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CAMPBELL'S Co Director's Dealing 2007

Jan 3, 2007

30654_dirs_2007-01-03_cda0c21f-fec0-40eb-a04f-06ba4c93affd.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CAMPBELL SOUP CO (CPB)
CIK: 0000016732
Period of Report: 2007-01-01

Reporting Person: DORRANCE BENNETT (Director, 10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2006-12-28 Common Stock G 270645 $0.00 Disposed 9751490 Indirect

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2007-01-01 Phantom Stock $ A 4104 Acquired Common Stock (4104) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 18000000 Indirect
Common Stock 2419355 Indirect
Common Stock 17957141 Indirect
Common Stock 1105142 Indirect
Common Stock 2043 Indirect

Footnotes

F1: Bennett Dorrance is the sole Trustee of the Bennett Dorrance Trust. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

F2: Held by Guillermo Investments, LLC of which Mr. Dorrance is a majority owner. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

F3: Held by Clarabelle Investments LLC of which Mr. Dorrance is a majority owner. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

F4: Held by The ABD Investments Limited Partnership of which Mr. Dorrance is a majority general partner. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

F5: Held as one of the Trustees for the trusts of Mr. Dorrance's children and he disclaims beneficial ownership of such shares.

F6: Held by Hank, Inc. of which Mr. Dorrance is a majority owner.

F7: 1-for-1

F8: Phantom shares are fully vested and immediately exercisable.

F9: Shares of phantom stock are payable in cash or stock from the Company's Deferred Compensation Plan upon reporting person's retirement, resignation or termination.