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Campbell Announces Settlement in Principle of Class Action Lawsuit

CAMDEN, N.J., Feb 6, 2003 (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB)
announced today that it has reached a settlement to conclude a securities class
action lawsuit brought against the Company and two of its former executives in
January 2000. Under the settlement, all claims will be dismissed and the
litigation will be terminated in exchange for a payment of $35 million. The full
amount of the payment will be covered by insurance. The settlement is subject to
court approval.

The lawsuit focused on shipping and sales practices from September 1997 through
January 1999, and related public disclosures. The settlement agreement
recognizes that entry into the settlement does not constitute an admission of
fault or liability by Campbell or any other defendant.

CONTACT:          Campbell Soup Company
Michelle M. Davidson (Media), 856/968-4390
Leonard F. Griehs (Analysts), 856/342-6428