the end of the Company&#146;s most recent audited fiscal year, there has been (i)&nbsp;no material weakness in the Company&#146;s internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no change
in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">gg)&nbsp;&nbsp;&nbsp;&nbsp;<I>Internal Controls and Procedures.</I> The Company maintains a
system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">hh)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accuracy of Exhibits</I>. There are no franchises, contracts or documents which are required to be described in
the Registration Statement, the Disclosure Package, the Prospectus or the documents incorporated by reference therein or to be filed as exhibits to the Registration Statement which have not been so described and filed as required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Merger</I>. Nothing has come to the Company&#146;s attention that has caused it to believe that the Merger will
not be consummated substantially in accordance with the terms and conditions of the Agreement and Plan of Merger, dated as of June&nbsp;26, 2018, among Pinnacle, the Company and Patriot Merger Sub Inc. (the &#147;<U>Merger Agreement</U>&#148;). To
the knowledge of the Company, all representations and warranties made by Pinnacle in the Merger Agreement are true and correct in all material respects (or if qualified by materiality or a similar limitation, in all respects). The Merger Agreement
has been duly authorized, executed and delivered by the Company and Patriot Merger Sub Inc., and to the knowledge of the Company, has been duly authorized, executed and delivered by Pinnacle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any certificate signed by an officer of the Company and delivered to the Representatives or to counsel for the Underwriters shall be deemed to
be a representation and warranty by the Company to each Underwriter as to the matters set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.
<I>Purchase, Sale and Delivery of the </I><I>Securities.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Initial Securities</I><I>. </I>On the basis of
the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the Company agrees to issue and sell to each Underwriter, severally and not jointly, and the Underwriters agree to
purchase from the Company, the number of Initial Securities set forth in Schedule A opposite the name of such Underwriter, plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the
provisions of Section&nbsp;10 hereof, subject to such adjustments among the Underwriters in their sole discretion to eliminate any sales or purchases of fractional shares, at the price per share of $34.104375. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Option Securities</I>. In addition, on the basis of the representations and warranties herein contained and
subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters to purchase up to an additional 1,631,206 shares of Common Stock, at the price per share of $34.104375, less an amount per share equal to
any dividends or distributions declared by the Company and payable on the Initial Securities but not </P>
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payable on the Option Securities. The option hereby granted may be exercised for 30&nbsp;days after the date hereof and may be exercised in whole or in part at any time on one, but not more than
one, occasion upon notice by the Representatives to the Company setting forth the number of Option Securities as to which they are then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and
date of delivery (a &#147;<U>Date of Delivery</U>&#148;) shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Date. If the option is
exercised as to all or any portion of the Option Securities, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Option Securities then being purchased which the number of Initial
Securities set forth in Schedule A opposite the name of such Underwriter bears to the total number of Initial Securities, subject in each case, to such adjustments as the Underwriters in their sole discretion shall make to eliminate any sales or
purchases of fractional shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment for </I><I>the</I><I> Securities. </I>Payment of the purchase price
for the Initial Securities shall be made at the Closing Date by wire transfer of immediately available funds to the order of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for such
Option Securities shall be made by wire transfer of immediately available funds to the order of the Company on each Date of Delivery as specified in the notice from the Representatives to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is understood that the Representatives have been authorized, for their own accounts and for the accounts of the several Underwriters, to
accept delivery of and receipt for, and make payment of the purchase price for the Securities that the Underwriters have agreed to purchase. The Representatives may (but shall not be obligated to) make payment for any Securities to be purchased by
any Underwriter whose funds shall not have been received by the Representatives by the Closing Date for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of </I><I>the</I><I> Securities. </I>The Company shall deliver, or cause to be delivered, to the
Representatives certificates (or book-entry credits) for the Initial Securities, against the irrevocable release of a wire transfer of immediately available funds for the amount of the purchase price therefor, at the offices of Sidley Austin LLP,
787&nbsp;Seventh Avenue, New York, NY 10019 (or such other place as may be agreed to by the Company and the Representatives) at 9:00&nbsp;a.m., New York City time, on October&nbsp;12, 2018, or such other time and date as the Representatives and the
Company shall mutually agree (the time and date of such closing are called the &#147;<U>Closing Date</U>&#148;). The certificates (or book-entry credits) for the Initial Securities shall be in such amounts and registered in such names as the
Representatives shall have requested at least two full business days prior to the Closing Date and shall be made available for inspection on the business day preceding the Closing Date at a location in New York City, as the Representatives may
designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, the Company shall
deliver, or cause to be delivered, to the Representatives certificates (or book-entry credits) for the Option Securities, against the irrevocable release of a </P>
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wire transfer of immediately available funds for the amount of the purchase price therefor, at the offices of Sidley Austin LLP, 787&nbsp;Seventh Avenue, New York, NY 10019 (or such other place
as may be agreed to by the Company and the Representatives) at 9:00&nbsp;a.m., New York City time, on each Date of Delivery. The certificates (or book-entry credits) for the Option Securities shall be in such amounts and registered in such names as
the Representatives shall have requested at least two full business days prior to the Date of Delivery and shall be made available for inspection on the business day preceding the Date of Delivery at a location in New York City, as the
Representatives may designate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further
condition to the obligations of the Underwriters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3. <I>Covenants </I><I>o</I><I>f the Company</I><I>.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company covenants and agrees with each Underwriter as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Securities Regulations and Commission Requests</I><I>. </I>The Company, subject to
Section&nbsp;3(b), will comply with the requirements of Rule&nbsp;430B of the Securities Act, and will promptly notify the Representatives of (i)&nbsp;the effectiveness during the Prospectus Delivery Period (as defined below) of any <FONT
STYLE="white-space:nowrap">post-effective</FONT> amendment to the Registration Statement or the filing of any supplement or amendment to the Preliminary Prospectus or the Prospectus, (ii)&nbsp;the receipt of any comments from the Commission during
the Prospectus Delivery Period, (iii)&nbsp;any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Preliminary Prospectus or the Prospectus or for additional information regarding the
Preliminary Prospectus or the Prospectus, and (iv)&nbsp;the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of the Preliminary Prospectus or the
Prospectus, of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes. The Company will promptly effect the filings of the
Preliminary Prospectus and the Prospectus necessary pursuant to Rule&nbsp;424 and will take such steps as it deems necessary to ascertain promptly whether the Preliminary Prospectus and the Prospectus transmitted for filing under Rule&nbsp;424 was
received for filing by the Commission and, in the event that it was not, it will promptly file such document. The Company will use its reasonable best efforts to prevent the issuance of any stop order and, if any stop order is issued, to obtain the
lifting thereof at the earliest possible moment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Filing of Amendments</I><I>.</I> During such period
beginning on the date of this Agreement and ending on the later of the Closing Date, any Date of Delivery or such date as, in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with
sales of the Securities by an underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant to Rule 172 of the Securities Act (the &#147;<U>Prospectus Delivery Period</U>&#148;), the Company will give the
Representatives notice of its intention to file or prepare any amendment to the Registration Statement (including any filing under Rule&nbsp;462(b) of the Securities Act), or any amendment or supplement to the Disclosure Package or the Prospectus,
whether pursuant to the Securities Act, the Exchange Act or otherwise, will furnish the Representatives with copies of any such documents a reasonable </P>
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amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably
object; <I>provided, however</I>, that with respect to any proposed amendment or supplement resulting solely from the incorporation by reference of any report to be filed under the Exchange Act, the Representatives shall be deemed to have consented
to the filing or use of such report if they do not respond to the Company within 12&nbsp;hours of being provided such report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Registration Statements</I><I>. </I>The Company will deliver to the Representatives, without charge,
a conformed copy of the Registration Statement as originally filed and of each amendment thereto (without exhibits) for each of the Underwriters. The Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Prospectuses</I><I>. </I>The Company will deliver to each Underwriter, without charge, as many copies
of the Preliminary Prospectus and any document incorporated by reference therein as such Underwriter may reasonably request, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will
furnish to each Underwriter, without charge, during the Prospectus Delivery Period, such number of copies of the Prospectus and any document incorporated by reference therein as such Underwriter may reasonably request. The Preliminary Prospectus and
the Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by <FONT
STYLE="white-space:nowrap">Regulation&nbsp;S-T.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Continued Compliance with Securities Laws</I>. The
Company will comply with the Securities Act and the Exchange Act so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement, the Disclosure Package and the Prospectus
during the Prospectus Delivery Period. If at any time during the Prospectus Delivery Period, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to
amend the Registration Statement in order that the Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading or to amend or supplement the Disclosure Package or the Prospectus in order that the Disclosure Package or the Prospectus, as the case may be, will not include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances existing at the Initial Sale Time or at the time it is delivered or conveyed to a purchaser, not misleading, or if it shall be necessary, in the opinion of either
such counsel, at any such time to amend the Registration Statement or amend or supplement the Disclosure Package or the Prospectus in order to comply with the requirements of any law, the Company will (1)&nbsp;notify the Representatives of any such
event, development or condition and (2)&nbsp;promptly prepare and file with the Commission, subject to Section&nbsp;3(b) hereof, such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration
Statement, the Disclosure Package or the Prospectus comply with such law, and the Company will furnish to the Underwriters, without charge, such number of copies of such amendment or supplement as the Underwriters may reasonably request. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Blue Sky Compliance. </I>The Company shall cooperate with the
Representatives and counsel for the Underwriters to qualify or register the Securities for sale under (or obtain exemptions from the application of) the state securities or blue sky laws of those jurisdictions designated by the Representatives,
shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Securities. The Company shall not be required to qualify to transact business or to take any
action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign business. The Company will advise the Representatives promptly of the
suspension of the qualification or registration of (or any such exemption relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the
issuance of any order suspending such qualification, registration or exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Proceeds. </I>The Company shall apply the net proceeds from the sale of the Securities sold by it in the
manner described under the caption &#147;Use of Proceeds&#148; in the Preliminary Prospectus and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing. </I>The Company will use its best efforts to effect and maintain the listing of the Securities on the
New York Stock Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Restriction on Sale of Securities</I>. During a period of 60&nbsp;days from the
date of the Prospectus, the Company will not, without the prior written consent of each Representative, (i)&nbsp;directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or file any registration statement under the
Securities Act with respect to any of the foregoing or (ii)&nbsp;enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock,
whether any such swap or transaction described in clause&nbsp;(i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A)&nbsp;the Securities to be sold
hereunder, (B)&nbsp;any shares of Common Stock issued by the Company upon the exercise of an option, warrant or other right or the conversion of a security outstanding on the date hereof, (C)&nbsp;any shares of Common Stock or other securities
issued or granted pursuant to an employee and/or director benefit plan, equity incentive plan or dividend reinvestment plan of the Company described in the Disclosure Package, (D)&nbsp;any employee stock purchase plan described in the Disclosure
Package, (E)&nbsp;the filing of a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> or other appropriate forms as required by the Securities Act, and any amendments thereto, relating to the Common Stock or other equity-based
securities issuable pursuant to the Company&#146;s employee benefit plans or equity incentive plans described in the Disclosure Package; (F)&nbsp;shares of Common Stock issued pursuant to the Merger or (G)&nbsp;the issuance of Common Stock
(i)&nbsp;in connection with any other merger, acquisition or other business combination or (ii)&nbsp;in exchange for the assets of, or a majority or controlling portion of the equity of, another entity, provided that (x)&nbsp;the aggregate number of
shares of Common Stock so issued pursuant to the exception in this subsection (G)&nbsp;shall not exceed 5% of the aggregate number of shares of Common Stock of the Company outstanding after giving effect to such issuance and any similar or related
issuances and (y)&nbsp;prior to the issuance of such shares each recipient of such shares shall execute an agreement in the form of Exhibit&nbsp;A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Permitted Free Writing Prospectuses</I>. The Company represents
that it has not made, and agrees that, unless it obtains the prior written consent of the Representatives, it will not make, any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a &#147;free writing prospectus&#148; (as defined in Rule&nbsp;405 of the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433 of the Securities Act; provided that the
prior written consent of the Representatives shall be deemed to have been given in respect of any Issuer Free Writing Prospectuses included in Annex I to this Agreement. Any such free writing prospectus consented to or deemed to be consented to by
the Representatives is hereinafter referred to as a &#147;<U>Permitted Free Writing Prospectus</U>.&#148; The Company agrees that (i)&nbsp;it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free
Writing Prospectus, and (ii)&nbsp;has complied and will comply, as the case may be, with the requirements of Rules&nbsp;164 and 433 of the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with
the Commission, legending and record keeping. The Company consents to the use by any Underwriter of a free writing prospectus that (a)&nbsp;is not an &#147;issuer free writing prospectus&#148; as defined in Rule&nbsp;433, and (b)&nbsp;contains only
(i)&nbsp;information describing the preliminary terms of the Securities or their offering or included in the Preliminary Prospectus or the Prospectus or (ii)&nbsp;information permitted by Rule&nbsp;134 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Filing Fees</I>. The Company agrees to pay the required Commission filing fees relating to the Securities within
the time required by and in accordance with Rule&nbsp;456(b)(1) and 457(r) of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">l)&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Manipulation of Price</I><I>. </I>The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, under the Exchange Act or otherwise, the
stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Representatives, on behalf of the several Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one or more of the foregoing covenants or extend the time for their performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4. <I>Payment of Expenses</I><I>. </I>The Company agrees to pay all costs, fees and expenses incurred in
connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i)&nbsp;all expenses incident to the issuance and delivery of the Securities (including all
printing and engraving costs), (ii)&nbsp;all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Securities, (iii)&nbsp;all fees and expenses of the Company&#146;s counsel, independent public or certified
public accountants and other advisors to the Company and Pinnacle, (iv)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial
statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, the Preliminary Prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement, (v)&nbsp;all filing fees,
reasonable attorneys&#146; fees and expenses incurred by the </P>
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Company or the Underwriters in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer and sale
under the state securities or blue sky laws, and, if requested by the Representatives, preparing a &#147;Blue Sky Survey&#148; or memorandum, and any supplements thereto, advising the Underwriters of such qualifications, registrations and exemptions
(provided that the amount for such survey or memorandum shall not exceed $5,000), (vi)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of counsel to the Underwriters in connection with, the review, if any, by FINRA of the
terms of the sale of the Securities (provided that any fees of such counsel shall not exceed $5,000), (vii)&nbsp;the fees and expenses incurred in connection with the listing of the Securities on the New York Stock Exchange, (viii)&nbsp;all other
fees, costs and expenses referred to in Item 14 of Part II of the Registration Statement, and (ix)&nbsp;all other fees, costs and expenses incurred in connection with the performance of its obligations hereunder for which provision is not otherwise
made in this Section. Except as provided in this Section&nbsp;4 and Sections 6, 8 and 9 hereof, the Underwriters shall pay their own expenses, including the fees and disbursements of their counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5. <I>Conditions of the Obligations of </I><I>the Underwriters. </I>The obligations of the Underwriters to
purchase and pay for the Initial Securities as provided herein on a several and not joint basis on the Closing Date and any Option Securities as provided herein on any Date of Delivery shall be subject to the accuracy of the representations and
warranties on the part of the Company set forth in Section&nbsp;1 hereof as of the date hereof, as of the Initial Sale Time, as of the Closing Date and as of any Date of Delivery as though then made and to the timely performance by the Company of
its covenants and other obligations hereunder, and to each of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness of Registration Statement</I>. The Registration Statement and any post-effective amendments thereto
shall be effective under the Securities Act and no stop order suspending the effectiveness of the Registration Statement or any post-effective amendments thereto shall have been issued under the Securities Act and no proceedings for that purpose
shall have been instituted or be pending or threatened by the Commission, and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to the Underwriters. The
Preliminary Prospectus and the Prospectus shall have been filed with the Commission in accordance with Rule&nbsp;424(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Accountants</I><I>&#146;</I><I> Comfort Letter</I><I>. </I>On the date hereof, the Representatives shall have
received from KPMG LLP, independent public accountants for the Company, a letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to the Representatives with respect to the audited financial statements and
certain financial information contained in the Registration Statement, the Preliminary Prospectus and the Prospectus, including Pro Formas contained in the Preliminary Prospectus and the Prospectus. On the date hereof, the Representatives shall have
received from Deloitte&nbsp;&amp; Touche LLP, independent public accountants for Pinnacle, a letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to the Representatives with respect to the audited financial
statements and certain financial information contained or incorporated by reference in the Preliminary Prospectus and the Prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Bring</I><I><FONT STYLE="white-space:nowrap">-down</FONT>
Comfort Letter</I>. On the Closing Date, the Representatives shall have received from KPMG LLP, independent public accountants for the Company, a letter dated such date, in form and substance satisfactory to the Representatives, to the effect that
they reaffirm the statements made in the letter furnished by them pursuant to subsection&nbsp;(b) of this Section&nbsp;5, except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days
prior to the Closing Date. On the Closing Date, the Representatives shall have received from Deloitte&nbsp;&amp; Touche LLP, independent public accountants for Pinnacle, a letter dated such date, in form and substance satisfactory to the
Representatives, to the effect that they reaffirm the statements made in the letter furnished by them pursuant to subsection&nbsp;(b) of this Section&nbsp;5, except that the specified date referred to therein for the carrying out of procedures shall
be no more than three business days prior to the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Ratings Agency Change. </I>For the period
from and after the date of this Agreement and prior to or on the Closing Date, there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any of its subsidiaries by any &#147;nationally recognized statistical rating organization&#148; as such term is defined for purposes of
Section&nbsp;3(a)(62) under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion of Counsel for the Company. </I>On the Closing Date,
the Representatives shall have received the opinion of each of (i)&nbsp;Jones Day, counsel for the Company, dated as of such Closing Date, in form and substance reasonably satisfactory to the Representatives and (ii)&nbsp;Colleen Batcheler,
Executive Vice President, General Counsel and Corporate Secretary of the Company, or any other Company attorney reasonably satisfactory to the Representatives, in form and substance reasonably satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion of Counsel for the Underwriters. </I>On the Closing Date, the Representatives shall have received the
opinion of Sidley Austin LLP, counsel for the Underwriters, dated as of such Closing Date, in form and substance reasonably satisfactory to the Representatives, with respect to such matters as may be reasonably requested by the Underwriters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers&#146; Certificate. </I>On the Closing Date, the Representatives shall have received a written
certificate executed by the Chief Executive Officer, an Executive Vice President or a Senior Vice President of the Company and the Chief Financial Officer or Chief Accounting Officer of the Company, dated as of such Closing Date, to the effect that:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company has received no stop order suspending the effectiveness of the Registration
Statement, and no proceedings for such purpose have been instituted or, to the knowledge of the Company, threatened by the Commission; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Company has not received from the Commission any notice pursuant to Rule&nbsp;401(g)(2) of the
Securities Act objecting to the use of the automatic shelf registration statement form; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties of the
Company set forth in Section&nbsp;1 of this Agreement are true and correct with the same force and effect as though expressly made on and as of such Closing Date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Company has complied in all material respects with all the agreements hereunder and satisfied
all the conditions on its part to be performed or satisfied hereunder at or prior to such Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Approval of Listing. </I>On or before the Closing Date, the Securities shall have been approved for listing on
the New York Stock Exchange, subject only to official notice of issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreements</I>. At the date of this Agreement, the
Representatives shall have received an agreement substantially in the form of Exhibit A hereto signed by the persons listed on Schedule B hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions to Purchase of Option Securities</I>. In the event that the Representatives exercise their option
provided in Section&nbsp;2(b) hereof to purchase all or any portion of the Option Securities, the representations and warranties of the Company contained herein and the statements in any certificates furnished by the Company or any of its
subsidiaries hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date of Delivery, the Representatives shall have received: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers&#146; Certificate</U>. A written certificate, dated such Date of Delivery, of the Chief
Executive Officer, Executive Vice President or a Senior Vice President of the Company and of the Chief Financial Officer or Chief Accounting Officer of the Company confirming that the certificate delivered at the Closing Date pursuant to
Section&nbsp;5(g) hereof remains true and correct as of such Date of Delivery. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinion of
Counsel for Company</U>. The opinion of each of (i)&nbsp;Jones Day, counsel for the Company, dated as of such Date of Delivery, in form and substance reasonably satisfactory to the Representatives and (ii)&nbsp;Colleen Batcheler, Executive Vice
President, General Counsel and Corporate Secretary of the Company, or any other Company attorney reasonably satisfactory to the Representatives, dated as of such Date of Delivery, in form and substance reasonably satisfactory to the Representatives,
each relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinions required by Section&nbsp;5(e) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinion of Counsel for the Underwriters</U>. The Representatives shall have received the
opinion of Sidley Austin LLP, counsel for the Underwriters, dated as of such Date of Delivery, in form and substance reasonably satisfactory to the Representatives, with respect to such matters as may be reasonably requested by the Representatives,
relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by Section&nbsp;5(f) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<U>Bring-down Comfort Letter</U>. The Representatives shall have received a letter from each of
KPMG LLP, independent public accountants for the Company, and Deloitte&nbsp;&amp; Touche LLP, independent public accountants for Pinnacle, each in form and substance satisfactory to the Representatives and dated such Date of Delivery,
</P>
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substantially in the same form and substance as the letters furnished to the Representatives pursuant to Section&nbsp;5(c) hereof, except that the &#147;specified date&#148; in the letter
furnished pursuant to this paragraph shall be a date not more than three business days prior to such Date of Delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Documents. </I>On or before the Closing Date and each Date of Delivery (if any), the Representatives
and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or in order
to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any condition specified in this Section&nbsp;5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by
the Representatives by notice to the Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any other party, except that Sections&nbsp;4, 6, 8, 9 and 17 shall at all times be
effective and shall survive such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6. <I>Reimbursement of the Underwriters</I><I>&#146;</I><I>
Expenses</I><I>. </I>If this Agreement is terminated by the Representatives pursuant to Section&nbsp;5 or 11, or if the sale to the Underwriters of the Securities is not consummated because of any refusal, inability or failure on the part of the
Company to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Representatives and the other Underwriters (or such Underwriters as have terminated this Agreement with respect to themselves)
severally, upon demand for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses that shall have been reasonably incurred by the Representatives and the Underwriters in connection with the
proposed purchase and the offering and sale of the Securities, including but not limited to reasonable fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7. <I>Effectiveness of this Agreement</I><I>. </I>This Agreement shall not become effective until the execution of
this Agreement by the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8. <I>Indemnification</I><I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of </I><I>the Underwriters</I><I>. </I>The Company agrees to indemnify and hold harmless each
Underwriter, its directors, officers, employees and agents, and each person, if any, who controls any Underwriter within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to
which such Underwriter or such director, officer, employee, agent or controlling person may become subject, under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, or at common law or otherwise (including in
settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based
(i)&nbsp;upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading; or (ii)&nbsp;upon any untrue statement or alleged untrue statement of a material fact </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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included in any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and to reimburse each Underwriter and each such director, officer, employee, agent and controlling person for any
and all expenses (including the reasonable fees and disbursements of counsel chosen by the Representatives) as such expenses are reasonably incurred by such Underwriter or such director, officer, employee, agent or controlling person in connection
with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to
the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by such
Underwriter through the Representatives expressly for use in the Registration Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that
the only such information furnished by any Underwriter through the Representatives consists of the information described as such in Section&nbsp;8(b) hereof. The indemnity agreement set forth in this Section&nbsp;8(a) shall be in addition to any
liabilities that the Company may otherwise have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification of the Company, its Directors and
Officers</I>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the Company or any such director, officer or controlling person may become subject, under the Securities Act, the
Exchange Act, or other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Underwriter), insofar as such loss, claim,
damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based (i)&nbsp;upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment
thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii)&nbsp;upon any untrue statement or alleged untrue statement of a material fact
included in any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration
Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the
Representatives expressly for use therein; and to reimburse the Company, or any such director, officer or controlling person for any legal and other expense reasonably incurred by the Company, or any such director, officer or controlling person in
connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The Company hereby acknowledges that the only information furnished to the Company by any
</P>
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Underwriter through the Representatives expressly for use in the Registration Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus (or any amendment or
supplement thereto) are the statements set forth in the sixth paragraph, the second sentence of the twelfth paragraph and the thirteenth paragraph under the caption &#147;Underwriting&#148; in the Preliminary Prospectus and the Prospectus. The
indemnity agreement set forth in this Section&nbsp;8(b) shall be in addition to any liabilities that each Underwriter may otherwise have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notifications and Other Indemnification Procedures</I><I>. </I>Promptly after receipt by an indemnified party
under this Section&nbsp;8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section&nbsp;8, notify the indemnifying party in writing of the
commencement thereof, but the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise under the indemnity agreement contained in this Section&nbsp;8
or to the extent it is not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying
party will be entitled to participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party; provided, however, such indemnified party shall have the right to employ its own counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such indemnified party, unless: (i)&nbsp;the employment of such counsel has been specifically authorized in writing by the indemnifying party; (ii)&nbsp;the indemnifying party has failed promptly to assume the defense and employ
counsel reasonably satisfactory to the indemnified party; or (iii)&nbsp;the named parties to any such action (including any impleaded parties) include both such indemnified party and the indemnifying party or any affiliate of the indemnifying party,
and such indemnified party shall have reasonably concluded that either (x)&nbsp;there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party or such affiliate of the
indemnifying party or (y)&nbsp;a conflict may exist between such indemnified party and the indemnifying party or such affiliate of the indemnifying party (it being understood, however, that the indemnifying party shall not, in connection with any
one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in
addition to a single firm of local counsel) for all such indemnified parties, which firm shall be designated in writing by the Representatives and that all such reasonable fees and expenses shall be reimbursed as they are incurred). Upon receipt of
notice from the indemnifying party to such indemnified party of such indemnifying party&#146;s election so to assume the defense of such action and approval by the indemnified party of counsel (which approval shall not be unreasonably withheld), the
indemnifying party will not be liable to such indemnified party under this Section&nbsp;8 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless the indemnified party shall have
employed separate counsel in accordance with the proviso to the next preceding sentence, in which case the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlements</I><I>. </I>The indemnifying party under this Section&nbsp;8 shall not be liable for any settlement
or compromise of, or consent to the entry of any judgment with respect to, any </P>
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proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. An indemnifying party will not, without the prior written consent of the indemnified parties (such consent not to be unreasonably withheld or
delayed), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding asserted against an indemnified party in respect of which indemnification or contribution has been
sought hereunder unless such settlement, compromise or consent: (i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (ii)&nbsp;does not include a statement
as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.
<I>Contribution</I><I>. </I>If the indemnification provided for in Section&nbsp;8 is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or
expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein
(i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the
allocation provided by clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company, on the
one hand, and the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits
received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, and the total underwriting commissions received by the Underwriters, in each case as set forth on the front cover page of the Prospectus,
bear to the aggregate initial public offering price of the Securities as set forth on such cover. The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things,
whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other hand, and the
parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section&nbsp;8(c), any reasonable legal or other fees or
expenses reasonably incurred by such party in connection with investigating or defending any action or claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the
Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to in this Section&nbsp;9. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the provisions of this Section&nbsp;9, no Underwriter shall be required to
contribute any amount in excess of the underwriting commissions received by such Underwriter in connection with the Securities underwritten by it and distributed to the public. No person guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146; obligations to contribute pursuant to this Section&nbsp;9 are several, and
not joint, in proportion to their respective underwriting commitments as set forth opposite their names in Schedule A. For purposes of this Section&nbsp;9, each director, officer, employee and agent of an Underwriter and each person, if any, who
controls an Underwriter within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration
Statement, and each person, if any, who controls the Company with the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10. <I>Default of One or More of the Several Underwriters</I><I>. </I>If, on the Closing Date or any Date of
Delivery, any one or more of the several Underwriters shall fail or refuse to purchase Securities that it or they have agreed to purchase hereunder on such date, and the number of Securities, which such defaulting Underwriter or Underwriters agreed
but failed or refused to purchase does not exceed 10% of the number of Securities to be purchased on such date, the other Underwriters shall be obligated, severally, in the proportion to the number of Securities set forth opposite their respective
names on Schedule A bears to the number of Securities set forth opposite the names of all such <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or in such other proportions as may be specified by the Representatives with the
consent of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, to purchase such Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date or any
Date of Delivery, any one or more of the Underwriters shall fail or refuse to purchase such Securities and the number of Securities with respect to which such default occurs exceeds 10% of the number of Securities to be purchased on such date, and
arrangements satisfactory to the Representatives and the Company for the purchase of such Securities are not made within 48&nbsp;hours after such default, this Agreement shall terminate without liability of any party to any other party except that
the provisions of Sections&nbsp;4, 8, 9 and 17 shall at all times be effective and shall survive such termination. In any such case, either the Representatives or the Company shall have the right to postpone the Closing Date or any applicable Date
of Delivery, but in no event for longer than seven days, in order that the required changes, if any, to the Registration Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Prospectus or any other documents or
arrangements may be effected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Agreement, the term &#147;Underwriter&#148; shall be deemed to include any person
substituted for a defaulting Underwriter under this Section&nbsp;10. Any action taken under this Section&nbsp;10 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11. <I>Termination of this Agreement</I><I>. </I>Prior to the Closing Date, this Agreement may be terminated by
the Representatives by notice given to the Company if at any time (i)&nbsp;trading or quotation in any of the Company&#146;s securities shall have been suspended or limited by the Commission or the New York Stock Exchange, or trading in securities
generally on either the </P>
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Nasdaq Stock Market or the New York Stock Exchange shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges by the
Commission or FINRA; (ii)&nbsp;a general banking moratorium shall have been declared by any of federal or New York authorities; (iii)&nbsp;there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or
calamity involving the United States, or any change in the United States or international financial markets, as in the judgment of the Representatives is material and adverse and makes it impracticable or inadvisable to market the Securities in the
manner and on the terms described in the Disclosure Package or the Prospectus or to enforce contracts for the sale of securities; (iv)&nbsp;in the judgment of the Representatives there shall have occurred any Material Adverse Change; or
(v)&nbsp;there shall have occurred a material disruption in commercial banking or securities settlement or clearance services. Any termination pursuant to this Section&nbsp;11 shall be without liability of any party to any other party except as
provided in Sections&nbsp;4 and 6 hereof, and provided further that Sections&nbsp;4, 6, 8, 9 and 17 shall survive such termination and remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12. <I>No Fiduciary Duty</I>. The Company acknowledges and agrees that: (i)&nbsp;the purchase and sale of the
Securities pursuant to this Agreement, including the determination of the public offering price of the Securities and any related discounts and commissions, is an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction
between the Company, on the one hand, and the several Underwriters, on the other hand, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this
Agreement; (ii)&nbsp;in connection with each transaction contemplated hereby and the process leading to such transaction, each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the
Company or its affiliates, stockholders, creditors or employees or any other party; (iii)&nbsp;no Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company with respect to any of the transactions
contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering
contemplated hereby except the obligations expressly set forth in this Agreement; (iv)&nbsp;the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Company and that the several Underwriters have no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax
advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the several Underwriters
with respect to the subject matter hereof. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the several Underwriters with respect to any breach or alleged breach of agency
or fiduciary duty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13. <I>Representations and Indemnities to Survive Delivery</I><I>. </I>The respective
indemnities, agreements, representations, warranties and other statements of the Company and of the several Underwriters set forth in or made pursuant to this Agreement (i)&nbsp;will remain operative and in full force and effect, regardless of any
(A)&nbsp;investigation, or statement as to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
results thereof, made by or on behalf of any Underwriter, the officers or employees of any Underwriter, or any person controlling the Underwriter, the Company, the officers or employees of the
Company, or any person controlling the Company, as the case may be, or (B)&nbsp;acceptance of the Securities and payment for them hereunder and (ii)&nbsp;will survive delivery of and payment for the Securities sold hereunder and any termination of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14. <I>Notices. </I>All communications hereunder shall be in writing and shall be mailed,
hand delivered or telecopied and confirmed to the parties hereto as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Representatives: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">200 West Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, New
York 10282-2198 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Registration Department </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce,
Fenner&nbsp;&amp; Smith </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, New
York 10036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (646) <FONT STYLE="white-space:nowrap">855-3073</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Syndicate Department </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (212)
<FONT STYLE="white-space:nowrap">230-8730</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: ECM Legal </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New
York, New York 10179 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Equity Syndicate Desk </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT STYLE="white-space:nowrap">622-8358</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Sidley Austin
LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">One South Dearborn Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Chicago, IL 60603 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
Brian J. Fahrney </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (312) <FONT STYLE="white-space:nowrap">853-7036</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Conagra Brands, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">222
Merchandise Mart Plaza, Suite 1300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Chicago, IL 60654 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: <B></B>General Counsel </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Jones Day </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">North Point </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">901 Lakeside Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Cleveland, OH 44114 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Michael J. Solecki </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (216) <FONT STYLE="white-space:nowrap">579-0212</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any party hereto may change the address for receipt of communications by giving written notice to the others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15. <I>Successors</I>. This Agreement will inure to the benefit of and be binding upon the parties hereto,
including any substitute Underwriters pursuant to Section&nbsp;10 hereof, and to the benefit of the directors, officers, employees, agents and controlling persons referred to in Sections 8 and 9, and in each case their respective successors, and no
other person will have any right or obligation hereunder. The term &#147;successors&#148; shall not include any purchaser of the Securities as such from any of the Underwriters merely by reason of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;16. <I>Partial Unenforceability</I><I>. </I>The invalidity or unenforceability of any Section, paragraph or
provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17. <I>Governing Law Provisions</I><I>. </I>THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any legal
suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan,
or the courts of the State of New York in each case located in the City and County of New York, Borough of Manhattan (collectively, the &#147;<U>Specified Courts</U>&#148;), and each party irrevocably submits to the exclusive jurisdiction (except
for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is <FONT STYLE="white-space:nowrap">non-exclusive)</FONT> of such courts in any such suit, action or proceeding. Service of any
process, summons, notice or document by mail to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such party&#146;s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally
waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding
brought in any such court has been brought in an inconvenient forum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18. <I>General Provisions</I><I>.
</I>This Agreement may be executed by facsimile or other electronic transmission and in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section
headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during
negotiations regarding the provisions hereof, including, without limitation, the indemnification provisions of Section&nbsp;8 and the contribution provisions of Section&nbsp;9, and is fully informed regarding said provisions. Each of the parties
hereto further acknowledges that the provisions of Sections 8 and 9 hereto fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been
made in the Registration Statement, the Disclosure Package and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signatures follow on next page] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CONAGRA BRANDS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Johan Nystedt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Johan Nystedt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President, Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to the
Underwriting Agreement </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing Underwriting Agreement is hereby confirmed and accepted by the Representatives
as of the date first above written. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GOLDMAN SACHS&nbsp;&amp; CO. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. MORGAN SECURITIES LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Acting as Representatives of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">several Underwriters named in </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">the attached Schedule A. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Goldman Sachs&nbsp;&amp; Co. LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Adam Greene</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Adam Greene</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ R. Gregg Nabhan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R. Gregg Nabhan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jason Fournier</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jason Fournier</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to the
Underwriting Agreement </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Underwriters</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Initial<BR>Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,078,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Incorporated</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,739,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,739,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,739,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MUFG Securities Americas Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,223,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,223,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">815,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BTIG, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">815,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HSBC Securities (USA) Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">815,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">815,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BNP Paribas Securities Corp.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rabo Securities USA, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RBC Capital Markets, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SunTrust Robinson Humphrey, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">326,241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,312,057</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">Sch-A</FONT> </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>List of Persons Subject to <FONT STYLE="white-space:nowrap">Lock-up</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sean Connolly </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Marberger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Colleen Batcheler </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Biegger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Charisse Brock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas McGough </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Darren Serrao </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rob Wise </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas Brown </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen Butler </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joie Gregor </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rajive Johri </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard Lenny </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ruth Ann Marshall </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Craig Omtvedt </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anil Arora </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">Sch-B</FONT> </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Issuer Free Writing Prospectuses </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net
road show posted October&nbsp;9, 2018 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Information Provided Orally </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of Initial Securities: 16,312,057 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of Option
Securities: 1,631,206 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Price per share of Securities to the public: $35.25 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex-3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">__, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GOLDMAN SACHS&nbsp;&amp; CO. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200 West Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New
York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. MORGAN SECURITIES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383
Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Proposed Public Equity Offering by Conagra Brands, Inc.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, an
officer and/or director of Conagra Brands, Inc., a Delaware corporation (the &#147;Company&#148;), understands that Goldman Sachs&nbsp;&amp; Co. LLC (&#147;Goldman&#148;), Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated
(&#147;Merrill&#148;) and J.P. Morgan Securities LLC (&#147;J.P. Morgan,&#148; and together with Goldman and Merrill, the &#147;Representatives&#148;) propose to enter into an Underwriting Agreement (the &#147;Underwriting Agreement&#148;) with the
Company providing for the public offering of shares (the &#147;Securities&#148;) of the Company&#146;s common stock, par value $5.00 per share (the &#147;Common Stock&#148;). In recognition of the benefit that such an offering will confer upon the
undersigned as an officer and/or director of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Representatives that, during the period beginning
on the date hereof and ending on the date that is 60 days from the date of the Underwriting Agreement, the undersigned will not, without the prior written consent of the Representatives, directly or indirectly, (i)&nbsp;offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any shares of the Company&#146;s Common Stock or any securities
convertible into or exchangeable or exercisable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the <FONT
STYLE="white-space:nowrap">&#147;Lock-Up</FONT> Securities&#148;), or exercise any right with respect to the registration of any of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities, or file or cause to be filed any registration
statement in connection therewith, under the Securities Act of 1933 or (ii)&nbsp;enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the <FONT
STYLE="white-space:nowrap">Lock-Up</FONT> Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, and subject to the conditions below, the undersigned may
transfer the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities without the prior written consent of the Representatives, provided that (1)&nbsp;the Representatives receive a signed <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement
for the balance of the lockup period from each donee, trustee, distributee or transferee, as the case may be, (2)&nbsp;any such transfer shall not involve a disposition for value, (3)&nbsp;such transfers are not required to be reported with the
Securities and Exchange Commission on Form 4 in accordance with Section&nbsp;16 of the Securities Exchange Act of 1934 (the&nbsp;&#147;Exchange Act&#148;) and (4)&nbsp;the undersigned does not otherwise voluntarily effect any public filing or report
regarding such transfers: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">pursuant to a will or the laws of intestacy; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as a <I>bona fide</I> gift or gifts; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned
(for purposes of this <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement, &#147;immediate family&#148; shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to a member of the undersigned&#146;s immediate family. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, and subject to the conditions below, the undersigned may also, without the prior written consent of the
Representatives: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">establish a contract, instruction or plan meeting the requirements of Rule
<FONT STYLE="white-space:nowrap">10b5-1(c)(1)</FONT> under the Exchange Act (a <FONT STYLE="white-space:nowrap">&#147;10b5-1</FONT> Plan&#148;), provided that any such action would not require any public filings or reporting by the undersigned,
including filing under Section&nbsp;13 or Section&nbsp;16 of the Exchange Act, and no such public reports are voluntarily filed by the undersigned, and provided further that no sales or transfers of <FONT STYLE="white-space:nowrap">Lock-Up</FONT>
Securities or securities convertible into or exercisable or exchangeable for <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities under any such plans shall occur during the period beginning on the date hereof and ending on the date that is
60&nbsp;days from the date of the Underwriting Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfer <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities or securities convertible into or
exercisable or exchangeable for <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities pursuant to a <FONT STYLE="white-space:nowrap">10b5-1</FONT> Plan existing on the date hereof; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">exercise a warrant or an option to purchase, or settle any other equity award for, shares of Common Stock
(provided that any shares of Common Stock received are subject to the restrictions contained in this agreement); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfer <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities to the Company to satisfy any payment or
withholding obligations in connection with the exercise or settlement of any equity awards under the Company&#146;s equity compensation plans in existence on the date hereof. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, the undersigned may sell shares of Common Stock of the Company purchased by the undersigned on the open market following the
Public Offering if and only if (i)&nbsp;such sales are not required to be reported in any public report or filing with the Securities Exchange Commission, or otherwise and (ii)&nbsp;the undersigned does not otherwise voluntarily effect any public
filing or report regarding such sales. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company&#146;s transfer agent and registrar against the transfer of the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Securities except in compliance with the foregoing restrictions. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Print&nbsp;Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exh. A-3 </P>

</DIV></Center>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d637906dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g637906g00r38.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">90 SOUTH SEVENTH STREET &#149; SUITE 4950 &#149; MINNEAPOLIS, MINNESOTA 55402 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">TELEPHONE: +1.612.217.8800 &#149; FACSIMILE: +1.844.345.3178 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;12, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Conagra Brands, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">222 Merchandise Mart Plaza, Suite 1300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60654
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Up to 17,943,263 Shares of Common Stock of Conagra Brands, Inc.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as counsel
for Conagra Brands, Inc., a Delaware corporation (the&nbsp;&#147;<B><I>Company</I></B>&#148;), in connection with the issuance and sale of up to 17,943,263 shares (the&nbsp;&#147;<B><I>Shares</I></B>&#148;) of the Company&#146;s common stock, par
value $5.00 per share, pursuant to the Underwriting Agreement, dated as of October 9, 2018 (the &#147;<B><I>Underwriting Agreement</I></B>&#148;), by and among the Company and Goldman Sachs&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce,
Fenner&nbsp;&amp; Smith Incorporated and J.P. Morgan Securities LLC, acting as representatives of the several underwriters named therein (collectively, the &#147;<B><I>Underwriters</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have deemed relevant or
necessary for purposes of such opinion. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the opinion that the Shares, when issued and delivered to the Underwriters pursuant to
the terms of the Underwriting Agreement against payment of the consideration therefor as provided therein, will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinion expressed herein is limited to the General Corporation Law of the State of Delaware, as currently in effect, and we express no
opinion as to the effect of the laws of any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as Exhibit 5.1 to the
Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> dated the date hereof filed by the Company and incorporated by reference into the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (Registration <FONT
STYLE="white-space:nowrap">No.&nbsp;333-227740)</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;), filed by the Company to effect the registration of the Shares under the Securities Act of 1933 (the&nbsp;&#147;<B><I>Act</I></B>&#148;)
and to the reference to Jones Day under the caption &#147;Legal Matters&#148; in the prospectus constituting a part of such Registration Statement. In giving such consent, we do not thereby admit that we are included in the category of persons whose
consent is required under Section&nbsp;7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Jones Day </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">ALKHOBAR &#149;
AMSTERDAM &#149; ATLANTA &#149; BEIJING &#149; BOSTON &#149; BRISBANE &#149; BRUSSELS &#149; CHICAGO &#149; CLEVELAND &#149; COLUMBUS &#149; DALLAS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">DETROIT &#149; DUBAI &#149; D&Uuml;SSELDORF &#149; FRANKFURT &#149; HONG&nbsp;KONG &#149; HOUSTON &#149; IRVINE &#149; LONDON &#149;
LOS&nbsp;ANGELES &#149; MADRID &#149; MELBOURNE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">MEXICO&nbsp;CITY &#149; MIAMI &#149; MILAN &#149; MINNEAPOLIS &#149; MOSCOW &#149; MUNICH
&#149; NEW&nbsp;YORK &#149; PARIS &#149; PERTH &#149; PITTSBURGH &#149; RIYADH </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SAN&nbsp;DIEGO &#149; SAN&nbsp;FRANCISCO &#149;
S&Atilde;O&nbsp;PAULO &#149; SHANGHAI &#149; SILICON&nbsp;VALLEY &#149; SINGAPORE &#149; SYDNEY &#149; TAIPEI &#149; TOKYO &#149; WASHINGTON </P>

</DIV></Center>

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</SEC-DOCUMENT>
