High Liner Foods is one of North America's largest processors and marketers of value-added frozen seafood. It has leading market positions in retail and food service channels in Canada and the US. In fiscal year 2009, High Liner achieved sales of $627 million and adjusted EBITDA of $43.6 million despite challenging market conditions. For the first quarter of 2010, currency impacts reduced reported sales but sales in domestic currency were flat with higher volumes and adjusted EBITDA of $14.1 million was up 7% from the previous year. The company aims to be the North American leader in value-added seafood through organic growth and acquisitions.

1. adding value to seafood INVESTOR PRESENTATION MAY 2010

3. Listings Data* * As at May 11, 2010 1 Based on the dividend rate effective June 15, 2010 TSX: HLF HLF.A Recent Price: $11.66 $9.50 52-Week Range $6.70 - $11.66 $6.00 - $9.90 Shares Outstanding ~13.3 million ~1.9 million Quarterly Dividend 1 $0.085 $0.085 Current Yield 1 2.9% 3.6% Total Market Cap: $172.6 million

5. Our Business Model

6. Leading Market Positions 2X the size of largest competitor in retail & food service channels Largest grocery-chain supplier of private label processed seafood One of the largest food service suppliers of value-added seafood Our size strengthens our ability to negotiate prices with our customers

7. Financial Review

8. Fiscal 2009 in Review Another strong & successful year despite the deepest recession in generations Success attributed to our resilient business model Year marked by volatile raw material costs, currency

10. Fiscal Year 2009 Adjusted EBITDA 1 $43.6 million Fully diluted EPS $1.07 Net Income $19.7 million +15% +39% +39% 1 Adjusted earnings before interest, taxes, depreciation & amortization, business acquisition costs, other income and non-operating transactions.

12. First Quarter 2010 Adjusted EBITDA 1 $14.1 million Earnings Per Share $0.39 Net Income $7.2 million +7% +8% +8% 1 Adjusted earnings before interest, taxes, depreciation & amortization, business acquisition costs, other income and non-operating transactions.

13. Performance Against Targets Rolling four quarters ended April 3, 2010 Actual Target ROE 13.5% 14.0% ROAM 14.9% 15.0% EBIT as % sales 7.3% 6.0% Debt to EBITDA 1.7x Less than 3.00x

14. First Quarter 2010 * Commencing with the quarterly dividend payable June 15, 2010 Increased dividends 13.3% to $0.34 per share on an annual basis * Reduced interest-bearing debt to 27% of total capitalization (34% at end of fiscal 2009)

15. Outlook & Growth Strategy

16. Our Vision The North American leader in value-added seafood

17. A Good Start to 2010 Voted # 1 by consumers

20. # 1 Strategic Goal for 2010 Establish comprehensive sustainability policies and practices Ensure our customers of the sustainability of their supply chain +

23. adding value to seafood INVESTOR PRESENTATION MAY 2010