caret-down

Campbell Reports Third Quarter Results.

    Net Earnings Per Share Were $1.40, Including Gain from the Sale of
                                Godiva.

  Excluding Items Impacting Comparability, Adjusted Net Earnings Per
                           Share Were $0.43.

                      Sales Increased 7 Percent.

CAMDEN, N.J.–(BUSINESS WIRE)–May 19, 2008–Campbell Soup Company
(NYSE:CPB) today reported net earnings for the quarter ended April 27,
2008 of $532 million, or $1.40 per share, compared to $217 million, or
$0.55 per share, in the year-ago period. The current quarter’s
reported net earnings included a gain from the sale of the Godiva
business, partially offset by charges associated with previously
announced restructuring initiatives. Excluding all items impacting
comparability in both periods, adjusted net earnings were $165 million
compared to $179 million in the prior year’s quarter and adjusted net
earnings per share were $0.43 in the current quarter compared to $0.45
in the year-ago period.

A detailed reconciliation of the adjusted fiscal 2008 and 2007
financial information to the reported information is attached to this
release.

On March 18, 2008, Campbell completed the sale of the Godiva
business, the results of which are reported as discontinued operations
for all periods. Additionally, in the third quarter, Campbell recorded
restructuring charges related to previously announced initiatives to
improve operational efficiency and enhance long-term profitability,
including the sale of certain salty snack foods brands and assets in
Australia, the closure of production facilities in Australia and
Canada, and the streamlining of its management structure.

The current and prior quarter’s net earnings included items that
impacted comparability. These items are summarized below:

                                              Third Quarter
                                    ----------------------------------
                                          2008             2007
                                    ---------------- -----------------
(millions, except per share         Earnings   EPS   Earnings   EPS
 amounts)
----------------------------------- -------- ------- -------- -------

                                    -------- ------- -------- -------
Net earnings, as reported             $ 532  $ 1.40     $217  $ 0.55
                                    ======== ======= ======== =======

Continuing Operations
----------------------------------- -------- ------- -------- -------
Earnings from continuing
 operations, as reported              $  54  $ 0.14     $210  $ 0.53
                                    -------- ------- -------- -------

Adjustment for restructuring
 charges                                100    0.26        -       -

Adjustment for the reversal of
 legal reserves due to favorable
 results in litigation                    -       -      (13)  (0.03)

Benefit from the settlement of
 bilateral advanced pricing
 agreements (APA) among the
 company, the U.S., and Canada
 related to royalties                     -       -      (25)  (0.06)

                                    -------- ------- -------- -------
Adjusted Earnings from continuing
 operations                           $ 154  $ 0.40     $172  $ 0.44
                                    -------- ------- -------- -------

Discontinued Operations
----------------------------------- -------- ------- -------- -------
Earnings from discontinued
 operations, as reported              $ 478  $ 1.25     $  7  $ 0.02
                                    -------- ------- -------- -------

Adjustment for gain on sale of
 Godiva Chocolatier                    (467)  (1.23)       -       -

                                    -------- ------- -------- -------
Adjusted Earnings from discontinued                 *
 operations                           $  11  $ 0.03     $  7  $ 0.02
                                    -------- ------- -------- -------


                                    -------- ------- -------- -------
Adjusted Net earnings                 $ 165  $ 0.43     $179  $ 0.45 *
                                    ======== ======= ======== =======

* Does not add due to rounding.

In the third quarter, earnings from continuing operations were $54
million compared to $210 million in the prior year. Earnings per share
from continuing operations for the current quarter were $0.14 compared
to earnings per share of $0.53 in the year-ago period. Excluding items
impacting comparability in both years, adjusted earnings from
continuing operations in the third quarter were $154 million compared
to $172 million in the year-ago period. Adjusted earnings per share
from continuing operations were $0.40 compared to $0.44 in the
prior-year period.

Earnings from discontinued operations for the quarter were $478
million compared to $7 million in the prior-year period. The current
quarter included a $707 million pre-tax gain, $467 million after tax,
or $1.23 per share, related to the sale of the Godiva business.
Excluding the gain on the sale, adjusted earnings from discontinued
operations were $11 million, or $0.03 per share, compared to $7
million, or $0.02 per share, a year ago.

For the third quarter, sales increased 7 percent to $1.880
billion. Sales growth for the quarter reflects the following factors:

    --  Volume and mix added 1 percent

    --  Price and sales allowances added 3 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 4 percent

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We delivered solid sales growth in the quarter across
many of our businesses, including beverages, baking and snacking, and
international. However, in U.S. soup, as anticipated, we had a
difficult third quarter as we were lapping a very strong quarter a
year ago and we took significant pricing actions to address the
dramatic increases in cost inflation. While third quarter adjusted net
earnings were below last year, we anticipate a strong finish to our
fiscal year. Looking ahead to next year, we have plans in place both
in terms of new products, especially lower sodium varieties, and
marketing programs that we believe will enable us to continue to grow
our U.S. soup business.”

Conant continued, “Looking at our broader portfolio, we continued
to have strong results in several key businesses. In healthy
beverages, our U.S. beverage business again delivered double-digit
sales growth. In baked snacks, both Pepperidge Farm and Arnott’s also
had very solid sales gains. Our international businesses delivered
improved sales performance and we continue to be encouraged by the
early results in our emerging markets of Russia and China. Finally,
with the sale of Godiva and our recent actions to improve operational
efficiency and exit underperforming businesses in Australia, we have
further sharpened our focus on simple meals, baked snacks, and healthy
beverages. We believe this increased focus positions us well for
long-term, profitable growth.”

Consistent with its previous guidance, Campbell expects adjusted
net earnings per share growth between 5 and 7 percent from the fiscal
2007 adjusted base of $1.95.

The current and prior period’s net earnings included items that
impacted comparability. These items are summarized below:

                                                Nine Months
                                     ---------------------------------
                                           2008             2007
                                     ---------------- ----------------
(millions, except per share amounts) Earnings   EPS   Earnings   EPS
------------------------------------ -------- ------- -------- -------

                                     -------- ------- -------- -------
Net earnings, as reported             $1,076  $ 2.79     $793  $ 1.99
                                     ======== ======= ======== =======

Continuing Operations
------------------------------------ -------- ------- -------- -------
Earnings from continuing operations,
 as reported                          $  582  $ 1.51     $734  $ 1.84
                                     -------- ------- -------- -------

Adjustment for restructuring charges     100    0.26        -       -

Benefit from resolution of a state
 tax contingency                         (13)  (0.03)       -       -

Adjustment for gain on sale of idle
 manufacturing facility                    -       -      (14)  (0.04)

Adjustment for the reversal of legal
 reserves due to favorable results
 in litigation                             -       -      (13)  (0.03)

Benefit from the settlement of
 bilateral advanced pricing
 agreements (APA) among the company,
 the U.S., and Canada related to
 royalties                                 -       -      (25)  (0.06)

                                     -------- ------- -------- -------
Adjusted Earnings from continuing
 operations                           $  669  $ 1.74     $682  $ 1.71
                                     -------- ------- -------- -------

Discontinued Operations
------------------------------------ -------- ------- -------- -------
Earnings from discontinued
 operations, as reported              $  494  $ 1.28     $ 59  $ 0.15
                                     -------- ------- -------- -------

Adjustment for gain on sale of
 Godiva Chocolatier                     (462)  (1.20)       -       -

Adjustment for gain on sale of
 UK/Ireland businesses                     -       -      (23)  (0.06)

                                     -------- ------- -------- -------
Adjusted Earnings from discontinued
 operations                           $   32  $ 0.08     $ 36  $ 0.09
                                     -------- ------- -------- -------


                                     -------- ------- -------- -------
Adjusted Net earnings                 $  701  $ 1.82     $718  $ 1.80
                                     ======== ======= ======== =======

Net earnings for the nine months of fiscal 2008 were $1.076
billion, or $2.79 per share, compared to $793 million, or $1.99 per
share, in the year-ago period.

Excluding items impacting comparability, adjusted net earnings
were $701 million compared to $718 million in the year-ago period.
Adjusted net earnings per share were $1.82 in the current period
compared to $1.80 in the prior period, an increase of 1 percent.

For the nine months of fiscal 2008, earnings from continuing
operations were $582 million versus $734 million a year earlier.
Earnings per share from continuing operations were $1.51 compared to
$1.84 a year ago.

Excluding the above-referenced items in both years, adjusted
earnings from continuing operations for the nine months were $669
million compared to $682 million a year ago and adjusted earnings per
share from continuing operations were $1.74 compared to $1.71 a year
ago, an increase of 2 percent.

Earnings from discontinued operations for the nine months were
$494 million versus $59 million a year ago. Excluding items impacting
comparability in both years, adjusted earnings from discontinued
operations for the nine months were $32 million, or $0.08 per share,
compared to $36 million, or $0.09 per share, a year ago.

For the nine months of fiscal 2008, net sales were $6.283 billion,
an increase of 7 percent. Sales growth for the nine months reflects
the following factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances added 2 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 3 percent

    Third Quarter Financial Details from Continuing Operations

    --  Gross margin decreased to 38.6 percent from 39.9 percent in
        the prior year. The decline was primarily due to escalating
        cost inflation, which was only partially offset by higher
        selling prices and productivity gains.

    --  Marketing and selling expense increased $7 million to $284
        million, primarily due to currency.

    --  Administrative expense increased $30 million to $158 million.
        The prior year included a non-cash benefit of $20 million from
        the reversal of legal reserves. The remaining change is due to
        currency and higher compensation costs.

    --  Restructuring expense of $172 million included $120 million
        related to the impairment charges to adjust the net assets of
        certain Australian salty snack brands to be sold to net
        realizable value, $38 million for plant closures, and $14
        million related to streamlining the company's management
        structure.

    --  Campbell recorded a tax rate benefit of 20.0 percent compared
        to a tax rate expense of 13.2 percent a year ago. The current
        quarter included a $72 million tax benefit related to the $172
        million restructuring charge. Excluding the rate impact
        related to restructuring, the tax rate would have been 29.0
        percent. The prior year tax rate included the tax benefit from
        the APA settlement and a rate impact from the reversal of
        legal reserves. Excluding these rate impacts, the prior year
        tax rate would have been 21.1 percent, which benefited from
        the reversal of tax reserves related to the favorable
        resolution of the company's 2002 to 2004 U.S. federal income
        tax audits.

    --  At the end of the quarter, total debt was $2.116 billion
        compared to $2.616 billion a year ago. Net debt, or total debt
        minus cash and cash equivalents, was $2.066 billion compared
        to $2.342 billion a year ago, a decrease of $276 million.

    Nine Months Financial Details from Continuing Operations

    --  Gross margin decreased to 39.9 percent from 41.0 percent. The
        decline was primarily due to cost inflation and higher
        promotional spending, which were only partially offset by
        productivity gains and higher selling prices.

    --  Marketing and selling expense increased $54 million to $899
        million, primarily due to currency and higher advertising
        expense.

    --  Administrative expense increased $39 million to $440 million.
        The prior year included a non-cash benefit of $20 million from
        the reversal of legal reserves. The remaining change is due to
        currency and higher compensation costs.

    --  Restructuring expense of $172 million included $120 million
        related to the impairment charges to adjust the net assets of
        certain Australian salty snack brands to be sold to net
        realizable value, $38 million for plant closures, and $14
        million related to streamlining the company's management
        structure.

    --  Other Expense was $4 million compared to Other Income of $18
        million a year ago. The prior year included a $23 million gain
        on the sale of the idle Pepperidge Farm facility.

    --  Cash flow from operations for the nine months of fiscal 2008
        was $574 million compared to $623 million in the prior period.
        The current year included a payment of approximately $230
        million related to income taxes associated with the sale of
        the Godiva business. The prior year included payments of $186
        million to settle foreign currency hedges.

    --  During the nine months, Campbell repurchased 12.7 million
        shares for $435 million under three programs: the three-year
        $600 million share repurchase plan announced in November 2005;
        the program announced in March 2008 to use approximately $600
        million of the net proceeds of the sale of Godiva to
        repurchase shares; and Campbell's ongoing practice of buying
        back shares sufficient to offset shares issued under incentive
        compensation plans.

    Summary of Fiscal 2008 Third Quarter Results by Segment

    U.S. Soup, Sauces and Beverages

Sales for U.S. Soup, Sauces and Beverages were $811 million
compared to $810 million a year ago. The change in sales reflects the
following factors:

    --  Volume and mix subtracted 1 percent

    --  Price and sales allowances added 2 percent

    --  Increased promotional spending subtracted 1 percent

Total soup sales for the quarter decreased 3 percent compared to a
10 percent increase in the year-ago quarter, driven by the following:

    --  Sales of "Campbell's" condensed soups were flat. Sales growth
        in eating varieties was offset by a decline in cooking
        varieties. The company achieved sales gains in "Campbell's
        Healthy Request" and lower sodium condensed soups.

    --  Sales of ready-to-serve soups decreased 9 percent. Sales of
        both "Campbell's Select" and "Campbell's Chunky" cans
        declined. Sales of convenience products, which include soups
        in microwavable bowls and cups, were down slightly as sales
        gains in cups were more than offset by a decline in bowls.
        Across the ready-to-serve portfolio, sales were adversely
        impacted by less effective promotional spending and lower
        levels of advertising.

    --  U.S. soup sales benefited from "Campbell's" lower sodium
        soups, which continued to perform well.

    --  Sales of "Swanson" broth increased 5 percent due to growing
        consumer demand for aseptically-packaged broths and the
        introduction of additional sizes of aseptic varieties.

    Highlights of this segment's other businesses include:

    --  Beverage sales increased double digits due to growth in "V8
        V-Fusion" juice. The introduction of new flavor varieties
        helped drive "V8 V-Fusion" juice sales. Sales of "V8"
        vegetable juice declined slightly in the quarter compared to a
        very strong quarter a year ago.

    --  "Prego" pasta sauce sales were flat, and sales of "Pace"
        Mexican sauces decreased slightly.

Operating earnings were $172 million compared with $181 million in
the prior-year period. The decrease in operating earnings was
primarily due to cost inflation, partially offset by higher net
selling prices and productivity gains.

For the nine months, U.S. Soup, Sauces and Beverages sales
increased 4 percent to $3.001 billion. A breakdown of the change in
sales follows:

    --  Volume and mix added 4 percent

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 1 percent

For the nine months, soup sales increased 1 percent compared to a
6 percent increase a year ago.

    --  Sales of condensed soup declined 1 percent

    --  Sales of ready-to-serve soup were flat

    --  Broth sales increased 11 percent

Operating earnings were $767 million compared to $777 million in
the year-ago period. The decline in operating earnings was driven by
cost inflation and higher promotional and advertising spending, which
was only partially offset by higher sales and productivity
improvements.

Baking and Snacking

Sales for Baking and Snacking were $502 million, an increase of 14
percent from a year ago. A breakdown of the change in sales follows:

    --  Volume and mix added 4 percent

    --  Price and sales allowances added 6 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 6 percent

    --  The divestiture of the company's Papua New Guinea operations
        subtracted 1 percent

    Further details of sales results include the following:
-- Pepperidge Farm achieved double-digit sales growth with gains in
    all businesses: cookies and crackers, bakery, and frozen.

   -- In the cookies and crackers business, sales gains were driven by
    the performance of "Goldfish" crackers and the launch in selected
    markets of Baked Naturals, a line of adult savory snack crackers.

   -- The bakery business delivered double-digit sales gains behind
    continued consumer demand for whole-grain breads and growth in
    sandwich rolls.

-- Arnott's sales increased due to the favorable impact of currency
    and solid gains in the biscuit business, primarily related to
    savory snack products.

Operating losses were $92 million compared with $45 million of
operating earnings a year ago. The current quarter included $144
million of restructuring charges. The remaining increase in operating
earnings was primarily driven by the favorable impact of currency and
gains at Arnott’s. Pepperidge Farm earnings were flat due to higher
commodity costs.

For the nine months, sales increased 11 percent to $1.525 billion.
A breakdown of the change in sales follows:

    --  Volume and mix added 2 percent

    --  Price and sales allowances added 5 percent

    --  Currency added 5 percent

    --  The divestiture of the company's Papua New Guinea operations
        subtracted 1 percent

Operating earnings were $48 million compared to $189 million in
the year-ago period. The current period included $144 million of
restructuring charges. Operating earnings in the prior period included
a $23 million gain from the sale of the Pepperidge Farm facility.
Excluding the gain from the sale and restructuring charges, the
remaining increase in operating earnings was primarily due to the
favorable impact of currency and strong performance in Pepperidge Farm
and Arnott’s biscuits, partially offset by a decline in the snack
foods business.

International Soup, Sauces and Beverages

Sales for International Soup, Sauces and Beverages were $400
million, an increase of 17 percent compared to a year ago. The change
in sales reflects the following factors:

    --  Volume and mix added 3 percent

    --  Price and sales allowances subtracted 1 percent

    --  Reduced promotional spending added 1 percent

    --  Currency added 14 percent

    Further details of sales results include the following:

    --  Sales in Europe increased primarily due to the favorable
        impact of currency, partially offset by a decline in Germany,
        where the company exited the private label soup business.

    --  Sales in the Asia Pacific region increased due to the
        favorable impact of currency and double-digit growth in the
        Australian soup business.

    --  Canada sales increased due to the favorable impact of currency
        and growth in ready-to-serve soup and beverages.

Operating earnings were $40 million compared to $43 million in the
year-ago period. The current quarter included $6 million in
restructuring charges. The remaining increase in operating earnings
was driven by the favorable impact of currency and gains in Australia
and Canada, partially offset by costs associated with the launch of
new products in Russia and China.

For the nine months, sales increased 14 percent to $1.248 billion.
A breakdown of the change in sales follows:

— Volume and mix added 3 percent

— Currency added 11 percent

Operating earnings increased to $152 million from $150 million in
the year-ago period. The current period included $6 million of
restructuring charges. The remaining increase in operating earnings
was primarily due to the favorable impact of currency and gains in the
Australian soup business, partially offset by costs associated with
the launch of new products in Russia and China.

North America Foodservice

Sales were $167 million, an increase of 6 percent. A breakdown of
the change in sales follows:

    --  Volume and mix subtracted 1 percent

    --  Price and sales allowances added 2 percent

    --  Reduced promotional spending added 3 percent

    --  Currency added 2 percent

Excluding the favorable impact of currency, sales growth was
driven by gains in canned and frozen soup, partially offset by a
decline in refrigerated soup.

Operating losses were $4 million compared to operating earnings of
$13 million in the prior period. The current quarter included $22
million of restructuring charges. The remaining increase in operating
earnings was primarily due to higher sales.

For the nine months, sales increased 2 percent to $509 million. A
breakdown of the change in sales follows:

    --  Price and sales allowances added 1 percent

    --  Increased promotional spending subtracted 1 percent

    --  Currency added 2 percent.

Operating earnings decreased to $40 million from $61 million in
the year-ago period. The current period included $22 million of
restructuring charges.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal 2008 and 2007 financial
information to the reported financial information is attached to this
release and can also be found on the company’s website at
www.campbellsoupcompany.com in the “Investor Center” section.

Conference Call

The company will host a conference call to discuss these results
on May 19, 2008 at 10:00 a.m. Eastern Standard Time. U.S. participants
may access the call at 1-866-814-1913 and non-U.S. participants at
1-703-639-1357. Participants should call at least five minutes prior
to the starting time. The passcode is “Campbell Soup” and the
conference leader is Len Griehs. The call will also be broadcast live
over the Internet at www.campbellsoupcompany.com and can be accessed
by clicking on the “Shareholder Event / Webcast” banner. A recording
of the call will be available approximately two hours after it is
completed through midnight May 26, 2008 at 1-888-266-2081 or
1-703-925-2533. The access code is 1236095.

Reporting Segments

Campbell Soup Company earnings results are reported for the
following segments:

U.S. Soup, Sauces and Beverages includes the following retail
businesses: “Campbell’s” brand condensed and ready-to-serve soups,
“Swanson” broth and canned poultry businesses, “Prego” pasta sauce,
“Pace” Mexican sauce, “Campbell’s Chunky” chili, “Campbell’s” canned
pasta, gravies and beans, “Campbell’s Supper Bakes” meal kits, “V8”
vegetable juices, “V8 V-Fusion” juices, “V8 Splash” juice beverages,
and “Campbell’s” tomato juice.

Baking and Snacking includes the following businesses: “Pepperidge
Farm” cookies, crackers, breads and frozen products in U.S. retail,
“Arnott’s” biscuits in Australia and Asia Pacific, and “Arnott’s”
salty snacks in Australia.

International Soup, Sauces and Beverages includes the soup, sauce
and beverage businesses outside of the United States, including
Canada, Europe, Mexico, Latin America, and the Asia Pacific region.

North America Foodservice includes the Away From Home business in
the U.S. and Canada.

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” that reflect
the company’s current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, pricing, share repurchase, new product
introductions and innovation, cost-saving initiatives, quality
improvements, and portfolio strategies, including divestitures, on
sales, earnings, and margins. 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.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
                  STATEMENTS OF EARNINGS (unaudited)
                 (millions, except per share amounts)


                                                   THREE MONTHS ENDED
                                                  --------------------
                                                  April 27,  April 29,
                                                     2008      2007
                                                  ---------- ---------

Net sales                                         $   1,880  $  1,750
                                                  ---------- ---------

Costs and expenses
  Cost of products sold                               1,154     1,052
  Marketing and selling expenses                        284       277
  Administrative expenses                               158       128
  Research and development expenses                      30        26
  Other income                                            -        (2)
  Restructuring charges                                 172         -
                                                  ---------- ---------
Total costs and expenses                              1,798     1,481
                                                  ---------- ---------

Earnings before interest and taxes                       82       269
Interest, net                                            37        27
                                                  ---------- ---------
Earnings before taxes                                    45       242

Taxes on earnings                                        (9)       32
                                                  ---------- ---------

Earnings from continuing operations                      54       210
Earnings from discontinued operations                   478         7
                                                  ---------- ---------
Net earnings                                      $     532  $    217
                                                  ========== =========

Per share - basic
  Earnings from continuing operations             $     .14  $    .55
  Earnings from discontinued operations                1.28       .02
                                                  ---------- ---------
  Net earnings                                    $    1.43  $    .57
                                                  ========== =========

  Dividends                                       $     .22  $    .20
                                                  ========== =========

Weighted average shares outstanding - basic             373       384
                                                  ========== =========


Per share - assuming dilution
  Earnings from continuing operations             $     .14  $    .53
  Earnings from discontinued operations                1.25       .02
                                                  ---------- ---------
  Net earnings                                    $    1.40  $    .55
                                                  ========== =========

Weighted average shares outstanding - assuming
 dilution                                               381       395
                                                  ========== =========

In fiscal 2008, the company recorded a pre-tax charge of $172 ($100
 after tax or $.26 per share) related to the previously announced
 initiatives to improve operational efficiency and long-term
 profitability, including selling certain salty snack food brands and
 assets in Australia, closing certain production facilities in
 Australia and Canada, and streamlining the company's management
 structure.

In fiscal 2008, the company recognized an after-tax gain of $467
 ($1.23 per share) in earnings from discontinued operations from the
 sale of the Godiva Chocolatier business.

In fiscal 2007, the company recorded a pre-tax non-cash benefit of $20
 ($13 after tax or $.03 per share) from the reversal of legal reserves
 due to favorable results in litigation. The benefit is included in
 Administrative expenses.

In fiscal 2007, the company recorded a tax benefit of $22 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 ($3 after tax). The aggregate impact on earnings from continuing
 operations was $25, or $.06 per share.

The sum of the individual per share amounts does not equal net
 earnings due to rounding.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
                  STATEMENTS OF EARNINGS (unaudited)
                 (millions, except per share amounts)


                                                    NINE MONTHS ENDED
                                                   -------------------
                                                   April 27, April 29,
                                                     2008      2007
                                                   --------- ---------

Net sales                                          $   6,283   $5,865
                                                   --------- ---------

Costs and expenses
  Cost of products sold                                3,776    3,458
  Marketing and selling expenses                         899      845
  Administrative expenses                                440      401
  Research and development expenses                       82       76
  Other expenses / (income)                                4      (18)
  Restructuring charges                                  172        -
                                                   --------- ---------
Total costs and expenses                               5,373    4,762
                                                   --------- ---------

Earnings before interest and taxes                       910    1,103
Interest, net                                            121      106
                                                   --------- ---------
Earnings before taxes                                    789      997

Taxes on earnings                                        207      263
                                                   --------- ---------

Earnings from continuing operations                      582      734
Earnings from discontinued operations                    494       59
                                                   --------- ---------
Net earnings                                       $   1,076   $  793
                                                   ========= =========

Per share - basic
  Earnings from continuing operations              $    1.54   $ 1.90
  Earnings from discontinued operations                 1.31      .15
                                                   --------- ---------
  Net earnings                                     $    2.85   $ 2.05
                                                   ========= =========

  Dividends                                        $     .66   $  .60
                                                   ========= =========

Weighted average shares outstanding - basic              377      387
                                                   ========= =========


Per share - assuming dilution
  Earnings from continuing operations              $    1.51   $ 1.84
  Earnings from discontinued operations                 1.28      .15
                                                   --------- ---------
  Net earnings                                     $    2.79   $ 1.99
                                                   ========= =========

Weighted average shares outstanding - assuming
 dilution                                                385      398
                                                   ========= =========

In the third quarter of fiscal 2008, the company recorded a pre-tax
 charge of $172 ($100 after tax or $.26 per share) related to the
 previously announced initiatives to improve operational efficiency
 and long-term profitability, including selling certain salty snack
 food brands and assets in Australia, closing certain production
 facilities in Australia and Canada, and streamlining the company's
 management structure.

In the third quarter of fiscal 2008, the company recognized an after-
 tax gain of $462 ($1.20 per share) in earnings from discontinued
 operations from the sale of the Godiva Chocolatier business.

In the second quarter of fiscal 2008, the company recognized a $13 (or
 $.03 per share) tax benefit in continuing operations related to the
 favorable resolution of state tax contingency.

In the third quarter of fiscal 2007, the company recorded a pre-tax
 non-cash benefit of $20 ($13 after tax or $.03 per share) from the
 reversal of legal reserves due to favorable results in litigation.
 The benefit is included in Administrative expenses.

In the third quarter of fiscal 2007, the company recorded a tax
 benefit of $22 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 ($3 after tax). The aggregate impact on
 earnings from continuing operations was $25, or $0.06 per share.

In the second quarter of fiscal 2007, the company recognized a pre-tax
 gain of $23 ($14 after tax or $.04 per share) from the sale of an
 idle manufacturing facility. The gain is included in Other expenses /
 (income).

In fiscal 2007, the company recognized an after-tax gain of $23 (or
 $.06 per share) in earnings from discontinued operations from the
 sale of its businesses in the United Kingdom and Ireland.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
       SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
                 (millions, except per share amounts)



                                          THREE MONTHS ENDED
                                         --------------------
                                         April 27,  April 29, Percent
Sales                                       2008      2007     Change
---------------------------------------- ---------- --------- --------
Contributions:
  U.S. Soup, Sauces and Beverages        $     811  $    810        0%
  Baking and Snacking                          502       441       14%
  International Soup, Sauces and
   Beverages                                   400       341       17%
  North America Foodservice                    167       158        6%
                                         ---------- ---------
Total sales                              $   1,880  $  1,750        7%
                                         ========== =========





Earnings
----------------------------------------
Contributions:
  U.S. Soup, Sauces and Beverages        $     172  $    181
  Baking and Snacking                          (92)       45
  International Soup, Sauces and
   Beverages                                    40        43
  North America Foodservice                     (4)       13
                                         ---------- ---------
Total operating earnings                       116       282
Unallocated corporate expenses                 (34)      (13)
                                         ---------- ---------

Earnings before interest and taxes              82       269
Interest, net                                  (37)      (27)
Taxes on earnings                                9       (32)
                                         ---------- ---------

Earnings from continuing operations             54       210
Earnings from discontinued operations          478         7
                                         ---------- ---------
Net earnings                             $     532  $    217
                                         ========== =========

Per share - assuming dilution
  Earnings from continuing operations    $     .14  $    .53
  Earnings from discontinued operations       1.25       .02
                                         ---------- ---------
Net earnings                             $    1.40  $    .55
                                         ========== =========

In fiscal 2008, the company recorded a pre-tax charge of $172 ($100
 after tax or $.26 per share) related to the previously announced
 initiatives to improve operational efficiency and long-term
 profitability, including selling certain salty snack food brands and
 assets in Australia, closing certain production facilities in
 Australia and Canada, and streamlining the company's management
 structure. The restructuring charge was recognized in the following
 segments: Baking and Snacking - $144, International Soup, Sauces and
 Beverages - $6, and North America Foodservice - $22.

In fiscal 2008, the company recognized an after-tax gain of $467
 ($1.23 per share) in earnings from discontinued operations from the
 sale of the Godiva Chocolatier business.

In fiscal 2007, the company recorded a pre-tax non-cash benefit of $20
 ($13 after tax or $.03 per share) from the reversal of legal reserves
 due to favorable results in litigation. The benefit is included in
 Unallocated corporate expenses.

In fiscal 2007, the company recorded a tax benefit of $22 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 ($3 after tax). The aggregate impact on earnings from continuing
 operations was $25, or $.06 per share.

In connection with the sale of the Godiva business, the company
 revised its allocation methodology for corporate overhead expenses
 and restated historical results of all segments. In 2008, following
 the distribution agreement with Coca-Cola North America and Coca-Cola
 Enterprises, sales and earnings of certain beverage products are
 reported in U.S. Soup, Sauces and Beverages and International Soup,
 Sauces and Beverages, which were historically included in North
 America Foodservice. To enhance comparability, the company has
 restated the historical results of these segments.

The sum of the individual per share amounts does not equal net
 earnings due to rounding.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
       SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
                 (millions, except per share amounts)



                                          NINE MONTHS ENDED
                                        ---------------------
                                        April 27,  April 29,  Percent
Sales                                      2008       2007     Change
--------------------------------------- ---------- ---------- --------
Contributions:
  U.S. Soup, Sauces and Beverages       $   3,001  $   2,894        4%
  Baking and Snacking                       1,525      1,379       11%
  International Soup, Sauces and
   Beverages                                1,248      1,092       14%
  North America Foodservice                   509        500        2%
                                        ---------- ----------
Total sales                             $   6,283  $   5,865        7%
                                        ========== ==========





Earnings
---------------------------------------
Contributions:
  U.S. Soup, Sauces and Beverages       $     767  $     777
  Baking and Snacking                          48        189
  International Soup, Sauces and
   Beverages                                  152        150
  North America Foodservice                    40         61
                                        ---------- ----------
Total operating earnings                    1,007      1,177
Unallocated corporate expenses                (97)       (74)
                                        ---------- ----------

Earnings before interest and taxes            910      1,103
Interest, net                                (121)      (106)
Taxes on earnings                            (207)      (263)
                                        ---------- ----------

Earnings from continuing operations           582        734
Earnings from discontinued operations         494         59
                                        ---------- ----------
Net earnings                            $   1,076  $     793
                                        ========== ==========

Per share - assuming dilution
  Earnings from continuing operations   $    1.51  $    1.84
  Earnings from discontinued operations      1.28        .15
                                        ---------- ----------
Net earnings                            $    2.79  $    1.99
                                        ========== ==========

In the third quarter of fiscal 2008, the company recorded a pre-tax
 charge of $172 ($100 after tax or $.26 per share) related to the
 previously announced initiatives to improve operational efficiency
 and long-term profitability, including selling certain salty snack
 food brands and assets in Australia, closing certain production
 facilities in Australia and Canada, and streamlining the company's
 management structure. The restructuring charge was recognized in the
 following segments: Baking and Snacking - $144, International Soup,
 Sauces and Beverages - $6, and North America Foodservice - $22.

In the third quarter of fiscal 2008, the company recognized an after-
 tax gain of $462 ($1.20 per share) in earnings from discontinued
 operations from the sale of the Godiva Chocolatier business.

In the second quarter of fiscal 2008, the company recognized a $13 (or
 $.03 per share) tax benefit in continuing operations related to the
 favorable resolution of state tax contingency.

In the third quarter of fiscal 2007, the company recorded a pre-tax
 non-cash benefit of $20 ($13 after tax or $.03 per share) from the
 reversal of legal reserves due to favorable results in litigation.
 The benefit is included in Unallocated corporate expenses.

In the third quarter of fiscal 2007, the company recorded a tax
 benefit of $22 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 ($3 after tax). The aggregate impact on
 earnings from continuing operations was $25, or $.06 per share.

In the second quarter of fiscal 2007, the company recognized a pre-tax
 gain of $23 ($14 after tax or $.04 per share) from the sale of an
 idle manufacturing facility in the Baking and Snacking segment.

In fiscal 2007, the company recognized an after-tax gain of $23 (or
 $.06 per share) in earnings from discontinued operations from the
 sale of its businesses in the United Kingdom and Ireland.

In connection with the sale of the Godiva business, the company
 revised its allocation methodology for corporate overhead expenses
 and restated historical results of all segments. In 2008, following
 the distribution agreement with Coca-Cola North America and Coca-Cola
 Enterprises, sales and earnings of certain beverage products are
 reported in U.S. Soup, Sauces and Beverages and International Soup,
 Sauces and Beverages, which were historically included in North
 America Foodservice. To enhance comparability, the company has
 restated the historical results of these segments.

                  CAMPBELL SOUP COMPANY CONSOLIDATED
                      BALANCE SHEETS (unaudited)
                              (millions)



                                              April 27,    April 29,
                                                 2008         2007
                                             ------------ ------------

Current assets                               $      1,584 $      1,694

Current assets held for sale                           26            -

Plant assets, net                                   1,892        1,978

Intangible assets, net                              2,624        2,466

Other assets                                          381          491

                                             ------------ ------------
  Total assets                               $      6,507 $      6,629
                                             ============ ============


Current liabilities                          $      1,638 $      1,883

Current liabilities held for sale                      25            -

Long-term debt                                      1,767        2,123

Other liabilities                                   1,178        1,006

Non-current liabilities held for sale                   3            -

Shareowners' equity                                 1,896        1,617

                                             ------------ ------------
  Total liabilities and shareowners' equity  $      6,507 $      6,629
                                             ============ ============


Total debt                                   $      2,116 $      2,616
                                             ============ ============

Cash and cash equivalents                    $         50 $        274
                                             ============ ============

Net debt                                     $      2,066 $      2,342
                                             ============ ============

Certain reclassifications were made to prior year financial
 statements.
    Reconciliation of GAAP and Non-GAAP Financial Measures

    Third Quarter Ended April 27, 2008

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.

Net Debt

The company believes that net debt is a non-GAAP measure that
provides additional meaningful comparisons between the company’s
financial position at April 27, 2008 and April 29, 2007, and also a
useful perspective on the financial condition of the business.
Interest income earned on cash and cash equivalents partially offsets
interest expense on debt. Cash and cash equivalents are available to
repay outstanding debt upon maturity.

The table below summarizes information on total debt and cash and
cash equivalents:

               (millions)                April 27, 2008 April 29, 2007
                                         -------------- --------------

Current notes payable                    $         349  $         493
Long-term debt                                   1,767          2,123
                                         -------------- --------------
Total debt                               $       2,116  $       2,616

Less: Cash and cash equivalents                    (50)          (274)
                                         -------------- --------------
Net debt                                 $       2,066  $       2,342
                                         ============== ==============

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 2008, the company recorded a
pre-tax charge of $172 million ($100 million after tax or $0.26 per
share) in earnings from continuing operations associated with the
previously announced initiatives to improve operational efficiency and
long-term profitability, including selling certain salty snack food
brands and assets in Australia, closing certain production facilities
in Australia and Canada, and streamlining the company’s management
structure.

(2) In the third quarter of fiscal 2008, the company recognized a
pre-tax gain of $707 million ($467 million after tax or $1.23 per
share) in earnings from discontinued operations from the sale of the
Godiva Chocolatier business. The total after-tax gain on the sale was
$462 million or $1.20 per share.

(3) In the second quarter of fiscal 2008, the company recorded a
non-cash tax benefit of $13 million ($0.03 per share) in earnings from
continuing operations from the favorable resolution of a state tax
contingency in the United States.

(4) 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.

(5) 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.

(6) 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.

(7) 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). Of this
amount, $1 million was recognized in the fourth quarter of fiscal
2007. 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 tables below reconcile financial information, presented in
 accordance with GAAP, to financial information excluding certain
 transactions:
  (millions, except per share amounts)       Third Quarter
                                          -------------------
                                          Apr. 27,  Apr. 29,
                                             2008      2007   % Change
                                          ------------------- --------

Earnings before interest and taxes, as
 reported                                 $     82  $    269
Add: Restructuring charges (1)                 172         -
Deduct: Reversal of legal reserves (4)           -       (20)
                                          --------- ---------
Adjusted Earnings before interest and
 taxes                                    $    254  $    249       2%
                                          --------- ---------

Interest, net, as reported                $     37  $     27
Add: Reduction in interest expense
 related to the settlement of the APA (5)        -         4
                                          --------- ---------
Adjusted Interest, net                    $     37  $     31
                                          --------- ---------

Adjusted Earnings before taxes            $    217  $    218
                                          --------- ---------

Taxes on earnings, as reported            $     (9) $     32
Add: Tax benefit from restructuring
 charges (1)                                    72         -
Deduct: Tax impact of reversal of legal
 reserves (4)                                    -        (7)
Deduct: Tax impact of reduction of
 interest expense related to settlement
 of the APA (5)                                  -        (1)
Add: Tax benefit from the settlement of
 the APA (5)                                     -        22
                                          --------- ---------
Adjusted Taxes on earnings                $     63  $     46
                                          --------- ---------
Adjusted effective income tax rate            29.0%     21.1%

Earnings from continuing operations, as
 reported                                 $     54  $    210
Add: Net adjustment from restructuring
 charges (1)                                   100         -
Deduct: Net adjustment related to the
 reversal of legal reserves (4)                  -       (13)
Deduct: Net benefit from the settlement
 of the APA (5)                                  -       (25)
                                          --------- ---------
Adjusted Earnings from continuing
 operations                               $    154  $    172
                                          ========= =========

Earnings from discontinued operations, as
 reported                                 $    478  $      7
Deduct: Gain on sale of the Godiva
 Chocolatier business (2)                     (467)        -
                                          --------- ---------
Adjusted Earnings from discontinued
 operations                               $     11  $      7
                                          ========= =========

                                          --------- ---------
Adjusted Net earnings                     $    165  $    179
                                          ========= =========

Diluted earnings per share - continuing
 operations, as reported                  $   0.14  $   0.53
Add: Net adjustment from restructuring
 charges (1)                                  0.26         -
Deduct: Net adjustment related to the
 reversal of legal reserves (4)                  -     (0.03)
Deduct: Net benefit from the settlement
 of the APA (5)                                  -     (0.06)
                                          --------- ---------
Adjusted Diluted earnings per share -
 continuing operations                    $   0.40  $   0.44      (9)%
                                          ========= =========

Diluted net earnings per share, as
 reported                                 $   1.40  $   0.55
Add: Net adjustment from restructuring
 charges (1)                                  0.26         -
Deduct: Gain on sale of the Godiva
 Chocolatier business (2)                    (1.23)        -
Deduct: Net adjustment related to the
 reversal of legal reserves (4)                  -     (0.03)
Deduct: Net benefit from the settlement
 of the APA (5)                                  -     (0.06)
                                          --------- ---------
Adjusted Diluted net earnings per share*  $   0.43  $   0.45      (4)%
                                          ========= =========

* The sum of the individual per share amounts does not equal due to
 rounding.

   (millions, except per share amounts)       Year-to-Date
                                           ------------------
                                           Apr. 27,  Apr. 29,
                                             2008      2007   % Change
                                           ------------------ --------

Earnings before interest and taxes, as
 reported                                   $  910   $ 1,103
Add: Restructuring charges (1)                 172         -
Deduct: Reversal of legal reserves (4)           -       (20)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                      -       (23)
                                           --------  --------
Adjusted Earnings before interest and
 taxes                                      $1,082   $ 1,060        2%
                                           --------  --------

Interest, net, as reported                  $  121   $   106
Add: Reduction in interest expense related
 to the settlement of the APA (5)                -         4
                                           --------  --------
Adjusted interest, net                      $  121   $   110
                                           --------  --------

Adjusted Earnings before taxes              $  961   $   950
                                           --------  --------

Taxes on earnings, as reported              $  207   $   263
Add: Tax benefit from restructuring
 charges (1)                                    72         -
Add: Tax benefit from resolution of a
 state tax contingency (3)                      13         -
Deduct: Tax impact of reversal of legal
 reserves (4)                                    -        (7)
Deduct: Tax impact of reduction of
 interest expense related to settlement of
 the APA (5)                                     -        (1)
Add: Tax benefit from settlement of the
 APA (5)                                         -        22
Deduct: Tax impact of gain on sale of an
 idle manufacturing facility (6)                 -        (9)
                                           --------  --------
Adjusted Taxes on earnings                  $  292   $   268
                                           --------  --------
Adjusted effective income tax rate            30.4%     28.2%

Earnings from continuing operations, as
 reported                                   $  582   $   734
Add: Net adjustment from restructuring
 charges (1)                                   100         -
Deduct: Benefit from resolution of a state
 tax contingency (3)                           (13)        -
Deduct: Net adjustment related to reversal
 of legal reserves (4)                           -       (13)
Deduct: Net benefit from settlement of the
 APA (5)                                         -       (25)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                      -       (14)
                                           --------  --------
Adjusted Earnings from continuing
 operations                                 $  669   $   682
                                           ========  ========

Earnings from discontinued operations, as
 reported                                   $  494   $    59
Deduct: Gain on sale of the Godiva
 Chocolatier business (2)                     (462)        -
Deduct: Gain on sale of UK/Ireland
 businesses (7)                                  -       (23)
                                           --------  --------
Adjusted Earnings from discontinued
 operations                                 $   32   $    36
                                           ========  ========

                                           --------  --------
Adjusted Net earnings                       $  701   $   718
                                           ========  ========

Diluted earnings per share - continuing
 operations, as reported                    $ 1.51   $  1.84
Add: Net adjustment from restructuring
 charges (1)                                  0.26         -
Deduct: Benefit from resolution of state
 tax contingency (3)                         (0.03)        -
Deduct: Net adjustment related to reversal
 of legal reserves (4)                           -     (0.03)
Deduct: Net benefit from settlement of the
 APA (5)                                         -     (0.06)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                      -     (0.04)
                                           --------  --------
Adjusted Diluted earnings per share -
 continuing operations                      $ 1.74   $  1.71        2%
                                           ========  ========

Diluted net earnings per share, as
 reported                                   $ 2.79   $  1.99
Add: Net adjustment from restructuring
 charges (1)                                  0.26         -
Deduct: Gain on sale of the Godiva
 Chocolatier business (2)                    (1.20)        -
Deduct: Benefit from resolution of a state
 tax contingency (3)                         (0.03)        -
Deduct: Net adjustment related to reversal
 of legal reserves (4)                           -     (0.03)
Deduct: Net benefit from settlement of the
 APA (5)                                         -     (0.06)
Deduct: Gain on sale of an idle
 manufacturing facility (6)                      -     (0.04)
Deduct: Gain on sale of UK/Ireland
 businesses (7)                                  -     (0.06)
                                           --------  --------
Adjusted Diluted net earnings per share     $ 1.82   $  1.80        1%
                                           ========  ========

        (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 (4)                            (20)
Deduct: Gain on sale of an idle manufacturing
 facility (6)                                                     (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 (5)                                          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 (4)               (7)
Deduct: Tax impact of reduction of interest expense
 related to settlement of the APA (5)                              (1)
Add: Tax benefit from settlement of the APA (5)                    22
Deduct: Tax impact of gain on sale of an idle
 manufacturing facility (6)                                        (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 (4)                                                     (13)
Deduct: Net benefit from settlement of the APA (5)                (25)
Deduct: Gain on sale of an idle manufacturing
 facility (6)                                                     (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 (7)                                     (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 (4)                                                   (0.03)
Deduct: Net benefit from settlement of the APA (5)              (0.06)
Deduct: Gain on sale of an idle manufacturing
 facility (6)                                                   (0.04)
Deduct: Gain on sale of UK/Ireland businesses and
 resolution of tax audits (7)                                   (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