May 20, 2014 | New York

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. Certain material factors or assumptions were applied in drawing the conclusions as reflected in the forward-looking information. Additional information about these material factors or assumptions is contained in High Liner Foods’ Annual available on SEDAR ( www.sedar.com
) and the Investor Information section of High
Liner Foods’ website ( www.highlinerfoods.com
).
2

CAD presentation:
• High Liner Foods is traded on the Toronto Stock Exchange and references to stock price, dividends and market cap are presented in CAD
USD presentation:
• Beginning with the 2012 annual report, the Company began to present its financial statements in USD
• 2010, 2011 and 2012 are fully converted and restated under IFRS rules to USD; previous years Canadian GAAP statements are converted from CAD at the annual period-end and average USD/CAD exchange rates and remain as originally reported in Canadian GAAP
3

TSX symbol 1
Recent price 2
52-week range 2
Shares outstanding
Total market cap
Quarterly dividend 3
Current yield 3
HLF
CAD$44.35
CAD$29.51 - $49.80
~15.33M
~CAD$680M
CAD$0.21 per share
~1.9%
1 Public company since the 1960’s; listed on TSX in 1971
2 Source: TSX May 16
3 Effective May 8 th th , 2014
, 2014
HLF Three Year Share Price History 2
5

1899
WC Smith founded
(salt fish)
1945
National
Sea
Products created
1986
Fisher Boy acquisition
1999
Name change to
High Liner
Foods
2007
FPI acquisition 1
2010
Viking acquisition
2011
Icelandic
USA acquisition 2
2013
American
Pride
Seafoods acquisition 3
1926
High Liner brand created
1982
Commodore private label acquisition
1992
Northern
Cod moratorium
2003/04
High Liner sells its fishing assets
1 Acquired FPI’s North American marketing & manufacturing businesses
2 In 2005, Icelandic & Samband of Iceland merged
3 Acquired on October 1 st , 2013 (see Slide 22)
2014
Today’s
High Liner
Foods
6

30%
Geography
26%
Branding Channel Product Form
31%
39%
70%
74%
69%
USA (incl. Mexico)
Canada
HFL Brands
Other
Foodservice
Retail
Value-added
Other
* The charts above reflect the Company’s business profile based on sales and on a proforma basis including American Pride
61%
• We are the North American leader in value-added frozen seafood
• In Canada, #1 market position in retail and largest foodservice player
• In the U.S., estimated #2 in retail value-added (including private label) on a volume basis and the leading supplier of value-added products in foodservice
• Our vision is to be the leading supplier of frozen seafood in North America
7

Broadest Market
Reach in Industry
• 2X the size of largest competitor in retail
& food service channels (100%
ACV) in Canada
• Largest grocerychain supplier of private label valueadded seafood in
U.S. and Canada
• The largest food service suppliers of value-added seafood in U.S.
• Estimated #2 supplier of seafood by volume in U.S. retail channel including private label and niche brands
Market Leading
Brands
Diversified Global
Procurement
• Strong global procurement built on long-term relationships with network of quality suppliers
• Broad procurement activities in North
America and strong footprint in Asia
• Geographically diverse procurement territory mitigates changes in the cost of raw materials
• State-of-the-art web-based IT system to manage logistics and quality for overseas suppliers
Frozen Food Logistics
Expertise
• Logistics expertise allows timely delivery of raw materials and finished goods from over 20 countries to all key customers
• Seamless logistics process approach tailored to be costeffective and customer oriented
• Scheduled deliveries to major customers on regular basis
Innovative Product
Development
8

Lunenburg, NS (Can)
Capacity p.a.: 40m lbs
Utilization: 81%
Malden, MA (U.S.) (1)
Capacity p.a.: 41m lbs
Utilization: 32%
(1) Leased facility
Portsmouth, NH (U.S.)
Capacity p.a.: 80m lbs
Utilization: 83%
New Bedford, MA (U.S.)
Scallop Processing
Capacity p.a.: 12m lbs
Utilization: 67%
New Bedford, MA (U.S.)
Value-Added
Capacity p.a.: 87m lbs
Utilization: 61%
Newport News, VA (U.S.)
Capacity p.a.: 90m lbs
Utilization: 77%
Burin, NL (Canada)
Danvers, MA (U.S.)
HLF facility
Closed facility
Aggregate production capacity of ~350M lbs per annum
Ability to increase 25M lbs p.a. with minimal capital investment
• Low-cost and efficient
• $18M in annual synergies related to Icelandic USA acquisition include cost savings from two plant closures:


Burin, NF (late 2012)
Danvers, MA (early 2013)
• Scallop and value-added processing facility acquired as part of American Pride acquisition in Q4 2013
9

Strategic:
• Acquired American Pride Seafoods (“American Pride”) on October 1st
• Achieved 99% of our strategic goal to sustainably source all of our seafood
Financial:
• Created value for shareholders – increased share price and dividends
• Reported record sales and net earnings (although lower than expected)
• Debt amendments in Feb 2013 resulted in significant interest savings
• Significant deleveraging in Q1 – Q3 (prior to the American Pride acquisition)
Operational:
• Completed Icelandic USA integration and related plant consolidation and relocation of U.S. food service distribution center in Q1 2013
• $18M in total annual synergies achieved related to the Icelandic USA acquisition
11

$1 200
$1 000
$800
$600
$400
$200
$-
$947M
2006 2007 2008 2009 2010 2011 2012 2013
12

$3,00
$2,50
$2,00
$1,50
$2.65
30%
25%
20%
15%
$1,00
$0,50
10%
5%
$0,00
2006
Diluted EPS
2007 2008 2009
Partially Adjusted Diluted EPS
2010 2011 2012
Adusted Diluted EPS
2013
0%
Return on Equity
Diluted EPS is net income as reported divided by the average diluted number of shares
Partially Adjusted Diluted EPS is based on Adjusted Net Income (1)
Adjusted Diluted is based on Adjusted Net Income (1) except including non-cash stock compensation expense
(1) Adjusted Net Income is net income as reported excluding the after-tax impact of: business acquisition, integration and other expenses; impairment of property, plant and equipment related to plant closures; additional depreciation on property to be disposed of as part of an acquisition; increased cost of goods sold relating to purchase price allocation to inventory acquired over its book value; non-cash expense from revaluing an embedded derivative associated with the long-term debt LIBOR floor and marking-to-market an interest rate swap related to the embedded derivative; the write-off or write down of deferred financing charges on the re-pricing of our term loan; withholding tax related to intercompany dividends; and stock compensation expense.
13

$0,90
$0,80
$0,70
$0,60
$0,50
$0,40
$0,30
$0,20
$0,10
$0,00
10-year CAGR (2003 to 2013): 31%
$0.70
$0.82
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
*Assumes Q3 and Q4 dividend at same rate approved for Q2 of CAD$0.21
*
Common shares up to September 15, 2007; Common and non-voting shares from
Dec 15, 2007 to Dec 17, 2012; Common shares from December 18, 2012 to present
14

Sales (USD millions)
$350
$300
$250
$200
$150
$100
$50
$0
$275.2
$302.6
Q1 2013
Excluding American Pride
American Pride
Q1 2014
• Q1 sales in domestic currency were $310.1M in 2014 and $275.8 M in
2013
• American Pride sales were $41.4M in Q1 2014
15

$15
$10
$5
$-
EBITDA (USD millions)
$30
$25
$20
$21.3M
Q1 2013
Standardized EBITDA
Partially Adjusted EBITDA
Adjusted EBITDA
Q1 2014
$27.2M
• Strong operational performance in Q1 through the busy Lenten period
• $6.0M improvement in
Adjusted EBITDA reflects challenges encountered by our U.S. operations in 2013 are largely resolved
• American Pride contributed
$41.4M in sales and $2.2M in
Adjusted EBITDA
16

$0,60
$0,40
$0,20
$0,00
Diluted EPS (USD)
$1,00
$0,80
$0.63
$0.88
Q1 2013
Diluted EPS Partially Adjusted EPS
Q1 2014
Adjusted EPS
17

Net interest-bearing debt / Adjusted EBITDA ratio
5,00x
4.4x
4,00x
3.9x
3.4x
3.2x
3,00x
2,00x
1,00x
3.8x
0,00x
Dec 31/11
Pro Forma
Icelandic
Dec 29/12 Sep 28/13
Pre-American
Pride
Acquisition
Dec 28/13 Mar 29/14
<3.0x
Target
18

• Favourable amendments to the Company’s debt facilities – Term Loan and asset based loan (ABL) – announced late April
• Term Loan and ABL:

Increased capacity and flexibility for acquisitions, investments, distributions, capital expenditures and operational matters

Extended terms (Term Loan from Dec 2017 to Apr 2021 and ABL from Dec
2016 to Apr 2019)

Reduced interest costs
• Additionally, Term Loan facility increased from $250M to $300M and a number of covenants on this facility were improved or removed
19

20

21

• Fisheries recovering around the world largely due to the sustainability efforts over the last ten years
• Growth from aquaculture species
• Long-term demand growth still greater than supply
22

Profitable growth
• Organic growth, acquisitions and supply chain optimization
Supply chain optimization
• Optimize our systems in procurement and purchasing, inventory management, product rationalization, and shipping and warehousing
Succession planning
• With a significant number of retirements expected in the next ten years, focus is required to both develop and hire talent to elevate the organization when retirement vacancies occur and to build the human capacity and expertise necessary to support our growth strategy and ensure the successful integration of acquired companies
23

Innovation
• We are a recognized leader in our industry for introducing new and innovative products and we will continue to focus on developing innovative product offerings that both increase the overall demand for frozen seafood products and grow our market share
Industry consolidation
• Seafood category is highly fragmented due to global supply chain and high number of species
• Substantial growth over the next several years must come from acquisitions that continue to consolidate the frozen seafood industry

Four acquisitions since 2007 have significantly consolidated the U.S. food service channel and High Liner Foods has built a reputation as a successful consolidator with the ability to achieve meaningful synergies through integration of its acquisitions
24

Strong
Customer &
Vendor
Relationships
Proven &
Experienced
Management
Team
Competitively
Advantaged
North
American
Platform
Market Leader in
North American
Value-Added
Seafood Market
Unique
Global
Sourcing
Network and
Expertise
Attractive
Financial
Profile and
Strong Free
Cash Flow
Generation
25