BGF B&G Foods

B&G Foods, Inc., a manufacturer and distributor of high quality, shelf-stable foods, today explained the tax treatment of its 2007 cash payments on its separately traded Class A common stock (NYSE: BGS) and Enhanced Income Securities (EISs) (NYSE: BGF). Holders of the Class A common stock and EISs are urged to check their 2007 tax statements received from brokerage firms in order to ensure that the cash distribution information reported on such statements conforms to the information reported herein. Additional information concerning the tax treatment of 2007 distributions is posted to the Investor Relations section of B&G Foods� website, www.bgfoods.com, under the heading �Investor FAQ.� Holders of Class A common stock and EISs are also urged to consult their own tax advisors to determine their individual tax treatment. 2007 Cash Distribution Tax Reporting Information per Share of Separately Traded Class A Common Stock (NYSE: BGS) In 2007, B&G Foods distributed $0.4240 per share of separately traded Class A common stock (CUSIP # 05508R 10 6). Based on U.S. federal income tax laws, B&G Foods has determined that of such distributions, 8.6% (or $0.0364 per share) will be treated as a taxable dividend and 91.4% (or $0.3876 per share) will be treated as a return of capital. Generally, the portion of the distribution on the Class A common stock that is treated as a return of capital should reduce the tax basis in the shares of Class A common stock. The table below summarizes the tax treatment of the 2007 distributions on the separately traded Class A common stock. Declaration Date � Record Date � Payment Date � Total Per Share Distribution � 2007 Taxable Dividend � 2007 Return of Capital 5/8/2007 � 6/30/2007 � 7/30/2007 � $0.2120 � $0.0182 � $0.1938 8/7/2007 � 9/30/2007 � 10/30/2007 � $0.2120 � $0.0182 � $0.1938 � 2007 Totals � $0.4240 � $0.0364 � $0.3876 2007 Cash Distribution Tax Reporting Information per EIS (NYSE: BGF) Each EIS (CUSIP # 05508R 20 5) is comprised of one share of Class A common stock and $7.15 principal amount of 12% senior subordinated notes due 2016. In 2007, B&G Foods distributed $0.8480 per EIS as a distribution on the Class A common stock represented thereby and $0.8580 per EIS as a distribution of interest on the principal amount of senior subordinated notes represented thereby. Based on U.S. federal income tax laws, B&G Foods has determined that of the portion of the 2007 EIS distributions attributable to the Class A common stock, 8.6% (or $0.0728 per EIS) will be treated as a taxable dividend on the Class A common stock and 91.4% (or $0.7752 per EIS) will be treated as a return of capital on the Class A common stock. Generally, the portion of the distribution on the Class A common stock that is treated as a return of capital should reduce the tax basis in the shares of Class A common stock represented by the EISs. The tables below summarize the tax treatment of the 2007 EIS cash distributions attributable to the Class A common stock and the senior subordinated notes represented thereby. Class A Common Stock Portion of Each EIS Declaration Date � Record Date � Payment Date � Total Per Share Distribution � 2007 Taxable Dividend � 2007 Return of Capital 11/9/2006 � 12/31/2006 � 1/30/2007 � $0.2120 � $0.0182 � $0.1938 3/6/2007 � 3/31/2007 � 4/30/2007 � $0.2120 � $0.0182 � $0.1938 5/8/2007 � 6/30/2007 � 7/30/2007 � $0.2120 � $0.0182 � $0.1938 8/7/2007 � 9/30/2007 � 10/30/2007 � $0.2120 � $0.0182 � $0.1938 � 2007 Totals � $0.8480 � $0.0728 � $0.7752 12% Senior Subordinated Notes due 2016 Portion of Each EIS Record Date � Payment Date � Total Interest Distribution per $7.15 Principal Amount � 2007 Interest Income 12/31/2006 � 1/30/2007 � $0.2145 � $0.2145 3/31/2007 � 4/30/2007 � $0.2145 � $0.2145 6/30/2007 � 7/30/2007 � $0.2145 � $0.2145 9/30/2007 � 10/30/2007 � $0.2145 � $0.2145 � 2007 Totals � $0.8580 � $0.8580 About B&G Foods, Inc. B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods� products include hot�cereals, fruit spreads, canned meats and beans, spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, Mexican-style sauces, taco shells and kits, salsas, pickles, peppers and other specialty food products. B&G�Foods competes in the retail grocery, food service, specialty, private label, club and mass merchandiser channels of distribution. Based in Parsippany, New Jersey, B&G Foods� products are marketed under many recognized brands, including Ac�cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril�s, Grandma�s Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-s�n, Trappey�s, Underwood, Vermont�Maid and Wright�s. IRS Circular 230 Disclosure The discussion contained in this press release as to tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding United States federal income tax penalties. Such discussion is written to support the promotion or marketing of the transactions or matters addressed in this press release. Each taxpayer should seek advice based on the taxpayer�s particular circumstances from an independent tax advisor.