Chris Lischewski covers Bumble Bee food groups history, along with current business practices and goals.

1. April 11, 2012
Los Angeles, CA

3. AGENDA
• Personal Background
• Introduction to Bumble Bee
• Value Creation
• Managing Risk
• Key Success Criteria

4. Personal Background
• Military family
• BS in Finance & Accounting at USC in ’82
• Westinghouse and TRW
• USC MBA in International Finance in ’86
• A.T Kearney Management Consulting
• StarKist / Heinz
• Bumble Bee Foods

5. Bumble Bee is the story of two companies, both
of whom are more than 100 years old
Introduction to Bumble Bee

6. Bumble Bee and Connors joined through a reverse merger in 2004
1923
Connors
purchased
by McLean
family
1998
Sale of
Clover
Leaf
1980’s
Mgmt Buyout,
Sale to Pilsbury,
Sale to Unicord
2000
Bumble
Bee sold to
ConAgra
Foods
2003
Acquisition by
Management
& Centre
Partners1998
Acquisition of
Clover Leaf
and Orleans
1962
Bumble Bee
acquired by
Castle & Cook
1893
Company
founded in
New
Brunswick
2000
Connors
acquires
Stinson
2001
Connors spun
off as Income
Fund
2004
Connors merges
with Bumble Bee
to create Connors
Bros Income Fund
1897
Company
founded in
Astoria, Oregon
as Columbia
River Packers
Assn
1890’s 1920’s 1960’s 1980’s 1990’s 2000’ 2001 2003
1967
George
Weston
acquires
Connors
Bumble Bee
Connors Bros
2004
1997
Bankruptcy
and
acquisition
by IHF
The Story of Bumble Bee and Connors Bros
Transaction
returned 6.4X
equity in 11
months

7. Who we are today….
• One of North America’s best-known consumer packaged
goods companies, with leadership positions in virtually
every segment of U.S. and Canadian shelf stable seafood
• We are a private, U.S. owned company and one of the
last N. American processors of tuna, sardines and clams
• We process and market seafood products under the
Bumble Bee®, Clover Leaf®, Brunswick®, Snow's®, Beach
Cliff® and King Oscar® brands
• We hold the #1 or #2 position in virtually every segment
in which we compete
• We processes more than 60% of our requirements and
maintain strategic co-pack relationships in about 20
countries
Bumble Bee Foods Vision
Improving our consumers’ quality of life by providing sustainable, nutritious,
convenient and affordable seafood products

8. N. American leader with significant size and scale
Shelf-Stable Seafood Companies (Revenue)
$975
$625
$380
$55 $32
StarKist Chicken of the Sea Canfisco Oceans
($ Millions)
• Largest North American company operating in the stable and attractive shelf-stable seafood category
• $975million in revenue for calendar year 2011
• Significantly larger in terms of revenue than each of its two closest branded competitors
• Bumble Bee has one of the most diversified portfolios of shelf-stable seafood products
• As one of the world’s largest purchasers of seafood, the Company believes that it has the ability to
purchase and process raw materials more cost-effectively than competitors
Bumble Bee

9. Attractive industry dynamics and demographic trends
Favorable Demographic Trends
$1,683 $1,737
$1,859
$1,972 $1,911
$301
$335
$341
$340
$326
$448
$453
$466
$466
$475
2006A 2007A 2008A 2009A 2010A
Tuna Salmon Specialty
Dollar Sales CAGR = 2.8%
$2,431
$2,525
$2,666
$2,780
North American Shelf-Stable Seafood Sales
($Millions)
Aging
population
• Focused on health and wellness
Practical
appeal
• Limited time for meals
• Increasingly focused on
convenience and nutrition as a
critical factor in product offerings
Back to
basics
• Shift in consumer preferences
towards simplicity and traditional
comfort foods
Nutritional
awareness
• Focus on low-fat, low-calorie and
high protein selections
• Increasing demand for products
high in Omega-3 fatty acids
$2,713

10. Leading market shares
Bumble
Bee
31%
Starkist
26%
Chicken
of the Sea
18%
Private
Label /
Other
25%
Bumble Bee holds the leading share position in shelf stable
seafood in the U.S. and Canada
U.S (Dollar share) Canada (Dollar share)
Clover
Leaf
47%
Canfisco
13%
Oceans
11%
Control
Label /
Other
29%

11. Low cost global sourcing matrix
Mauritius
Colombia
Puerto Rico
Santa Fe
Springs, CA Cape May, NJ
Blacks Harbour, NB
Thailand
Fiji
Bumble Bee Locations
Co -Packers Locations
Mauritius
Puerto Rico
Santa Fe
Springs, CA Cape May, NJ
Blacks Harbour, NB
Thailand
Fiji
Co -Packers Locations
Global supply chain configuration provides Bumble Bee
with a significant competitive cost advantage

12. MAKEtheCOMMITMENT
A Global Improvement Plan
for Better Practices
in Tuna fisheries
Leading the way on sustainability

14. Third party, scientific assessments of all key fisheries
2011 Status of Tuna Stocks
= Underfished and underfishing is occurring
= Either overfished, but overfishing is not occurring or under-fished, but overfishing is occurring
= Overfished and overfishing is occurring, but management plan in place to restore fishery to health
= Overfished, overfishing is occurring and no management plan
Species Pacific Ocean Western Pacific Eastern Pacific Atlantic Ocean Indian Ocean
Skipjack - General
Skipjack - East
Skipjack - West
Yellowfin
Bigeye
Albacore - General
Albacore - North
Albacore - South
• Assessment of major fisheries shows healthy stocks with a few areas of concern
that are monitored closely

15. Innovation leader in products and packaging

16. New products and packaging focus on flavor, convenience and health

17. Future innovation will push our brands beyond shelf-stable

18. THE FUTURE

19. Since 1997, Bumble Bee has undergone significant change
1997:
Bumble Bee
acquired by
IHF
1999: Signed
King Oscar
distribution
agreement
1998:
Acquired
Clover Leaf
and Orleans
2003: Bumble
Bee goes
private
2007:
Divested
Castleberry’s
2000: IHF /
Bumble Bee
acquired by
ConAgra
2008: Bumble
Bee goes
private again
2005: Acquired
Sara Lee meat
business and
Castleberry’s
2004: Bumble Bee
and Connors
execute a reverse
merger and became
a Canadian Income
Trust
2010:
Completed
sponsor to
sponsor
transaction
Bumble Bee Evolution since 1997
1997 2012
1997 2012
Value Creation

20. Success has been driven by a focus on six strategic initiatives
Drive
Category
Growth
Build
U.S. Share
Leadership
Expand
Canadian share
Leadership
Enhance low cost
operator position
Pursue strategic
acquisitions
Advance CSR with focus
on Health & Wellness
and Sustainability
Bumble Bee
Strategic
Initiatives

21. This focus has led to a steady increase in EBITDA

22. Importantly, value creation since 2003 has exceeded $800 million
2003 2010 $ Change CAGR
Enterprise Value $197 $988 $791 25.9%
EBITDA $41.4 $128.3 $86.9 17.5%
EBITDA Multiple 4.8 7.7
2010 vs 2003
Value Creation -- 2003 to 2010
($ Millions)

23. As we look forward there are a number of challenges we are facing
Key Challenges and Response
• Top line growth as shelf stable seafood category is flat
• Organic growth initiatives
• M&A opportunities

24. As we look forward there are a number of challenges we are facing
Key Challenges and Response
• Top line growth as shelf stable seafood category is flat
• Organic growth initiatives
• M&A opportunities
• Growth of private label impacting brand margins
• Continue to reduce cost and manage price-gap

25. As we look forward there are a number of challenges we are facing
Key Challenges and Response
• Top line growth as shelf stable seafood category is flat
• Organic growth initiatives
• M&A opportunities
• Growth of private label impacting brand margins
• Continue to reduce cost and manage price-gap
• Competitive environment as two leading competitors are Asian-owned
• Asian mind-set has a much longer time horizon
• Equity-based compensation provides higher quality management

26. As we look forward there are a number of challenges we are facing
Key Challenges and Response
• Top line growth as shelf stable seafood category is flat
• Organic growth initiatives
• M&A opportunities
• Growth of private label impacting brand margins
• Continue to reduce cost and manage price-gap
• Competitive environment as two leading competitors are Asian-owned
• Asian mind-set has a much longer time horizon
• Equity-based compensation provides higher quality management
• Radical environmentalism
• Taking the lead on sustainability

27. As we look forward there are a number of challenges we are facing
Key Challenges and Response
• Top line growth as shelf stable seafood category is flat
• Organic growth initiatives
• M&A opportunities
• Growth of private label impacting brand margins
• Continue to reduce cost and manage price-gap
• Competitive environment as two leading competitors are Asian-owned
• Asian mind-set has a much longer time horizon
• Equity-based compensation provides higher quality management
• Radical environmentalism
• Taking the lead on sustainability
• Economic uncertainty
• Actually a plus for shelf stable seafood!

28. To maintain our success, we focus on a few key success criteria
Key Success Criteria
• Motivated people and a strong team drive success

29. To maintain our success, we focus on a few key success criteria
Key Success Criteria
• Motivated people and a strong team drive success
• A lean organization structure allows good communication
and rapid decision making

30. To maintain our success, we focus on a few key success criteria
Key Success Criteria
• Motivated people and a strong team drive success
• A lean organization structure allows good communication
and rapid decision making
• Stick to your core competencies

31. To maintain our success, we focus on a few key success criteria
Key Success Criteria
• Motivated people and a strong team drive success
• A lean organization structure allows good communication
and rapid decision making
• Stick to your core competencies
• Push the envelope, take calculated risk and drive rapid
change

32. To maintain our success, we focus on a few key success criteria
Key Success Criteria
• Motivated people and a strong team drive success
• A lean organization structure allows good communication
and rapid decision making
• Stick to your core competencies
• Push the envelope, take calculated risk and drive rapid
change
• Recognize errors quickly, admit them and adjust

33. 33
Thank you