CONAGRA BRANDS INC.

Development of Business Conagra Brands, Inc. (the Company , Conagra Brands , we , us , or our ), headquartered in Chicago, is one of North America’s leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The Company’s portfolio is continuously evolving to satisfy consumers’ ever-changing food preferences. Conagra’s brands include Birds Eye , Duncan Hines , Healthy Choice , Marie Callender’s , Reddi-wip , Slim Jim , Angie’s BOOMCHICKAPOP , and many more. We began as a Midwestern flour-milling company and entered other commodity-based businesses throughout our history. We were initially incorporated as a Nebraska corporation in 1919 and reincorporated as a Delaware corporation in 1976. Over time, we transformed into the branded, pure-play consumer packaged goods food company we are today. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories, including through acquisitions. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital. Narrative Description of Business We compete throughout the food industry and focus on adding value for our customers who operate in the retail food and foodservice channels. Our operations, including our reporting segments, are described below. Our locations, including manufacturing facilities, within each reporting segment, are described in Item 2, Properties .