High Liner Foods is one of North America's largest processors and marketers of frozen seafood. It sells branded products under labels like High Liner, Fisher Boy, and Sea Cuisine in grocery and club stores in the US, Canada, and Mexico. It also sells to restaurants and institutions. In Q1 2010, High Liner's adjusted EBITDA increased 7.4% to $14.1 million despite lower reported sales, and net income improved to $7.2 million. Its growth strategy focuses on strengthening brands, reducing costs, innovation, and acquisitions.

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