Prepared Foods July 26, 2004 enewsletter

Specialty Foods Group Inc. is pleased to announce the appointment of John Williams to the position of executive vice president and chief financial officer and Ron Spangler to the position of senior vice president of sales and marketing. Both will report to Thomas D. Davis, president and chief executive officer, Specialty Foods Group Inc. (SFG). Further, the company announced that James H. Dorton, executive vice president and chief financial officer, is leaving the company, effective immediately, to purse other career opportunities. SFG is the operating arm of Specialty Foods Group Income Fund.

Williams has over 30 years of experience in the food industry, with 15 years as a chief financial officer in both public and private companies, including an extensive background in all aspects of financial and operations management focused primarily in the meat and seafood industry. He will be responsible for overall leadership of the company's financial and accounting activities, including financial planning and analysis, public reporting, SFG's banking and treasury functions and Information Services. Additionally, he will play a key role in the company's mergers and acquisitions program.

"We are very pleased to add John to our executive team. His addition underscores SFG's focus on financial and operating excellence," said Thomas D. Davis, president and chief executive officer. "He is a respected and experienced veteran in the food industry who brings proven management talent to our executive team. His extensive management experience within this industry will further strengthen our organization and help us meet the strategic objectives of the company," Davis further stated.

Williams said, "I am pleased to join SFG's management team and welcome the opportunity to be a part of the growth of this dynamic company. The strength of SFG's national and regional brands, coupled with a diverse customer base and the company's manufacturing capabilities give us the foundation to be a leader in the industry."

Prior to joining SFG, Williams most recently served as CFO at Iceland Seafood Corporation (ISC), a wholly owned subsidiary of SIFplc, an industry leader in the production and distribution of processed seafood products in North America. While at ISC, he was instrumental in the company's strategic revenue growth plan through reorganization, planning and cost reduction initiatives. Prior to ISC, Williams was CFO at Rocco Inc., an international foods product company, where he had similar responsibilities, with the addition of managing acquisitions and joint ventures. Williams holds a BS in accounting from Boston University and an MBA in finance from the University of Pittsburgh.

Ron Spangler, senior vice president of sales and marketing, will be responsible for expanding the company's business across all SFG product lines. Spangler brings extensive experience in the meat industry having served most recently in senior sales management positions with Tyson Foods and IBP Foods, and was responsible for Tyson fresh, frozen poultry and refrigerated process meat categories.

"Ron is an outstanding addition to our management team. His successful track record of driving sales, coupled with his range of experience in sales leadership positions within the industry will play a critical role at SFG as we continue to grow, while meeting the challenges of highly competitive and volatile market conditions," Davis stated.

"I am excited to join an outstanding team at SFG," Spangler said. "The talent and experience of this group as a team, coupled with the company's vision to be a leader in the industry, is a potent combination. I am confident that we can continue to grow our brands and overall business with solid sales and marketing programs and that, together, we can generate attractive returns."

Prior to IBP, Spangler also held senior sales positions at Empire Kosher Poultry, Wampler Foods and Otis Spunkmeyer Company. Prior to that, he held increasingly responsible sales management positions at The Pillsbury Company and Kraft-General Foods. Spangler has a BS from the University of Maryland.

"These two appointments of long-time industry professionals enable SFG to solidify our commitment for growth with continued focus on our core businesses, while improving our cash flow, increasing sales and improving margins by focusing on our customers and consumer needs," stated Davis.