20問答嘉莉·安德森餐飲事業部執行副總裁兼首席財務官馬克·克勞斯總裁&首席執行官米克·比奎森&總裁

21附錄

22非公認會計準則財務指標本演示文稿包括未根據U。S。公認會計原則(“公認會計原則”)。Campbell在本報告中使用了Sovos Brands調整後的EBITDA和有機淨銷售額，這是非GAAP衡量標準。對於這些非GAAP財務指標中的每一個，我們在下面對非GAAP指標和最具可比性的GAAP指標之間的差異進行了協調。這些非GAAP指標應被視為可比GAAP指標的補充，而不是替代。Campbell在本報告中討論的預計槓桿僅涉及管理層對Sovos Brands交易未來影響的預期，沒有提供這些前瞻性預期槓桿預期與大多數直接可比的GAAP指標的協調，這是因為在預測和量化此類協調所需的某些金額方面存在固有困難，包括可能對養老金和退休後計劃的精算損益進行調整，因為這些影響取決於市場狀況、交易和整合成本以及Campbell對歷史數字協調中反映的其他費用的未來變化，根據歷史經驗，這些金額可能會很大。

23公認會計原則和非公認會計原則財務措施的對賬*(1)包括與向非僱員高級職員、董事和僱員提供基於股權的薪酬有關的非現金股權薪酬支出。(2)包括與組織優化和資本市場活動有關的專業費用；(3)包括外幣合同的未實現收益。(4)包括與包裝優化相關的減記，以及將聯合包裝生產從國際供應商轉移到國內供應商的戰略舉措。(5)包括與剝離Birch Bders品牌相關的成本以及與潛在交易(包括即將進行的合併)相關的某些相關資產和成本。*基於Sovos Brands 2023年7月1日的財務信息。(千美元)截至2023年7月1日的12個月淨虧損$(13,988)利息支出33,495所得税支出1,381折舊和攤銷36,521 EBITDA$57,409非現金股權薪酬(1)21,731非經常性成本(2)3,684外幣合同收益(3)(266)供應鏈優化(4)1,238交易和整合成本(5)53,840調整後的EBITDA$137,636 Sovos Brands--截至2023年7月1日的12個月

24 GAAP和非GAAP財務指標的對賬*(1)反映了Birch Bders品牌在截至2022年12月31日的53周內產生的淨銷售額。(2)反映Rao‘s、Michael Angelo’s和Noosa品牌在第53周產生的淨銷售額。(3)Sovos Brands有機淨銷售額和有機淨銷售額增長被定義為報告的淨銷售額或報告的淨銷售額增長，當它們發生時，不包括第53周發貨、收購和資產剝離的影響。*基於Sovos Brands 2023年7月1日的財務信息。(百萬美元)截至2019年12月31日的財政年度報告淨銷售額$878.4$388.0資產剝離(1)(41.2)-調整後淨銷售額$837.2$388.0第53周(2)(18.3)-有機淨銷售額(3)$818.9$388.0 3年複合有機淨銷售額增長率(3)28%索沃斯品牌-報告淨銷售額與調整後淨銷售額和有機淨銷售額的對賬：2019年和2022年

25公認會計準則和非公認會計準則財務指標的對賬*(千美元)截至2022年7月1日的13週報告淨銷售額$217,635$197,433剝離(1)-(10,347)有機淨銷售額(2)$217,635$187,086有機淨銷售額增長(2)16%索沃斯品牌-報告淨銷售額與有機淨銷售額的對賬：2022年第二季度和2023年第二季度(1)反映了S在截至2022年6月25日的13周內為樺木彎管機品牌產生的淨銷售額。(2)Sovos Brands有機淨銷售額和有機淨銷售額增長被定義為報告的淨銷售額或報告的淨銷售額增長，當它們發生時，不包括第53周發貨、收購和資產剝離的影響。在討論2023財年業績時，有機淨銷售額增長不包括Birch Bders資產剝離和上一年第53周的影響。*基於Sovos Brands 2023年7月1日的財務信息。

6 Significant Runway for Growth in Rao’s Italian Sauces 1 Rao’s , Classico and Bertolli pasta sauce data shown, Source: HHP Circana Total US - all outlets L52 weeks ending 7/23/23; 2 Circana Total US – All Outlets L52 Panel Data as of 7/23/23 and as compared to the comparable year - ago period, where applicable; 3 Classico reference point shown based on Circana MULO L52 as of 7/23/2023; 4 Based on Rao’s ( MULO ) SKU ranking by highest $ sales during L52 weeks ending 7/2/23; 5 Circana Mulo + C L52 weeks ending 7/23/23 Avg wkly items per store selling. Key category players include Prego and Ragu Significant additional HHP opportunity 15% across all consumer cohorts Leading velocity for pasta sauce category >60% Brand velocity vs premium peer 3 ($/TPD) White space distribution opportunity ~20pt Difference in top 5 Rao's SKUs ACV vs next 5 Rao’s SKUs 4 ~10 Avg items per store gap vs key category players 5

7 Product Category Size 1 Rao’s $Consumption 2 Growth vs. PY Frozen 3 meals Meals $12.6B Pizza $6.2B +51% Dry Pasta $2.6B +52% Ready to Serve Soup $2.0B +26% Substantial Opportunity for Expansion to Adjacent Categories 1 Reflects L52 Circana ( MULO ) $ consumption (category dollars) as of 5/21/23, Rao’s share of each frozen meals, frozen pizza, dry pasta, and RTS soup

8 Michael Angelo’s Adds Authentic Italian Frozen Meals and Additional Supply Chain Scale • Established frozen business with the #1 most preferred Italian frozen entree brand among families 1 • +3% $ Consumption CY 2019 - 22 CAGR 2 • High quality Italian aligned with at home eating trends focused on convenience • Potential for further cost synergy opportunities as the business scales within our Supply Chain 1 Third - party A&U Study from January 2021 ; 2 Circana MULO CY2022 and comparable CY2019 $ consumption as of reporting w/e 7/23/23

9 Great Tasting Products and a Track Record of Strong Performance Provides Optionality • 5% $ Consumption CY 2019 - 22 CAGR 1 with strong, sustainable profitability • Strong leadership in place to operate as an attractive, easily separatable business while Campbell’s evaluates strategic options • High - quality ingredients sourced from local Colorado farms • One of the highest Net Promoter Scores in the yogurt category 2 •

10 Compelling Strategic Rationale for Acquisition Attractive Sustainable Profitable Growth Accelerates Campbell’s Focused Strategic Plan Multi - dimensional Value Creation & 1 2 3

11 Multi - dimensional Value Creation 1 • U nlocks significant value through strong and sustainable growth opportunities • Expect fast, effective and efficient integration and synergy unlock given familiarity with categories and Campbell’s strong capabilities, processes and proven integration playbook • Provides substantial earnings growth contribution to the division while unlocking additional value through meaningful cost synergies • Drives operating synergies while improving scale efficiency of our core operations by leveraging Campbell’s supply chain excellence and scale

12 Expected ~$50 million Annualized Savings 2/3 rd from targeted selling, general & administrative expenses through harmonizing the combined corporate organizations 1/3 rd from greater scale in sourcing and procurement and efficiency gains and cost savings in our supply chain network Multi - dimensional Value Creation 1

13 Attractive Sustainable, Profitable Growth 2 • Significant whitespace opportunity for Rao’s and Michael Angelo’s to reach best - in - class distribution, growing items per store and increasing household penetration • Campbell's expertise in retail execution will enhance shelf productivity, geographic footprint, and sub - category penetration • Enhances and strengthens Campbell’s capabilities with Sovos ’ expertise in innovation, category expansion and the marketing of premium, high - growth brands

14 Accelerates Campbell’s focused Strategic Plan 3 • Further advances the company’s focused roadmap • Adds 1 full point of net sales growth to Meals & Beverages; Solidifies its role as steady contributor and complements the existing stable , core business • Delivers $1 billion sauces strategic objective by entering ultra - distinctive sauces market • Extends Campbell’s presence into the fast growing, on - trend, premium frozen meals segment, while adding meaningful scale to existing Pepperidge Farm’s frozen portfolio

15 Mainstream Premium Soup Leading Mainstream Soup, +3.1% 4 - yr CAGR Sauces Leading Mainstream Pasta Sauce, +7.4% 4 - yr CAGR Leading Ultra - Distinctive Italian Sauce, +37% 4 - yr CAGR Salsa / Picante Strong Mainstream Salsa / Picante, +4.5% 4 - yr CAGR New FY24 Launch Source: Retail sales growth and share Circana ( MULO ) L52 weeks ending 7/23/23 and 4YA Strengthens M&B with highly relevant and fast - growing Premium segments in core categories 3 Organic Leadership Fast Growing Jarred Super - Premium

16 High Confidence in Integration Capabilities and Proven Playbook • +10% $ Consumption 4 - yr CAGR 1 • Developed brand into a premium growth engine, driving incremental consumers to our portfolio • Balanced integration; preserved consumer and customer dedicated resources • Increased household penetration with younger consumers • Successful launch of Ready - to - Serve canned soup • +9% $ Consumption 4 - yr CAGR 1 • Successfully integrated and combined SAP system across the company • Utilized existing sales, cross - selling capabilities to grow Snacks franchise including several premium brands • Deliver on focused portfolio by executing strategic alternatives for non - core brands (e.g., Emerald ) 1 Total Circana US MULO $ Consumption Q3FY23: 13 weeks ending 04/30/23, Q3FY19: 13 weeks ending 04/28/19

17 Todd Lachman Founder, President and Chief Executive Officer

18 Transaction Financial Summary Transaction Metrics • All cash purchase price of $23.00 per share • Total enterprise value of $2.7B • Represents adjusted EBITDA multiple of 14.6x including run - rate synergies 1 • Represents adjusted EBITDA multiple of 19.8x excluding run - rate synergies 1 Cost Synergies and One - Time Costs • Expected annualized cost synergies reaching ~$50M over the next two years • Approximately $90M in one - time integration costs and costs to achieve synergies over two years 2 • Accretive to adjusted diluted EPS by Year 2, excluding one - time expenses Capital Structure • Financing expected through issuance of new debt • Projected leverage ~4x 3 at close, reducing to target leverage of ~3x by end of Year 3 • Near - term capital allocation focus on investment in the business, maintaining a competitive dividend, reducing debt to targeted leverage ratio, and continuing anti - dilutive share repurchases • Expect to maintain investment grade Timing • Expected close by end of December 2023 • Subject to Sovos Brands’ stockholder approval and customary closing conditions, including regulatory approvals Approvals • Transaction has been approved by both Boards of Directors and has the support of key Sovos Brands stockholder, Advent International Corp. and Sovos Brands director stockholders 1 Total enterprise value divided by Sovos Brands adjusted EBITDA last twelve months ended July 1, 2023, including and excluding ru n rate synergies. Refer to non - GAAP reconciliation for LTM adjusted EBITDA; 2 Mix of operating expense and capital ; 3 Estimated projected net debt divided by projected adjusted EBITDA excluding run rate synergies

19 Multi - dimensional Value Creation • Strong sustainable growth opportunities • Faster integration & synergy unlock given familiar categories and proven playbook Attractive, Sustainable Profitable Growth • Significant whitespace opportunity for existing Sovos Brands • Ample runway for adjacent segment expansion Accelerates Campbell’s Strategic Plan • Further advances the company’s focused 1 geography, 2 division roadmap • Solidifies role Meals & Beverages as a sustainable, dependable contributor to enterprise • Delivers $1B sauces strategic objective by entering ultra - distinctive sauces market • Extends presence into fast growing, on - trend, premium frozen meals segment, while adding meaningful scale to existing Pepperidge Farms frozen portfolio Campbell & Sovos Brands Combine to Create Long - term Value 2 1 3

20 Questions & Answers Carrie Anderson EVP & Chief Financial Officer Mark Clouse President & Chief Executive Officer Mick Beekhuizen EVP & President, Meals & Beverages Division 

21 Appendix

22 Non - GAAP Financial Measures This presentation includes measures that are not prepared in accordance with U . S . generally accepted accounting principles (“GAAP”) . Campbell uses Sovos Brands Adjusted EBITDA and organic net sales, which are non - GAAP measures, in this presentation . For each of these non - GAAP financial measures, we have included below a reconciliation of the differences between the non - GAAP measure and the most comparable GAAP measure . These non - GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure . Campbell discusses projected leverage in this presentation only in relation to management’s expectations of the future effect of the Sovos Brands transaction and has not provided a reconciliation of these forward - looking projected leverage expectations to the mostly directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions, transaction and integration costs and other charges reflected in Campbell’s reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant .

23 Reconciliation of GAAP and Non - GAAP Financial Measures* (1) Consists of non - cash equity - based compensation expense associated with the grant of equity - based compensation provided to non - em ployee officers, directors and employees. (2) Consists of costs for professional fees related to organizational optimization and capital markets activities (3) Consists of unrealized gain on foreign currency contracts. (4) Consist of write - downs associated with packaging optimization and a strategic initiative to move co - packaging production from an international supplier to a domestic supplier. (5) Consists of costs associated with the divestiture of the Birch Benders brand and certain related assets and costs associated with potential transactions, including the pending Merger. * Based on Sovos Brands’ July 1, 2023 financial information. ($ thousands) Trailing Twelve Months Ended July 1, 2023 Net loss $ (13,988) Interest expense 33,495 Income tax expense 1,381 Depreciation and amortization 36,521 EBITDA $ 57,409 Non - cash equity - based compensation (1) 21,731 Non - recurring costs (2) 3,684 Gain on foreign currency contracts (3) (266) Supply chain optimization (4) 1,238 Transaction and integration costs (5) 53,840 Adjusted EBITDA $ 137,636 Sovos Brands – Trailing Twelve Months Ended July 1, 2023

24 Reconciliation of GAAP and Non - GAAP Financial Measures* (1) Reflects Net Sales for the Birch Benders brand generated in the 53 weeks ended December 31, 2022. (2) Reflects Net Sales generated in the 53 rd week by the Rao’s , Michael Angelo’s and noosa brands. (3) Sovos Brands Organic Net Sales and Organic Net Sales growth are defined as Reported Net Sales or Reported Net Sales growth excludin g, when they occur, the impact of a 53 rd week of shipments, acquisitions and divestitures. * Based on Sovos Brands’ July 1, 2023 financial information. ($ millions) Fiscal Year Ended December 31, 2022 December 28, 2019 Reported Net Sales $ 878.4 $ 388.0 Divestiture (1) (41.2) - Adjusted Net Sales $ 837.2 $ 388.0 53 rd Week (2) (18.3) - Organic Net Sales (3) $ 818.9 $ 388.0 3 - Year Compounded Annual Organic Net Sales Growth Rate (3) 28% Sovos Brands - Reconciliation of Reported Net Sales to Adjusted Net Sales and Organic Net Sales: 2019 & 2022

25 Reconciliation of GAAP and Non - GAAP Financial Measures* ($ thousands) 13 weeks ended July 1, 2023 June 25, 2022 Reported Net Sales $ 217,635 $ 197,433 Divestiture (1) — (10,347) Organic Net Sales (2) $ 217,635 $ 187,086 Organic Net Sales Growth (2) 16% Sovos Brands - Reconciliation of Reported Net Sales to Organic Net Sales: Q2 2022 & Q2 2023 (1) Reflects Net Sale s for the Birch Benders brand generated in the 13 weeks ended June 25, 2022. (2) Sovos Brands Organic Net sales and Organic Net Sales growth are defined as Reported Net Sales or Reported Net Sales growth excludin g, when they occur, the impact of a 53 rd week of shipments, acquisitions and divestitures. For discussions of fiscal 2023 results, Organic Net Sales growth excludes the impact of the Birch Benders divestiture and the 53 rd week in the prior year. * Based on Sovos Brands’ July 1, 2023 financial information.