Preliminary Working Draft  October 12, 2018 

 Forward-Looking Statements  This presentation contains “forward-looking statements” that reflect our current expectations about the impact of future plans and performance on our business or financial results. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause actual results to vary materially from those anticipated or expressed in any forward-looking statement include: our ability to execute on and realize the expected benefits from the actions we intend to take as a result of our recent strategy and portfolio review; our ability to differentiate our products and protect our category leading positions, especially in soup; our ability to complete and to realize the projected benefits of planned divestitures and other business portfolio changes; our ability to realize the projected benefits, including cost synergies, from the recent acquisitions of Snyder's-Lance and Pacific Foods; our ability to realize projected cost savings and benefits from efficiency and/or restructuring initiatives; our indebtedness and ability to pay such indebtedness; disruptions to our supply chain, including fluctuations in the supply of and inflation in energy and raw and packaging materials cost; our ability to manage changes to our organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; the impact of strong competitive responses to our efforts to leverage brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; changes in consumer demand for our products and favorable perception of our brands; changing inventory management practices by certain of our key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of our key customers maintain significance to our business; product quality and safety issues, including recalls and product liabilities; the costs, disruption and diversion of management’s attention associated with campaigns commenced by activist investors; the uncertainties of litigation and regulatory actions against us; the possible disruption to the independent contractor distribution models used by certain of our businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the impact of non-U.S. operations, including trade restrictions, public corruption and compliance with foreign laws and regulations; impairment to goodwill or other intangible assets; our ability to protect our intellectual property rights; increased liabilities and costs related to our defined benefit pension plans; a material failure in or a breach of our information technology systems; our ability to attract and retain key talent; changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; unforeseen business disruptions in one or more of our markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural disasters or other calamities; and other factors described in our most recent Form 10-K and subsequent Securities and Exchange Commission filings. We disclaim any obligation or intent to update these statements to reflect new information or future events.  2 

 Important Additional Information and Where to Find It  Campbell has filed a definitive proxy statement on Schedule 14A and form of associated GOLD Proxy Card with the Securities and Exchange Commission (“SEC”) in connection with the solicitation of proxies for its 2018 Annual Meeting of Shareholders (the “Definitive Proxy Statement”). Campbell, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2018 Annual Meeting. Information regarding the names of Campbell’s directors and executive officers and their respective interests in the company by security holdings or otherwise is set forth in the Definitive Proxy Statement. Details concerning the nominees of Campbell’s Board of Directors for election at the 2018 Annual Meeting are included in the Definitive Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING GOLD PROXY CARD, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the Definitive Proxy Statement and other relevant documents that Campbell files with the SEC from the SEC’s website at www.sec.gov or the Company’s website at investor.campbellsoupcompany.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.  3 

   4  Overview    Campbell: Where We Areand How We Got Here  The Campbell Board’s Plan to Revitalize a Great Company  Third Point’s Empty Agenda      The Situation    OurSolution    TheRisk  The Campbell Board Strongly Believes Its Strategic Plan to Improve the Focus and Financial Performance of the Company Represents the Best Path Forward to Maximize Shareholder Value   

 5  The Situation:Campbell: Where We Are and How We Got Here 

 Consumer megatrend of health & well-beingEvolving consumer preferences Inflationary cost environment Demographic shiftsDynamic retail environment and new channelsGrowth of private label  Reset growth expectations for certain brands and categoriesContinue driving cost efficienciesInvest aggressively in innovationRethink strategies to improve advertising, sales and marketing techniquesEmphasize capital efficiency  6  1. Wall Street Research. Average annual organic growth based on rolling 4 quarters. Includes Campbell, Conagra, General Mills, Hershey, Kellogg, Kraft Heinz, Mondelez, Pinnacle Foods, JM Smucker. Reflects data as available.   Factors Impacting Branded Food  Industry Growth Has Slowed Over a Decade  Food Companies Need to Evolve  Our Industry Has Been Undergoing Profound Change  Decelerating trends since 2016    

   7  Sources: Wall Street Research.  Universal Acknowledgment That All Food Companies Must Adapt Their Strategies and Financial Targets  “The US Packaged Food industry is undergoing disruptive change: decelerating sales growth, changing food preferences… driving a new era of industry challenges.” UBS (August 30, 2018)  “In a slow sales environment, global food giants need a new growth formula. Danone and Unilever are both buying higher-growth companies and using fashionable cost-cutting philosophies to improve profitability. Bigger rival Nestlé, which reported its half-year earnings on Thursday, is trying too, but less convincingly.” Reuters Breakingviews (July 27, 2017)  “Consumers have had an increased inclination to have a healthier diet, and the plant-based food market is the next target for these consumers. While the industry is still very small, we expect the influx of start-up businesses entering the market to expand rapidly and gain market share at the expense of traditional branded foods companies…” Credit Suisse (September 28, 2018)  “Instead of promoting canned soup, cereal and cookies from companies like Kraft Heinz, Kellogg and Mondelez International grocery stores are choosing to give better play to fresh food, prepared hot meals, and items from local upstarts more in favor with increasingly health-conscious consumers... The shift in shopper preferences started several years ago, but its impact on big food makers is intensifying now because of added pressure from retailers.” The Wall Street Journal (April 30, 2017)  Representative Industry Points of View 

   8  Sources: Wall Street Research.  We and the Rest of the Food Industry Have All Faced Significant Industry Challenges That Require Action  “From an industry standpoint, we continue to see pretty challenging conditions, including a dynamic retail and consumer landscape, a very competitive environment and ongoing commodity inflation.” (July 10, 2018)  Recent Food Industry Commentary  “Malaise around the industry narrative has been undeniable…from absence of growth prospects to challenges around pricing power.” (September 4, 2018)  “The surge in transportation costs has been well documented, and we've also seen an increase in inflation for many other cost inputs.”(August 2, 2018)  “At the same time, we've been challenged by sharp increases in supply chain cost that have negatively impacted our bottom line outlook.” (March 21, 2018) 

             Specifically, Campbell Pursued a Multi-Faceted Growth Strategy  Created a platform to penetrate the growing sector via Campbell Fresh  Adapted innovation to drive growth and consumer engagementPursued acquisitions of disruptor and snacking brands to align with consumer trendsLeveraged venture capital to incubate novel ideas  Inflationary Cost Environment  Implemented significant cost savings programs to preserve profitability, margins and cash flow  Soup Category Challenges  Innovated and utilized advertising and marketing to attract new usersAcquired Pacific Foods, a leading producer of organic broth and soupAnnounced plan to focus on four key brands, target specific consumer populations and optimize the supply chain   Industry Dynamic  Campbell’s Response  9    Consumer Megatrend of Health & Well-Being    Evolving Consumer Preferences 

 Historically, Our Returns Were in Line with Peers Through Fiscal 2016  10  Source: FactSet as of August 31, 2016.Note: Peers considered include selected food companies with portfolios with center-of-store exposure; Kraft Heinz excluded because of lack of historical data. FY2016 end reflects August 31, 2016 (day prior to FY2016 Full-Year Earnings Release).  30-Year TSR at FY2016 End  25-Year TSR at FY2016 End  10-Year TSR at FY2016 End  5-Year TSR at FY2016 End  3-Year TSR at FY2016 End  1-Year TSR at FY2016 End 

 11  30-Year Stock Price Performance - Campbell vs S&P 500  Our Performance Since FY2016 Has Been Unacceptable,but Is a Break from Our 30 Year History…  Source: Bloomberg as of October 5, 2018. 

 …And Is Not Unlike the Recent Share Price Declines in the Overall Food Industry  12  Source: Market data as of October 5, 2018.1. Center of Store Peers includes General Mills, Conagra, Kellogg, J.M. Smucker and Kraft Heinz; Market Weighted. FY2016 End considered August 31, 2016 (day prior to FY2016 Full Year Earnings Release).  Stock Price Performance Since FY2016 End - Campbell vs. S&P 500 and Center of Store Peers1 

 The Board Appropriately Took Action During This Period of Underperformance  Numerous actions and changes in strategy taken under prior CEO had mixed successCost cutting was highly successful and pivot to snacking was well-groundedHowever, Fresh and core businesses were more challengedThe Board recognized the lack of execution and associated underperformance and took action:President of Americas Simple Meals and Beverages removed in March 2018COO named in April 2018President of Campbell Fresh replaced in April 2018President of Americas Simple Meals and Beverages replaced in May 2018Head of HR replaced in July 2018Head of R&D replaced in September 2018CEO change: In May 2018, following a review of the Company’s results, the Board initiated a dialogue with then-CEO Denise Morrison, expressing its dissatisfaction. After further discussion, Ms. Morrison agreed with the Board that she would retire, and the Board replaced her immediately with interim CEO Keith McLoughlin, and launched a permanent CEO search process. Campbell expects to select the Company’s next CEO upon finding the best candidate, which we expect to do by the end of calendar year.Simultaneously, the Board launched a thorough and objective strategic review of the Company with best-in-class independent advisors to develop a path forward that maximizes shareholder value.After considerable analysis that encompassed a thorough review of a full slate of options, the Board concluded that the best path forward to maximize shareholder value at this time is to: Focus Campbell on two distinct businesses Pursue divestitures of non-core businesses to significantly pay down debtIncrease cost savings targetsImprove cash flow through working capital efficiencies and more disciplined capital expenditures  13 

       We Have Publicly Assessed Our Own Performance with Candor  “A person who never made a mistake never tried anything new.” - Albert Einstein  14    Challenges    Strengths  “We lost focus strategically. We had too many initiatives that made the Company unnecessarily complex.”“We aggressively pursued the important consumer mega-trend of health & well-being, without having clarity on our source of uniqueness or whether we brought a competitive advantage to the space.”“We lost focus within our products and brands. We did not manage our portfolio in a differentiated manner.” “We lost focus in process and execution. Our management processes lacked the necessary operating discipline.”“And finally, we didn’t have a culture of accountability, which led to poor execution.”  “We have scale and market competencies within our core CPG categories – the majority of which are in growing segments.”“We have strong supply chain and manufacturing capabilities – where we have a heritage of making great tasting real food that is both affordable and convenient.”“We know how to reduce costs and have consistently delivered our cost savings programs ahead of schedule.” “We have solid margins and cash flow generation.”“Campbell has a deep keel. As a 150-year old company, we have talent capability and commitment that is both broad and deep.”Snyder’s-Lance and Pacific Foods both “bring valuable and growing brands that align with, and complement our core capabilities.”  Our Assessment 

 15  Our Solution:The Campbell Board’s Plan to Revitalize a Great Company 

 What Campbell Is Doing Right Now to Improve Performance  The Campbell Board is active and engaged, having identified the need for change, and is implementing a plan to make Campbell strongerSimplify, focus & optimize portfolio to focus on core North American marketDivest non-core businesses, using the proceeds to pay down debtImprove execution, speed and efficiency, through additional cost savings programContinued commitment to our dividendCampbell strongly believes it has the right plan, to be executed by a new management team, and an active Board with the skills and experience to oversee it  The Campbell Board will continue to seriously consider other strategic options if they can demonstrably enhance shareholder value beyond what we confidently believe can be achieved from executing our August 30th plan  16 

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 Highly engaged Board and Leadership teamBest-in-class outside advisors engagedObjective review of alternativesConsidered full range of strategic options to maximize shareholder valueDivest assets and businessesEnhance strategy and marginsSplit the companySale of companyConsidered all factors that led to operational challengesPoor execution in Fresh and SoupPortfolio complexityInadequate capital and resource allocationIndustry headwinds  Building on key strengthsIconic brands with strong market positionsScale and strong competencies within core CPG categoriesStrong supply chain and manufacturing capabilitiesSuccessful multi-year cost savings programsSolid margins and cash flow generationFactoring all relevant elements for all stakeholdersShareholder value creationAll industry and business-related risksUrgency of change  Strategy and Portfolio Review Highlights  STRONG PROCESS: Comprehensive, Board-led Strategy and Portfolio Review  18 

  Simplify, focus & optimize portfolio Divest non-core businesses, including Campbell International and Campbell Fresh; proceeds to be used to significantly reduce debt; target of 3.0x EBITDA1 leverage ratio by end of FY2021 Improve execution, speed & efficiency, including an additional $150M cost savings program Continued commitment to paying our dividend More focused company that preserves all strategic alternatives going forward  STRONG PLAN: Campbell’s Strategic Path Forward  19    1  Our Best Path Forward to Maximize Shareholder Value          2  3  4  5   1. A non-GAAP reconciliation is not provided since certain items are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to reflect the company’s ongoing business results.  

   20  Sources: Public Filings.1. IRI MULO L52W through 6/24/18; IRI MULO L52W through 7/29/18; Market Position determined by Manufacturer rank.2. IRI All-Outlet for 52 Weeks Ending 7/29/18.3. Campbell's consumer perception survey conducted July 2018.  Leading market share in 6 categories (#1 or #2) including Soup, Italian Sauce, Mexican Sauce, Crackers, Pretzels and Kettle Chips1More than 95% of all U.S. households have a Campbell product in their home2Ranked higher than competitors in taste across of 7 of 8 categories in which it competes3  Campbell Snacks                                      Campbell Meals & Beverages                                        Campbell’s New Structure Focuses on Fast Growing Snacks and High Margin Meals and Beverages  STRONG PLAN: Our Focus Will Build a Stronger Company     1 

 Most recommended pretzel brand and highest customer satisfactionInvesting in innovations and marketing  Investing to capture incremental revenue& marginStrong real food credentials, healthier ingredients  Investing in innovation, marketing and e-commerceLeveraging organic credentials to grow share      Leveraging consumer preference for taste & qualityIncreasing capacity to respond to higher demand    Increasing capacity and investments in innovation, marketing and e-commercePositioning as healthier alternative to other snacks    21  Targeting higher-income, older millennialsIncreasing scale distribution into mass & grocery & reducing manufacturing cost Leveraging brand position in natural channel to introduce new innovations  Targeting Gen-X consumers and cooking segmentFocusing marketing messaging on easy, affordable, delicious meal solutions  Marketing portfolio strategy to increase share of shelfBuilding differentiation through cooking expertiseOptimizing marketing and trade efficiencies  Sustaining Chunky franchise and clarifying roles of sub-brands Focusing on convenience     Milano & Farmhouse  Growing Our Campbell Snacks Franchise  Stabilizing U.S. Soup    1  STRONG PLAN: Our Focus Will Build a Stronger Company (cont.)            

 Proposed divestitures represented ~$2.1 billion in annual net sales (FY2018)Financial advisors engaged / work commencedProceeds to be used to pay down debt and strengthen balance sheet; target of 3.0x EBITDA1 leverage ratio by the end of 2021Additional actions to further focus and refine portfolio against go-forward strategyThe Board and Management team are committed to deleveraging the company and retaining an investment grade credit rating    Portfolio consists of refrigerated salsa, hummus, and dips  Portfolio consists of organic beverages, dressings, and carrots    #1 biscuit brand in Australia    A leading supplier of Danish butter cookies in China and Hong Kong    IndonesiaMalaysiaHong KongJapan  Operations in  22  Campbell International  Campbell Fresh  STRONG PLAN: Pursuing Non-Core Business Divestitures  1. A non-GAAP reconciliation is not provided since certain items are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to reflect the company’s ongoing business results.     2 

 23  Expanding cost savings efforts by $150 million by FY2022Streamline organization, expand ZBB and optimize manufacturing networkIncremental to existing $500 million program and previously announced $295 million in target savings from Snyder’s-Lance integrationTotal savings target of $945 million by end of FY2022Additional $350 million in targeted free cash flow through efficiencies in working capital and capital expenditures by FY2022  $420M  $500M  $295M  $150M        Previous Target  Snyder’s-Lance Savings  Announced 8/30  $945M  $35M   FY18 Snyder’s-Lance Savings    Targets  Through FY18  $455M  STRONG PLAN: Increased Cost Savings and Capital Efficiency    3 

    $9.1 billion of cumulative dividends paid in last 28 fiscal years~ $11.2 billion of cumulative share repurchases in last 28 fiscal years  $20.3 billion of total capital returned to shareholders in last 28 fiscal years  Total Capital Return  24  Growth in Dividend Paid/Share  Campbell remains committed to a strong, consistent dividend    1. Compound Annual Growth Rate  STRONG PLAN: Continued Commitment to Returning Capital to Shareholders    4 

   Source: Company presentations.1. A non-GAAP reconciliation is not provided since certain items are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to reflect the company’s ongoing business results.  STRONG PLAN: A More Focused Company That Preserves All Strategic Alternatives Going Forward   25  4    5    Campbell Today  Campbell Tomorrow  Business Divisions  3 divisions  2 divisions  Brand Focus  Varying portfolio roles  2 focused priorities  Business Mix   35% US Snacks   50% US Snacks  Leverage  Debt: $9.9 billion   3.0x1(FY2021 Target)  Available Strategic Alternatives  Improve portfolio and executionSplit of the company with non-integrated snacking units and non-core businessesSale of non-optimized company  Grow optimized companySplit of two more focused divisions with snacking integration completeSale of optimized company 

 Name    Experience    Keith McLoughlinInterim President and Chief Executive Officer      Anthony DiSilvestroSVP & Chief Financial Officer      Luca MigniniSVP & Chief Operating Officer      Roberto LeopardiPresident, Campbell Meals & Beverages      Carlos Abrams-RiveraPresident, Campbell Snacks    Name    Experience    Adam CiongoliSVP & General Counsel      Emily WaldorfSVP, Corporate Strategy      Craig SlavtcheffVP & Head of R&D      Bob FurbeeSVP, Global Supply Chain      Xavier BozaSVP & Chief Human Resources Officer    Executives added since 2015  26  STRONG TEAM: Transformed Management Team with Deep Bench of Talent  Campbell’s Management Team Is Composed of Proven and Experienced Leaders     

 The Board took decisive action to install a highly qualified interim CEO to lead the Company until the search process is completeThe Board, with the support of leading candidate assessment and executive search firms, has been examining qualified candidates for months who possess a track record of proven results and achievementA number of highly qualified candidates have expressed interest in the opportunityCampbell expects to select the Company’s next CEO upon finding the best candidate, which we expect to do by the end of the calendar year  Ongoing Chief Executive Officer Search  STRONG TEAM: Our CEO Search Is Well Underway  27  The Board is focused on maintaining its thoughtful approach to ensure that the next choice for CEO is the best long-term fit for the Company and its plan 

         11 out of 12 directors are independent (Mr. Keith McLoughlin, as the interim CEO, is the only management director, and was independent when appointed to the Board)4 out of 12 directors are femaleOngoing refreshment: 4 new independent directors added since 2016, and 5 since 2014  Strong and timely actions to strengthen Campbell’s long-term positioningLaunched comprehensive, Board-led strategy and portfolio review (all options on the table)Reviewed all potential paths to maximize shareholder value; approved and announced optimal path forward, at this time, to maximize valueOpen to considering other alternatives to maximize value for shareholdersImplemented CEO succession planSearch for permanent CEO involving internal and external candidatesRefreshed senior management over prior 12 months  Annual election of directorsIndependent BoardAnnual Board, committee and director evaluationsMajority voting standard (in uncontested elections)Single class of stock  STRONG BOARD: Campbell Has Best-In-Class Governance Practices  28  Strong mix of industry experience, operational expertise, long-term shareholder perspectives, financial expertise and global public company expertiseTrack-record in other management roles and directorships at public companies          Business Leaders with Track Record of Success  Independent, Diverse and Refreshed Board  Significant Actions to Move the Company Forward  Corporate Governance Best-Practices 

 STRONG BOARD: The Campbell Board has Relevant Skills that Align with our Strategy  29  Director Nominees  Senior Leadership 75%  Food or Consumer Products Industry 66%  Marketing 50%  Strategic Transactions; M&A 66%  Capital Allocation 92%  Financial Expertise 50%  Information Technologies   Significant Shareholder  25%  Corporate Governance 83%  Public Company Board Experience 66%  Skills & Experience  33%  Note: Percentages correspond to % of BOD    12NOMINEES 

 30  The Risk:Third Point’s Empty Agenda 

   All Approaches Presented by Third Point Appear to be Aimed Exclusively at a Sale of the Company   “Campbell is an iconic asset that could command an attractive price from multiple parties.”Third Point, Presentation, Oct. 1, 2018   “Only a reconstituted Board… will be able to objectively explore all strategic alternatives, including a sale of the Issuer or other business combination” George Strawbridge, Jr., 13D Filing, Aug. 9, 2018   “The only justifiable outcome of the strategic review is for the Issuer to be sold to a strategic buyer.” Third Point, 13D Filing, Aug. 9, 2018   Campbell evaluated a sale and will continue to do so if it can be shown to increase value relative to the plans outlined in our strategy and portfolio review  31  Source: Public Filings. 

 8.2% annualized TSR over 30 year period despite recent performance  Source: Bloomberg, as of October 5, 2018.Note: FY2016 End considered August 31, 2016 (day prior to FY2016 Full Year Earnings Release).1. Third Point LLC’s “Refresh the Recipe” presentation, released October 1, 2018.  Third Point refers to “extreme underperformance in Campbell shares… over last 20 years”1, as of September 28, 2018, cherry-picking data to mislead shareholders    Third Point Starting Point    Third Point Ending Point  FY2016 End  In the last 2 years, the industry and the company have been under stress  30-Year Trend Line  Campbell’s Long-Term Performance Is Misconstrued by Third Point’s Selective Reference Points  32 

 Third Point’s Slate Is Not in the Best Interest of All Shareholders  Director nominees are not qualified to oversee the CompanyNo incremental ideas proposed for how to run the businessDespite claiming openness, has publicly called for a sale as the only option with a recommended range of acquisition valuationsThird Point has bet against Campbell and its shareholders, holding cumulative short positions of over 2 million shares of the Company’s stock between August 2017and February 2018  33 

 Third Point’s Empty Plan Is Full of Simple Generalizations and Vague Recommendations  Third Point’s “Plan” Underscores Their SuperficialUnderstanding of the Company  Generalizations  Third Point Action Plan?  “Focus on growing soup business”  O None  “Stem margin declines in fresh food through more disciplined cost management”  O None  “Make product offerings more relevant to modern consumers”  O None  “Repair damaged relationships with key retail partners”  O None  “Outperform broader snacking category through smart innovation in core brands”  O None  “Simplify highly complex routes to market (over time)”  O None  34 

 Third Point Has Failed to Put Forward Any Ideas Not Already Considered or Included in the Board’s Plan  Third Point’s Ideas  New Idea?  Campbell’s Plan  Turnaround Soup  No!  Outlined plan on 8/30  Stabilize Fresh Food  No!  Divesting C-Fresh; outlined rationale on 8/30  Renovate & Innovate  No!  Core tenet of any branded food business; do this daily  Improve Retailer Relationships  No!  Strong working relationships with our customers  Innovate & Grow  No!  Outlined plan on 8/30  Execute on Deal Synergies  No!  Focused on this from day 1 of Snyder’s-Lance close  Re-Shape Portfolio  No!  Outlined plan on 8/30; remain committed to evaluating all options if any can demonstrably enhance value for all shareholders  Optimize DSD Network  No!  Part of original Snyder’s-Lance savings and 8/30 plan; DSD is an important competitive advantage  Attract World-Class Operating Team  No!  Refreshed management team; comprehensive CEO search underway  Sale of All or Part of the Company  No!  Considered a full slate of options as part of strategic review  Meals & Beverages  Snacks  Third Point has offered NO new ideas and instead seems focused on a one-point agenda  35 

 Third Point’s Nominees Lack the Experience of our Current Board       * In the past 5 years  36    Existing Board  Third Point Nominees  Public Company CEO Experience  5 P  1 O  Experience in Food / CPG Industry  8 P  5 O  Financial Expertise  6 P  4 O  Operational Experience  9 P  3 O  Marketing Experience  6 P  3 O  Outside Public Company Board Experience*  8 P  6 O  Open to All Strategies, Including and Beyond a Sale of the Company  12 P  0 O  * In the past 5 years 

   Third Point Poses an Unacceptable Risk  37  Third Point has not offered a thoughtful plan to improve Campbell  Third Point’s plan is full of generalizations and business school buzz words  Third Point has a one point agenda: to sell the Company 

 Our Commitment:The Campbell Board’s Full Commitment to Maximizing Shareholder Value  38 

 39  The Campbell Board’s Commitment  After a thorough, Board-led strategic review, Campbell strongly believes it has:Plan in place to maximize value for all shareholdersTeam actively executing against the planActive Board with the skill and experience to oversee the planOur Commitment to You:The Campbell Board is dedicated to urgently improving Campbell’s performance and will continue to seriously consider other strategic options that can enhance value beyond our planWe strongly recommend you Vote Gold  Vote the Gold Proxy Card Today. Your Vote is Extremely Important.  P  P  P  P 

 Preliminary Working Draft  October 12, 2018