Connors Bros. Income Fund Confirms Amount of Special Non-Cash Distribution of Units



    TORONTO, Jan. 25 /CNW/ - Connors Bros. Income Fund (TSX: CBF.UN) (the
"Fund"), whose subsidiaries market consumer food products under brands such as
Bumble Bee(R), Clover Leaf(R), Brunswick(R), Castleberry's(R) and Sweet
Sue(R), today announced that the amount of the special distribution to be paid
in units on January 30, 2008 to unitholders of record as of December 31, 2007
will be equivalent to $0.154 per unit. In accordance with the Fund's
Declaration of Trust, the distribution will be paid as 0.02 units for every
unit held, based on the average closing price for the 20 trading days prior to
the record date. On December 18, 2007 the Fund announced that its Board of
Trustees had approved this special distribution subject to a final review of
the Fund's taxable income for the year ended December 31, 2007. The Fund's
Declaration of Trust requires that all of the Fund's taxable income be paid to
unitholders prior to the end of the taxation year.
    Immediately after the issuance of the additional units, the outstanding
units of the Fund will be consolidated such that the number of units held by
any unitholder will remain unchanged from the number outstanding immediately
prior to the special distribution, subject to withholding tax, if any. A
unitholder will be required to include the amount of the special distribution
in income (or be subject to Canadian withholding tax on the amount in the case
of unitholders not resident in Canada). This same amount also will be added to
the adjusted cost base of the units held by such unitholder, thereby reducing
taxable income that may be realized on future dispositions of those units.
Unit holders should consult their personal tax advisors for additional
information on the tax treatment of this special non-cash distribution of
units.

    Forward Looking Statements

    The statements contained in this news release that are forward-looking
are based on current expectations, and are subject to a number of
uncertainties and risks, and actual results may differ materially. These
uncertainties and risks include, but are not limited to: final determination
of the costs and expenses related to the Castleberry's recall, availability of
resources such as fish, meat and other raw materials, competitive pressures
and changes in market activity, risks associated with U.S. and international
sales and foreign exchange, and regulatory requirements. Further information
can be found in the disclosure documents filed by the Fund with the Canadian
securities regulatory authorities, available at www.sedar.com.

    About Connors Bros. Income Fund

    Connors Bros. Income Fund indirectly owns, through its subsidiaries, a
100% interest in Clover Leaf Seafoods, L.P. and Bumble Bee Foods, LLC.
Together, these two operating companies comprise North America's largest
branded seafood company, offering a full line of canned tuna, salmon, sardine
and specialty seafood products, marketed under leading brands including Bumble
Bee(R), Clover Leaf(R), Brunswick(R), Snow's(R) and Beach Cliff(R), as well as
a full-line of canned chicken and canned meat products in the U.S. under the
American Originals(TM), Castleberry's(R), and Sweet Sue(R) brand names. For
further information, please visit the Fund's website at www.connors.ca.
    %SEDAR: 00016892E




For further information:

For further information: Kent McNeil, Executive Vice President & Chief
Financial Officer, Connors Bros., Ltd., (858) 715-4076

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CONNORS BROS. INCOME FUND

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