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Campbell to Provide Update on Strategy and Transformation at CAGNY Conference

CEO, CFO To Share Overview of Industry Landscape, Updates on
Acquisitions and Cost Savings Program

CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 21, 2018–
Campbell Soup Company (NYSE:CPB) President and Chief Executive
Officer Denise Morrison and Senior Vice President and Chief Financial
Officer Anthony DiSilvestro will provide an overview of the company’s
strategy and progress on its transformation at 11 a.m. EST today at the
Consumer Analyst Group of New York (CAGNY) Conference in Boca Raton,
Florida. Campbell’s presentation will be webcast live at investor.campbellsoupcompany.com.

Morrison will share her perspective on the consumer and retail
environment and discuss the actions Campbell is taking to transform its
portfolio. Since 2011, the company has repositioned itself to drive
long-term, sustainable sales and earnings growth by:

  • Leveraging strategic foresights to identify long-term growth platforms
    in the areas of future commerce, personalized nutrition and deliberate
    snacking;
  • Transforming Campbell through external development, acquiring new
    businesses to expand in the faster-growing spaces of health and
    well-being and snacking;
  • Implementing a successful cost savings program that has delivered $365
    million in savings to date while investing a portion of these savings
    back in the business;
  • Improving its cost structure and increasing supply chain productivity;
  • Pursuing new models of innovation and dynamic partnerships to define
    the future of food, including forming a venture capital fund to invest
    in early stage companies at the intersection of food, health and
    technology; and,
  • Accelerating digital marketing and e-commerce efforts by building an
    e-commerce unit in North America.

Morrison and DiSilvestro will provide updates on the recently completed
Pacific Foods acquisition and the pending Snyder’s-Lance, Inc.
acquisition, which will be the largest in Campbell’s history. With the
completion of the Snyder’s-Lance acquisition, Campbell will decisively
and definitively shift its portfolio toward faster-growing categories,
with snacking representing approximately 46 percent of the company’s
annual net sales.

“Since 2011, we have been taking steps to transform our portfolio in
response to the seismic shifts that are driving monumental change across
the food industry,” said Morrison. “Guided by our Purpose, ‘real food
that matters for life’s moments,’ Campbell has undergone a remarkable
transformation, evolving from a company that had been largely reliant on
soup to a more diversified and dynamic company that anticipates changing
consumer behaviors and adapts to the new consumer marketplace.”

DiSilvestro will also provide an update on the company’s multi-year cost
savings program and related re-investments in the business, priorities
for the uses of cash, and plans to achieve long-term growth targets.

Campbell recently raised its cost savings target from $450 million to
$500 million, which it expects to achieve by the end of fiscal 2020.

The presentation will be archived on investor.campbellsoupcompany.com
and available for replay later today.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. For
generations, people have trusted Campbell to provide authentic,
flavorful and readily available foods and beverages that connect them to
each other, to warm memories and to what’s important today. Led by our
iconic Campbell’s brand, our portfolio includes Pepperidge
Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal
Dansk, Kjeldsens
, Garden Fresh Gourmet and Pacific Foods.
Founded in 1869, Campbell has a heritage of giving back and acting as a
good steward of the planet’s natural resources. The company is a member
of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
To learn more about how we make our food and the choices behind the
ingredients we use, visit www.whatsinmyfood.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on the company’s business or financial results. These
forward-looking statements rely on a number of assumptions and estimates
that could be inaccurate and which are subject to risks and
uncertainties. The factors that could cause the company’s actual results
to vary materially from those anticipated or expressed in any
forward-looking statement include (1) changes in consumer demand for the
company’s products and favorable perception of the company’s brands; (2)
the risks associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; (3) the impact of strong competitive responses
to the company’s efforts to leverage its brand power with product
innovation, promotional programs and new advertising; (4) changing
inventory management practices by certain of the company’s key
customers; (5) a changing customer landscape, with value and e-commerce
retailers expanding their market presence, while certain of the
company’s key customers continue to increase their significance to the
company’s business; (6) the company’s ability to realize projected cost
savings and benefits from its efficiency and/or restructuring
initiatives; (7) the company’s ability to manage changes to its
organizational structure and/or business processes, including selling,
distribution, manufacturing and information management systems or
processes; (8) product quality and safety issues, including recalls and
product liabilities; (9) the ability to complete and to realize the
projected benefits of acquisitions, divestitures and other business
portfolio changes; (10) the conditions to the completion of the
Snyder’s-Lance acquisition by the company, including obtaining
Snyder’s-Lance shareholder approval, may not be satisfied; (11)
long-term financing for the Snyder’s-Lance acquisition may not be
available on favorable terms, or at all; (12) closing of the
Snyder’s-Lance acquisition may not occur or may be delayed, either as a
result of litigation related to the acquisition or otherwise; (13) the
company may be unable to achieve the anticipated benefits of the
Snyder’s-Lance acquisition; (14) completing the Snyder’s-Lance
acquisition may distract the company’s management from other important
matters; (15) disruptions to the company’s supply chain, including
fluctuations in the supply of and inflation in energy and raw and
packaging materials cost; (16) the uncertainties of litigation and
regulatory actions against the company; (17) the possible disruption to
the independent contractor distribution models used by certain of the
company’s businesses, including as a result of litigation or regulatory
actions affecting their independent contractor classification; (18) the
impact of non-U.S. operations, including trade restrictions, public
corruption and compliance with foreign laws and regulations; (19)
impairment to goodwill or other intangible assets; (20) the company’s
ability to protect its intellectual property rights; (21) increased
liabilities and costs related to the company’s defined benefit pension
plans; (22) a material failure in or breach of the company’s information
technology systems; (23) the company’s ability to attract and retain key
talent; (24) changes in currency exchange rates, tax rates, interest
rates, debt and equity markets, inflation rates, economic conditions,
law, regulation and other external factors; (25) unforeseen business
disruptions in one or more of the company’s markets due to political
instability, civil disobedience, terrorism, armed hostilities, extreme
weather conditions, natural disasters or other calamities; and (26)
other factors described in the company’s most recent Form 10-K and
subsequent Securities and Exchange Commission filings. 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.

Source: Campbell Soup Company

Campbell Soup Company
INVESTOR CONTACT:
Ken
Gosnell, 856-342-6081
Ken_Gosnell@campbellsoup.com
or
MEDIA
CONTACT:
Thomas Hushen, 856-342-5227
Thomas_Hushen@campbellsoup.com