Third Point Management Activist Presentation Deck

CORPORATE 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

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