Monthly newsletter of the tuna fishing industry

On July 21, it was reported in the French newspapers that the dutch "Bolton Group" and the French canner, Peche et Froid based in
Puteaux (near Paris) met to discuss the takeover of Peche et Froid by the dutch group. If the deal is concluded, it is the whole Peche et
Froid operation that includes 3 purse seiners: "Cristoph Colomb," "Bougainville," and Voinville," and 2 canneries: one located in Abidjan,
Cote d'Ivoire and the other in Madagascar at Antsiranana (ex Diego Suarez) with an annual processing capacity of about 70,000 tons (for
both sites) that will change hands from its shareholders "Optorg" to the Dutch group. The Dutch group controls "Trinity Alimentari" of the
Como Province in Northern Italy. This transAlpine canner is the leader in the Italian market. Their brandname "Rio Mare" holds 36% of the
Italian olive oil canned tuna market and 39% of the canned tuna in brine. It also holds 65% of the Greek canned tuna market

With a turnover of 1.7 billion French Francs, the company also owns one of the most modern European canning plant in Cermenate, which
employs 600 workers and produces 54,000 tons of canned fish. Following a bid launched last year for the purchase of Saupiquet in
December 1999 for an amount of 275 million French Francs, Trinity Alimentari became Europe's dominant canner. The eventual purchase
of Peche et Froid by the Bolton group would therefore strengthen the Dutch group's commanding influence on this market.

Peche et Froid also owns 33.4% of Cobrecaf shares and its eventual purchase has worried the Fisherman's Union "CGT" who have
contacted the management of Cobrecaf about the status of the fishermen after the transfer. Cobrecaf referred the Union to Peche et Froid
who are the owners of the vessels. Cobrecaf (cie Bretonne de Cargos Frigorifiques) is based in Concarneau. It manages 16 tuna purse
seiners (the above 3 of Peche et Froid included) and a fleet of 4 reefer vessels providing frozen tuna to the canneries.

In the Western Pacific, the tuna vessels are returning to sea after extended stays in port. Surviving the longest depression in tuna industry
history, the vessels are optimistic that prices will improve by the time they fillup and unload. They are not the only ones optimistic. Rumors
in the UK are that prices in the Far East are firming up to the $500 level. Many British importers actually think that it is inevitable for prices to
take an upward turn by Autumn.

In Japan where the crisis has become a national issue, they have stabilized their supply by cutting their vessels to 40, sacrificing many
fishermen and shore employees. It has also been reported that the local fishing organizations have lobbied their ruling Liberal Democratic
Party's Fishing Group and other influential politicians to impose an emergency embargo on skipjack imports if prices do not improve.
Skipjack prices dropped to JY60 per kilo compared to over JY200 per kilo in 1999 due to increased imports of lower grade skipjack. Lower
grade skipjack is used as a raw material for processed products.

Prices of raw tuna have been holding steady through July. The skipjack price in Samoa is still about $400 per ST for 47.5 lbs, and in
Bangkok it has declined slightly to about $380$400 per MT. Fishing continues to be fair in the Western Pacific, but it has slowed down
dramatically in the Eastern Pacific. The Ecuadorean canners are starting to need fish again. The price of skipjack in Ecuador is currently at
about $450/MT. At the end of July, the price of large yellowfin in Colombia was about $850/MT.

Around the middle of August, approximately 5000 ST of Western Pacific skipjack will be landed in Ecuador. 3000 ST for StarKist and 2000
ST for Bumble Bee. This opens a market for FCF Taiwan who has been arguing with Korean fleets about flooding the Bangkok market. On
the other hand, there isn't much that the Ecuadorean fleets can do. After 18 months of abundance, fishing around Ecuador has been poor.
Burnble Bee Ecuador has been shutdown for over one week because of no fish. StarKist has fish in the cold storage but inventory is
getting low.

According to IATTC reports, the total yellowfin catch in the ETP as of July 17, 2000 was 157,921 MT, compared to 175,267 MT for the same
period in 1999. The Skipjack catch in the ETP for the same period in 2000 was 158,102 MT compared to 155,625 MT in 1999. The bigeye
catch in the ETP for the same period in 2000 was estimated at 46,082 MT.

International Home Foods, Inc. reported on July 20th diluted earnings per share of $0.38 for the second quarter ended June 30, 2000, an
increase of 12% over diluted earnings per share of $0.34 in the second quarter of 1999. Net income was $29.0 million for the quarter, an
increase of I I% over the comparable 1999 period. IHF's net sales for the seafood segment increased 10% in the second quarter. On a
proforma basis, Seafood net sales declined 7% primarily due to an industrywide list price rollback on light meat tuna, which was in
response to lower raw material costs and the planned exit from the lowmargin international business. Excluding these items, net sales for
the segment increased 2% for the second quarter. Bumble Bee brand sales increased 15% in the twelveweek period and Bumble Bee
brand sales increased 15% in the twelveweek period and Bumble Bee's share of the tuna category increased two points to 23%. As
previously reported, on June 23, 2000, IHF and ConAgra, Inc. announced that they had entered into a definitive merger agreement under
which ConAgra will acquire IHF. The proposed merger is subject to approval by the majority of the Company's stockholders, as well as
government authorities. The merger is expected to close in the third quarter of 2000.

"I am writing to set the record straight regarding your article in the July edition of CASAMAR. I also wrote a letter to Business Week
regarding the same matter ... In many recent publications Star Kist has been given credit for pioneering the pouch tuna industry in
America. This is simply not true. Jana Brands, the seafood company I founded in 1970 first introduced 100% yieldpouch tuna to the U. S.
food service industry in 1987. After 12 years of R&D on our part

a process was perfected and the item became acceptable industrywide. It was at this stage of the game that the larger companies
became involved While it is true that Star Kist will introduce the first retail pack in the U.S., it was our work in the food service industry that
actually created the entire 100% pouch tuna category. This year Jana Brands will sell over 7 million dollars worth of pouch tuna in America
and Canada which I believe makes us the number one seller at the food service level. While I wish Star Kist well at retail I would like to set
the record straight as to who pioneered the pouch tuna category in this country. Jana Brands was over looked once before when we were
one of the original two pioneers of the U.S. surimi (imitation crab) industry. From 1977 to 1983 we developed a market for this Japanese
import and eventually transformed it into a domestic industry. After we had perfected the product the giant U.S. food companies bought into
the concept. Oscar Meyer bought in, followed by International Multi Foods, followed by Tyson, followed by IHF and now followed by
ConAgra's. While the major U.S. food companies dominate these categories today. I think some credit should be given to the
entrepreneurs who created the original products and the demand for these categories. Don't get me wrong. I have been financially
rewarded for my pioneering efforts but money isn't everything. I am a little frustrated watching other people take credit for what my
associates and I have created I think our contributions deserve to be recognized.