Welcome. Jennifer Driscoll Vice President Investor Relations

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2 Welcome Jennifer Driscoll Vice President Investor Relations 2

3 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 fiscal periods, on our ability to execute our business strategies successfully, on our expectations related to portfolio changes, and the success of our innovation and marketing initiatives. 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 response 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 the company s most recent Form 10-K and subsequent SEC filings. We undertake no obligation to update these statements to reflect new information or future events. 3

4 Items Impacting Comparability F 14 Q3 year-to-date continuing operations were impacted by the following items: $37MM of restructuring charges and related costs associated with the restructure of manufacturing and streamlining the soup business operations in China, streamlining our workforce and for previously announced initiatives $18MM U.S. pension plan settlement charge $9MM loss on foreign exchange forward contracts $7MM tax expense on sale of the European simple meals business F 13 Q3 year-to-date continuing operations were impacted by these items (pre-tax): $112MM of restructuring charges and related costs associated with our U.S. supply chain and new commercial agreements in Mexico $10MM of transaction costs associated with the Bolthouse Farms acquisition 4

5 Non-GAAP Measures 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 shown as an appendix to this presentation and accessible online at investor.campbellsoupcompany.com. 5

6 Agenda for Today s Investor Day Webcast 12:30 p.m. Strategic Perspectives & Financial Highlights Denise Morrison, President & CEO Anthony DiSilvestro, SVP & CFO 1:20 p.m. Strengthening the Core Business Mark Alexander, SVP & President Campbell North America Ed Carolan, President U.S. Retail Darren Serrao, SVP & General Manager Innovation & New Business Development 2:30 p.m. Break (15 minutes) 2:45 p.m. Expanding into Faster-Growing Spaces Irene Chang Britt, President Pepperidge Farm Luca Mignini, SVP & President Campbell International Jeff Dunn, President Bolthouse Farms 3:25 p.m. Questions & Answers 4:00 p.m. Innovation Experience 6

7 Denise Morrison, President & Chief Executive Officer Denise Morrison is President and CEO of Campbell Soup Company. She became Campbell's CEO in August 2011, after more than eight years at Campbell and more than 30 years in the food business. She is Campbell s 12th leader in its 144-year history. Denise joined Campbell in 2003 as President-Global Sales and Chief Customer Officer. She then served as President-Campbell USA and Senior Vice President and President-North America Soup, Sauces and Beverages. She was named Executive Vice President and Chief Operating Officer in 2010, and she was also appointed as a Director of the Campbell s board. Previously, Denise was Executive Vice President and General Manager of Kraft Foods' Snacks and Confections divisions, responsible for leading brands including Planters nuts, Life Savers candies, and Altoids mints. Her extensive food business experience also includes senior leadership roles at Nabisco, Nestle and Pepsi-Cola. She began her career at Procter & Gamble. Denise is a founding member of the Healthy Weight Commitment Foundation, an initiative of manufacturers and retailers to combat obesity in the marketplace, workplace, and schools. She also serves on the board of the Grocery Manufacturers Association, where she chairs its Health and Wellness Committee. Denise was named as a Vice Co-Chair of the Consumer Goods Forum in 2013 and serves on the organization s board. Denise was named to President Barack Obama s Export Council in Denise previously served on the boards of The Goodyear Tire & Rubber Company and Ballard Power Systems Inc. She serves on the board of directors for MetLife, Inc., Catalyst and Enactus (formerly Students in Free Enterprise). She is regularly named amongthe Fortune and Forbes Most Powerful Women. Denise earned her B.S. degree in economics and psychology from Boston College, graduating magna cum laude. 7

8 Anthony DiSilvestro, SVP-Finance and CFO Anthony DiSilvestro was appointed Senior Vice President and Chief Financial Officer effective May 1, He reports to Denise Morrison, President and Chief Executive Officer. Anthony has responsibility for global finance including: controllers, treasury, external development, tax, real estate, corporate audit, investor relations, and the business unit finance functions. Anthony joined Campbell in 1996 as Deputy Treasurer. He was promoted to Vice President-Treasurer in 1997, and named Vice President-Finance, Campbell North America, in He then served as Vice President-Strategic Planning and Corporate Development prior to becoming Vice President-Finance, Campbell International in In 2004, he was named Vice President-Controller, where he oversaw the company's accounting functions and compliance with all financial and reporting requirements. He was appointed Campbell's Senior Vice President- Finance in 2010, which in 2012 was expanded to include the finance responsibilities for Campbell North America. Before joining Campbell, Anthony held increasingly senior finance and treasury positions with Scott Paper Company, from Treasury Analyst to Director-Corporate Finance. He earned his B.A. degree from Dartmouth College, and his M.B.A. degree from The Wharton School of Business at the University of Pennsylvania. 8

9 Mark Alexander, SVP and President Campbell North America Mark Alexander was named President-Campbell North America in January Since joining Campbell in 1989, Mark has held marketing, sales, and management roles in the U.S., Canada, U.K., Ireland, Australia, and Hong Kong. From 2010 to 2012, he served as President-Campbell International, where he was responsible for the company's businesses in Asia Pacific, Europe, and Latin America. From 2009 to 2010, he was Senior Vice President-Chief Customer Officer and President-North America Baking and Snacking, overseeing all of Campbell's sales teams, including those in North America, Europe, and Asia Pacific, as well as Campbell's Pepperidge Farm business. From 2006 to 2009, he served as President-Asia Pacific, overseeing Campbell's businesses in this region, including Arnott's Biscuits, Arnott's Snackfoods, and Campbell's. Previous Campbell roles include Vice President-Soup and Grocery for Asia Pacific, Vice President-Marketing for Campbell Canada, Business Director for the ready-to-serve soup portfolio in the U.S., and Managing Director-U.K. and Ireland. Mark began his career with the D Arcy, Masius, Benton & Bowles advertising agency, where he held marketing and client services roles. He earned his B.A. degree in economics and political science with honors from Queen s University in Canada. 9

10 Ed Carolan, President U.S. Retail Ed Carolan was named President-U.S. Retail in He reports to Mark Alexander, President, Campbell North America. Ed leads all of Campbell's core U.S. retail businesses, encompassing Campbell s condensed, Chunky, Homestyle, and Slow Kettle soups; Swanson broth; Prego Italian sauce; Pace Mexican sauce; SpaghettiOs pasta; and beverages including V8, V8 V-Fusion, V8 Splash, and Campbell s Tomato juice. Ed joined Campbell in 2001 as Senior Marketing Manager, Condensed Red and White Eating Icons. In 2003, he was promoted to Marketing Director, Hearty Soups, where he oversaw the accelerated growth of Campbell s Chunky ready-to-serve soup business. He was promoted in 2004 to Marketing Director, Condensed Red and White Soup Portfolio, where he led the turnaround of the flagship condensed soup business. He was promoted to Vice President of Marketing, Light Soups, in In 2006, he moved into the role of Vice President and General Manager, StockPot Inc.,where he led the breakthrough growth behind Retail Perimeter. A year later, he was named Vice President and General Manager, Premium Business, North America Foodservice. In 2009, he was appointed Vice President and General Manager, Foodservice. In 2009, he was named Senior Vice President and General Manager, Snacks, Pepperidge Farm. In 2011, Ed was named Vice President and General Manager, Soup and Simple Meals, responsible for U.S. brands including Campbell's condensed soup, Chunky, Healthy Request, Swanson, Pace, Prego, and SpaghettiO s. Ed previously spent five years with Procter & Gamble, both in the U.S. and overseas, where he led the successful introduction of Charmin bath tissue into Western Europe. Prior to P&G, he worked for Andersen Consulting. He earned his bachelor of electrical engineering degree, with a minor in French, from the Georgia Institute of Technology, and his M.B.A. degree from Harvard Business School. 10

11 Darren Serrao SVP and General Manager, Innovation and New Business Development Darren Serrao was appointed Vice President and General Manager, Innovation and New Business Development, in 2012, and advanced to Senior Vice President in August Darren reports to Mark Alexander, President, Campbell North America. Darren is responsible for accelerating breakthrough innovation across Campbell's U.S. retail businesses, across core categories including Soup, Simple Meals, and Beverages. Darren previously served as Vice President and General Manager, Campbell USA Sauces and Beverages, since He led a portfolio including V8, V8 V-Fusion, and V8 Splash beverages; Campbell s Tomato juice; Pace and Prego sauces; Campbell s beans; Swanson chicken; and simple meals. Before that, Darren was Vice President-Beverages, where he led the V8 beverage enterprise and worked to expand the V8 brand s vegetable nutrition platform. He also was Vice President-Customer Marketing in the Campbell US Sales organization. He started his Campbell career in 1999 as Marketing Director-Red & White, Campbell Canada. He previously worked for PepsiCo in Brand Marketing, and with Unilever for 10 years, working primarily in the household care and personal care business units. He earned his bachelor s degree from Carleton University. 11

12 Irene Chang Britt, President, Pepperidge Farm Senior Vice President- Global Baking and Snacking Irene Chang Britt was appointed Senior Vice President-Global Baking and Snacking in April 2012, and added the role of President, Pepperidge Farm, in August Irene joined Campbell as Vice President and General Manager-Sauces and Beverages in December She was responsible for the U.S. Beverage portfolio, as well as the Prego and Pace sauces businesses. Under Irene's leadership, the Sauces and Beverages business delivered three consecutive years of outstanding top- and bottom-line growth, including consistent gains of net sales, market share, and profit on the company's U.S. Beverage business. In 2008, Campbell elevated healthy beverages to one of its three strategic focus areas, along with simple meals and baked snacks. Later that year, Irene was named President-North America Foodservice, leading the company's traditional foodservice business as well as the retail perimeter business across the United States and Canada. Irene was named Senior Vice President and Chief Strategy Officer in October She led Campbell's global strategy, and she was responsible for Global Marketing Services and Global Consumer and Customer Insights. Previously, Irene spent eight years with Kraft Foods, including positions as Senior Vice President and General Manager of the Salted Snacks division and Post Cereal division. Before that, she spent 12 years at Kimberly-Clark, where she moved up progressively in marketing positions and held key assignments in Sales and Research and Development leadership. As Director of the Washroom Systems business, she played a central role in integrating the Scott Paper business and organization after it was acquired by Kimberly-Clark. Irene has served as a Director to the Board of Sunoco, Inc., and also serves on the Catalyst Board of Advisors and on the Enactus (formerly Students In Free Enterprise, or SIFE) U.S. Executive Advisory Board. Irene earned her B.A. degree from the University of Toronto and her M.B.A. degree from the Richard Ivey School of Business at the University of Western Ontario, where she graduated on the Dean's Honor List. In addition to her first language, English, Irene also speaks French and Chinese. 12

13 Jeff Dunn, President Bolthouse Farms Jeff Dunn joined Bolthouse Farms as President in He reports to Denise Morrison, Campbell s President and Chief Executive Officer. Jeff leads Bolthouse Farms, a California-based provider of fresh, healthful food and beverage products, which Campbell acquired in His campaign to encourage Americans to eat baby carrots like junk food earned national acclaim, spurring a sustained rise in carrot sales. The company is North America s leading processor and marketer of fresh carrots, as well as the leading provider of super-premium juice, smoothies, and salad dressings. Jeff has led both large and small companies to growth through brand and marketing innovation. Prior to joining Bolthouse, he was President and CEO of Ubiquity Brands, a rollup of several regional snack food businesses. He previously spent 22 years in increasingly responsible leadership positions with The Coca-Cola Company, culminating with his role as President of Coca-Cola North America, the largest of the company s strategic business units. He also ran his own investment and consulting firm, Grassy Lake Partners, for 10 years. Jeff earned his B.A. degree in business from the University of Georgia and his M.B.A. degree in management from The George L. Graziadio School of Business and Management at Pepperdine University. He serves on the Board of Directors of the Produce Marketing Association and is an advisory board member to the Food Day Initiative for the Center for Science in the Public Interest. In 2010, he was appointed to the Board of Directors for Herbalife, a leading provider of health and wellness products. 13

14 Luca Mignini President Campbell International Luca Mignini was named President, Campbell International effective January He reports to Denise Morrison, President and Chief Executive Officer. Luca oversees all aspects of Campbell's existing businesses in Europe, Asia Pacific, China, and Latin America. He also works to identify opportunities in new markets around the world. Luca has led consumer packaged goods businesses around the world, including successfully driving growth in Latin and South America, Greater China, Europe, Asia Pacific, and Eastern Europe. Previously, Luca spent more than two years as the CEO of the Findus Italy division of IGLO Group, Europe s leading frozen food business. The Findus brand of family-oriented frozen foods includes vegetables, chicken, and fish, and accounts for approximately 40 percent of IGLO s annual sales. He also served on IGLO s board of directors. Before that, Luca worked with SC Johnson for more than 20 years in international and regional roles in Europe, Greater China and South East Asia, and Latin America. His last role was Senior Vice President, Europe, Japan and Australia and New Zealand. Prior to this, he served as Vice President, Central and South East Europe; and Vice President, Greater China/ASEAN. Earlier in his career, Luca held positions at Johnson & Johnson and Perugina Buitoni. Luca earned his bachelor of economics and business administration degree from Bocconi University, Milan, Italy, and his M.B.A. degree from the Kellogg School of Management at Northwestern University. He serves as incoming Chapter Chair for the Young Presidents Organization in Italy 14

15 Jennifer Driscoll, VP Investor Relations Jennifer Driscoll has more than 20 years of finance and communications experience. She joined Campbell in 2009 as Vice President Investor Relations. Prior to joining Campbell, Jennifer served a Vice President of Investor Relations at Best Buy Co., which she joined in 2001 as Director of Investor Relations. During her time at Best Buy, Driscoll earned recognition from IR Magazine for establishing and leading one of the top 100 investor relations departments in the country. Before that, Jennifer was Managing Director of Investor Relations at Dain Rauscher Corporation in Minneapolis. Prior to that, she served as Managing Director of the public relations function at Dain Rauscher Corporation. Earlier in her career, Driscoll worked at Weber Shandwick Worldwide public relations and as a journalist at a financial trade journal. Driscoll has a B.A. degree in English from The University of St. Catherine in St. Paul, Minnesota, and an M.B.A. in Finance from the University of St. Thomas, also in St. Paul. She is a member of the National Investor Relations Institute (NIRI), a member of the NIRI Senior Roundtable, a vice president of the Philadelphia chapter of NIRI, and a past president of the NIRI Twin Cities chapter. 15

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