CAMPBELL'S Co — Director's Dealing 2011

May 6, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CAMPBELL SOUP CO (CPB)
CIK: 0000016732
Period of Report: 2011-05-04

Reporting Person: CONANT DOUGLAS R (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-04	Common Stock	M	199483	$0.00	Acquired	877536	Direct
2011-05-04	Common Stock	S	199483	$33.77	Disposed	678053	Direct
2011-05-05	Common Stock	M	199483	$0.00	Acquired	877536	Direct
2011-05-05	Common Stock	S	199483	$33.45	Disposed	678053	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-04	Employee Stock Options	$27.99	M	199483	Disposed	2011-09-28	Common Stock (199483)	Direct
2011-05-05	Employee Stock Options	$27.99	M	199483	Disposed	2011-09-28	Common Stock (199483)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1463	Indirect

Footnotes

F1: All sales reported on this Form 4 were made pursuant to a Rule 10b5-1 Trading Plan executed on March 10, 2010.

F2: The price reflects the weighted average sale price for the transactions reported on this line. The range of prices for the transactions reported on this line are $33.62 to and including $33.92. The full information regarding the number of shares sold at each separate price will be provided upon request to the Commission staff.

F3: The price reflects the weighted average sale price for the transactions reported on this line. The range of prices for the transactions reported on this line are $33.35 to and including $33.58. The full information regarding the number of shares sold at each separate price will be provided upon request to the Commission staff.

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 9/28/2001.