CIBC Income Trust Conference Presentation

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• CIBC Income Trust Conference Presentation

September 9, 2004 Toronto
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Forward-looking Statement Disclaimer

• Statements made during this conference which are
  not historical facts including any statements
  about the Company's targets, beliefs, plans, or
  expectations are forward-looking statements and
  are based on Managements current plans,
  estimates, and projections. The Company does not
  undertake to update any of these statements in
  light of new information or future events.
• Forward-looking statements involve inherent risks
  and uncertainties, and investors should not place
  undue reliance on them. There are a number of
  important factors that could cause actual results
  to differ materially from those contained in such
  statements. These factors are described in more
  detail in the Companys news releases and in
  filings with Canadian securities regulatory
  authorities, including the Companys latest
  annual report.

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Use of Non-GAAP Measures Disclaimer

• References in this presentation to EBITDA are
  to earnings before interest, income taxes,
  depreciation and amortization, after giving
  effect to foreign currency gains or losses and
  net earnings from discontinued operations. The
  Fund and Management of its operating subsidiaries
  believe that, in addition to net earnings, EBITDA
  is a useful complementary measure of cash
  available for distribution prior to debt service,
  capital expenditures and income taxes. However,
  EBITDA is not a recognized measure under Canadian
  GAAP or U.S. GAAP and does not have a
  standardized meaning prescribed by Canadian GAAP
  or U.S. GAAP. Investors are cautioned that EBITDA
  should not be construed as an alternative to net
  earnings determined in accordance with Canadian
  GAAP or U.S. GAAP, as an indicator of performance
  of the Bumble Bee or Clover Leaf businesses or to
  cash flows from operating, investing and
  financing activities as a measure of liquidity
  and cash flows. The Funds method of calculating
  EBITDA may differ from the methods used by other
  entities and, accordingly, its EBITDA may not be
  comparable to similarly titled measures used by
  other entities.
• Distributable cash is not a recognized measure
  under Canadian GAAP or U.S. GAAP, and the Funds
  method of calculation may differ from methods
  used by other entities. Accordingly,
  distributable cash as presented may not be
  comparable to similar measures presented by other
  entities. The Fund and management of its
  operating subsidiaries believe that the method of
  determining distributable cash is comparable to
  cash flow from operating activities before
  changes in non-cash working capital, future
  income taxes and one-time gains/losses. In
  addition, the Funds method of determining
  distributable cash is derived directly from net
  earnings, which is a measure under Canadian GAAP
  and U.S. GAAP and is a measure of operating
  performance understood by unitholders. The
  Funds method of determining distributable cash
  is also consistent with the Funds historical
  operations as publicly disclosed to unitholders.
  Management believes that consistent disclosure
  enhances the comparability with prior periods and
  this method presents cash that will be
  distributable to unitholders based on the results
  of the relevant period, after adjusting for
  non-cash depreciation, the direct payment of
  interest and taxes and after adjusting for
  maintenance capital expenditures.

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Connors Bros. Income Fund Highlights

• North American branded seafood powerhouse
• Flexible low-cost global sourcing
• Diversified revenue streams
• Stable cash flow with significant growth
  potential
• Strong and balanced management team
• Attractive yield and payout ratio

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North Americas Largest Branded Seafood Company
Revenue1 (C Millions)
AmericanSeafoodsGroup
Connors BrosIncome Fund
High Liner
Clearwater
Chickenof theSea
FPI
Star-kist

• Canadas largest consumer products income fund

1. Latest 12 months 2003 at US 1.30 per C.
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Leadership in all Higher Margin Categories
CANADA
U.S.
Share
Rank
Share
Rank

• Tuna
• Albacore 1 56 1 39
• Lightmeat 1 42 3 17
• Total Tuna 1 45 2 28
• Salmon
• Sockeye 1 63 1 31
• Pink 1 49 2 17
• Total Salmon 1 56 1 20
• Specialty Seafoods1 1 40 1 20

• 66 of revenues in higher margin products

Source AC Nielsen 1 Includes oysters, clams,
sardines, herring, crab and other specialty
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Diversified Product Revenue
Pro Forma LTM Sales1918 Million
Other7
Albacore Tuna37
Pink Salmon5
Sockeye Salmon6
Specialty - Other 7
Lightmeat Tuna22
Specialty Sardines/Herring 16

1. For the 12 months periods ending Sept. 30, 2003
   for Connors and Aug. 31, 2003 for Bumble Bee

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Flexible Low-Cost Global Sourcing
Owned/Leased Plants Tuna, Sardines, Shrimp
Specialty Co-packers
Salmon Co-packers
Tuna Co-packers
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First Half 2004 Highlights

• Completed business combination between Connors
  Bros. and Bumble Bee
• Made significant progress integrating sales,
  logistics and administration
• Generated adjusted year-to-date distributable
  cash of 0.87/unit, up from 0.36/unit for the
  same period in 2003.
• Achieved adjusted pro forma payout ratio for the
  first half of 78
• Announcing increase in annual distribution rate
  from 1.35 to 1.40 effective with September
  distributions (October payments)

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Reported Pro Forma Fund Results

• Volume off 3 year to date due primarily to soft
  U.S. lightmeat tuna demand
• Revenues down 7 year to date, reflecting soft
  volume but a favorable mix results also impacted
  32 million by translation of U.S.
  dollar-denominated revenue.
• Gross Profit, Operating Income, and other
  earnings figures are not meaningful without
  adjustments related to acquisition accounting.
  These will be discussed on subsequent pages.

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Key Adjustments to Consider

• Three key adjustments are recommended to
  supplement evaluation of the Companys operating
  results
• Elimination of the inventory step-up, a purchase
  accounting requirement that increases inventory
  value at time of acquisition and negatively
  affects gross profit
• Elimination of foreign exchange contract
  mark-to-market gains or losses, which do not
  represent true business health and do not impact
  cash
• Elimination of restructuring charges in CY04
  related to achieving cost synergies

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Adjusted Fund First Half Results

• On an adjusted basis, Gross Profit was up 8.3
  million year to date, reflecting strong
  performance in fish purchasing and factory cost
  savings
• Earnings before tax were up 10.9 million on a
  year to date basis, due to the absence of
  mark-to-market gains in the year ago period
• Distributable Cash was up notably, at 0.87/unit
  on a year to date basis, for a year to date
  payout ratio of 78 at an annualized 1.35/unit
  level

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Adjusted EBT to Distributable Cash Bridge

• Net interest, depreciation and amortization were
  slightly higher in 2004 vs. comparable periods in
  2003, while year-to-date maintenance capital
  expenditures were reduced at Bumble Bee vs. year
  ago
• Taxes paid were dramatically reduced at Bumble
  Bee vs. year ago, when Bumble Bee paid at U.S.
  corporate tax rates
• Payments to the non-controlling interest
  represent the 31.7 ownership interest retained
  by the former owners of the Bumble Bee business

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Increase in Monthly Distribution

• Based on solid distributable cash performance and
  good progress with the business integration, we
  have announced an increase in our monthly
  distribution
• On annual basis, moving from 1.35/unit to
  1.40/unit monthly basis 0.1125/unit to
  0.1167/unit
• Based on year-to-date results, this slightly
  increases distributable cash payout ratio to 81,
  but still better than sector average

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Integration Update

• Integration of U.S. sales / administration /
  logistics /IT completed end of June
• Integration of Canadian sales / logistics
  completed end of July
• Integration of Canadian and International IT and
  administration to be completed by end of
  September
• Factory optimization opportunities identified and
  under evaluation DoJ hampered ability to move
  more rapidly but results expected to be in place
  for 2005 pack season
• Projected synergies continue to be estimated in
  the range of C6-8 million

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Business Challenges for Q3 and Year-to-go

• With resolution of DoJ investigation, complete
  divestiture of Port Clyde and smaller sardine
  brands before calendar year end
• Complete IT and administrative integration in
  Canada
• Execute pricing actions to compensate for cost
  increases in tuna, steel, aluminum, packaging,
  fuel and soya oil
• Initiate factory optimization initiatives
• Launch new, higher margin items

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Outlook for Second Half

• Revenue expected to be favorable versus YAG
  behind new items and higher pricing
• Additional inventory step-up entries will
  affect Q3 reported income
• Adjusted gross profit expected to be favorable to
  first half but down versus CY03 due to strong
  prior year performance
• Second half adjusted EBIT / EBITDA expected to be
  slightly favorable versus YAG with integration
  cost savings offsetting reduced gross profit
• Second half distributable cash ahead of first
  half due to cash flow seasonality

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Outlook for 2005 and Beyond

• As we complete the integration of Connors and
  Bumble Bee, we are beginning to look at other
  growth opportunities
• Income trust platform provides attractive
  acquisition vehicle, and current debt-to-EBITDA
  ratio is very low
• In all cases, looking for opportunities that
• Are strategic and accretive
• Provide strong brands
• Fit with CBIF core competencies
• Provide synergistic cost-savings

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In Conclusion

• Thank you for your continued support of Connors
  Bros.
• We look forward to tremendous opportunities ahead
• Prepared to answer questions