CAMPBELL'S Co — Director's Dealing 2006

Dec 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CAMPBELL SOUP CO (CPB)
CIK: 0000016732
Period of Report: 2006-12-19

Reporting Person: MALONE MARY ALICE (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-19	Common Stock	M	2176	$36.47	Acquired	26694713	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-19	Stock Options (Right to Buy)	$36.47	M	2176	Disposed	2007-01-02	Common Stock (2176)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	26948120	Indirect
Common Stock	80266	Indirect
Common Stock	531105	Indirect

Footnotes

F1: Shares held indirectly by Contango LP ("Contango"). Contango is a limited partnership and Hera LLC, of which the reporting person is the sole member, is the general partner. The reporting person disclaims beneficial ownership of all of the above shares except to the extent of her pecuniary interest therein.

F2: Shares held by trusts for children. The reporting person disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein.

F3: These shares are indirectly owned by grantor annuity trusts. These shares include 183,400 shares which were previously reported as directly owned. The reporting person disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein.

F4: The options vested cumulatively over three years at the rate of 30%, 60% and 100% respectively on the first three anniversaries of the grant date of 1/2/1997.