High Liner Foods December 2009 Investor Presentation

adding value to seafood INVESTOR PRESENTATION December 2009

Disclaimer Certain statements made in this presentation are forward-looking and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Actual results or events may differ materially from those predicted.

Listings Data 1 1 as at October 30, 2009 2 based on dividend rate effective December 1, 2009 4.3% 4.0% Current Yield 2 $0.075 $0.075 Quarterly Dividend 2 ~5.1 million ~13.3 million Shares Outstanding $4.00 to $7.25 $5.51 to $8.25 52-Week Range $7.00 $7.59 Recent Price: HLF.A HLF TSX: $137 million Total Market Cap:

About High Liner Foods ,[object Object],[object Object],One of North America’s largest value-added frozen seafood companies A respected name in seafood for more than 100 years

2008: A Year of Achievement ,[object Object],[object Object],Significant growth in sales and earnings Achieved synergies of $12M Simplified capital structure

Leading Market Positions 2X the size of largest competitor in both retail & food service channels One of the largest food service suppliers of value-added seafood Largest grocery-chain supplier of private label processed seafood

Leading North American Supplier Our size strengthens our ability to negotiate price increases to offset higher costs ,[object Object],[object Object],[object Object]

Core Competencies Competitive advantage procuring raw materials and finished goods ,[object Object],[object Object],Diversified worldwide procurement

Core Competencies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fiscal Year 2008 ,[object Object],+ 124% $275.4 $616.0

Fiscal Year 2008 Adjusted EBITDA, Net Income excluding one-time integration costs & non-operating items ($ millions) Fully Diluted EPS excluding one-time integration costs & non-operating items ($) $37.9 $18.3 $0.61 $1.00

Year-to-Date* Fiscal 2009 + 9.1% Cdn $ 1.2% Domestic $ FX Canada USA in USD Sales ($ millions) $438.6 $478.4 * For the 39 weeks ended Oct. 3, 2009

Year-to-Date* Fiscal 2009 Net income and EPS a lso exclude non-operating items $0.79 $0.90 $32.5 $16.5 Adjusted EBITDA, Net Income excluding one-time integration costs & non-operating items ($ millions) Fully Diluted EPS excluding one-time integration costs & non-operating items ($) * For the 39 weeks ended Oct. 3, 2009

Performance Against Targets Rolling 4 quarters ended October 3, 2009 3.00x 1.9x Debt to EBITDA 6.0% 5.1% EBIT as % sales 15.0% 14.3% ROAM 10.0% 13.9% ROE Target Actual

Capital Structure ,[object Object],[object Object],32.8% 39.5% October 3, 2009 January 3, 2009 Net debt as a % of total capitalization

Increased Dividends 4 th 50 % 30 ¢ per common & non-voting equity share (annualized) dividend increase in last 6 quarters increase in annualized rate since Q2 of last year

Our Outlook ,[object Object],[object Object],[object Object],[object Object],[object Object],High Liner is a recession resistant business

Our Outlook ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Our Outlook Growth influenced by strong demographics: North America has an aging, health-conscious population ,[object Object],[object Object],[object Object]

[object Object],Our Outlook % of total population % share of total seafood servings Source: NPD Group CREST research, August 2007 * Total Canada

Growth Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Drive continued growth by leveraging our core High Liner and FPI brands

Growth Strategy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

High Liner Foods December 2009 Investor Presentation

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High Liner Foods December 2009 Investor Presentation