Campbell's Strategy Presentation at the Feb 2014 CAGNY Event

1. 1

2. 2
Denise Morrison
President &
Chief Executive Officer

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

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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)

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• 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

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to to to
Long-term Growth Targets

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TUMULTUOUS TIME
in the FOOD INDUSTRY

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in the
16

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20. 2020

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

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

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

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MOVES
26

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1st
MOVE
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2nd
MOVE
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3rd
MOVE
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4th
MOVE
30

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Highlights of Our Progress

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Highlights of Our Progress

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Highlights of Our Progress

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Highlights of Our Progress

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Highlights of Our Progress
Trio of New Growth Engines

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

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• 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

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

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

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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

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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

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Anthony DiSilvestro
Senior Vice President –
Finance

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Agenda
• Performance Overview
• Priorities for Uses of Cash

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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.

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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%

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• 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

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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

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Agenda
• Performance Overview
• Priorities for Uses of Cash

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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

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

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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

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

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$-
$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

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

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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

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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

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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.

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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

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

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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

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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