#1#RefreshTheRecipe OCTOBER 2018 Campbell's CONDENSED THIRD POINT INDEPENDENT SLATE * * * * THIRD POINT#2DISCLAIMER The information in this presentation is for information purposes only, and this presentation does not constitute an offer to purchase or sell any security or investment product, nor does it constitute professional advice. The information in this presentation is based on publicly available information about Campbell Soup Company ("Campbell"). Except where otherwise indicated, the information in this presentation speaks only as of the date set forth on the cover page. Permission to quote third party reports in this presentation has been neither sought nor obtained. This presentation may include forward-looking statements that reflect the current views of Third Point LLC ("Third Point"), the proposed director nominees and other participants in the solicitation of proxies from stockholders of Campbell for the 2018 annual meeting of stockholders of Campbell, with respect to future events. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would," and similar words are often used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond the control of the parties making such statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. Any forward-looking statements made in this presentation are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Campbell or its business, operations, or financial condition. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Source: Third Point LLC THIRD POINT #RefreshTheRecipe | 2#3TABLE OF CONTENTS THIRD POINT ■ I ■ Overview & Summary Case for Change at Campbell Independent Slate Conclusion #RefreshTheRecipe | 3#4OVERVIEW & SUMMARY Campbell's CONDENSED THIRD POINT INDEPENDENT SLATE * * * *#5THIRD POINT OVERVIEW Firm Overview ■ ■ Third Point Highlights ■ Third Point LLC is an SEC-registered investment adviser based in New York Approximately $18 billion under management Founder and CEO, Daniel S. Loeb, has over 30 years of experience in the financial markets ■ Proven Track Record Since inception in 1995, the Firm has generated average net annualized returns of 18% compared to the CS Event Driven Index, HFRI Event Driven Index, and S&P 500 returns of 8%, 9%, and 10%, respectively, over the same period Third Point has made over 40 active investments and has been successful during 100% of the firm's historical proxy campaigns Notable Recent Active Positions Yahoo!: Third Point helped create approximately $15 billion of value for shareholders; share price increased over 85% while Third Point directors served on the board from May 2012 until July 2013 O Sotheby's: Third Point helped create approximately $500 million of value for shareholders through 9/20/18; share price increased 17% while Third Point directors have served on the board since May 2014 THIRD POINT Baxter: Third Point helped create approximately $26 billion of value for shareholders through 9/20/18; share price increased 144% while Third Point directors have served on the board since September 2015 Dow: Third Point helped create approximately $51 billion of value for shareholders through 9/20/18; share price increased 107% since Third Point began engaging with Dow Chemical in November 2013 Note: Third Point returns reflect Third Point Partners from inception (June 1995) through 8.31.18. All references to CS and HFRI Indices reflect performance calculated through 7.31.18 Source: Third Point LLC #Refresh TheRecipe | 5#6EXECUTIVE SUMMARY Time to refresh Campbell, an iconic American company suffering from woeful mismanagement ■ ■ ■ ■ ■ Campbell's incumbent Board of Directors ("Board") has overseen a series of strategic and operational blunders over many years that have driven extreme underperformance in Campbell shares (19% total shareholder return vs. 306% for S&P 500 over last 20 years) Within the past year, financial and operational performance has significantly worsened (soup in sharp decline, acquired Fresh assets now loss-making, Snyder's-Lance integration hiccups, substantial margin pressures, multiple large earnings disappointments, leverage over 5x, no permanent CEO) Given challenges, Campbell conducted a strategic review, but then failed to take bold action to remedy the situation and largely recommitted to the failing status quo Incumbent Board, which created the current situation, can no longer be relied upon to lead the Company, and shareholders deserve a new path forward Third Point has partnered with a member of the Dorrance family (George Strawbridge, Jr.) and seeks to replace the incumbent Board with an attractive new slate of nominees ("Independent Slate") Independent Slate brings relevant skills and experience needed to reverse decades of significant underperformance and create long-term value for ALL shareholders Note: Total shareholder return includes dividends; data from 9.28.98 to 9.28.18; John T. Dorrance acquired control of Campbell from founder Joseph A. Campbell Source: Third Point LLC THIRD POINT #RefreshTheRecipe | 6#7CASE FOR CHANGE AT CAMPBELL Campbell's CONDENSED THIRD POINT INDEPENDENT SLATE * * * *#8CAMPBELL OVERVIEW Packaged food business focused on snacks, soup, simple meals, and beverages Owns series of iconic brands Campbells PEPPERIDGE FARM THIRD POINT PEPPERIDGE FARM Goldfish BAKED SNACK CRACKERS FINNO America's Pretzel Bakery Since 1909* SNYDER'S OF HANOVER V8 R Note: Campbell market cap approximately $11 billion and enterprise value approximately $21 billion as of 9.28.18 Source: Third Point LLC; Company Materials 17% Simple Meals Category Mix Approximately $10b in sales (including Snyder's-Lance) 10% Beverage 46% Baked Snacks 27% Soup #RefreshTheRecipe | 8#9TOTAL SHAREHOLDER RETURN Despite owning a portfolio of iconic brands, Campbell's incumbent Board has failed to create enduring value for shareholders 19% Campbell has dramatically underperformed the S&P 500 and key US packaged food peers Campbell THIRD POINT 261% Kellogg 20-Year Total Shareholder Return, % 306% Note: Total shareholder return includes dividends; data from 9.28.98 to 9.28.18 Source: Third Point LLC; Bloomberg 331% 359% 662% 1,342% S&P 500 General Mills Hershey Smucker McCormick 1,586% Hormel #RefreshTheRecipe | 9#10TOTAL SHAREHOLDER RETURN Campbell has also significantly underperformed on a 10YR, 5YR, 3YR, and 1YR basis 31% Campbell 66% Kellogg 69% General Mills THIRD POINT (2%) 10YR TSR 155% 197% 3YR TSR 15% 220% Smucker S&P 500 Hershey McCormick Hormel 21% 323% 36% 424% 65% 71% (14%) (22%) Campbell General Smucker Kellogg Hershey Hormel S&P 500 McCormick Mills 2% Campbell 5% 10% General Smucker Mills Note: Total shareholder return includes dividends; data from 9.26.08 (10YR), 9.27.13 (5YR), 9.28.15 (3YR), 9.28.17 (1YR) to 9.28.18 (all charts) Source: Third Point LLC; Bloomberg (3%) 5YR TSR 24% Hershey 0% (15%) (20%) Campbell General Hershey Smucker Mills 38% 1YR TSR Kellogg S&P 500 15% 91% Kellogg 18% S&P 500 104% 122% Hormel McCormick 27% 32% Hormel McCormick #RefreshTheRecipe | 10#11CAMPBELL TODAY The past year has been particularly disastrous I ■ ■ I Losing market share across categories as core business significantly underperforms Earnings in rapid decline given sales weakness and substantial margin pressure Execution issues already plaguing highly complex integration with Snyder's-Lance Leverage over 5x net debt / EBITDA, leaving limited room to maneuver No permanent CEO since the incumbent Board failed to plan for succession Source: Third Point LLC; Google Images THIRD POINT Noodle sampbelle Responsibility for current predicament lies squarely with the incumbent Board #RefreshTheRecipe | 11#12HOW DID WE GET HERE? Incumbent Board has consistently failed Campbell shareholders ■ Failed to execute on corporate strategy Completely botched acquisition-fueled expansion into fresh food Missed key consumer trends in soup (natural and organic ingredients, contemporary packaging) and then, to catch up, overpaid for rival Pacific Foods O Failed to hold CEO accountable and failed to plan for succession Incumbent Board lavished Denise Morrison with more than $60 million in total compensation during her tenure as CEO (2011 – 2018) despite a series of strategic and operational missteps O Given struggles in fresh food and soup, incumbent Board doubled down on snacks and massively overpaid for Snyder's-Lance in a "bet the company" transaction that has saddled the Company with a large debt burden O Failed to conduct proper strategic review Company announced comprehensive review ("everything is on the table") in May 2018 in response to rapidly deteriorating financial and operational performance Company problems now exacerbated by lack of leadership since incumbent Board shockingly had no clear plan to replace her when she abruptly stepped down at age 63 THIRD POINT Incumbent Board then failed to take any bold actions and instead announced some divestitures (fresh food, global snacks) worth approximately 10% of Company EBIT that largely preserved the status quo Note: Campbell's "everything is on the table" comment from fiscal 3q18 earnings call (5.18.18) Source: Third Point LLC; Company Materials; Bloomberg #RefreshTheRecipe | 12#13HOW DID WE GET HERE? Incumbent Board, in their own words, has consistently failed Campbell shareholders 66 Simply put we lost focus. We lost focus strategically. We had too many initiatives that made the company unnecessarily complex. We were in the food business and the ag business. We had growth businesses and we had cash businesses. We were focused on startup businesses and venture capital investments. We aggressively pursued the important consumer megatrend of health and well-being without having clarity on our source of uniqueness or whether we brought a competitive advantage to the space, and we depended too much on M&A to shape our business strategy. THIRD POINT We lost focus within our products and brands. We did not manage our portfolio in a differentiated manner. We pushed cash businesses for growth and we underfunded growth businesses. Our resource and capital allocation discipline was inadequate and we didn't properly align our resources with our core business franchises where we have strong market positions unique capabilities and the right to win. Lastly we lost focus in process and execution. Our management processes lack the necessary operating discipline. We created too many silos throughout the company where decision rights were unclear. We lacked agility and we're slow to react to customer needs. 99 And finally we didn't have a culture of accountability which led to poor execution. Campbell Board member & interim CEO Keith McLoughlin Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18) Source: Emphasis from Third Point LLC; Company Materials #RefreshTheRecipe | 13#14CORPORATE STRATEGY Campbell has spent over $8 billion on acquisitions since 2012, cobbling together a hodgepodge of assets across categories and geographies with little strategic logic Bolthouse FARMS 2012 2013 THIRD POINT organics Source: Third Point LLC; Google Images Kelsen Group 2014 2015 GARDEN FRESH GOURMETⓇ 2016 2017 Pacific Snyder's Lance 2018 Independent Slate wonders if incumbent Board merely "rubber stamped" these acquisitions without conducting proper and independent due diligence #RefreshTheRecipe | 14#15CORPORATE STRATEGY FRESH FOOD Move into fresh food with $1.55 billion deal for Bolthouse Farms has been a disaster - Bolthouse Farms deal marred by countless executional issues Campbell has struggled with sourcing and product quality issues, product recalls, share losses, reduced shelf space, and a host of other problems Campbell was also slow to innovate its fresh food products (e.g. juices, shakes) to meet modern consumer demands for reduced sugar and greater functional benefits 66 While Campbell's intentions may have been admirable in trying to move into fresh food, its execution was abysmal. 99 - Piper Jaffray THIRD POINT Fresh food segment now loss-making, despite contribution from Garden Fresh Gourmet LTM Adj. EBIT, $ Millions 92 2012 Acquisition (43) FY18 Note: Quotation from Piper Jaffray report "Strategic Update Preview" (8.13.18); FY18 segment EBIT before corporate expense; $92 million Adj. EBIT from transaction press release (July 2012) Source: Third Point LLC; Company Materials; Piper Jaffray #RefreshTheRecipe | 15#16CORPORATE STRATEGY SMALL DEALS Other deals like Garden Fresh Gourmet (salsa) and Plum Organics (baby food) have not worked Garden Fresh Gourmet 66 During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. - Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim impairment assessment in the second quarter, which resulted in a $64 million impairment charge. Campbell Soup Note: Comments from FY18 10-K Source: Third Point LLC; Company Materials THIRD POINT Plum Organics 66 In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2018, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 million. Campbell Soup #RefreshTheRecipe | 16#17CORPORATE STRATEGY SMALL DEALS Campbell also blew shareholder money on speculative investments in businesses like (now defunct) Juicero THIRD POINT Juicero shut down upon discovery that its technology was basically worthless JUICERO CHOFFEE Sweet Greens apple baby spinach pineapple kale mon FREEH CHOPPED PRODUCE FOR MAKING COLD PRESSED JUICE NET WEIGHT 10 0Z (283 g) - PREVE Note: Campbell invested $13.5 million in Juicero per press release (October 2016) Source: Third Point LLC; Company Materials; Google Images; Engadget, The Guardian, Eater engadget Juicero, the ridiculous $400 juicer company, is shutting down Turns out, you can squeeze fruits and vegetables yourself for free. The Guardian Squeezed out: widely mocked startup Juicero is shutting down EATER $400 Juicer Company Shuts Down as Founder Frolics at Burning Man #RefreshTheRecipe | 17#18CORPORATE STRATEGY SOUP While distracted with bad deals, Campbell missed key trends in its core soup business ■ ■ Campbell missed key shift in consumer preferences in soup (despite dominating category) Natural and organic ingredients O Contemporary packaging (e.g. resealable box vs. traditional can) O Failure to participate in key trends forced Campbell to acquire Pacific Foods, a leading producer of organic broth and soup, shelf-stable beverages, and other meals and sides Paid $700 million for Pacific Foods in 2017 Deal guided to be ~2% dilutive to earnings in FY18 O - O Note: Campbell guidance from transaction press release (December 2017) Source: Third Point LLC; Company Materials; Google Images THIRD POINT Pacif organi vegeta brot LOW SOD Pacific organic free range chicken broth LOW SODIUM EW Pacific organic Whole Berry Cranberry Sauce NET WT 15141 NEW! Pacific organic Turkey Gravy Pacific organic Vegan Mushroom Gravy New! Pacific organic Pumpkin Puree DARSTENS #RefreshTheRecipe | 18#19CORPORATE STRATEGY SOUP Core soup business lost relevance with consumers and is now in significant decline ■ ■ - Problems largely created by self-inflicted issues Underinvestment in R&D led to limited innovation (packaging, ingredients) New product launches and flavors failed to resonate with core consumers Cuts to marketing spend hurt brand equity 66 We did not do enough to keep our soup products and brands relevant with consumers.99 - Board member & interim CEO Keith McLoughlin THIRD POINT Sales declines have accelerated with most recent quarter down a shocking 14% (3%) (4%) Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18); Campbell US soup growth disclosed on Company earnings calls Source: Third Point LLC; Company Materials U.S. soup sales, y/y growth, % (5%) (2%) 0% 1% T (1%) TI (7%) (9%) (4%) (4%) (14%) 1q16 2q16 3q16 4q16 1917 2q17 3q17 4q17 1q18 2q18 3q18 4q18 #RefreshTheRecipe | 19#20CORPORATE STRATEGY Mismanagement of retail channel has driven large market share losses ■ I W ■ SOUP Problems (again) created by self-inflicted issues Failed to drive category growth Raised prices without increasing value to consumers Mismanaged price gaps and trade spending Created a large and public conflict with Walmart, its most important customer 66 In recent years, we have pushed the [soup] business too hard on pricing and margin. 99 - Board member & interim CEO Keith McLoughlin THIRD POINT Campbell losing share to branded AND private label competitors Change in US soup market share, last 52wks, % (2.4%) Campbell Note: Campbell's comment from fiscal 4q18 earnings call (8.30.18); Last 52wks through 7.29.18 (per Campbell fiscal 4q18 public presentation) Source: Third Point LLC; Company Materials; IRI 1.0% Other Brands 1.4% Private Label #Refresh The Recipe | 20#21CORPORATE STRATEGY ■ With fresh food and soup under pressure, Campbell doubled down on snacks in an expensive "bet the company" transaction that brings significant financial and operational risks ■ O Acquired Snyder's-Lance, a US snacks business, in March 2018 High purchase price ($6 billion, nearly 20x EBITDA) All debt transaction saddled the Company with over 5x leverage O - Deal fraught with execution risk O O SNACKS THIRD POINT Ill-timed acquisition given issues in rest of portfolio Acquired assets complicated to integrate with Campbell's legacy Pepperidge Farm snacking business given complex routes to market (multiple separate direct store delivery systems) Note: Quotation from UBS report "Will Snyder's-Lance create shareholder value for Campbell" (1.24.18) Source: Third Point LLC; Company Materials; Google Images; UBS LATE JULY www GARO RICH NEW! Gluten fre SNYDER'S Pieces Honey Mustard Onion Caprich S GO Pelgel Chirps BAM ORIGINAL VAL Toast Ch SNYDERS SOURDOUGH Sourdough ERLE -BRAND- TATO CHIPS n7 LESS FAT ALT & CAPE 10 PACK 119 1 COD OP VEGGIE CRISPS 66 We believe Campbell's acquisition of Snyder's-Lance adds execution risk across both organizations... Snyder's integration complexity and lofty cost target guidance leave us skeptical of material stock value creation. 99 - UBS Ging HOMESTYLE 10 #Refresh The Recipe | 21#22CORPORATE STRATEGY - Snyder's-Lance deal already off to a poor start SNACKS Campbell lowered accretion guidance twice in the first six months after deal announcement Original guidance called for 5-7% EPS accretion in FY19 in December 2017 Guidance reduced to "modestly accretive" in FY19 at industry conference in February 2018 O Guidance again reduced to "modestly dilutive" in FY19 with earnings report in May 2018 Company cited unforeseen issues related to pricing, promotions, and higher than expected costs for freight, transportation, and production THIRD POINT Note: IRI scanner data through 8.26.18; deal announced 12.18.17 and closed 3.27.18 Source: Third Point LLC; Company Materials; IRI 10% 5% 0% (5%) Sales in measured channels have deteriorated since the acquisition and are now declining Snyder's-Lance trailing 4wk sales growth, % l Aug-17 Sep-17 Oct-17 I Nov-17 Jan-18 Feb-18 Dec-17 Mar-18 Apr-18 May-18 T Jun-18 Jul-18 Aug-18 #RefreshTheRecipe | 22#23CORPORATE STRATEGY Strategic and operational blunders have tanked sales, operating profit, and earnings Campbell's most recent quarter was disastrous... (3%) Organic Sales Fiscal 4q18 growth, % THIRD POINT (16%) EARNINGS Underlying Adj. EBIT (50%) Adj. EPS Note: Campbell guided FY19 Adj. EPS to $2.45-2.53 before divestitures vs. FY18 Adj. EPS of $2.87 Source: Third Point LLC; Company Materials ■ ■ ■ ...and inspires little hope for the future All metrics posted substantial declines, with worsening pressure on sales, gross margin, operating margin, and earnings Results also implied a significant deterioration in acquired Snyder's-Lance business Forward guidance for FY19 was extremely poor and calls for a double digit % decline in earnings despite the contribution of additional earnings from Pacific Foods and Snyder's-Lance #RefreshTheRecipe | 23#24CORPORATE STRATEGY EARNINGS Less than a month after giving terrible FY19 guidance, Campbell gave investors another negative update ■ ■ - Campbell, in its FY18 10-K, disclosed that "cost increases, shipment delays, and weather-related issues" would have a "negative impact" on fiscal 1919 In follow up conversations with leading sell-side analysts, Campbell confirmed these headwinds create risk to FY19 guidance On the back of this incremental bad news, the stock fell another 6% to $36.63 over the next two days 66 Each of these developments is unfortunate and places management's full-year guidance at risk, in our view. The risk to earnings has obvious flow through implications to the company's cash flow, which adds to concern given the company's already challenged liquidity and balance sheet profile. - Goldman Sachs 99 Note: Quotation from Goldman Sachs report "Trimming estimates on supply disruptions, protracted Walmart challenges and FX" (9.27.18) Source: Third Point LLC; Company Materials; Bloomberg; Goldman Sachs THIRD POINT Campbells #RefreshTheRecipe | 24#25RETURN ON INVESTED CAPITAL Poor capital allocation and declines in the core business have combined to weigh on returns 26.8% FY10 Shareholders have endured substantial declines in ROIC under the incumbent Board THIRD POINT 23.6% FY11 20.6% FY12 18.3% FY13 Return on Invested Capital, % 20.1% 19.2% ..... 11.8% FY16 FY17 15.6% FY14 16.2% FY15 FY18 8.5% FY19e Note: Return on Invested Capital defined as Adj. EBIT (per Company) less 25% tax rate (per Company FY19 guidance), divided by average invested capital (per Bloomberg); same tax rate used across all periods for "apples- to-apples" comparison; FY19e based on mid-point of management guidance pre divestitures ($1.37-1.41b) and year-end FY18 invested capital (per Bloomberg) Source: Third Point LLC; Bloomberg #RefreshTheRecipe | 25#26LACK OF ACCOUNTABILITY Incumbent Board failed to hold CEO accountable ■ ■ Incumbent Board claims to maintain a "strong alignment between corporate performance and compensation" However, that same Board lavished its fellow board member Denise Morrison with more than $60 million in total compensation during her tenure as CEO. Over that time, earnings did not grow, leverage ballooned, and ROIC imploded. To pay so much for such poor performance suggests the incumbent Board either did not understand what was happening to the business (suggesting incompetence) or claimed it was paying for performance it knew it was not getting (suggesting deceit) Incumbent Board's complete failure to hold CEO accountable led to a compensation scheme that is insulting to Campbell employees and shareholders Note: Campbell quotation from 2017 proxy statement; FY11 Adj. EPS of $2.54 is above FY19 Adj. EPS guidance of $2.45-2.53 Source: Third Point LLC; Company Materials; Bloomberg THIRD POINT #RefreshTheRecipe | 26#27LACK OF LEADERSHIP Incumbent Board also failed to plan for succession, leaving Campbell without a permanent CEO at a crucial juncture in its history I ■ ■ ■ Denise Morrison (CEO since August 2011) abruptly left as the Company reported disastrous fiscal 3q18 earnings and lowered forward guidance Despite years of issues and a CEO approaching retirement age, incumbent Board failed to develop a succession plan (a critical duty of any board) As a result, Campbell now led by interim CEO Keith McLoughlin, who has zero operating experience in packaged food and most recently served as CEO of Swedish appliance manufacturer Electrolux Lack of leadership, combined with rapidly deteriorating financial and operational performance, presumably led Campbell to announce a strategic review Note: Denise Morrison age 63 at retirement Source: Third Point LLC; Company Materials; Google Images THIRD POINT "If you fail to plan, you are planning to fail." - Benjamin Franklin #RefreshTheRecipe | 27#28SHAREHOLDER ENGAGEMENT While the strategic review was underway, Third Point filed a Form 13D to advocate on behalf of ALL shareholders I Third Point had limited confidence that Campbell's incumbent Board (after years of abysmal oversight) would conduct a proper and thoughtful strategic review Furthermore, Third Point was concerned the incumbent Board would look to prioritize the interests of corporate insiders and wealthy heirs at the expense of other shareholders George Strawbridge, Jr., a member of the Dorrance family who served on Campbell's Board from 1990 to 2009, had similarly lost faith in the incumbent Board and filed a separate 13D alongside Third Point Given material execution risk associated with various "go it alone" options under the incumbent Board, Third Point concluded at the time that combining with another packaged food company was the best path forward for the Company BREAKING NEWS Note: Third Point and George Strawbridge, Jr. both filed Form 13D on 8.9.18 Source: Third Point LLC; CNBC THIRD POINT (CPB) CAMPBELL SOUP 42.56 +0.58 [+1.38 %] YR TO DATE [-11.54%] 50. mry 304 JAN 2, 2018 LEBILD CONDENSEN SOT THIRD POINT: SALE IS ONLY JUSTIFIABLE OUTCOME OF STRATEGIC REVIEW AUG 9, 2018 N CNBC #RefreshTheRecipe | 28#29SHAREHOLDER ENGAGEMENT Third Point's view garnered support from leading sell-side analysts 66 We are on board with [Third Point's] assessment of CPB's current situation. As evidenced by our earnings estimates, which are well below consensus, we are not constructive on Campbell's fundamentals. Between (a) continued softness in soup sales, (b) failed innovation across many categories, (c) the high level of debt, (d) the complexity and cost of running three separate DSD systems, (e) the relative difficulty of consolidating these systems, (f) slumping sales of recently-bought LNCE, (g) the ongoing integration of LNCE, and (h) the absence of a CEO, Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover. THIRD POINT We also agree with [Third Point] that the board of directors "exacerbated" Campbell's problems by apparently not having a succession plan in place. Given these problems, plus the fact that the Campbell shares are +28% since bottoming in early June (group median +5%), we concur with [Third Point] that a sale - if achievable - is the best way to create value for shareholders. 99 J.P. Morgan Note: Emphasis from Third Point; quotation from J.P. Morgan report "Downgrading to Underweight" (8.10.18) Source: Third Point LLC; J.P. Morgan #Refresh TheRecipe | 29#30MEDIA PERSPECTIVE Even the Wall Street Journal supported Third Point's view THE WALL STREET JOURNAL. MARKETS HEARD ON THE STREET Why Campbell Should Consider Selling Itself Campbell Soup Co. is reviewing its options, but a quick sale to someone like Kraft Heinz offers many advantages LOW LISTED THIRD POINT Campbella NYSE Note: Emphasis from Third Point; quotation from WSJ column "Heard on the Street" (7.5.18) Source: Third Point LLC; Wall Street Journal 66 Campbell Soup Co. has been one of the worst performing food companies over the past two years. If a quick way out is available, the family members who control the firm should give it serious consideration... [An attempted turnaround] will be a long and drawn-out process with uncertain prospects for success. Campbell's ability to invest for growth will also be constrained by the imperative to reduce its debt overhang... Against that backdrop, an outright sale starts to look more appealing... John Dorrance invented the formula for Campbell's condensed soup over 120 years ago. For his descendants, it may finally be time to move on. 99 The Wall Street Journal #RefreshTheRecipe | 30#31STRATEGIC REVIEW Incumbent Board had an opportunity to take bold action during the strategic review process, but instead largely recommitted to the failing status quo ■ ■ ■ Campbell concluded its strategic review by announcing plans to divest its fresh foods and global snacks businesses (collectively worth approximately 10% of Company EBIT) Merely selling off some non-core assets to pay down debt does little to address the underlying problems and leadership failures plaguing the core business Given the result, the Independent Slate wonders if all options were truly "on the table" or if the incumbent Board may have mislead shareholders about the scope of the strategic review Incumbent Board may have failed to perform its fiduciary duty to act in the best interests of ALL shareholders in order to protect the interests of corporate insiders and wealthy heirs Note: Campbell's Corporate Governance Standards specify that the "Board believes that the primary responsibilities of directors are to exercise their business judgment in good faith and to act in what they reasonably believe to be in the best interests of all shareholders"; Campbell's "everything is on the table" comment from fiscal 3q18 earnings call (5.18.18) Source: Third Point LLC; Company Materials THIRD POINT #RefreshTheRecipe | 31#32ANALYST PERSPECTIVE After failed strategic review, leading sell-side analysts see need for greater change 66 While there was a lot to digest, all-in we learned little that altered our view of the fundamental trajectory of the business or value of the stock. 99 Goldman Sachs 66 One need look no further than [fiscal 4q18] performance to understand that change is long overdue.99 Consumer Edge 66 What we found most interesting... was Interim CEO Keith McLoughlin's point-by-point assessment of what had gone wrong at CPB. Not only did this appraisal destroy ex-CEO Denise Morrison's legacy but it also served as a scathing critique of a board that let the company drift during the Morrison era. THIRD POINT "Simply put, we lost focus. We lost focus strategically [and] we had too many initiatives that made the company unnecessarily complex," said McLoughlin. Between that line and a few that followed, McLoughlin basically threw the board under the bus and with that, we don't see how Chairman [Les] Vinney and a few other directors can continue serving as board members. 99 Gordon Haskett Note: Emphasis from Third Point; quotations from Goldman Sachs report "Fundamentals deteriorate and turnaround plans are still lacking" (8.30.18), Consumer Edge Research report "Q4 Follow up - Not The End... But The End Of The Beginning" (8.30.18), Gordon Haskett note "Mm-Mm Bad" (9.4.18) Source: Third Point LLC; Goldman Sachs; Consumer Edge Research; Gordon Haskett #RefreshTheRecipe | 32#33ANALYST PERSPECTIVE Absent greater change, analysts see little hope for shares (under the incumbent Board) Sell-side analysts more bearish on Campbell than they are on other US packaged food peers... 47% % of analysts with "sell" ratings 28% Campbell Smucker THIRD POINT 24% 13% 13% Note: Ratings and price targets as of 9.28.18; 19 analysts cover Campbell Source: Third Point LLC; Bloomberg 13% 5% Hershey Hormel McCormick Kellogg General Mills ...and leading banks still see downside to shares Bank J.P.Morgan UBS CREDIT SUISSE BARCLAYS Goldman Sachs Bank of America Merrill Lynch Rating SELL SELL SELL SELL SELL SELL Price Target $36 $35 $33 $33 $31 $31 #RefreshTheRecipe | 33#34THE INDEPENDENT SLATE Campbell's CONDENSED THIRD POINT INDEPENDENT SLATE * * * *#35Independent Slate To provide the real change Campbell shareholders deserve, Third Point seeks to replace the entire incumbent Board with an attractive new slate of highly qualified nominees Franci Blassberg (Debevoise & Plimpton) Kurt T. Schmidt (Blue Buffalo, Nestlé, Gerber) Matthew Cohen (Third Point) THIRD POINT Raymond Silcock (Campbell, CTI Foods, Diamond Foods) Sarah Hofstetter (360i, Kayak Communications) David Silverman (CrossLead, McChrystal Group) Munib Islam (Third Point) Michael J. Silverstein (Boston Consulting Group, Author) Lawrence C. Karlson (former Campbell Board member) George Strawbridge, Jr. (Family member, former Campbell Board member) Bozoma Saint John (Endeavor, Uber, Apple, Pepsi) William D. Toler (Campbell, Hostess, Advance Pierre, Pinnacle Foods) Note: Slide reflects certain positions currently and/or formerly held by director nominees; see definitive proxy statement filed by Third Point and dated 9.27.18 for further information regarding each nominee Source: Third Point LLC #RefreshTheRecipe | 35#36Independent Slate Independent Slate has the experience and skills to ensure a smooth transition and help create a better path forward for Campbell Campbell Experience Industry Expertise Business Acumen Capital Allocation ■ THIRD POINT ■ ■ ■ ■ ■ Strawbridge is a Dorrance family member and large Campbell shareholder Strawbridge and Karlson both previously served on Campbell's Board Silcock and Toler both held important operational roles at Campbell Schmidt, Silcock, and Toler (industry executives) have held key roles at many leading food and beverage companies including Nestlé, Blue Buffalo, Pinnacle Foods, Hostess Brands, and Diamond Foods Silverstein (strategy consultant) has advised many leading consumer businesses and brings expertise in consumer behavior and new product innovation Hofstetter and Saint John (marketing experts) bring significant marketing and digital experience Silverman (operational consultant) brings significant organizational and management expertise Blassberg (corporate lawyer) brings substantial transaction-related expertise Islam and Cohen (institutional investors from Third Point) bring capital allocation skills and decades of combined investment experience across consumer products Note: See definitive proxy statement filed by Third Point and dated 9.27.18 for further information regarding each nominee Source: Third Point LLC #RefreshTheRecipe | 36#37Independent Slate Independent Slate sees multiple paths to create shareholder value ■ ■ ■ Independent Slate, once elected, will help execute an operational turnaround of the business Will attract a world-class leadership team (in contrast to the incumbent Board which appears unable to recruit leading external candidates) O Will take bold actions (in contrast to the incumbent Board which seems obstinately committed to maintaining the status quo at the expense of progress) Independent Slate expects operational turnaround to improve earnings and revalue shares O Independent Slate will also conduct a proper strategic review, where truly "everything is on the table" Will, for example, explore the separation of Campbell into two pure-play companies, one focused on "Simple Meals & Beverages" and the other on "Snacks" O O Source: Third Point LLC THIRD POINT Will, for example, engage with potential buyers (should any emerge) for all or part of the Company if those buyers are willing to appropriately compensate shareholders Independent Slate will manage Campbell to enhance long-term value and pursue optimal outcomes for ALL shareholders #RefreshTheRecipe | 37#38SIMPLE MEALS & BEVERAGES Grocery business has its own distinct outlook and set of opportunities Leading brands across soup, broth, sauce, salsa, and shelf-stable juice Campbell's Bolthouse FARMS Pace® Pacific V8 Clum organics THIRD POINT Source: Third Point LLC; Company Materials; Google Images R SWANSON Prego I Compelling investment case Over $5 billion in sales with attractive free cash flow dynamics Near-term potential to return soup to growth (given category still growing) and improve Fresh margins under focused management team O Soup category dynamics could be similar to frozen category, which has seen accelerating sales growth on the back of new innovation Long-term potential to combine with another US food and beverage company #RefreshTheRecipe | 38#39SIMPLE MEALS & BEVERAGES Independent Slate sees ample opportunities to stabilize sales and drive earnings growth Turnaround Soup Stabilize Fresh Food Renovate & Innovate Improve Retailer Relationships Source: Third Point LLC THIRD POINT Focus on growing soup business (i.e. Stop apologizing for up!) Current Board still treats soup as a "harvest" business and seemingly does not understand the impact of positive growth in soup (driven by innovation around flavors and ingredients) as a value creation strategy Soup category is still growing and on trend with consumer demands for greater convenience and value O O Stem margin declines in fresh food through more disciplined cost management Stronger operating performance will boost proceeds if/when assets are sold O Make product offering more relevant to modern consumers Renovate legacy brands (design, packaging) for modern consumer tastes Modernize product attributes (ingredients, flavors) O Repair damaged relationships with key retail partners O Work with key retail partners to better managing pricing, promotional strategies, and trade spend #Refresh TheRecipe | 39#40SNACKS Similarly, snacks would benefit from its own more focused strategy Leading brands across crackers, cookies, bread, pretzels, and chips PEPPERIDGE FARM America's Pretzel Bakery Since 1909. SNYDER'S OF HANOVER KETTLE CHIPS Source: Third Point LLC; Company Materials; Google Images THIRD POINT PEPPERIDGE FARM Goldfish BAKED SNACK CRACKERS FIND SNACK FACTORY. Pretzel Crisps CAPE COD ■ Compelling investment case Nearly $5 billion in sales in attractive growth category (snacking) Near-term potential to properly integrate Snyder's- Lance and capture deal synergies Long-term potential to simplify complicated go-to-market strategy O Opportunity to improve byzantine direct store delivery network run by hundreds of independent operators #RefreshTheRecipe | 40#41SNACKS Independent Slate sees ample opportunities to drive sales and earnings growth Innovate & Grow Execute on Deal Synergies Re-shape Portfolio Optimize DSD Network Outperform broader snacking category through smart innovation in core brands O Snacking remains a healthy category with strong and consistent growth Ample room for innovation (flavors, ingredients, packaging) to drive market share gains THIRD POINT O Achieving Snyder's-Lance savings target of $295 million will create significant value O Deal savings worth over 12% of Snyder's-Lance sales O Savings could be reinvested in innovation and marketing to drive sales or used to boost operating profits Explore divestitures of non-core brands like Pop Secret and Pepperidge Farm Frozen Cakes These categories (microwavable popcorn, frozen desserts) lack strong strategic fit with rest of portfolio O Proceeds could be reinvested in key snacking brands or used to help de-lever the business Source: Third Point LLC; Company Materials O Simplify highly complex routes to market (over time) O Current model (with three separate delivery systems run by independent contractors) makes little sense O Explore shift to warehouse delivery model, which could be significantly accretive to margins and cash flow #RefreshTheRecipe | 41#42M&A OPPORTUNITY Sale of all or part of the Company could accelerate value creation 25x 20x 15x 10x 5x Ox Packaged food comparable transactions 13.5x 3G/ Heinz 14.5x THIRD POINT Heinz / Kraft EV / EBITDA multiple 15.8x CAG / PF 16.4x JAB / DPS 19.5x MKC / RB Food Note: Using Bloomberg consensus FY19 EBITDA of $1.81 billion as of 9.28.18 Source: Third Point LLC; Barclays Research; Bloomberg 20.0x CPB / LNCE 21.0x Danone / WWAV ■ ■ Independent Slate perspective Most relevant comparable transactions are 3G for Heinz (2013), Heinz for Kraft (2015), and Conagra for Pinnacle (2018) Campbell likely to attract multiple buyers and could fetch 14-15x EBITDA, implying $52 to $58 per share Campbell is an iconic asset that could command an attractive price from multiple parties #RefreshTheRecipe | 42#43TIME FOR CHANGE New leadership required to fix Campbell I Incumbent Board has overseen a series of strategic and operational blunders that have placed the Company in a precarious situation Incumbent Board has lost all credibility and it would be reckless to leave those that created this situation in charge of fixing it Independent Slate brings highly qualified candidates with the experience and skills to ensure a smooth transition and help create a better path forward for Campbell Independent Slate, once elected, will manage Campbell to enhance long- term value and pursue optimal outcomes for ALL shareholders Note: Quotation historically attributed to Albert Einstein Source: Third Point LLC; Google Images THIRD POINT "Insanity is doing the same thing over and over again and expecting different results" - Albert Einstein #RefreshTheRecipe | 43#44CONCLUSION Campbells CONDENSED THIRD POINT INDEPENDENT SLATE * * * *#45CONCLUSION Time to #Refresh The Recipe and elect the Independent Slate Source: Third Point LLC THIRD POINT TIME TO #REFRESHTHE RECIPE www.Refresh Campbells.com #RefreshTheRecipe | 45