Third Point Releases Video to Explain Why Campbell Shareholders Should "Empty the Can" and Replace the Entire Board at this Year's Annual Meeting

Four-Minute Production Chronicles Campbell's History of Making Bad Deals, Overpaying Ineffective Management, and Catering to Insiders Who Have Left the Company Floundering

Makes Clear that Fixing Campbell Cannot Be Achieved by "Adding a Little Salt" or "Trying Some Gluten-Free Noodles"

Reminds Shareholders Campbell's Has Gone Stale, But Can Be "Mmm Mmm Good" Again with a Refreshed Board

Urges Shareholders to VOTE the WHITE Proxy Card to Elect the Independent Slate, Which Has Plans to Turn Campbell Around and Save this Iconic American Brand from Further Value Destruction

Third Point LLC TPOU ("Third Point"), a New York-based investment firm managing approximately $18 billion in assets and a holder of approximately 7% of the outstanding common shares of Campbell Soup Company CPB ("Campbell" or the "Company"), today released a four-minute video summarizing the sad story of Campbell's sustained underperformance and track record of destroying shareholder value.

The video explains that Campbell's Board has consistently betrayed shareholders' loyalty by rewarding ineffective management, namely former CEO Denise Morrison, and catering to the interests of billionaire Board members, Mary Alice Malone and Bennett Dorrance. One segment highlights the opportunity cost to shareholders by noting that $1 invested twenty years ago¹ in Campbell would be worth only $1.19 today – while a dollar invested at the same time in the S&P 500 would be worth $4.06 and a dollar invested in the S&P Consumer Staples Index would be worth $4.37. The video also includes Interim CEO Keith McLoughlin, in his own words, acknowledging that the Board and Company's failures of focus, process, and accountability caused such poor results. Another important area of focus is the Board's failed leadership when it comes to dilutive mergers and acquisitions, such as Bolthouse Farms and Snyder's-Lance, and bad investments, like Juicero.

We encourage all shareholders to watch our video at http://bit.ly/EmptyTheCan2018 and review all elements of our Case for Change at www.refreshcampbells.com to understand why the Independent Slate will respect Shareholder voices, end the Insiders' Reign of Error, and set Campbell's on a new and profitable path. We urge shareholders to VOTE the WHITE Proxy Card to elect the Independent Slate and #RefreshTheRecipe.

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 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 (855) 208-8902 or via email at CPBinfo@okapipartners.com.

¹ Total shareholder return includes dividends; data from 9.28.98 to 9.28.18. Source: Third Point LLC; Bloomberg

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