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Campbell Disagrees With ISS's Conclusion; Urges To Vote For 12 Director Nominees

Campbell Soup Co. (CPB) said that it strongly disagreed with proxy advisory firm Institutional Shareholder Services Inc.'s or ISS conclusion, and continued to recommend that Campbell shareholders vote on the GOLD proxy card FOR the election of Campbell's 12 director nominees.

Campbell said its Board consists of 12 members, 11 of whom are independent and four of whom have been added since 2016.

Campbell said, "As we disclosed last week, we have had recent and proactive discussions with Third Point regarding our ongoing director refreshment process. As part of those discussions, we proposed expanding our current Board to add two individuals from the Third Point slate who possess relevant industry experience after our annual meeting - including Kurt Schmidt and Sarah Hofstetter. Third Point rejected this proposal. Instead, they have decided to continue this wasteful and distracting proxy fight."

Earlier today, ISS recommended that Campbell Soup Co investors elect all five of hedge fund Third Point's board nominees.

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