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Campbell Outlines Plans for U.S. Soup Business, Expansion Efforts in Emerging Markets

CAMDEN, N.J.–(BUSINESS WIRE)–July 1, 2008–Campbell Soup Company
(NYSE:CPB) today outlined the evolution of several key strategies and
detailed innovations planned for the upcoming fiscal year at a meeting
with investors. Campbell’s management described plans for its U.S.
soup business and its expansion in Russia and China. A replay of the
presentation can be accessed via a Web cast at
www.campbellsoupcompany.com.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We continue to be on track with major wellness
initiatives across our portfolio, most notably in our U.S. soup
business. We remain very bullish about our U.S. soup innovation
initiatives for this upcoming fiscal year and beyond. Additionally, I
am pleased with our progress in both Russia and China. We continue to
be very optimistic about our prospects in both markets and envision
further expansion in the coming fiscal year.”

U.S. Soup Business

Denise Morrison, President, North America Soup, Sauces and
Beverages, outlined plans for the company’s U.S. Soup business for the
upcoming fiscal year, with a focus on the introduction of innovative
new products:

    --  New "Swanson" stock - Campbell is expanding its successful
        line of "Swanson" broths with the launch of a flavorful line
        of all-natural cooking stocks in both beef and chicken
        varieties, packaged in distinctive re-sealable 28-ounce
        aseptic cartons.

    --  "Swanson" broth - The undisputed leader in the broth segment,
        Campbell plans to accelerate its growth with product
        improvements across its broth line and increased advertising
        support and distribution.

    --  "Campbell's Select Harvest" soups - The new line of
        "Campbell's Select Harvest" ready-to-serve soups will be
        available in both cans and microwavable bowls. All Light
        varieties will be at 80 calories or less and will provide
        popular weight management guidelines on the label. The entire
        line of "Campbell's Select Harvest" soups will deliver great
        taste at healthy sodium levels of 480 mg. per serving.

    --  "Campbell's V8" soups - These pureed soups will be available
        in five flavors, with each bowl providing a full serving of
        vegetables. These soups are low in fat, saturated fat and
        cholesterol and contain no artificial flavors or
        preservatives.

Morrison said, “Our U.S. soup portfolio enjoys unprecedented scale
in the food category and consumers recognize soup as the superior
simple meal based on its strong attributes of wellness, convenience,
quality and value. Nearly 11,000 servings of ‘Campbell’s’ soup are
consumed each minute and we are in approximately 85 percent of U.S.
households.”

Campbell focused a portion of its presentation on the value area
of the soup category, highlighting the benefits of its condensed soup
franchise. Campbell compared the cost of its iconic condensed soups to
other consumer staples over a five-year period from 2003 to 2008.
According to the Bureau of Labor Statistics, the cost of many staples
has risen sharply during this time:

    --  A dozen eggs has increased $.0.92 from $1.01 to $1.93;

    --  A pound of cheese has increased $0.59 from $3.81 to $4.40;

    --  A gallon of milk has increased $1.07 from $2.69 to $3.76;

    --  Comparatively, "Campbell's" condensed soup has increased only
        $0.09 per serving.

“‘Campbell’s’ condensed soup continues to provide excellent taste,
nutritional value, warmth and convenience. It remains an extraordinary
value for people today and still costs about 52 cents per serving,”
said Morrison.

Emerging Markets

Larry McWilliams, President-Campbell International, reviewed the
company’s progress in the emerging markets of China and Russia, where
Campbell launched new products in September 2007.

Campbell plans to expand the availability of “Campbell’s
Domashnaya Klassika” beyond Moscow to other areas of Russia, including
the South, Central, North West, Urals, Siberia and Far East regions.

McWilliams said, “Customer reaction to the initiative has been
strong, and several of our Russian customers are actively extending
the distribution of ‘Campbell’s Domashnaya Klassika’ ahead of our
expansion plans, based on their very positive experience in the Moscow
lead market.”

More than 60 percent of consumers in the Moscow region are aware
of “Campbell’s Domashnaya Klassika” and trial has grown steadily since
the launch.

Campbell will also introduce a new variety, Beef and Nameko
Mushroom, and new larger sizes of its concentrated broth products to
better match the way Russian families prepare soup. McWilliams also
outlined the company’s plans to establish local manufacturing in
Russia via a contract manufacturer, Joosten Foods.

In China, Campbell has achieved solid brand awareness of the
“Swanson” line of broths, with awareness exceeding 75 percent in
Guandong Province where the product is available.

Campbell plans to expand its new “Swanson” broths to Shanghai in
early fiscal year 2009. Shanghai is the leading soup market in China
with the highest per capita soup consumption in China. Shanghai
residents eat more than 395 servings per year–or approximately 8
billion serving opportunities annually.

McWilliams said, “We have successfully launched Campbell products
in the two largest soup consuming countries in the world. Consumer and
customer acceptance has been positive in both markets. We have learned
a considerable amount from each lead market and we are incorporating
this knowledge into our expansion. Everything we have seen to date
reaffirms our belief that both Russia and China will be significant
growth opportunities. When we successfully expand our brands
throughout these two countries, Campbell will increase its access to
the global soup market from markets representing 6 percent to 56
percent of global consumption.”

Earlier today, Campbell announced the acquisition of the Wolfgang
Puck soup business from Country Gourmet Foods and a master licensing
agreement with Wolfgang Puck Worldwide, Inc. for the use of the
“Wolfgang Puck” brand on soup, stock and broth products in North
American retail locations.

Yesterday, Campbell updated its expected adjusted net earnings per
share growth for fiscal year 2008 and announced that its Board of
Directors has authorized a new $1.2 billion share repurchase program.

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.

Forward Looking Statements

This release contains “forward-looking statements” which reflect
the company’s expected future business and financial performance,
including statements about future plans, strategies, opportunities and
objectives of management; statements concerning expected development,
market performance or consumption trends of new or reformulated
products; statements concerning projections of sales, earnings or
volume growth; and statements regarding assumptions underlying any of
the foregoing. Forward-looking statements by their nature address
matters that are uncertain and are subject to risks. These
uncertainties may cause our actual results to vary materially from
those expressed or implied in our forward-looking statements. Please
refer to the company’s most recent Form 10-K and subsequent filings
for a further discussion of risks. The company disclaims any
obligation to update its forward-looking statements.


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

    SOURCE: Campbell Soup Company