Third Point Management Activist Presentation Deck

MEDIA PERSPECTIVE Even the Wall Street Journal supported Third Point's view THE WALL STREET JOURNAL. MARKETS HEARD ON THE STREET Why Campbell Should Consider Selling Itself Campbell Soup Co. is reviewing its options, but a quick sale to someone like Kraft Heinz offers many advantages LOW LISTED THIRD POINT Campbella NYSE Note: Emphasis from Third Point; quotation from WSJ column "Heard on the Street" (7.5.18) Source: Third Point LLC; Wall Street Journal 66 Campbell Soup Co. has been one of the worst performing food companies over the past two years. If a quick way out is available, the family members who control the firm should give it serious consideration... [An attempted turnaround] will be a long and drawn-out process with uncertain prospects for success. Campbell's ability to invest for growth will also be constrained by the imperative to reduce its debt overhang... Against that backdrop, an outright sale starts to look more appealing... John Dorrance invented the formula for Campbell's condensed soup over 120 years ago. For his descendants, it may finally be time to move on. 99 The Wall Street Journal #RefreshTheRecipe | 30

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