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Campbell Announces Increase in Quarterly Dividend

CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 23, 2004–Campbell Soup
Company (NYSE:CPB) today announced that the Company’s Board of
Directors has approved a 7.9 percent increase in its quarterly
dividend, from $.1575 per share to $.17 per share. The quarterly
dividend is payable November 1, 2004 to shareholders of record at the
close of business on October 11, 2004. On an annual basis, the
dividend will increase from $.63 per share to $.68 per share.

Commenting on the dividend increase, Campbell’s President and
Chief Executive Officer Douglas R. Conant said, “We have made
significant progress in revitalizing Campbell. This dividend increase
reflects our improving financial performance over the past three years
and our confidence in our plans to drive quality growth in the years
ahead.”

Forward Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future plans and
performance. These forward-looking statements rely on a number of
assumptions and estimates which 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.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauce, beverage, biscuit, confectionery and
prepared food products. The Company is 135 years old, with over $7
billion in annual sales and a portfolio of more than 20 market-leading
brands. For more information on the company, visit Campbell’s website
on the Internet at www.campbellsoupcompany.com.

    CONTACT: Campbell Soup Company
             Media:
             Jerry S. Buckley, 856-342-6007
               or
             Analysts:
             Leonard F. Griehs, 856-342-6428

    SOURCE: Campbell Soup Company