Third Point Management Activist Presentation Deck

CORPORATE 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

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