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Press release from Business Wire

Campbell Announces $1 Billion Share Repurchase Program

Thursday, June 23, 2011

Campbell Announces $1 Billion Share Repurchase Program16:35 EDT Thursday, June 23, 2011 CAMDEN, N.J. (Business Wire) -- Campbell Soup Company (NYSE:CPB) today announced that its Board of Directors has authorized a new share repurchase program. Under the new program, Campbell is authorized to purchase up to $1 billion of its outstanding shares in open market and privately negotiated transactions. The program has no expiration date. The new share repurchase program replaces the June 2008 authorization of $1.2 billion, which has been completed. The new program is in addition to Campbell's practice of buying back shares sufficient to offset those issued under incentive compensation plans. About Campbell Soup Company Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell's,” “Pepperidge Farm,” “Arnott's” and “V8.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoup.com. Forward-Looking Statements This release contains “forward-looking statements” that reflect the company's current expectations about its future plans and performance, including share repurchases, on cash flows and earnings. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. Please refer to the company's most recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties. 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. Campbell Soup CompanyAnthony Sanzio (Media)(856) 968-4390orJennifer Driscoll (Analysts/Investors)(856) 342-6081