Third Point Management Activist Presentation Deck
Independent Slate
Independent Slate sees multiple paths to create shareholder value
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Independent Slate, once elected, will help execute an operational turnaround of the business
Will attract a world-class leadership team (in contrast to the incumbent Board which appears unable to recruit leading external
candidates)
O
Will take bold actions (in contrast to the incumbent Board which seems obstinately committed to maintaining the status quo at
the expense of progress)
Independent Slate expects operational turnaround to improve earnings and revalue shares
O
Independent Slate will also conduct a proper strategic review, where truly "everything is on the table"
Will, for example, explore the separation of Campbell into two pure-play companies, one focused on "Simple Meals &
Beverages" and the other on "Snacks"
O
O
Source: Third Point LLC
THIRD POINT
Will, for example, engage with potential buyers (should any emerge) for all or part of the Company if those buyers are willing to
appropriately compensate shareholders
Independent Slate will manage Campbell to enhance long-term value
and pursue optimal outcomes for ALL shareholders
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