Campbell’s Corporate Social Responsibility

We recognize and respect the fact that Corporate Social Responsibility (“CSR”) and “sustainability” mean different things to different people. First, here is some context on how we view these terms.

At the most basic level, CSR and sustainability at Campbell Soup Company mean advancing global wellness and nutrition, helping to build a more sustainable environment, and honoring our role in society from the farm to the family. More broadly, we consider CSR and sustainability as approaches to the conduct of business that build employee engagement, create positive social impacts, enable operational efficiency, reduce costs, foster innovation, strengthen our relationships with our customers and consumers, and ultimately create business advantage over the long term.

We firmly believe that a company should be judged not just on its financial performance but on its commitment to CSR and sustainability. We are confident that our consumers, customers, employees, and investors feel the same. We also believe that the importance of this commitment will increase as the 21st century progresses.

CSR Corporate Imperative 2020 Destination Goals

1. Nourishing Our Consumers — Continually advance the nutrition and wellness profile of our product portfolio.

2. Nourishing Our Neighbors — Measurably improve the health of young people in our hometown communities by reducing hunger and childhood obesity by 50%.

Make a positive impact in the lives of 100 million youth through our volunteer, community, and signature programs.

3. Nourishing Our Employees — Achieve 100% employee engagement in CSR and sustainability strategies.

4. Nourishing Our Planet — Cut the environmental footprint of our product portfolio in half as measured by water use and CO2 emissions per tonne of product produced.

Supporting Goals

• Reduce energy use by 35% per tonne of product produced, and source 40% of the energy used by the company from renewable or alternative energy sources.
• Recycle 95% of waste generated on a global basis.
• Eliminate 100 million pounds of packaging from Campbell products.
• Deliver 100% of global packaging from sustainable materials (renewable, recyclable, or from recycled content).
• Reduce water use by 20% and energy use by 30% per pound in our top five agricultural ingredients.

Managing Performance

Campbell employs a “balanced scorecard” to define annual objectives and measure the performance of the company as a whole and by the individual business units. Goals defined in the scorecard fall within four key measurement areas relating respectively to the company's financial, strategic, operational, and marketplace objectives. Through our balanced scorecard, we assess not only whether we achieve our objectives, but also how we achieve them.

CSR and sustainability metrics are included in categories across Campbell's balanced scorecard: the primary tool used to determine annual incentive compensation for executives, managers, and professionals. Objectives range from specific steps in strategy development to individual reporting milestones, such as establishment of agreed-upon metrics, expansion of community service programs, workplace diversity and inclusion, and supplier diversity and safety. Some examples of CSR objectives in the balanced scorecard for the current year include the following:

• Advance progress toward long-term Sustainability Destination Goals while delivering value to Campbell Businesses
• Improving environmental stewardship through reductions in energy and water use
• Increasing recycling efficiency and expanding logistics sustainability efforts
• Improving diversity representation and inclusion
• Improving Campbell's global safety performance
• Maintaining and improving our world-class levels of employee engagement
• Advancing progress to our Community Destination Goal to reduce hunger and childhood obesity in Campbell Communities
• Launching a signature community program in Camden, NJ as a blueprint for future expansion

Economic

** Includes end of FY revenue from Organic, Full Vegetable Serving, Light, Low Fat, Reduced Sodium and Whole Grain products.

Environmental

* Waste Disposed and Recycled % for 2008 is result for U.S. only. Subsequent numbers represent global operations.

Source: www.campbellsoupcompany.com

August 2011