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 Campbell Soup Company CPB President and Chief Executive 
 Officer Denise Morrison and Senior Vice President and Chief Financial 
 Officer Anthony DiSilvestro provided an overview of the company's 
 strategic direction during the Consumer Analyst Group of New York 
 (CAGNY) Conference in Boca Raton, Fla. today.
 
 
 Morrison shared her perspective on the state of the food industry and 
 the consumer environment, and highlighted the steps Campbell is taking 
 to define the future of real food through strategic foresight.
 
 
 Morrison said, "Across every industry and in every organization, the 
 pace of change is unpredictable, unrelenting and unforgiving. The future 
 food world will be more complex and more challenging. To fully unlock 
 Campbell's performance, we&#39;re looking beyond typical five-year planning 
 horizons and establishing well-informed perspectives on opportunities 
 and disruptions driven by the intersection of real food, health and 
 well-being and technology."
 
 
 Morrison focused on four emerging growth platforms, including:
 
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 Future Commerce: E-commerce is transforming the food industry. 
 Between 2016 and 2021, e-commerce sales of food and beverages are 
 projected to reach $66 billion with a compound annual growth rate of 
 38 percent.1 Morrison painted a picture of frictionless 
 future commerce where consumers' food needs will be met anywhere, 
 anytime through connected kitchens and an always-on shopping 
 environment. Morrison outlined Campbell's current programs and plans 
 such as meal kits, buy-now capabilities, recipe integration with 
 leading recipe sites, and dash buttons, as well as the company's focus 
 on increasing its e-commerce capabilities as consumer expectations 
 shift from centralized locations and platforms to diverse omni-channel 
 experiences.
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 My.Moments: Campbell recognizes a growth opportunity to expand 
 its business in snacking across many of its categories. Snacking is an 
 $89 billion market in the U.S. with a compound annual growth rate of 
 nearly 3 percent.2 While more than two-thirds of snacks are 
 of the "mindless munching" variety, the snacks of tomorrow will be 
 more deliberate with a specific purpose; they will be more accessible, 
 affordable and high-quality; and they will be both customizable and 
 offer functional benefits. Campbell's longer-term plans include adding 
 functional benefits to its existing snacks, while also selecting real 
 food ingredients that can address specific needs, such as endurance, 
 mood and energy management, with a goal of ultimately creating new 
 snacking platforms that are true to the company&#39;s Purpose, Real 
 food that matters for life&#39;s moments.
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 Better.Me: The next frontier in nutrition will be about 
 reconfiguring diets according to an individual's specific physiology, 
 lifestyle and health goals. The Better.Me growth platform leverages 
 biometric data to provide personalized food options. To meet this 
 emerging need, Campbell funded Habit, a new startup company positioned 
 at the intersection of health, technology and food, poised to lead the 
 personalized nutrition revolution. Habit is currently being tested in 
 the Greater San Francisco area. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.habit.com&amp;esheet=51514183&amp;newsitemid=20170222006019&amp;lan=en-US&amp;anchor=www.habit.com&amp;index=1&amp;md5=8a07c8a426de7c5747f3ed2658120a63" rel="nofollow" rel="nofollow">www.habit.com</a>.
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 Limitless Local: Limitless Local is a movement that embraces 
 smaller, more regional farming and food production models that foster 
 new narratives around quality, community and place. It fosters a more 
 intimate relationship to food, where it comes from, how it's made and 
 who the people are behind it. Campbell is incorporating Limitless 
 Local in its product development, with brands such as 1915 by 
 Bolthouse Farms, Well Yes! soup, and Prego Farmers' Market, 
 as well as a small-batch production of one of the company's original 
 tomato soup recipes using local New Jersey beefsteak tomatoes. 
 Campbell's history of working with American family farmers for more 
 than a century and its rich heritage of making simple, affordable and 
 delicious foods uniquely position the company to leverage this growth 
 platform.
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 "Guided by our Purpose and our strategic imperatives, we set out to 
 identify clear and compelling growth opportunities. We prioritized these 
 growth platforms we believe will have the greatest impact on Campbell 
 and lead to significant growth opportunities over the next decade," said 
 Morrison. "We have what we need to meet the challenges of this new 
 world. If you look closely at the 148-year history of Campbell, we are 
 not only a company that has proven ourselves capable of dealing with 
 profound change … we are a company with a history of leading profound 
 change, and we are a company that has thrived in periods of profound 
 change. I'm confident that we can and will do so again in the future."
 
 
 DiSilvestro provided an update on the company's three divisions and its 
 multi-year cost savings program, which has generated cost savings by 
 reducing layers of management and increasing spans of control, creating 
 an integrated global services organization and implementing zero-based 
 budgeting. While Campbell's current initiatives will generate in excess 
 of $300 million in savings, the company has identified additional areas 
 of savings opportunity, leading the company to increase its aggregate 
 savings target to $450 million by the end of fiscal 2020. The company 
 expects to achieve these additional savings by further optimizing its 
 supply chain network, primarily in North America; evolving its operating 
 model over time to focus resources on growth opportunities and drive 
 additional efficiencies; and more fully integrating recent acquisitions 
 to generate cost synergies and improve effectiveness by leveraging 
 enterprise scale and capabilities. Cost savings to date have contributed 
 to recent margin expansion and funded reinvestments in the business.
 
 
 DiSilvestro said, "Our strategy is to reinvest a portion of these 
 savings in order to drive growth. We&#39;ll do this a number of ways 
 including increasing marketing support on our key brands, funding new 
 product launches and investing against our real food initiative; making 
 investments in long-term innovation; focusing on geographic expansion in 
 faster-growing spaces; and building our capabilities in digital and 
 e-commerce."
 
 
 Today's presentation will be archived on <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Finvestor.campbellsoupcompany.com%2Fphoenix.zhtml%3Fc%3D88650%26p%3Dirol-irhome&amp;esheet=51514183&amp;newsitemid=20170222006019&amp;lan=en-US&amp;anchor=investor.campbellsoupcompany.com&amp;index=2&amp;md5=b3103c7f794f15e9d482a66e7c82671f" rel="nofollow" rel="nofollow">investor.campbellsoupcompany.com</a> 
 and available for replay later today.
 
 
 About Campbell Soup Company
 
 
 Campbell CPB is driven and inspired by our Purpose, "Real food 
 that matters for life's moments." We make a range of high-quality soups 
 and simple meals, beverages, snacks and packaged fresh foods. For 
 generations, people have trusted Campbell to provide authentic, 
 flavorful and readily available foods and beverages that connect them to 
 each other, to warm memories and to what's important today. Led by our 
 iconic Campbell's brand, our portfolio includes Pepperidge 
 Farm, Bolthouse Farms, Arnott's, V8, Swanson, Pace, Prego, Plum, Royal 
 Dansk, Kjeldsens and Garden Fresh Gourmet. Founded in 1869, 
 Campbell has a heritage of giving back and acting as a good steward of 
 the planet's natural resources. The company is a member of the Standard 
 &amp; Poor's 500 and the Dow Jones Sustainability Indexes. For more 
 information, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.campbellsoupcompany.com&amp;esheet=51514183&amp;newsitemid=20170222006019&amp;lan=en-US&amp;anchor=www.campbellsoupcompany.com&amp;index=3&amp;md5=3b93aab4b00f3d8fdf5be0d23510659f" rel="nofollow" rel="nofollow">www.campbellsoupcompany.com</a> 
 or follow company news on Twitter via <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FCampbellSoupCo&amp;esheet=51514183&amp;newsitemid=20170222006019&amp;lan=en-US&amp;anchor=%40CampbellSoupCo&amp;index=4&amp;md5=69bf4ebc2e5f351e5a357a9b4793fc86" rel="nofollow" rel="nofollow">@CampbellSoupCo</a>. 
 To learn more about how we make our food and the choices behind the 
 ingredients we use, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.whatsinmyfood.com&amp;esheet=51514183&amp;newsitemid=20170222006019&amp;lan=en-US&amp;anchor=www.whatsinmyfood.com&amp;index=5&amp;md5=732ec3e950c9771710f0ed18df4723a1" rel="nofollow" rel="nofollow">www.whatsinmyfood.com</a>.
 
 
 Forward-Looking Statements
 
 
 This release contains "forward-looking statements" that reflect the 
 company's current expectations about the impact of its future plans and 
 performance on the company's business or financial results. These 
 forward-looking statements include statements made regarding the 
 company's marketing strategies and its new enterprise structure and cost 
 reduction initiative. Forward-looking statements rely on a number of 
 assumptions and estimates that could be inaccurate and which are subject 
 to risks and uncertainties. The factors that could cause the company's 
 actual results to vary materially from those anticipated or expressed in 
 any forward-looking statement include (1) the company's ability to 
 manage changes to its organizational structure and/or business 
 processes; (2) the company's ability to realize projected cost savings 
 and benefits from its efficiency programs; (3) the impact of strong 
 competitive responses to the company's efforts to leverage its brand 
 power in the market; (4) the impact of changes in consumer demand for 
 the company's products and favorable perception of the company's brands; 
 (5) the impact of product quality and safety issues, including recalls 
 and product liabilities; (6) the risks associated with trade and 
 consumer acceptance of the company's initiatives, including its trade 
 and promotional programs; (7) the practices, including changes to 
 inventory practices, and increased significance of certain of the 
 company's key trade customers; (8) the impact of disruptions to the 
 company's supply chain, including fluctuations in the supply or costs of 
 energy and raw and packaging materials; (9) the impact of non-U.S. 
 operations, including trade restrictions, public corruption and 
 compliance with foreign laws and regulations; (10) the impact of 
 business portfolio changes; (11) the uncertainties of litigation and 
 regulatory actions against the company; (12) disruption to the 
 independent contractor distribution models used by certain of the 
 company's businesses, including the results of litigation or regulatory 
 actions that could affect their independent contractor classification; 
 (13) the company's ability to protect its intellectual property rights; 
 (14) the impact of an impairment to goodwill or other intangible assets; 
 (15) the impact of increased liabilities and costs related to the 
 company's defined benefit pension plans; (16) the impact of a material 
 failure in or breach of the company's information technology systems; 
 (17) the company's ability to attract and retain key talent; (18) the 
 impact of changes in currency exchange rates, tax rates, interest rates, 
 debt and equity markets, inflation rates, economic conditions, law, 
 regulation and other external factors; (19) the impact of unforeseen 
 business disruptions in one or more of the company's markets due to 
 political instability, civil disobedience, terrorism, armed hostilities, 
 natural disasters or other calamities; and (20) other factors described 
 in the company's most recent Form 10-K and subsequent Securities and 
 Exchange Commission filings. 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.
 
 
 1 Source: Proprietary Campbell Estimate
 
 
 2 Source: Nielsen Scantrack Data 2015
 
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