Third Point Management Activist Presentation Deck

EXECUTIVE 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

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