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Campbell Announces Accelerated Repurchases of $600 Million of Capital Stock as Part of Its August 2006 Share Repurchase Program

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 29, 2006–Campbell Soup
Company (NYSE:CPB) today announced that it has entered into two
accelerated share repurchase agreements with an affiliate of Lehman
Brothers Inc. to repurchase approximately $600 million of Campbell
stock. The agreements are part of the $620 million share repurchase
program authorized by Campbell’s Board of Directors in August 2006.
The August 2006 program is in addition to the three-year $600 million
share repurchase plan announced in November 2005 and Campbell’s
ongoing practice of buying back shares sufficient to offset shares
issued under incentive compensation plans.

Under the first agreement, Campbell today purchased approximately
8.3 million shares for $300 million. The purchase price for these
shares is subject to an adjustment based on the volume weighted
average price of Campbell’s stock during a period following execution
of the first agreement. The purchase price adjustment is expected to
be settled in the fourth quarter of fiscal 2007. Under the second
agreement, Campbell will purchase an additional $300 million of its
stock, with Lehman delivering an initial 6.3 million shares today.
Lehman is expected to deliver a further number of shares based on the
volume weighted average price of Campbell’s stock during the term of
the second agreement, subject to a minimum and maximum share price.
All of the shares repurchased under both of these agreements will be
placed into treasury.

More information about the agreements can be found in Campbell’s
current report on Form 8-K being filed with the Securities and
Exchange Commission.

About Campbell Soup Company

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


    CONTACT: Campbell Soup Company
             Anthony Sanzio (Media)
             (856) 968-4390
             or
             Leonard F. Griehs (Analysts)
             (856) 342-6428

    SOURCE: Campbell Soup Company