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  • 1. Fact Sheet – Q2 2010 Trading Info/Data (As of May 3, 2010) Corporate Profile Symbol High Liner Foods is one of North America’s largest processors and marketers of prepared, TSX:HLF, HLF.A value-added frozen seafood. The Company’s branded products are sold throughout the United States, Canada and Mexico under the High Liner ®, Fisher Boy®, Mirabel®, Recent Price Sea CuisineTM and Royal Sea® labels, and are available in most grocery and club stores. HLF – $11.35 The Company also sells its High Liner ®, FPI® and Mirabel® food service products to HLF.A – $9.00 restaurants and institutions, and is a major supplier of private label seafood products 52-Week Price Range to North American food retailers and food service distributors. HLF – $6.42 - $11.35 HLF.A – $6.00 - $9.90 The Company’s core competency is value-added frozen seafood. Its sources of Market Capitalization1 competitive advantage include: ~$167.53 million •    orldwide procurement expertise supported by a state-of-the-art, internet-based  W information management system Shares Outstanding HLF – 13.3 million •    roficiency in frozen food logistics P HLF.A – 1.9 million •    trong relationships with every major supermarket chain, club store and food service  S Total – 15.2 million distributor in Canada and the U.S. Current Yield •    roven ability to successfully identify, develop and market innovative products that  P HLF – 2.64% meet the evolving demands of consumers HLF.A – 3.33% 1 Includes both HLF plus HLF.A shares •    ecognized, trusted brands that deliver on consumers’ expectations and a reputation  R for exceeding the demands of customers Sales ($ millions) Interest-Bearing Debt ($ millions) 700 120 600 500 100 80 Corporate Data 400 Fiscal Year End 60 300 January 1, 2011 40 200 Number of Employees 100 20 1,081 0 0 2006 2007 2008 2009 2006 2007 2008 2009 Head Office Note: Adjusted for a constant exchange rate of Lunenburg, Nova Scotia US$1.00/CDN$1.0641. Founded Net Income from Continuing Diluted EPS from Continuing 1899 Operations ($ millions) Operations ($) 24 1.2 Listed on the TSX 20 1.0 1967 16 0.8 12 0.6 8 0.4 4 0 0.2 0.0 Contact Information 2006 2007 2008 2009 2006 2007 2008 2009 Kelly L. Nelson Note: Excluding the after-tax amount for non-operating Note: Excluding the after-tax amount for non-operating items and business acquisition transaction costs. items and business acquisition transaction costs. High Liner Foods Incorporated Tel: 902-634-6200 Growth Strategy Fax: 902-634-6228 kelly.nelson@highlinerfoods.com •    trengthen brands: Establish new and expand existing customer relationships S •    trengthen the organization: Reduce costs and improve margins S Trevor Heisler •    row through innovation: Introduce new value-added frozen seafood products G The Equicom Group •    he Company will also seek future acquisitions of complementary businesses to  T Tel: 416-815-0700 ext. 270 expand its product portfolio and strengthen its market leadership position. Fax: 416-815-0800 theisler @ equicomgroup.com
  • 2. Key Markets 2009 Sales to Geographic Market Recent Developments Canada $297.7 U.S. $326.4 (47.5%) (52.0%) Highlights from the first quarter of 2010:  (all comparisons are to the same quarter of fiscal 2009)  Other •    djusted EBITDA increased 7.4% to $14.1 million on lower reported sales; A $3.1 (0.5%) •    et income improved to $7.2 million, or $0.39 per share, compared to $6.7 million,  N or $0.36 per diluted share; Brands •    ales volume (measured in pounds) increased 3.0%, with increases in both  S Canadian and U.S. operations. Financial Data $ 000s except Thirteen weeks Thirteen weeks Fifty-two weeks Fifty-three weeks per share data ended Apr. 3, 2010 ended Apr. 4, 2009 ended Jan. 2, 2010 ended Jan. 3, 2010 High Liner® – #1 frozen food Sales $165,113 183,276 $627,186 $615,993 product in Canada Adjusted EBITDA1 $14,075 13,105 $43,573 $37,917 Net Income $7,234 6,696 $19,747 $14,192 Adjusted $7,234 7,299 $20,889 $18,348 Net Income2 EPS  Excluding One-time  $0.39 $0.40 $1.14 $1.00 Integration Costs & Fisher Boy® – #2 fish stick in the U.S. Non-operating Items 1 Adjusted earnings before interest, taxes, depreciation and amortization, business acquisition costs, other income and non-operating transactions as disclosed on the consolidated statements of income. Management believes that EBITDA is a useful performance measure as it approximates cash generated from operations, before capital expenditures and changes in working capital and excludes unusual items. EBITDA also assists comparison among companies as it eliminates the differences in earnings due to how a company is financed. The calculation of Adjusted EBITDA follows the general principles and guidance for reporting EBITDA issued by the Canadian Institute of Sea Cuisine® – Brand added Chartered Accountants through the FPI acquisition 2 Net income excluding one-time integration costs and non-operating items. Private Label – Largest grocery-chain supplier of value-added private label processed seafood products in both the U.S. and Canada

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