1

2

Denise MorrisonPresident & Chief Executive Officer

3

Anthony DiSilvestroSenior Vice President & CFO Effective May 1, 2014

4

5

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

77

Q2 – U.S. Soup

+4%

+5%U.S. Soup

Sales FLAT

+21%7

888

Q2 – Global Baking & Snacking

+14%Total Sales

999

Q2 – Bolthouse Farms

+6%Sales

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

• 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

1212

1313

to to to

Long-term Growth Targets

1414

TUMULTUOUS TIMEin the FOOD INDUSTRY

1515

16

in the16

1717

1818

1919

2020

2121

Maintaining Our FocusIn Our Three Core Categories

SnacksSimple Meals Healthy Beverages

21Thinking Bigger & Acting Bolder

2222

23

> Profitably grow North America Soup and Simple Meals

> Expand our International presence

> Grow faster in Snacks and Healthy Beverages

24

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

MOVES

26

27

1stMOVE

27

28

2ndMOVE

28

29

3rdMOVE

29

30

4thMOVE

30

3131

3232

Highlights of Our Progress

3333

Highlights of Our Progress

3434

Highlights of Our Progress

3535

Highlights of Our Progress

3636

Highlights of Our ProgressTrio of New Growth Engines

3737

Highlights of Our Progress

James WongPresident of Greater China

and Far East

Ümit SubaşiPresident of Asia Pacific

3838

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

Things We Still Have to Accomplish

Execute new strategy for shelf-stable Beverages

41

Things We Still Have to Accomplish

Execute new strategy for shelf-stable Beverages

Restore growth in core business in Australia

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

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

4444

4545

46

Anthony DiSilvestroSenior Vice President –Finance

47

Agenda

• Performance Overview

• Priorities for Uses of Cash

48

Growth RatesF’12

ActualF’13

ActualF’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

Continuing Operations – Fiscal 2014

* Adjusted results; please refer to the non-GAAP reconciliations in the appendix.

Growth Rates Q2 First HalfFull-YearGuidance

Net Sales 6% 2% 4-5%

Organic Net Sales* 3% (1%) 1%

EBIT* 15% (5%) 4-6%

EPS* 19% (4%) 2-4%

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

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

Agenda

• Performance Overview• Priorities for Uses of Cash

53

0

200

400

600

800

1,000

1,200

FY09 FY10 FY11 FY12 FY13

Cash from Operations

Strong Operating Cash Flows

Interest Coverage12 times*

Net Debt/EBITDA2.7 times*

Credit RatingsA2/BBB+

*See non-GAAP reconciliation

U.S. $ Millions

54

1. Capital Expenditures

2. Dividends

3. External Development

4. Share Repurchases

Priorities for the Use of Cash

5555

Cash Allocation History(U

.S. $

mill

ions

)

0

500

1,000

1,500

2,000

2,500

F'09 F'10 F'11 F'12 F'13Capital Expenditures Dividends

5-YR Totals:M&A Share Repurchases

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

$-

$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

5858

External Development to Reshape the PortfolioAcquiring Brands with Faster Growth Profiles

Divested our European Simple Meals Business

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

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

Forward-looking StatementsThis 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

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

Q&A

Anthony DiSilvestroSVP-Finance

Denise MorrisonPresident and CEO

Jennifer DriscollVP-IR

B. Craig OwensSVP, CFO and CAO

64

6565

Reconciliation of GAAP and Non-GAAP Financial Measures

Continuing Operations

Net Sales, Impact of Impact of Organic Net Sales, OrganicJuly 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, OrganicJuly 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 SalesFor the Fiscal Year Ended

($ millions)% Change

% Change

6666

Reconciliation of GAAP and Non-GAAP Financial Measures

Continuing Operations

Net Sales, Impact of Impact of Impact of Organic Net Sales, OrganicJanuary 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, OrganicJanuary 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

6767

Reconciliation of GAAP and Non-GAAP Financial Measures

($ millions, except per share)

Second Quarter

DilutedEBIT 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

6868

Reconciliation of GAAP and Non-GAAP Financial Measures

($ millions, except per share)Six Months

DilutedEBIT 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

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 EPSFor the Fiscal Year Ended

($ millions, except per share)

7070

($ millions)

Reconciliation of GAAP and Non-GAAP Financial Measures

Adjusted Interest Coverage

July 28, 2013As 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

7171

($ millions)

Reconciliation of GAAP and Non-GAAP Financial Measures

July 28, 2013Short-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