Investor PresentationsDecember 2013

Henry Demone, CEOKelly Nelson, CFO

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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. 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's annual MD&A and is available on SEDAR (www.sedar.com).

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Presentation CurrenciesCAD 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:• Effective with the company’s 2012 annual report, all financial

statements are presented 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 under Canadian GAAP

Company Overview

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TSX Listings DataTSX symbol1 HLF

Recent price2 $41.99

52-week range2 $27.62 - $41.99

Shares outstanding ~15.25M

Total market cap ~$640M

Quarterly dividend3 $0.19

Current yield3 1.8%

1 Public company since the 1960’s; listed on the TSX in 19712 Source: TSX November 25, 20133 Effective November 7, 2013

HLF Three Year Share Price History2

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High Liner Foods Corporate History

1 Acquired FPI’s North American marketing and manufacturing businesses2 In 2005, Icelandic and Samband of Iceland merged3 Acquired on October 1, 2013 (see Slide 26)

2013Today’s

High Liner Foods

1926High Liner

brand created

1992 Northern

Cod moratorium

2003/04 High Liner

sells its fishing assets

2007 FPI

acquisition1

2011 Icelandic

USAacquisition2

2010 Viking

acquisition

1899WC Smith founded (salt fish)

1945National

Sea Products created

1999Name

change to High Liner

Foods

2013 American

Pride Seafoods

acquisition3

1986 Fisher Boy acquisition

1982 Commodore private label acquisition

Business Profile

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61%

39%

Product Form

Value Added Other

74%

26%

Branded

HFL Brands Other

* The charts above reflect the Company’s business profile on a proforma basis after its acquisition of American Pride Seafoods on October 1, 2013 (see Slide 26).

Business Profile (cont’d)…

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70%

30%

Geography

USA (incl. Mexico)Canada

69%

31%

Retail / Food Service

Food Service Retail

* The charts above reflect the Company’s business profile on a proforma basis after its acquisition of American Pride Seafoods on October 1, 2013 (see Slide 26).

Our Business Model

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Broadest market reach in industry

Market leading brands

Diversified global procurement

Frozen food logistics expertise

Innovative product development

Food Service Business Overview

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Leading foodservice brands• High Liner, FPI, Icelandic, Viking,

America Pride Seafoods

Strengths• Cover all segments: chain

restaurants, food service distributors, healthcare and education

• Diverse product line• Private label• Dominant supplier position• Leading innovation

Examples of key customers• Food distributors: Sysco, US Foods,

GFS, Reinhart, PFG• Restaurant chains: Arby’s, Carl’s JR,

Long John Silver’s, MacDonald’s• Other: Nestle, Omaha Steaks,

Schwann’s

Retail Business Overview

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Leading retail brands • High Liner, Sea Cuisine, Fisher

Boy

Strengths• Sell to all retailers• Sell to every area of store• Recognized brands• Private label• Leading innovation

Examples of key customers• Grocery: Walmart, Target, Whole

Foods, Safeway, Kroger, Sobey’s, Loblaw

• Club: Costco, Sam’s, BJ’s

Rationalized Production Capacity

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• Low manufacturing footprint; recently closed 2 of 6 plants:

• November 2012 – closed plant in Burin, Nfld

• January 2013 - closed plant in Danvers, MA

• As part of the American Pride Seafood acquisition on October 1, 2013, we acquired a plant in New Bedford, MA, bring our plant count to 5

Lunenburg, NS (Canada)

Capacity p.a.: 40m lbs

Utilization: 81%

Malden, MA (USA)1

Capacity p.a.: 41m lbs

Utilization: 32%

Newport News, VA (USA)

Capacity p.a.: 90m lbs

Utilization: 89%

Portsmouth, NH (USA)

Capacity p.a.: 72m lbs

Utilization: 95%

New Bedford, MA (USA)

Capacity p.a.: 87m lbs

Utilization: 61%

1 The plant in Malden is a leased facility

Financial Review

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Fiscal 2012 Highlights

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Financial highlights:• Strong growth in adjusted EBITDA and adjusted EPS• Created value for shareholders – increased share price / dividends

Operational highlights:• The Icelandic USA acquisition which was completed in Dec 2011 and fully

integrated by Nov 2012 • The expected annual synergies are approximately $18M and at the high end of the

original estimate of $16M to $18M. • Plant consolidation was completed with the closure of two plants Nov 2012 / Jan

2013 - some issues still remaining as we implement the new manufacturing footprint

Recognition for new products:• Voted Best New Product by Canadian Living in the “Frozen Fish / Prepared Meal

Category” for 4 years in a row for High Liner’s Pan Sear, Market Cuts and Flame Savours products

The North American leader in value-added frozen seafood

Vision achieved during a milestone year

1515

Sales Growth (US$ millions)

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2006 2007 2008 2009 2010 2011 2012

$943M

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EBITDA Growth (US$ millions)

$0

$20

$40

$60

$80

$100

$120

2006 2007 2008 2009 2010 2011 2012

$91.7M

Standardized EBITDA: Earnings before interest, taxes, depreciation and amortization as reported in the Company’s annual audited financial statements

Partially Adjusted EBITDA: Standardized EBITDA as defined above, adjusted to exclude the impact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; and the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting

Adjusted EBITDA: Partially Adjusted EBITDA as defined above, further adjusted to exclude the impact of non-cash stock compensation expense

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Proj.

Dividend History (Cdn$)

Common shares up to September 15, 2007; Common and Non-Voting shares from December 15, 2007 to December 17, 2012; Common shares from December 18, 2012 to present

Annual Dividends per Share

10-year CAGR: 30.4%Current run rate: $0.76

$0.70

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Q3 YTD 2013 Highlights

Sales

• Lower overall sales volume in 2013• Weak sales being experienced by the U.S. restaurant industry as a whole• An earlier Lent this year resulted in a shorter selling period in 2013• Lower private label retail sales in the U.S. and Canada• Higher branded retail sales in the U.S. and Canada offset some of the impact

• Decreases in certain seafood commodity prices led to a reduction in the selling prices for some products in 2013

• An unfavourable change in the FX rate used to convert CAD-denominated sales to USD for reporting purposes

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Sales decreased $28M to $697M in 2013

Despite continued pressure on sales in 2013, the overall profitability of the Company has improved

Q3 YTD 2013 Highlights (cont’d)…

Adjusted EBITDA (as defined on slides 16 and 22)

• $10M of this decrease occurred in Q1 and has been partially mitigated with increased Adjusted EBITDA in Q2 and Q3

• Synergies realized from integrating the Icelandic USA acquisition and lower commodity prices on certain species had a positive impact on Adjusted EBITDA

• Adjusted EBITDA negatively impacted by:• Lower sales• Competitive pressures in Q1 negatively impacting margins on certain products

where the Company had to reduce commodity selling prices more rapidly than the applicable decline in cost for these products

• Increased operating and distribution expenses related to activities associated with the expedited closure of our Danvers plant in Q1 and relocating U.S. food service distribution to Newport News

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Adjusted EBITDA decreased $7M to $63M in 2013

Q3 YTD 2013 Highlights (cont’d)…

Adjusted Net Income (as defined on Slide 23)

• Significant savings in interest costs resulting from favourable amendments made to the Company’s debt in February 2013

• Lower depreciation charges reflect the closure of plant in Danvers

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Adjusted Net Income increased $2M to $29M in 2013

Q3 YTD 2013 - Financial Review

Sales as Reported (in domestic currency, $ millions)

468.9 491.5

233.0 233.3

$0

$100

$200

$300

$400

$500

$600

$700

$800

2013 2012US Canada

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$701.9 $724.8

$56.6

$42.4

$58.1$64.5$62.7

$69.7

$0$10$20$30$40$50$60$70$80

2013 2012

EBITDA (in US$ millions)

Q3 YTD 2013 - Financial Review (cont’d)…

Standardized EBITDA: Earnings before interest, taxes, depreciation and amortization as reported in the Company’s annual audited financial statements

Partially Adjusted EBITDA: Standardized EBITDA as defined above, adjusted to exclude the impact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; and the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting

Adjusted EBITDA: Partially Adjusted EBITDA as defined above, further adjusted to exclude the impact of non-cash stock compensation expense

$1.45

$0.32

$1.60$1.46

$1.88 $1.78

$0.00

$0.50

$1.00

$1.50

$2.00

2013 2012

Diluted EPSQ3 YTD 2013 – Financial Review (cont’d)…

Diluted EPS: Net income as reported the Company’s annual audited financial statements divided by the average diluted number of shares

Partially Adjusted Diluted EPS: Diluted EPS as defined above, with the Company’s reported net income adjusted to exclude theimpact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting; non-cash expense from revaluing an embedded derivative associated with the long-term debt LIBOR floor; marking to market an interest rate swap related to the embedded derivative; the write-off of deferred financing charges on the re-pricing of the Term Loan; and withholding tax related to inter-company dividends.

Adjusted Diluted EPS: Partially Adjusted Diluted EPS as defined above, with the Company’s reported net income further adjusted to exclude the impact of non-cash stock compensation expense. The adjusted net income used in this calculation is referred to as “Adjusted Net Income”.

2013 cost savings: $4.7M cash; $6.2M total or $0.30 per share

Q1 2013 Debt Amendments

Term loan ($233M)• Reduced rates 5.5% + 1.50 LIBOR floor to 3.5% + 1.25 LIBOR floor

• Less restrictive financial covenants

• More room for dividends

• More flexible for acquisitions

ABL ($180M working capital facility)• Improved pricing grid

• More flexible for acquisitions

• Currently borrowing $75M to $90M against this line, which was used to finance the acquisition of American Pride Seafoods on October 1, 2013

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Estimated annual free cash flow of $40M to $50M

Deleveraging

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4.40x

3.40x 3.16x3.54x

< 3.0x

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

Dec 31/11 Pro Forma Icelandic

Dec 29/122 Sep 28/13 Oct 1/13 Pro Forma

American Pride Seafoods

Target

Net interest-bearing debt / Adjusted EBITDA1

1 Adjusted EBITDA as defined on Slides 16 and 22

American Pride Acquisition

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• Paid $34.5M on October 1, 2013, for American Pride’s net assets, excluding Accounts Receivables valued at $15M

• Financed with our ABL facility.

• Plant and operations based out of New Bedford, MA

• Value-added, frozen seafood business, primarily selling to the food service market, targeting national accounts and the non-commercial market segments

• Also has significant scallop processing business, making High Liner a major player in this business

• 2012 sales of $190M

• Acquisition expected to be modestly accretive to earnings in 2014

• Integration will be delayed until post-Lent 2014

Outlook• Restoring plant throughputs in the U.S. so that the full synergies related to closing

the Danvers plant are realized is a priority.

• We believe we are well positioned for sales volumes to improve as US restaurant sales improve.

• We remain focused on our strategic goals as evidenced by acquisition of American Pride Seafoods on October 1, 2013.

• Continued cost increases for shrimp and haddock may adversely affect volumes as well as margins for certain products during the balance of 2013 and into 2014.

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Vision & Growth Strategy

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Our Vision

The leading frozen seafood supplier in North America

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Industry Drivers

Long-term growth influenced by strong North American demographics

An aging, health-conscious

population

45+ years of age account for half of seafood

consumption

Health benefits tied to eating fish

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• Fisheries recovering around the world largely due to the sustainability efforts over the last 10 years by most seafood nations

• Growth from aquaculture species

• Long-term demand growth still greater than supply

• Short-term cost declines but long-term fundamentals signal increasing costs

• Seafood cost increasing less than other proteins

Industry Drivers (cont’d)…

2013 Strategic Goals

1. Profitable growth

• Icelandic USA synergies

• Organic growth

• Acquisitions

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$150M Adjusted EBITDA by 2015 (proforma basis)

2013 Strategic Goals (cont’d)…

2. Supply chain excellence

• Optimize our systems in:

• Procurement and purchasing

• Inventory management

• Product rationalization

• Shipping and warehousing

• Contribute $20M to $25M to 2015 EBITDA target

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2013 Strategic Goals (cont’d)…

3. Sustainable sourcing

• Source all seafood from certified or responsible fisheries and aquaculture farms by the end of 2013

Investment Rationale

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Leading Processor in

North America

Strong Customer

Relationships

Unique Global Sourcing

Network and Expertise

Attractive Financial

Profile and Strong Free Cash Flow Generation

Competitively Advantaged

North American Platform

Management Team with

Strong Track Record of Successful Acquisitions

Questions?

Heather Keeler-Hurshman, Director Investor Relations