Live Webcast

As previously announced, the Company will hold a conference call with analysts today at 8:30 a.m. Eastern Time. The conference call will be webcast live via Hershey’s corporate Web site www.hersheys.com. Please go to the Investor Relations Section of the Web site for further details.

Live Webcast

As previously announced, the Company will hold a conference call with analysts today at 5 p.m. Eastern Time. The conference call will be webcast live via Hershey’s corporate Web site www.hersheys.com. Please go to the Investor Relations Section of the Web site for further details.

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The Hershey Company
Summary of Consolidated Statements of Income
for the periods ended April 3, 2005 and April 4, 2004
(in thousands of dollars except per share amounts)

                                                           First Quarter
                                                           -------------
                                                       2005            2004
                                                       ----            ----

Net Sales                                           $1,126,414      $1,013,089
                                                    ----------      ----------
Costs and Expenses:
   Cost of Sales                                       695,131         625,632
   Selling, Marketing and Administrative               225,410         204,133
                                                    ----------      ----------
   Total Costs and Expenses                            920,541         829,765
                                                    ----------      ----------
Income Before Interest and Income Taxes (EBIT)         205,873         183,324
Interest Expense, net                                   19,404          14,854
                                                    ----------      ----------
Income Before Income Taxes                             186,469         168,470
Provision for Income Taxes                              68,248          61,323
                                                    ----------      ----------
Net Income                                          $  118,221      $  107,147
                                                    ==========      ==========
Net Income Per Share - Basic - Common                    $0.49           $0.42
                                                    ==========      ==========
                     - Basic - Class B                   $0.45           $0.38
                                                    ==========      ==========
                     - Diluted                           $0.47           $0.41
                                                    ==========      ==========
Shares Outstanding  - Basic - Common                   185,715         198,916
                                                    ==========      ==========
                    - Basic - Class B                   60,829          60,844
                                                    ==========      ==========
                    - Diluted                          250,308         262,054
                                                    ==========      ==========

Key Margins:
   Gross Margin                                          38.3%           38.2%
   EBIT Margin                                           18.3%           18.1%
   Net Margin                                            10.5%           10.6%

The Hershey Company
Consolidated Balance Sheets
as of April 3, 2005 and December 31, 2004
(in thousands of dollars)

Assets                                                 2005            2004
------                                                 ----            ----

Cash and Cash Equivalents                         $   18,060      $   54,837
Accounts Receivable - Trade (Net)                    289,991         408,930
Deferred Income Taxes                                 43,786          46,503
Inventories                                          640,223         557,180
Prepaid Expenses and Other                           128,005         114,991
                                                  ----------      ----------
Total Current Assets                               1,120,065       1,182,441

Net Plant and Property                             1,661,374       1,682,698
Goodwill                                             463,250         463,947
Other Intangibles                                    124,946         125,233
Other Assets                                         379,139         343,212
                                                  ----------      ----------
Total Assets                                      $3,748,774      $3,797,531
                                                  ==========      ==========
Liabilities and Stockholders' Equity
------------------------------------

Loans Payable                                     $  707,408      $  622,320
Accounts Payable                                     167,848         148,686
Accrued Liabilities                                  396,646         472,096
Taxes Payable                                         69,243          42,280
                                                  ----------      ----------
Total Current Liabilities                          1,341,145       1,285,382

Long-Term Debt                                       690,312         690,602
Other Long-Term Liabilities                          416,876         403,356
Deferred Income Taxes                                329,719         328,889
                                                  ----------      ----------
Total Liabilities                                  2,778,052       2,708,229
Total Stockholders' Equity                           970,722       1,089,302
                                                  ----------      ----------
Total Liabilities and Stockholders' Equity        $3,748,774      $3,797,531
                                                  ==========      ==========

Live Webcast

As previously announced, the Company will hold a conference call with analysts today at 10 a.m. Eastern Time. The conference call will be webcast live via Hershey’s corporate Web site www.hersheyfoods.com. Please go to the Investor Relations Section of the Web site for further details.

_________________

Media Contact:        Stephanie L. Moritz   (717) 508-3238
Financial Contact:    James A. Edris           (717) 534-7556

                                                    Hershey Foods Corporation
                                           Summary of Consolidated Statements of Income
                                  for the periods ended December 31, 2004 and December 31, 2003
                                        (in thousands of dollars except per share amounts)


                                                          Fourth Quarter            Twelve Months
                                                          --------------            -------------
                                                       2004          2003         2004           2003
                                                       ----          ----         ----           ----

Net Sales                                          $1,267,963    $1,179,255   $4,429,248    $4,172,551
                                                   -----------   -----------  -----------  -----------
Costs and Expenses:
   Cost of Sales                                      764,287       708,292    2,679,531     2,544,726
   Selling, Marketing and Administrative              217,150       215,395      847,540       816,442
   Business Realignment Charge, net                     ---          10,908        ---          23,357
   Gain on Sale of Business                             ---            ---         ---          (8,330)
                                                   -----------   -----------  -----------  -----------
   Total Costs and Expenses                           981,437       934,595    3,527,071     3,376,195
                                                   -----------   -----------  -----------  -----------

Income Before Interest and Income Taxes (EBIT)        286,526       244,660      902,177       796,356
Interest Expense, net                                  17,939        16,116       66,533        63,529
                                                   -----------   -----------  -----------  -----------
Income Before Income Taxes                            268,587       228,544      835,644       732,827
Provision for Income Taxes                             98,301        83,606      244,765       267,875
                                                   -----------   -----------  -----------  -----------
Income Before Accounting Change                       170,286       144,938      590,879       464,952
Cumulative Effect of Accounting Change,
   net of tax                                            ---            ---         ---          7,368
                                                   -----------   -----------  -----------  -----------
Net Income                                           $170,286      $144,938     $590,879      $457,584
                                                   ===========   ===========  ===========  ===========
Net Income Per Share Before Cumulative
Effect of Accounting Change - Basic - Common            $0.71         $0.57        $2.38         $1.81
                                                   ===========   ===========  ===========  ===========
                            - Basic - Class B           $0.64         $0.52        $2.17         $1.64
                                                   ===========   ===========  ===========  ===========
                            - Diluted                   $0.68         $0.55        $2.30         $1.76
                                                   ===========   ===========  ===========  ===========

Net Income Per Share - Basic - Common                   $0.71         $0.57        $2.38         $1.78
                                                   ===========   ===========  ===========  ===========
                     - Basic - Class B                  $0.64         $0.52        $2.17         $1.61
                                                   ===========   ===========  ===========  ===========
                     - Diluted                          $0.68         $0.55        $2.30         $1.73
                                                   ===========   ===========  ===========  ===========

Shares Outstanding  - Basic - Common                  186,032       199,456      193,037       201,768
                                                   ===========   ===========  ===========  ===========
                    - Basic - Class B                  60,842        60,844       60,844        60,844
                                                   ===========   ===========  ===========  ===========
                    - Diluted                         250,457       262,564      256,827       264,532
                                                   ===========   ===========  ===========  ===========

Key Margins:
   Gross Margin                                         39.7%         39.9%        39.5%         39.0%
   EBIT Margin                                          22.6%         20.7%        20.4%         19.1%
   Net Margin                                           13.4%         12.3%        13.3%         11.0%

                                                  Hershey Foods Corporation
                                   Pro Forma Summary of Consolidated Statements of Income
                                for the periods ended December 31, 2004 and December 31, 2003
                                     (in thousands of dollars except per share amounts)

                                                            Fourth Quarter                 Twelve Months
                                                            --------------                 -------------
                                                         2004          2003           2004          2003
                                                         ----          ----           ----          ----

Net Sales                                            $1,267,963    $1,179,255     $4,429,248     $4,172,551
                                                      ---------    ----------     ----------     ----------
Costs and Expenses:
   Cost of Sales                                        764,287       707,411 (a)  2,679,531      2,542,606 (a)
   Selling, Marketing and Administrative                217,150       215,395        847,540        816,442
   Business Realignment Charge, net                     ---          ---      (b)    ---            ---     (b)
   Gain on Sale of Business                             ---          ---             ---            ---     (c)
                                                       ---------    ----------     ----------     ---------
   Total Costs and Expenses                             981,437       922,806      3,527,071      3,359,048
                                                       ---------    ----------     ----------     ---------
Income Before Interest and Income Taxes (EBIT)          286,526       256,449        902,177        813,503
Interest Expense, net                                    17,939        16,116         66,533         63,529
                                                       ---------    ----------     ----------     ---------
Income Before Income Taxes                              268,587       240,333        835,644        749,974
Provision for Income Taxes                               98,301        88,202        305,846 (d)    275,240
                                                       ---------    ----------     ----------     ---------
Net Income                                           $  170,286    $  152,131     $  529,798     $  474,734
                                                       =========    ==========     ==========     =========

Net Income Per Share - Basic - Common                $     0.71    $     0.60     $     2.14     $     1.85
                                                       =========    ==========     ==========     =========
                     - Basic - Class B               $     0.64    $     0.54     $     1.94     $     1.67
                                                       =========    ==========     ==========     =========
                     - Diluted                       $     0.68    $     0.58     $     2.06     $     1.79
                                                       =========    ==========     ==========     =========

Shares Outstanding  - Basic - Common                    186,032       199,456        193,037        201,768
                                                       =========    ==========     ==========     =========
                    - Basic - Class B                    60,842        60,844         60,844         60,844
                                                       =========    ==========     ==========     =========
                    - Diluted                           250,457       262,564        256,827        264,532
                                                       =========    ==========     ==========     =========

Key Margins:
   Adjusted Gross Margin                                  39.7%         40.0%          39.5%          39.1%
   Adjusted EBIT Margin                                   22.6%         21.7%          20.4%          19.5%
   Adjusted Net Margin                                    13.4%         12.9%          12.0%          11.4%

    (a)     Excludes business realignment charge of $.9 million pre-tax or $.5 million after-tax for the fourth
            quarter and $2.1 million pre-tax or $1.3 million after-tax for the twelve months.

    (b)     Excludes business realignment charge of $10.9 million pre-tax or $6.7 million after-tax for the fourth
            quarter and $23.4 million pre-tax or $14.2 million after-tax for the twelve months.

    (c)     Excludes gain on sale of business of $8.3 million pre-tax or $5.7 million after-tax for the twelve months.

    (d)     Excludes tax adjustment of $(61.1) million for the twelve months, reflecting the completion of prior years'
            tax audits.

                                Hershey Foods Corporation
                               Consolidated Balance Sheets
                      as of December 31, 2004 and December 31, 2003
                                (in thousands of dollars)



Assets                                                  2004          2003
------                                                  ----          ----

Cash and Cash Equivalents                             $54,837      $114,793
Accounts Receivable - Trade (Net)                     408,930       407,612
Deferred Income Taxes                                  46,503        13,285
Inventories                                           557,180       492,859
Prepaid Expenses and Other                            114,991       103,020
                                                   ----------     ---------
Total Current Assets                                1,182,441     1,131,569

Net Plant and Property                              1,682,698     1,661,939
Goodwill                                              463,947       388,960
Other Intangibles                                     125,233        38,511
Other Assets                                          343,212       361,561
                                                   ----------    ----------
Total Assets                                       $3,797,531    $3,582,540
                                                   ==========    ==========

Liabilities and Stockholders' Equity
------------------------------------
Loans Payable                                        $622,320       $12,509
Accounts Payable                                      148,686       132,222
Accrued Liabilities                                   472,096       416,181
Taxes Payable                                          42,280        24,898
                                                   -----------   ----------
Total Current Liabilities                           1,285,382       585,810

Long-Term Debt                                        690,602       968,499
Other Long-Term Liabilities                           403,356       370,776
Deferred Income Taxes                                 328,889       377,589
                                                   -----------   ----------
Total Liabilities                                   2,708,229     2,302,674
Total Stockholders' Equity                          1,089,302     1,279,866
                                                   -----------   ----------
Total Liabilities and Stockholders' Equity         $3,797,531    $3,582,540
                                                   ===========   ==========