DEFINING SUCCESS

A Letter from our President and CEO

Welcome to Campbell's latest Corporate Social Responsibility (CSR) report. I'm pleased to have this opportunity to update you on our progress and share my perspective with you.

Dear Campbell Stakeholders,

I'm encouraged to report that Campbell continues to strengthen its longstanding commitment to creating long-term value in society by becoming a more sustainable and socially responsible company.

I believe two key elements are required to implement a successful CSR strategy and Campbell is diligently advancing both fronts. The first is to actively integrate CSR into how we conduct our business and ensure that these concepts are not standalone initiatives. The other is to effectively engage our employees by making CSR a part of their performance expectations. By bringing these two important facets together, CSR becomes an integral part of our culture.

To me, the professional and personal elements of our successful CSR work came together beautifully one day this past October at an elementary school in Camden. The experience brought to life my personal mission that leadership is service and reinforced the true power of giving back. The Campbell Leadership Team and I served a healthy lunch to 150 students at Holy Name School, to help celebrate national Make a Difference Day. Our executive team and Campbell Chefs created a lunch that was nutritious, delicious and importantly, fun for the students—and for us. It featured turkey sandwiches on Pepperidge Farm Goldfish bread, Healthy Request Tomato soup and gelatin made with V8 V-Fusion juice. The lunch met the federal standards for both healthy and affordable lunches. It was a memorable day for everyone involved. I had the chance to see the excitement of so many kids. Their faces lit up as they ate – one child enthusiastically called it a "5-star lunch." I also witnessed our leaders walking the talk, serving the children in Camden, New Jersey, the place we've called home for more than 140 years.

The experience I had in Camden that day is not unusual. As I travel throughout the Campbell world, I hear from our employees about their pride-in our company and also for their communities. I believe it is part of Campbell DNA to be involved in the communities where we live and work. Our employees are generous with their time and expertise, and readily serve as active participants improving people's lives in their hometowns. Whether as community group members, volunteer firefighters, school coaches, or however they chose to get involved, our employees are truly making a difference.

On a recent trip, I had the chance to visit our largest manufacturing facility in Napoleon, Ohio, and tour our new 60-acre solar field, one of the largest solar panel installations in the United States. As I stood on that ground, it became clear how sustainability is a win-win proposition. This source of renewable energy will significantly lower greenhouse gases and carbon while providing our plant with 15% of its power at a lower cost. We know that improving environmental performance is good for our business. More importantly, it's good for our planet as we work to preserve the environment for the generations that follow us.

We at Campbell are hard at work executing a new strategic framework, designed to make us a more innovative, balanced and responsive company. I believe that as we build a better company under this strategic vision, we also have the opportunity to become one of the most socially responsible consumer goods companies in the world. We have a longstanding commitment to CSR, spanning more than 140 years. We are proud of our past, but are focused forward on consumers and ahead to create our future.

We are also continuing to work to strengthen the core elements of our culture and our performance evaluations. We've captured our commitment in a statement we call "The Way We Work" that states "We will positively contribute to building and sustaining a safe, diverse, inclusive, engaged and socially responsible workplace focused on delivering business results with integrity." Each Campbell employee has a responsibility to bring this statement to life in their own way, again marking the important intersection of the professional and personal aspects of our CSR strategy.

Last year, we made significant progress against the 2012 destination goals outlined in our 2010 CSR report. In the following pages, we have strived to present a candid review of our efforts and achievements toward those goals. While we are proud of our achievements, we know that we have much more work to do. We are committed to nourish consumers' lives "their way" with tasty, affordable, convenient food and beverages while helping to make our communities and environment better. I encourage you to learn more about our initiatives by reviewing our 2012 CSR Report. We hope you'll share your comments and feedback with us at csr_feedback@campbellsoup.com.

In the years to come, I look forward to celebrating with you the ongoing success of this great company.

Best,

Denise M. Morrison
President and Chief Executive Officer