Third Point Management Activist Presentation Deck

STRATEGIC REVIEW Incumbent Board had an opportunity to take bold action during the strategic review process, but instead largely recommitted to the failing status quo ■ ■ ■ Campbell concluded its strategic review by announcing plans to divest its fresh foods and global snacks businesses (collectively worth approximately 10% of Company EBIT) Merely selling off some non-core assets to pay down debt does little to address the underlying problems and leadership failures plaguing the core business Given the result, the Independent Slate wonders if all options were truly "on the table" or if the incumbent Board may have mislead shareholders about the scope of the strategic review Incumbent Board may have failed to perform its fiduciary duty to act in the best interests of ALL shareholders in order to protect the interests of corporate insiders and wealthy heirs Note: Campbell's Corporate Governance Standards specify that the "Board believes that the primary responsibilities of directors are to exercise their business judgment in good faith and to act in what they reasonably believe to be in the best interests of all shareholders"; Campbell's "everything is on the table" comment from fiscal 3q18 earnings call (5.18.18) Source: Third Point LLC; Company Materials THIRD POINT #RefreshTheRecipe | 31

View entire presentation