1. 1 Campbell – SIF/SIRAN CSR Checkpoint May 6, 2009 Len Griehs Vice President, Investor Relations Dave Stangis Vice President, CSR/Sustainability

2. 2 CSR and SUSTAINABILITY – Aligning Strategy #7 with our Mission and six other strategic platforms, and translate it into an action plan for our global workforce

3. 3 Strategic Imperatives Focus and Direction: a shared vision, with alignment on goals and priorities Effective Governance: internal management networks that assure high-level visibility, agile decision-making, consistent accountability, and successful execution Clear Metrics: specific measures and targets that drive operational direction, give structure to long-term goals, and communicate progress on core CSR platforms Stakeholder Enlistment: a culture and management system that engage all key stakeholders Organizational Competency: awareness and expertise across business groups and within the leadership pipeline to advance our CSR/Sustainability strategy Communication: framework, channels and process for ongoing, consistent, audience-focused communication, internally and externally

4. 4 Materiality Analysis – what’s important and why Identify Issues from a wide range of stakeholders and sources Primary sources Issues Employees Investors Customers Customer research Public Policy Community partners Supply chain NGO’s and activists NAD, FTC Factory Mgrs Brand partners Trade Groups Shareholder activists Innovation portals etc Wellness Sodium Obesity Packaging Water Use Energy/Climate Hunger Transparency Cause related marketing Diversity Education Camden comm. Investment Human rights Executive pay Ethics Political contributions Emerging markets Impact on Campbell’s Business Importance to Campbell Stakeholders Increasing Focus IdentifyPrioritize Business continuity Brand reputation Total Delivered Cost Alignment with Campbell Mission Impact to Community Attracting and retaining talent License to Operate

5. 5 Focusing Efforts – Aligning with Values CSR at Campbell - Driving global wellness and nutrition, helping to build a sustainable environment, and honoring our role in society from the farm to the family. “Together we will build the world’s most extraordinary food company by nourishing people’s lives everywhere, every day.” Consumers Deliver on the Consumer Promise Wellness and Nutrition Food Safety and Quality Strategic Partnerships Authentic Nourishment Helping the Consumer be more Sustainable Environment Lead the Sector in Environmental Stewardship Develop 5yr plan to reduce resource use Drive sustainability in agricultural systems Reduce the footprint of key products Workplace An Extraordinary Workplace where Employees Drive CSR Innovation Engagement measures embrace CSR Model of Diversity and Inclusion Benchmark for CSR Integration Society Nourishing our Neighbors Everywhere, Every Day Resolute commitment to our communities Partnering to address Wellness, Nutrition and Hunger Signature programs with Social Impact

6. 6 Organizing CSR and Sustainability Steering Committee CEO CFO SVP, Legal SVP, HR SVP, Strategy, R&D SVP, Supply Chain Operations CSR Customer/Consumer Consumer Insights Cause Programs P&L Business Leads Sales & Marketing Consumer Response Industry Partnership Europe Asia Environment Operations Supply Chain Procurement Packaging Agriculture Logistics Plants Brands Community Public Affairs Foundation Human Resources Volunteerism Cause Programs Procurement Citizenship Donations, Plants Workplace Human Resources Communications Comp & Ben Org Effectiveness EE Engagement Staffing Diversity, Inclusion Asia, Europe

7. 7 Consumer Focus – Health and Nutrition Children’s Nutrition One of the first signatory companies as part of the Clinton Foundation’s Alliance for a Healthier Generation to promote balanced eating and physical activity in schools Founding co-sponsor Shaping America’s Youth Nutrition and physical activity incentives, materials and lesson plans through Campbell’s Labels for Education program Pepperidge Farm “Fishful Thinking” program promotes self esteem in children Leadership in Children’s Food & Beverage Advertising Initiative

8. 8 Consumer Focus – Health and Nutrition Heart Healthy Portfolio 2005200720082009 24 choices 55 choices68 choices 100 choices 10x increase in sales ($500MM), 15% of entire U.S. Market

9. 9 Operational Sustainability Manufacturing –Largest fuel cell installation in the US – Annual savings > $1MM –Heat recovery and water recycling system redesign Savings - 3.5 million gallons/day water and $4 million/yr –Increase current 70% waste recycle rate Packaging –Right-sizing PF Gold Fish carton saves more than 100,000 pounds of material and $900K. –Eliminating the paper labels from frozen condensed soup eliminate a 250,000lbs of material and save ~$550K in one plant alone –Select Harvest labels - Saving 800 tons of lumber, 2MM gal of water –Sustainability Packaging Guidelines

10. 10 Operational Sustainability Transportation  Light Weight Equipment  Increases payload to 53,000lbs resulting in 20% fewer trucks  Reduced 1,700 trucks, 230M gallons of diesel, and 1.1MM miles  Converting a Wal-Mart DC to Light Weight Equipment - eliminate +100 trucks/yr  Intermodal  Reduces fuel consumption and CO2 cubic tons output up to 50% vs. truck  Shipped over 8M loads intermodal in F’08, saving 2.1 MM gallons of fuel  Successfully converted 4 Wal-Mart lanes to intermodal Network Optimization  Reduce empty miles by converting lanes to backhaul as appropriate (+20 lanes)  Improve Fleet utilization by collaborating on Network Opportunities (ex. Packaging, Interplants) Incentive Pricing Program  Efficiency savings shared with our customers  Increased average order weights by 1,100 lbs. which reduced # of trucks and miles

11. 11 Energy Management (1) – Includes all current US manufacturing locations (Campbell & Pepperidge Farm). From 1992 – 2008, energy use per adjusted case of product produced is down 20% at our US manufacturing locations. Campbell’s is a member of USEPA Program Climate Leaders -GHG reduction goal at 12% by 2010 vs. the 2005 baseline Energy Use Per Adjusted Case

12. 12 Alternative Energy Initiatives $5,950,000 investment in a fuel cell that provides approximately 65% of the plant electricity. Annual savings $1,100,000 CT clean air grant $3,500,000 Project IRR 33.4% The new 1,200 kW fuel cell was switched on July 2008. Solar installation in Toronto Reduce plant's carbon dioxide emissions by about 20,000 pounds Anaerobic digestion pilot with UC-Davis has already processed > 200 tons of food waste from Campbell’s Sacramento Plant

13. 13 World-class Employee Engagement Engagement Mean Engagement Ratio 2:1 3:1 4:1 6:1 9:1 51 st 58 th 62 nd 71 st 77 th 79 th 82 nd Percentile 12:1 23:1 Note: Percentiles based on the Gallup 2008 Q 12 Overall database Lost Time Injury Rate

14. 14 Workplace Performance Integration Maintain/improve world class level of organization engagement and ratio of engaged: unengaged –Actively engaged ratio ≥ 12.4 to 1 Drive implementation of the Diversity Plan –Leadership complete at least one diversity training course 95% –Increase Supplier Diversity $135MM, +5% –Utilize best efforts to increase pipeline of U.S. diverse managerial talent –% of Promotions, % of Hires, Turnover Advance Corporate Wellness Strategy and significantly upgrade core science and technology capabilities on wellness/nutrition. Reduce Injury Rates (incidence/200,000 hrs) –Lost time injury rate –Reportable injury rate FinancialMarketplace StrategicOperations Campbell Balanced Scorecard

15. 15 Keeping the Focus on the Community Corporate Mission Corporate Mission Focus Areas Approaches Platform Name Platform Name Together we will build the world’s most extraordinary food company by nourishing people’s lives everywhere, every day Together we will build the world’s most extraordinary food company by nourishing people’s lives everywhere, every day Nourishing our Neighbors Education Wellness Hunger Relief Hunger Relief MIND BODY SPIRIT Local Communities Local Communities SUSTAINABILITY SUSTAINABILITY Philanthropy: Community Service: Cause Marketing: Matching Gifts, United Way, Foundation Grants, Product Donations Matching Gifts, United Way, Foundation Grants, Product Donations Dollars for Doers, 50 Hours for the Community, Make a Difference Day, Teambuilding Activities Dollars for Doers, 50 Hours for the Community, Make a Difference Day, Teambuilding Activities Labels for Education, Tackling Hunger, Breast Cancer Awareness, Fishfully Thinking, Go Red Labels for Education, Tackling Hunger, Breast Cancer Awareness, Fishfully Thinking, Go Red

16. 16 CSR/Community Communications – F’10 to F’12 Community Investment –Camden, Plant communities Hunger Relief –Stamp Out Hunger/SIFE Program, Chunky Tacking Hunger Education –Labels for Education revitalization –Campbell’s/FFA partnership Workplace –Wall to wall Wellness –Flexibility Initiatives –Global Green teams

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18. 18 Much to Build On – Much More to Come http://campbellsoupcompany.justmeans.com/

19. 19 Thank You