Third Point Management Activist Presentation Deck

CAMPBELL TODAY The past year has been particularly disastrous I ■ ■ I Losing market share across categories as core business significantly underperforms Earnings in rapid decline given sales weakness and substantial margin pressure Execution issues already plaguing highly complex integration with Snyder's-Lance Leverage over 5x net debt / EBITDA, leaving limited room to maneuver No permanent CEO since the incumbent Board failed to plan for succession Source: Third Point LLC; Google Images THIRD POINT Noodle sampbelle Responsibility for current predicament lies squarely with the incumbent Board #RefreshTheRecipe | 11

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