Third Point Management Activist Presentation Deck

ANALYST PERSPECTIVE Absent greater change, analysts see little hope for shares (under the incumbent Board) Sell-side analysts more bearish on Campbell than they are on other US packaged food peers... 47% % of analysts with "sell" ratings 28% Campbell Smucker THIRD POINT 24% 13% 13% Note: Ratings and price targets as of 9.28.18; 19 analysts cover Campbell Source: Third Point LLC; Bloomberg 13% 5% Hershey Hormel McCormick Kellogg General Mills ...and leading banks still see downside to shares Bank J.P.Morgan UBS CREDIT SUISSE BARCLAYS Goldman Sachs Bank of America Merrill Lynch Rating SELL SELL SELL SELL SELL SELL Price Target $36 $35 $33 $33 $31 $31 #RefreshTheRecipe | 33

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