Third Point Management Activist Presentation Deck

SHAREHOLDER 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

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