Third Point Management Activist Presentation Deck

TOTAL SHAREHOLDER RETURN Campbell has also significantly underperformed on a 10YR, 5YR, 3YR, and 1YR basis 31% Campbell 66% Kellogg 69% General Mills THIRD POINT (2%) 10YR TSR 155% 197% 3YR TSR 15% 220% Smucker S&P 500 Hershey McCormick Hormel 21% 323% 36% 424% 65% 71% (14%) (22%) Campbell General Smucker Kellogg Hershey Hormel S&P 500 McCormick Mills 2% Campbell 5% 10% General Smucker Mills Note: Total shareholder return includes dividends; data from 9.26.08 (10YR), 9.27.13 (5YR), 9.28.15 (3YR), 9.28.17 (1YR) to 9.28.18 (all charts) Source: Third Point LLC; Bloomberg (3%) 5YR TSR 24% Hershey 0% (15%) (20%) Campbell General Hershey Smucker Mills 38% 1YR TSR Kellogg S&P 500 15% 91% Kellogg 18% S&P 500 104% 122% Hormel McCormick 27% 32% Hormel McCormick #RefreshTheRecipe | 10

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