Third Point Sends Letter to Campbell Seeking More Detail on the Company’s Process for Adding Board Members

Third Point Pleased that Campbell Has Acknowledged its Board Needs to be Refreshed, Although Disappointed Private Talks Were Publicly Disclosed by the Company

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"), today sent a letter to Mr. Keith R. McLoughlin, Campbell’s chief executive officer, in response to the Company’s press release on Friday afternoon.

After reading our new letter below, we encourage all shareholders to once again review our Case for Change to understand more about why Third Point’s nominees are well-positioned to turn around Campbell. We urge all shareholders to VOTE THE WHITE CARD to elect the entire Independent Short Slate.

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Mr. Keith R. McLoughlinCampbell Soup Company1 Campbell PlaceCamden, NJ 08103

November 12, 2018

Dear Mr. McLoughlin:

On Friday, Campbell disclosed publicly the existence of our private settlement talks. We were pleased that your statement acknowledged that changes to the Board would be beneficial and that the Independent Short Slate nominees are well-qualified to contribute to a refreshed recipe at Campbell. This is an important point of agreement and reflects shareholders’ similar desire for a combined Board.

Nevertheless, we were disappointed that you chose to share our private negotiations via a press release, as we believed that our limited conversations were confidential. As you are aware, there have been only a handful of phone calls between the Board, your advisors, and Third Point since this contest began. The last call was on Friday afternoon, shortly before you issued your public release.

This point aside, we were particularly interested in your comments about the types of directors you are seeking to add to the Board and your embrace of two of our candidates, Kurt Schmidt and Sarah Hofstetter. In previous proxy contests, our candidates have gladly engaged in appropriate diligence, most often meeting other Board members and/or the Company’s leadership face-to-face. Since you have not pursued this process to date, despite our entreaties to meet, we would be interested to learn how you are making decisions about which members of the Independent Short Slate would best serve shareholders. For example, in proxy contests today, it is the norm for a shareholder activist to join a Board to bring expertise in capital allocation and markets at a time of change for a Company. Many other Boards have agreed to this arrangement and found ways to manage any apparent conflict (although we do not agree that one exists). Your process and framework for Board selection would be helpful transparency to provide to shareholders.

We are pleased that change is on the horizon at Campbell and look forward to resolving this proxy contest soon.

Sincerely,Third Point LLC

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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, on October 9, 2018 filed Supplement No. 2 thereto and on November 9, 2018 filed Supplement No. 3 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/20181112005449/en/

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