Third Point Management Activist Presentation Deck

TOTAL 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

View entire presentation