Third Point Management Activist Presentation Deck

CAMPBELL OVERVIEW Packaged food business focused on snacks, soup, simple meals, and beverages Owns series of iconic brands Campbells PEPPERIDGE FARM THIRD POINT PEPPERIDGE FARM Goldfish BAKED SNACK CRACKERS FINNO America's Pretzel Bakery Since 1909* SNYDER'S OF HANOVER V8 R Note: Campbell market cap approximately $11 billion and enterprise value approximately $21 billion as of 9.28.18 Source: Third Point LLC; Company Materials 17% Simple Meals Category Mix Approximately $10b in sales (including Snyder's-Lance) 10% Beverage 46% Baked Snacks 27% Soup #RefreshTheRecipe | 8

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