This document provides financial information for Campbell Soup Company for the second quarter and first half of fiscal year 2014 compared to the same periods in fiscal year 2013. Some of the key highlights include: - Net sales increased 6% in Q2 and 2% for the first half. Organic net sales grew 3% in Q2 and declined 1% for the first half. - Adjusted EBIT increased 15% in Q2 and declined 5% for the first half. - Adjusted EPS grew 19% in Q2 and declined 4% for the first half. - Guidance for fiscal year 2014 forecasts net sales growth of 4-5%, adjusted EBIT growth of 4-6%, and adjusted EPS

1. 1

2. 2
Denise Morrison
President &
Chief Executive Officer

3. 3
Anthony DiSilvestro
Senior Vice President & CFO
Effective May 1, 2014

4. 4

5. 5

6. 66
• 2% increase in net sales,
1% organic net sales decline*
• 5% decrease in adjusted EBIT*
• 4% decline in adjusted EPS, which
decreased to $1.42 per share*
Q2 and First-Half Results – Continuing Operations
• 6% increase in net sales,
3% organic net sales growth*
• 15% growth in adjusted EBIT*
• 19% increase in adjusted EPS,
which rose to $0.76 per share*
* See Non-GAAP reconciliation

7. 77
Q2 – U.S. Soup
+4%
+5%
U.S. Soup
Sales FLAT
+21%
7

8. 888
Q2 – Global Baking & Snacking
+14%
Total Sales

9. 999
Q2 – Bolthouse Farms
+6%
Sales

10. 1010
Campbell Fiscal Year 2014 Guidance
2013 Base 2014 Growth Rates
Net Sales $8,052 4% to 5%
Adjusted EBIT* $1,232 4% to 6%
Adjusted Net Earnings per Share* $2.48 2% to 4%
* See Non-GAAP reconciliation
($ millions, except per share)
Continuing Operations
($2.53 - $2.58)

11. 11
• Why we are on the right course
• Highlights of our progress
• How we are driving productivity
• Work that lies ahead
The Bigger Picture . . . Our Strategic Vision

12. 1212

13. 1313
to to to
Long-term Growth Targets

14. 1414
TUMULTUOUS TIME
in the FOOD INDUSTRY

15. 1515

16. 16
in the
16

17. 1717

18. 1818

19. 1919

20. 2020

21. 2121
Maintaining Our Focus
In Our Three Core Categories
SnacksSimple Meals Healthy Beverages
21
Thinking Bigger & Acting Bolder

22. 2222

23. 23
> Profitably grow North America Soup
and Simple Meals
> Expand our International presence
> Grow faster in Snacks and Healthy Beverages

24. 24

25. 2525
Strengthen and Grow the Core
• Optimized marketing spend
• Improved marketing effectiveness
• Disciplined execution against all drivers of demand
• Consumer-driven innovation & brand building

26. 26
MOVES
26

27. 27
1st
MOVE
27

28. 28
2nd
MOVE
28

29. 29
3rd
MOVE
29

30. 30
4th
MOVE
30

31. 3131

32. 3232
Highlights of Our Progress

33. 3333
Highlights of Our Progress

34. 3434
Highlights of Our Progress

35. 3535
Highlights of Our Progress

36. 3636
Highlights of Our Progress
Trio of New Growth Engines

37. 3737
Highlights of Our Progress
James Wong
President of Greater China
and Far East
Ümit Subaşi
President of Asia Pacific

38. 3838

39. 39
• Exited business in Russia
• Closed five plants
• Reduced headcount
by more than 2,000
• Restructuring programs
provide annualized savings
of approximately $160 million
Significant Progress in Managing Our Costs

40. 40
Things We Still Have to Accomplish
Execute new strategy for shelf-stable Beverages

41. 41
Things We Still Have to Accomplish
Execute new strategy for shelf-stable Beverages
Restore growth in core business in Australia

42. 42
Things We Still Have to Accomplish
Execute new strategy for shelf-stable Beverages
Restore growth in core business in Australia
Realize the full benefits of innovation platforms,
acquisitions and channel initiatives

43. 43
Things We Still Have to Accomplish
Execute new strategy for shelf-stable Beverages
Restore growth in core business in Australia
Realize the full benefits of innovation platforms,
acquisitions and channel initiatives
Maintain our focus on smart external
development

44. 4444

45. 4545

46. 46
Anthony DiSilvestro
Senior Vice President –
Finance

47. 47
Agenda
• Performance Overview
• Priorities for Uses of Cash

48. 48
Growth Rates
F’12
Actual
F’13
Actual
F’14
Guidance
Net Sales 0% 12% 4-5%
Organic Net Sales* 0% 2% 1%
EBIT* (8%) 6% 4-6%
EPS* (3%) 7% 2-4%
Continuing Operations
* Adjusted results; please refer to the non-GAAP reconciliations in the appendix.

49. 49
Continuing Operations – Fiscal 2014
* Adjusted results; please refer to the non-GAAP reconciliations in the appendix.
Growth Rates Q2 First Half
Full-Year
Guidance
Net Sales 6% 2% 4-5%
Organic Net Sales* 3% (1%) 1%
EBIT* 15% (5%) 4-6%
EPS* 19% (4%) 2-4%

50. 50
• Improved sales performance, benefitting from stronger
promotional programs and accelerated new products
• Accelerating productivity gains including benefits from
a robotics installation in Australia
• SG&A reductions from restructuring programs and
lower incentive compensation
• An extra week in the fourth quarter
Second-half Performance Drivers

51. 51
Cost Management Initiatives
$70
$30
$10
$13
$40 $163
$-
$50
$100
$150
$200
4Q11 1Q13 2Q13 4Q13 1Q14 Total
• Plant Closures
• Overhead Reductions
• Automation – Workforce Reductions
Annualized
Savings in
U.S.
$Millions
Restructuring Programs

52. 52
Agenda
• Performance Overview
• Priorities for Uses of Cash

53. 53
0
200
400
600
800
1,000
1,200
FY09 FY10 FY11 FY12 FY13
Cash from Operations
Strong Operating Cash Flows
Interest Coverage
12 times*
Net Debt/EBITDA
2.7 times*
Credit Ratings
A2/BBB+
*See non-GAAP reconciliation
U.S. $ Millions

54. 54
1. Capital Expenditures
2. Dividends
3. External Development
4. Share Repurchases
Priorities for the Use of Cash

55. 5555
Cash Allocation History(U.S.$millions)
0
500
1,000
1,500
2,000
2,500
F'09 F'10 F'11 F'12 F'13
Capital Expenditures Dividends
5-YR Totals:
M&A Share Repurchases

56. 56
Current Projects:
• Increased capacity for:
– Goldfish crackers
– Bolthouse beverages
– Swanson broth
• Soup common platform
• Australia automation project
Investing Capital in the Core Business

57. 57
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14
EST
Dividends Paid
Maintaining a Competitive Dividend
• Payout ratio of 48-49%
(FY14 forecast)
• Increased by 8% last
fall to nearly $1.25
annualized

58. 5858
External Development to Reshape the Portfolio
Acquiring Brands with Faster Growth Profiles
Divested our European Simple Meals Business

59. 5959
1st Year Assessment of Bolthouse Farms
• No. 1 share position in
super-premium beverages*
• Salad dressings growing
consumption and share
• Carrots delivering growth
0%
5%
10%
15%
20%
25%
30%
35%
40%
Bolthouse Naked Odwalla Pom
Super Premium Beverages $Share*
U.S. $ Millions F’13 F’14 H1
Sales $756 $392
EBIT $63 $32 *Source: IRI Total U.S. Multi-Outlet Data for 52-week period
ending Jan. 26, 2014

60. 60
Long-Term Targets
Sales 3-4%
Adjusted EBIT 4-6%
Adjusted EPS 5-7%
Positioned for Improving Growth
• Pursue dual mandate
– Sustainable, profitable growth
in the core
– Expanding into higher growth
spaces
• Improve financial
performance
• Return to long-term
targets

61. 61
Forward-looking Statements
This presentation contains “forward-looking statements.” Forward-looking statements can be identified by
words such as “anticipates,” “intends,” “plans,” “believes,” “estimates,” “expects” and similar references to
future periods. Examples of forward-looking statements include, but are not limited to, statements we
make on guidance for 2014 and on our long-term growth targets, on our uses of our cash, on our ability to
execute our new business strategies successfully, and on our expectations that we can accelerate
innovation across our portfolio, integrate acquisitions and expand our international footprint. Forward-
looking statements are based on our current expectations and assumptions regarding our business, our
industry and other future conditions. Forward-looking statements are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict. Our actual results may differ materially
from those contemplated by the forward-looking statements due to factors such as the impact of strong
competitive responses to our marketing strategies; risks associated with trade and consumer acceptance
of our new and improved products; the effectiveness of our promotional programs; the impact of portfolio
changes; our ability to realize projected cost savings; and the other factors described in “Risk Factors” in
the company’s most recent Form 10-K and in subsequent SEC filings. We undertake no obligation to
update these statements to reflect new information or future events.

62. 62
This presentation includes certain “non-GAAP” measures as
defined by SEC rules. We have provided a reconciliation of
those measures to the most directly comparable GAAP
measures, which is posted on our investor Web site, which
can be found at investor.campbellsoupcompany.com.
Non-GAAP Measures

63. 63
Q&A
Anthony DiSilvestro
SVP-Finance
Denise Morrison
President and CEO
Jennifer Driscoll
VP-IR
B. Craig Owens
SVP, CFO and CAO

64. 64

65. 6565
Reconciliation of GAAP and Non-GAAP
Financial Measures
Continuing Operations
Net Sales, Impact of Impact of Organic Net Sales, Organic
July 28, 2013 As Reported Acquisitions Currency Net Sales As Reported Net Sales
Net Sales from continuing operations 8,052$ (770)$ 13$ 7,295$ 12% 2%
Net Sales, Impact of Impact of Organic Net Sales, Organic
July 29, 2012 As Reported Acquisitions Currency Net Sales As Reported Net Sales
Net Sales from continuing operations 7,175$ -$ (2)$ 7,173$ 0% 0%
Net Sales,
July 31, 2011 As Reported
Net Sales from continuing operations 7,143$
Organic Net Sales
For the Fiscal Year Ended
($ millions)
% Change
% Change

66. 6666
Reconciliation of GAAP and Non-GAAP
Financial Measures
Continuing Operations
Net Sales, Impact of Impact of Impact of Organic Net Sales, Organic
January 26, 2014 As Reported Acquisitions Currency Net Accounting Net Sales As Reported Net Sales
Net Sales from continuing operations 2,281$ (109)$ 40$ 7$ 2,219$ 6% 3%
January 27, 2013
Net Sales from continuing operations 2,162$
Net Sales, Impact of Impact of Impact of Organic Net Sales, Organic
January 26, 2014 As Reported Acquisitions Currency Net Accounting Net Sales As Reported Net Sales
Net Sales from continuing operations 4,446$ (190)$ 71$ 10$ 4,337$ 2% -1%
January 27, 2013
Net Sales from continuing operations 4,367$
For the Six Months Ended % Change
Organic Net Sales
($ millions)
% ChangeFor the Three Months Ended

67. 6767
Reconciliation of GAAP and Non-GAAP
Financial Measures
($ millions, except per share)
Second Quarter
Diluted
EBIT EPS*
2014 - As Reported 361$ 0.74$
Add: Restructuring charges and related costs 13 0.02
2014 - Adjusted 374$ 0.76$
2013 - As Reported 277$ 0.54$
Add: Restructuring charges and related costs 48 0.09
2013 - Adjusted 325$ 0.64$
% Change 15% 19%
Continuing Operations
*May not add due to rounding

68. 6868
Reconciliation of GAAP and Non-GAAP
Financial Measures
($ millions, except per share)
Six Months
Diluted
EBIT EPS
2014 - As Reported 666$ 1.32$
Add: Restructuring charges and related costs 36 0.06
Add: Loss on foreign exchange forward contracts 9 0.02
Add: Tax expense associated with sale of business - 0.02
2014 - Adjusted 711$ 1.42$
2013 - As Reported 645$ 1.28$
Add: Restructuring charges and related costs 91 0.18
Add: Acquisition transaction costs 10 0.02
2013 - Adjusted 746$ 1.48$
% Change -5% -4%
Continuing Operations

69. 6969
Reconciliation of GAAP and Non-GAAP
Financial Measures
*May not add due to rounding
Continuing Operations
EBIT July 28, 2013 July 29, 2012 July 31, 2011
As Reported 1,080$ 1,155$ 1,212$
Add: Restructuring charges and related costs 142 7 60
Add: Acquisition transaction costs 10 5 -
Adjusted 1,232$ 1,167$ 1,272$
% Change 6% -8%
Diluted EPS July 28, 2013* July 29, 2012 July 31, 2011
As Reported 2.17$ 2.29$ 2.26$
Add: Restructuring charges and related costs 0.28 0.01 0.12
Add: Acquisition transaction costs 0.02 0.01 -
Adjusted 2.48$ 2.31$ 2.38$
% Change 7% -3%
EBIT and EPS
For the Fiscal Year Ended
($ millions, except per share)

70. 7070
($ millions)
Reconciliation of GAAP and Non-GAAP
Financial Measures
Adjusted Interest Coverage
July 28, 2013
As Reported Depreciation & Amortization 407$
Discontinued Operations (11)
Restructuring Related Costs (86)
Adjusted Depreciation & Amortization 310$
Adjusted EBIT 1,232
Adjusted EBITDA 1,542$
Interest, Net 125$
Adjusted Interest Coverage 12
Continuing Operations

71. 7171
($ millions)
Reconciliation of GAAP and Non-GAAP
Financial Measures
July 28, 2013
Short-Term Borrowings 1,909$
Long-Term Debt 2,544
Total Debt 4,453$
Less Cash and Cash Equivalents (333)
Net Debt 4,120$
Adjusted EBITDA 1,542$
Net Debt/Adjusted EBITDA 2.7
Net Debt/ Adjusted EBITDA