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Pepperidge Farm Announces Plans To Build $72 Million State-Of-The-Art Bakery To Meet Increased Northeast Demand

Norwalk, CT – October 1, 2001 – Pepperidge Farm, Inc. today announced plans to build a new $72 million, 265,000-square-foot bakery in the greater Hartford area of Connecticut. The new state-of-the-art facility will produce breads, rolls and stuffing to meet the growing demand for Pepperidge Farm fresh baked goods in Northeastern U.S. states. Pepperidge Farm, Inc. is a leading provider of premium quality baked goods, cookies, crackers and frozen food products with distribution throughout the United States. The company is a subsidiary of Campbell Soup Company, based in Camden, New Jersey.

Pepperidge Farm President David Albright said, “Demand for our products is increasing, and this new facility will enable us to meet that demand while maintaining the premium quality standard that has been Pepperidge Farm’s hallmark for 64 years. Our commitment is to serve all our customers’ needs with the freshest, highest quality products available today. That is the promise on which Margaret Rudkin founded Pepperidge Farm in 1937, and it’s one that we have honored ever since.”

“This significant capital investment, which will be made over two years, also exemplifies Campbell Soup Company’s commitment to its strategic transformation plan announced in July,” Albright added. “The company will invest decisively in manufacturing technologies to enhance product quality and to upgrade capacity to support growth initiatives.”

Expected to start up in Fall of 2003, the new facility will replace Pepperidge Farm’s 54-year-old bakery in Norwalk, Connecticut, whose operations will be phased out. Pepperidge Farm Corporate Offices, which employ 320 at the same site in Norwalk, will remain at that location. Nationwide, Pepperidge Farm’s employees number more than 4,000.

Pepperidge Farm’s Norwalk bakery opened in 1947 as its first full-scale production facility. It is now the oldest of its eight manufacturing facilities in the U.S. The Norwalk bakery currently employs 337 people. Employees will have opportunities to work at the new facility.

“The Norwalk facility has provided Pepperidge Farm customers with excellent baked goods for more than 50 years, and we know that outstanding quality will continue during the transition,” said Albright. “For the future, however, our growing business must take advantage of new technology and production processes that would not have been feasible to implement at this site.”

In addition to fresh bakery products, Pepperidge Farm’s premium product line includes such popular favorites as Milano cookies and Goldfish crackers. Pepperidge Farm, Inc. was purchased by Campbell Soup in 1961 and is now a unit of its Biscuits and Confectionery Group. Other premium brands in the group include Godiva chocolates and Arnott’s biscuits, the leading biscuit company of Australia.

This release contains “forward looking statements” which reflect Campbell’s current expectations about its or its subsidiaries’ future performance. These forward looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward looking statement made by Campbell or its subsidiaries. Please refer to Campbell’s most recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties. The company disclaims any obligation or intent to update the forward looking statements in order to reflect events or circumstances after the date of this release.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverage, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include “Campbell’s” soups worldwide, “Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers, “V8” and “V8 Splash” juices, “Pace” Mexican sauces, “Prego” pasta sauces, “Franco- American” pastas and gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse Tasse,” “Blå Band” and “McDonnells” brands. The company is ably supported by 24,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.