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Campbell Announces $1.2 Billion Share Repurchase Program

    Company Updates Fiscal 2008 Guidance to High End of its Range

CAMDEN, N.J.–(BUSINESS WIRE)–June 30, 2008–Campbell Soup
Company (NYSE:CPB) today announced that its Board of Directors has
authorized a new share repurchase program. Under the new program,
Campbell is authorized to purchase up to $1.2 billion of its
outstanding shares in open market and privately negotiated
transactions. The program will be in place through the end of
Campbell’s 2011 fiscal year.

This new share repurchase program is in addition to Campbell’s
ongoing practice of buying back shares sufficient to offset shares
issued under incentive compensation plans. Campbell expects to
complete in fiscal year 2008 the share repurchase program utilizing
approximately $600 million of the net proceeds from the sale of the
Godiva business.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “This $1.2 billion share repurchase program reflects
the ongoing confidence we have in Campbell’s long-term growth
potential and is a continuation of our commitment to enhance
shareowner value.”

Additionally, Campbell updated its fiscal 2008 full-year guidance.
The company now expects adjusted net earnings per share growth for its
fiscal year ending August 3, 2008 to be at the upper end of the 5 to 7
percent range from the fiscal 2007 adjusted base of $1.95.

Campbell will host a meeting with investors tomorrow, July 1,
2008, at its headquarters in Camden, New Jersey. The presentation can
be accessed via a Web cast at www.campbellsoupcompany.com beginning at
2:30 p.m. Eastern Time.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, baked snacks, and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” and “V8.” For more information on the company, visit
Campbell’s website at www.campbellsoup.com.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2007 financial information
to the reported financial information is attached to this release.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect
the company’s current expectations about its future plans and
performance, including share repurchases, on cash flows and earnings.
These forward-looking statements rely on a number of assumptions and
estimates that could be inaccurate and which are subject to risks and
uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company. Please refer to the company’s most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties. The company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.

        Reconciliation of GAAP and Non-GAAP Financial Measures
                   Fiscal Year Ended July 29, 2007

Campbell Soup Company uses certain non-GAAP financial measures as
 defined by the Securities and Exchange Commission in certain
 communications. These non-GAAP financial measures are measures of
 performance not defined by accounting principles generally accepted
 in the United States and should be considered in addition to, not in
 lieu of, GAAP reported measures.

Items Impacting Net Earnings
-----------------------------

The company believes that financial information excluding certain
 transactions not considered to be part of the ongoing business
 improves the comparability of year-to-year results. Consequently, the
 company believes that investors may be able to better understand its
 earnings results if these transactions are excluded from the results.
The following items impacted net earnings:

    (1) In the third quarter of fiscal 2007, the company recorded a
         pre-tax non-cash benefit of $20 million ($13 million after
         tax or $0.03 per share) in earnings from continuing
         operations from the reversal of legal reserves due to
         favorable results in litigation.

    (2) In the third quarter of fiscal 2007, the company recorded a
         tax benefit of $22 million resulting from the settlement of
         bilateral advance pricing agreements ("APA") among the
         company, the United States, and Canada related to royalties.
         In addition, the company reduced net interest expense by $4
         million ($3 million after tax). The aggregate impact on
         earnings from continuing operations was $25 million or $0.06
         per share.

    (3) In the second quarter of fiscal 2007, the company recorded a
         pre-tax gain of $23 million ($14 million after tax or $0.04
         per share) in earnings from continuing operations associated
         with the sale of an idle manufacturing facility.

    (4) In the first quarter of fiscal 2007, the company completed the
         sale of its businesses in the United Kingdom and Ireland. The
         total after-tax gain recognized on the sale in 2007 in
         earnings from discontinued operations was $24 million ($0.06
         per share). Additionally, in the fourth quarter of fiscal
         2007, a $7 million tax benefit ($0.02 per share) was
         recognized from the favorable resolution of tax audits in the
         United Kingdom.


The table below reconciles financial information, presented in
 accordance with GAAP, to financial information excluding certain
 transactions:
                 (millions, except per share amounts)

                                                         Year-to-Date
                                                         -------------
                                                         July 29, 2007
                                                         -------------

Earnings before interest and taxes, as reported            $     1,243
Deduct: Reversal of legal reserves (1)                            (20)
Deduct: Gain on sale of an idle manufacturing
 facility (3)                                                     (23)
                                                         -------------
Adjusted Earnings before interest and taxes                $     1,200
                                                         -------------

Interest, net, as reported                                 $       144
Add: Reduction in interest expense related to the
 settlement of the APA (2)                                           4
                                                         -------------
Adjusted Interest, net                                     $       148
                                                         -------------

Adjusted Earnings before taxes                             $     1,052
                                                         -------------

Taxes on earnings, as reported                             $       307
Deduct: Tax impact of reversal of legal reserves (1)               (7)
Deduct: Tax impact of reduction of interest expense
 related to settlement of the APA (2)                              (1)
Add: Tax benefit from settlement of the APA (2)                     22
Deduct: Tax impact of gain on sale of an idle
 manufacturing facility (3)                                        (9)
                                                         -------------
Adjusted Taxes on earnings                                 $       312
                                                         -------------

Adjusted effective income tax rate                               29.7%

Earnings from continuing operations, as reported           $       792
Deduct: Net adjustment related to reversal of legal
 reserves (1)                                                     (13)
Deduct: Net benefit from settlement of the APA (2)                (25)
Deduct: Gain on sale of an idle manufacturing
 facility (3)                                                     (14)
                                                         -------------
Adjusted Earnings from continuing operations               $       740
                                                         =============

Earnings from discontinued operations, as reported         $        62
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (4)                                     (31)
                                                         -------------
Adjusted Earnings from discontinued operations             $        31
                                                         =============

                                                         -------------
Adjusted Net earnings                                      $       771
                                                         =============

Diluted net earnings per share, as reported                $      2.16
Deduct: Net adjustment related to reversal of legal
 reserves (1)                                                   (0.03)
Deduct: Net benefit from settlement of the APA (2)              (0.06)
Deduct: Gain on sale of an idle manufacturing
 facility (3)                                                   (0.04)
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (4)                                   (0.08)
                                                         -------------
Adjusted Diluted net earnings per share                    $      1.95
                                                         =============

Reconciliation has been prepared reflecting the results of the Godiva
 Chocolatier business as discontinued operations.
    CONTACT: Campbell Soup Company
             Anthony Sanzio (Media)
             (856) 968-4390
             or
             Leonard F. Griehs (Analysts)
             (856) 342-6428

    SOURCE: Campbell Soup Company