Using the percent of sales method to project out a 2020 balance sheet. Tax rate is 21% and growth rate is -7.7%

Jul. 30, 574 $ 319 605 902 74 1,900 2.454 2,115 1,118 139 14,529 1,037 666 561 111 20 10 Consolidated Balance Sheets - USD ($) shares in Millions, $ Jul. 28, Jul. 29, Current assets Cash and cash equivalents $ 31 i $ 49 Accounts receivable, net 563 Inventories 863 887 Other current assets 71! 71 Current assets of discontinued operations 428 726 Total current assets 1,967 2,296 Plant assets, net of depreciation 2.455 2,466 Goodwill 4.0171 3.864 Other intangible assets, net of amortization 3,415 i 3,664 Other assets ($76 as of 2019 and $77 as of 2018 attributable to variable 127 189 Noncurrent assets of discontinued operations 1,167 2,050 Total assets 13,148 14,529 Current liabilities Short-term borrowings 1,371 1,525 Payable to suppliers and others 814 705 Accrued liabilities 609 516 Dividends payable 107 107 Accrued income taxes 15 Current liabilities of discontinued operations 469 731 Total current liabilities 3,385 3,594 Long-term debt 7,103 7,991 Deferred taxes 924 960 Other liabilities 559 547 Noncurrent liabilities of discontinued operations 65 64 Total liabilities 12,036 13.156 Commitments and contingencies Campbell Soup Company shareholders' equity Preferred stock, authorized 40 shares: none issued 0 Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares 12 Additional paid-in capital 349 Earnings retained in the business 1,993 2.224 Capital stock in treasury, at cost (1,076) (1103) Accumulated other comprehensive loss (198) (118) Total Campbell Soup Company shareholders' equity 1,103 1,364 Noncontrolling interests 9 Total equity 1,112 1,373 Total liabilities and equity $ 13,148 i $ 14,529 Preferred Stock, Shares Authorized 40 40 Preferred Stock, Shares Issued Common Stock, Par or Stated Value Per Share $ 0.0375 $ 0.0375 Capital Stock, Shares Authorized 560 i 560 Common Stock, Shares, Issued -------- Variable Interest Entity Current assets Other assets ($76 as of 2019 and $77 as of 2018 attributable to variable $76 $77 2,395 2,499 490 697 6,081 12 359 2.385 (1,066) (53) 1,637 9 1,645 $ 7,726 0 323 -323 Jul. 30, 574 $ 319 605 902 74 1,900 2.454 2,115 1,118 139 14,529 1,037 666 561 111 20 10 Consolidated Balance Sheets - USD ($) shares in Millions, $ Jul. 28, Jul. 29, Current assets Cash and cash equivalents $ 31 i $ 49 Accounts receivable, net 563 Inventories 863 887 Other current assets 71! 71 Current assets of discontinued operations 428 726 Total current assets 1,967 2,296 Plant assets, net of depreciation 2.455 2,466 Goodwill 4.0171 3.864 Other intangible assets, net of amortization 3,415 i 3,664 Other assets ($76 as of 2019 and $77 as of 2018 attributable to variable 127 189 Noncurrent assets of discontinued operations 1,167 2,050 Total assets 13,148 14,529 Current liabilities Short-term borrowings 1,371 1,525 Payable to suppliers and others 814 705 Accrued liabilities 609 516 Dividends payable 107 107 Accrued income taxes 15 Current liabilities of discontinued operations 469 731 Total current liabilities 3,385 3,594 Long-term debt 7,103 7,991 Deferred taxes 924 960 Other liabilities 559 547 Noncurrent liabilities of discontinued operations 65 64 Total liabilities 12,036 13.156 Commitments and contingencies Campbell Soup Company shareholders' equity Preferred stock, authorized 40 shares: none issued 0 Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares 12 Additional paid-in capital 349 Earnings retained in the business 1,993 2.224 Capital stock in treasury, at cost (1,076) (1103) Accumulated other comprehensive loss (198) (118) Total Campbell Soup Company shareholders' equity 1,103 1,364 Noncontrolling interests 9 Total equity 1,112 1,373 Total liabilities and equity $ 13,148 i $ 14,529 Preferred Stock, Shares Authorized 40 40 Preferred Stock, Shares Issued Common Stock, Par or Stated Value Per Share $ 0.0375 $ 0.0375 Capital Stock, Shares Authorized 560 i 560 Common Stock, Shares, Issued -------- Variable Interest Entity Current assets Other assets ($76 as of 2019 and $77 as of 2018 attributable to variable $76 $77 2,395 2,499 490 697 6,081 12 359 2.385 (1,066) (53) 1,637 9 1,645 $ 7,726 0 323 -323