B&G Foods Announces Tax Treatment of 2008 Class A Common Stock and EIS Distributions

B&G Foods, Inc., a manufacturer and distributor of high quality, shelf-stable foods, today explained the tax treatment of its 2008 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 2008 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 2008 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.

2008 Cash Distribution Tax Reporting Information per Share of Separately Traded Class A Common Stock (NYSE: BGS)

In 2008, B&G Foods distributed $0.8480 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 all of such distribution 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 2008 distributions on the separately traded Class A common stock.

Declaration Date

Record Date

Payment Date

Total Per Share Distribution

2008 Taxable Dividend

2008 Return of Capital

11/13/2007 12/31/2007 1/30/2008 $0.2120 $0.0000 $0.2120
3/10/2008 3/31/2008 4/30/2008 $0.2120 $0.0000 $0.2120
5/6/2008 6/30/2008 7/30/2008 $0.2120 $0.0000 $0.2120
7/23/2008 9/30/2008 10/30/2008 $0.2120 $0.0000 $0.2120
2008 Totals$0.8480$0.0000$0.8480

2008 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 2008, 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 2008 EIS distribution attributable to the Class A common stock, 100% (or $0.8480 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 2008 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

2008 Taxable Dividend

2008 Return of Capital

11/13/2007 12/31/2007 1/30/2008 $0.2120 $0.0000 $0.2120
3/10/2008 3/31/2008 4/30/2008 $0.2120 $0.0000 $0.2120
5/6/2008 6/30/2008 7/30/2008 $0.2120 $0.0000 $0.2120
7/23/2008 9/30/2008 10/30/2008 $0.2120 $0.0000 $0.2120
2008 Totals$0.8480$0.0000$0.8480

12% Senior Subordinated Notes due 2016 Portion of Each EIS

Record Date

Payment Date

Total Interest Distribution per $7.15 Principal Amount

2008 Interest Income

12/31/2007 1/30/2008 $0.2145

$0.2145

3/31/2008 4/30/2008 $0.2145 $0.2145
6/30/2008 7/30/2008 $0.2145 $0.2145
9/30/2008 10/30/2008 $0.2145 $0.2145
2008 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-són, 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.

Contacts:

Investor Relations:
ICR, Inc.
Don Duffy, 866-211-8151
OR
Media Relations:
ICR, Inc.
John Flanagan, 203-682-8222

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