Third Point Management Activist Presentation Deck

CORPORATE STRATEGY Campbell has spent over $8 billion on acquisitions since 2012, cobbling together a hodgepodge of assets across categories and geographies with little strategic logic Bolthouse FARMS 2012 2013 THIRD POINT organics Source: Third Point LLC; Google Images Kelsen Group 2014 2015 GARDEN FRESH GOURMETⓇ 2016 2017 Pacific Snyder's Lance 2018 Independent Slate wonders if incumbent Board merely "rubber stamped" these acquisitions without conducting proper and independent due diligence #RefreshTheRecipe | 14

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