Third Point Comments on Court Decision & Campbell’s Ongoing Effort to Conceal Key Information from Shareholders Ahead of it...

Condemns the Company’s Statement Celebrating its Ability to Continue Hiding Material Facts from Shareholders as Case Proceeds

Third Point LLC (LSE: TPOU) ("Third Point"), a New York-based investment firm managing approximately $17 billion in assets and a holder of approximately 7% of the outstanding common shares of Campbell Soup Company (NYSE: CPB) ("Campbell" or the "Company"), this afternoon issued the following statement:

“We are pleased that the Judge made clear that Third Point’s case to determine whether Campbell’s Board has misled shareholders will proceed. Although expedited discovery was not granted, shareholders deserve to know whether the current Board has acted truthfully and has put interests of shareholders ahead of those of insiders. We are proceeding with broad discovery, depositions, and document requests related to the strategic review process, executive compensation practices, and Bennett Dorrance’s outstanding loans via his pledged shares.

We believe today’s ruling represents an inflection point for shareholders, who should ask themselves one question: Should I vote to re-elect a Board of Directors that is committed to concealing facts to avoid accountability for its dismal record, and using shareholders’ money to do so? This is the same Entrenched Board that has presided over years of dreadful performance, including a 20% drop in share price this year alone. Campbell’s statement is an insult to shareholders who deserve a Company focused on improving its worst-in-class performance, not spending their money to try to hide the facts.”

As a reminder, we encourage all shareholders to also review The Independents and Fiction vs. Fact to understand more about why the Independent Slate will respect shareholder voices, end the Entrenched Board’s reign of error, and set Campbell on a new and profitable path. We urge all shareholders to VOTE THE WHITE CARD to elect the Independent Slate.

Your Vote Is Important, No Matter How Many or How Few Shares You Own!

PLEASE REMEMBER TO CAN THE COMPANY’S CARD! If you return a Campbell’s proxy card – even by simply indicating “withhold” on the Company’s slate – you will revoke any vote you had previously submitted for the Third Point nominees on the WHITE proxy card.

IMPORTANT INFORMATION

On September 28, 2018, Third Point LLC filed a definitive proxy statement and on October 1, 2018 filed Supplement No. 1 thereto and on October 9, 2018 filed Supplement No. 2 thereto (collectively, the “Definitive Proxy Statement”) with the U.S. Securities and Exchange Commission (“SEC”) to solicit proxies from stockholders of Campbell Soup Company (the “Company”) for use at the Company’s 2018 annual meeting of stockholders. THIRD POINT STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE DEFINITIVE PROXY STATEMENT ALSO INCLUDES INFORMATION ABOUT THE IDENTITY OF THE PARTICIPANTS IN THE THIRD POINT SOLICITATION AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS THEREIN. The Definitive Proxy Statement is available at no charge on the SEC’s website at http://www.sec.gov and is also available, without charge, on request from Third Point LLC’s proxy solicitor, Okapi Partners LLC, at [phone] or via email at [e-mail].

View source version on businesswire.com: https://www.businesswire.com/news/home/20181102005536/en/

For Media:Third Point LLCElissa Doyle, 917-748-8533Chief Marketing [e-mail]