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Campbell Soup Company Pledges $10 Million to Benefit Camden Residents

Plan Designed for Neighborhood Revitalization, Youth ProgramsCAMDEN, N.J., Oct 07, 2008 (BUSINESS WIRE) — Campbell Soup Company today announced a $10 million pledge to the City
of Camden’s neighborhood revitalization
efforts, job training initiatives and projects to benefit youth, such as
after-school and summer programs.

The Public Benefits Plan will be funded over the next five years by
Campbell and the Campbell Soup Foundation, the company’s
philanthropic arm, and will utilize funds from the Foundation, a new
grant from Campbell and additional company funding that leverages New
Jersey’s Neighborhood Revitalization Tax
Credit Program.

Campbell’s President and Chief Executive
Officer Douglas R. Conant said, “Campbell has
been committed to the City of Camden since the company’s
founding here in 1869. This plan builds on that long-standing commitment
and recognizes that companies like Campbell have a responsibility to
help support their communities. Our continued investment in the city and
its residents will help revitalize neighborhoods and support programs
that directly benefit people who call Camden home.”

Campbell created the Public Benefits Plan with the city and the State of
New Jersey as part of the Project Development Agreement for Campbell’s
expansion plans and the revitalization of Camden’s
Gateway District. Details of the Public Benefits Plan are:


Campbell will establish a new fund of approximately $2 million to be
used over the next five years to support projects that would include
job training and other professional development opportunities for city
residents.


The Campbell Soup Foundation will continue its existing philanthropic
efforts in the City by committing an estimated $5 million in grants to
area non-profits over the next five years. The Foundation will
continue to support neighborhood revitalization efforts and youth
programming, such as its annual Summer Program, which provides grants
to local non-profit organizations that offer safe, fun and educational
summer programs. Campbell employees also will continue to volunteer in
the city, with a focus on youth activities and hunger relief programs,
among others.


Over the next five years, Campbell expects to fund $3 million to
benefit neighborhood revitalization efforts. Through the state’s
Neighborhood Revitalization Tax Credit Program established by Governor
Jon S. Corzine, Campbell plans to expend $3 million within or for the
direct benefit of the City of Camden. The Neighborhood Revitalization
Tax Credit Program provides businesses a tax credit for funds given to
non-profit entities carrying out comprehensive revitalization programs
in New Jersey.

“Simply put, the graciousness and commitment
of the Campbell Soup Company to Camden is quite inspirational,”
said Judge Theodore Davis, the city’s Chief
Operating Officer. “The City of Camden is
ecstatic and grateful. We could not have a better partner in bringing
Camden back to its original prowess.”

The first recipients of the Neighborhood Revitalization funds
contributed by Campbell are Heart of Camden and Parkside Business and
Community in Partnership.

Heart of Camden is a non-profit corporation serving the Waterfront South
section of Camden. The organization oversees programs for housing
restoration, economic expansion and human development. Its Neighborhood
Revitalization Plan has three main goals: revitalizing the Broadway
Corridor; creating quality market-rate and affordable housing; and
improving air quality. Heart of Camden received $647,500 in funding from
Campbell.

Parkside Business and Community in Partnership is a non-profit
organization focused on revitalizing the Parkside neighborhood. The group’s
Neighborhood Revitalization Plan includes the revival of the business
district along Haddon Avenue, support for affordable housing, financial
literacy and youth development projects. The centerpiece of the
revitalization effort is a planned 20,000 square-foot mixed-use building
that will anchor the corridor near Haddon and Kaighn Avenues. The
Parkside neighborhood is located South East of Campbell’s
headquarters. Parkside also received $647,500 in funding from Campbell.

Campbell announced the Public Benefits Initiative today at a news
conference at The Garden of Hope on Empire Avenue in Camden’s
Parkside neighborhood.

“Governor Corzine has stressed the importance
of rebuilding our state one community at a time,”
said Department of Community Affairs Commissioner Joseph Doria. “I
thank Campbell’s for their dedication to the residents of Camden and
their willingness to work with us through the NRTC program. The
commitment they make today is an example we hope others throughout the
state will follow.”

Campbell’s World Headquarters Expansion

Campbell continues to make progress on the Gateway Redevelopment
Project. The company has acquired more than five acres of land in the
immediate area for redevelopment as part of a planned office park. In
addition, Campbell recently demolished the abandoned and
graffiti-covered Sears Tire and Battery building, located next to the
long-neglected Sears building, on Admiral Wilson Boulevard.

Campbell plans to break ground on its new building at a ceremony at its
campus later this month.

Project Background

The planned office park will sit on approximately 100 acres, with
Campbell’s campus covering approximately 40
acres. The development will span parcels that previously included vacant
buildings, empty parking lots and other neglected parcels.

Campbell plans to invest approximately $90 million in the project.
Government agencies will invest approximately $23.5 million to upgrade
roadways and other utilities in the area.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, baked snacks, and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,”
“Pepperidge Farm,” “Arnott’s,”
and “V8.” For more
information on the company, visit Campbell’s
website at www.campbellsoup.com.

SOURCE: Campbell Soup Company

Anthony Sanzio (Media) 
Campbell Soup Company 
(856) 968-4390