Campbell to Explore Strategic Alternatives for Godiva Business

Campbell Soup Company (NYSE:CPB) today announced that it will
explore strategic alternatives, including possible divestiture, for
its Godiva Chocolatier business. The decision follows a review of
Campbell's portfolio as part of the company's ongoing strategic
planning process.

Godiva Chocolatier is one of the world's leading premium chocolate
businesses and has annual sales of approximately $500 million. Godiva
products are sold through company-owned and franchised retail stores,
wholesale distribution points, including specialty retailers and finer
department stores, and on the internet.

Douglas R. Conant, Campbell's President and Chief Executive
Officer, said, "Godiva is one of the world's most recognized luxury
brands and the business has been a strong performer for Campbell.
Although the premium chocolate category is experiencing strong growth
and Godiva is well-positioned for the future, the premium chocolate
business does not fit with Campbell's strategic focus on simple
meals,--including soup--baked snacks, and vegetable-based beverages.
It is the right time to explore strategic alternatives for Godiva as
we continue to optimize Campbell's long-term growth potential by
leveraging the competitive advantages of our simple meals, baked
snacks, and vegetable-based beverages businesses."

Campbell has retained Centerview Partners LLC as its financial
advisor in this matter.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality foods and simple meals, including soup, baked snacks,
vegetable-based beverages, and premium chocolate products, with annual
revenues in excess of $7.3 billion. Founded in 1869, the company has a
portfolio of market-leading brands, including "Campbell's,"
"Pepperidge Farm," "Arnott's," "V8," and "Godiva." For more
information on the company, visit Campbell's website at
www.campbellsoupcompany.com.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect
the company's expected future business and financial performance,
including statements about future plans, strategies, opportunities and
objectives of management; statements concerning expected development,
market performance or consumption trends of new or reformulated
products; statements concerning projections of sales, earnings or
volume growth; and statements regarding assumptions underlying any of
the foregoing. Forward-looking statements by their nature address
matters that are uncertain and are subject to risks. These
uncertainties may cause our actual results to vary materially from
those expressed or implied in our forward-looking statements. Please
refer to the company's most recent Form 10-K and subsequent filings
for a further discussion of risks. The company disclaims any
obligation to update its forward-looking statements.