May 20, 2014 | New York

2014 INTRAFISH SEAFOOD INVESTOR FORUM

Paul Jewer, CFO

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 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

Presentation Currency

3

Company Overview

TSX Listings Data

5

TSX symbol1 HLF

Recent price2 CAD$44.35

52-week range2 CAD$29.51 - $49.80

Shares outstanding ~15.33M

Total market cap ~CAD$680M

Quarterly dividend3 CAD$0.21 per share

Current yield3 ~1.9%

1 Public company since the 1960’s; listed on TSX in 19712 Source: TSX May 16th, 20143 Effective May 8th, 2014

HLF Three Year Share Price History2

High Liner Foods Corporate History

6

1 Acquired FPI’s North American marketing & manufacturing businesses2 In 2005, Icelandic & Samband of Iceland merged3 Acquired on October 1st, 2013 (see Slide 22)

2014Today’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

1999 Name

change to High Liner

Foods

2013 American

Pride Seafoods

acquisition3

1986 Fisher Boy acquisition

1982 Commodore private label acquisition

Business Overview

7

61%

39%

Product Form

Value-added Other

74%

26%

Branding

HFL BrandsOther

* The charts above reflect the Company’s business profile based on sales and on a proforma basis including American Pride

70%

30%

Geography

USA (incl. Mexico)Canada

69%

31%

Channel

FoodserviceRetail

• 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

Advantaged Business Model with Market Breadth

• 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

• 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 cost-effective and customer oriented

• Scheduled deliveries to major customers on regular basis

• 2X the size of largest competitor in retail & food service channels (100% ACV) in Canada

• Largest grocery-chain supplier of private label value-added 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

Broadest Market Reach in Industry

Market Leading Brands

Diversified Global Procurement

Frozen Food Logistics Expertise

Innovative Product Development

8

• 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

Optimized Manufacturing Footprint

Lunenburg, NS (Can)

Capacity p.a.: 40m lbsUtilization: 81%

Portsmouth, NH (U.S.)

Capacity p.a.: 80m lbsUtilization: 83%

Malden, MA (U.S.) (1)

Capacity p.a.: 41m lbsUtilization: 32%

Newport News, VA (U.S.)

Capacity p.a.: 90m lbsUtilization: 77%

New Bedford, MA (U.S.) Scallop Processing

Capacity p.a.: 12m lbsUtilization: 67%

Burin, NL (Canada)

Danvers, MA (U.S.)

HLF facility

Closed facility

New Bedford, MA (U.S.) Value-Added

Capacity p.a.: 87m lbsUtilization: 61%

(1) Leased facility

Aggregate production capacity of ~350M lbs per annumAbility to increase 25M lbs p.a. with minimal capital investment

9

Financial Review

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

Fiscal 2013 Highlights

11

Sales History

2006 2007 2008 2009 2010 2011 2012 2013 $-

$200

$400

$600

$800

$1,000

$1,200

USD

mill

ions

$947M

12

Diluted EPS and ROE History

2006 2007 2008 2009 2010 2011 2012 2013$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

0%

5%

10%

15%

20%

25%

30%

Diluted EPS Partially Adjusted Diluted EPSAdusted Diluted EPS Return on Equity

Dilu

ted

Earn

ings

per

Sha

re

Retu

rn o

n Eq

uity

Diluted EPS is net income as reported divided by the average diluted number of sharesPartially Adjusted Diluted EPS is based on Adjusted Net Income(1) except including non-cash stock compensation expense Adjusted Diluted is based on Adjusted Net Income(1)

$2.65

(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

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Annu

al D

ivid

end

per S

hare

($CA

D)

Dividend History

14

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

10-year CAGR (2003 to 2013): 31%$0.70

$0.82*

*Assumes Q3 and Q4 dividend at same rate approved for Q2 of CAD$0.21

Q1 2013 Q1 2014$0

$50

$100

$150

$200

$250

$300

$350

Excluding American PrideAmerican Pride

Financial Review – Q1 2014

$302.6$275.2

Sales (USD millions)

• 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

Financial Review – Q1 2014

Q1 2013 Q1 2014 $-

$5

$10

$15

$20

$25

$30

Standardized EBITDA Partially Adjusted EBITDA

Adjusted EBITDA

$27.2M

EBITDA (USD millions)

$21.3M

16

• 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

Financial Review – Q1 2014

Diluted EPS (USD)

Q1 2013 Q1 2014$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

Diluted EPS Partially Adjusted EPS Adjusted EPS

$0.88

$0.63

17

Deleveraging

18

Dec 31/11 Pro Forma Ice-

landic

Dec 29/12 Sep 28/13Pre-AmericanPride Acquisi-

tion

Dec 28/13 Mar 29/14 Target0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

4.4x

3.4x3.2x

3.9x 3.8x

<3.0x

Net interest-bearing debt / Adjusted EBITDA ratio

• 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

Debt Amendments – Q1 2014

19

Vision & Growth Strategy

20

Steady Course

Following years of strong growth, High Liner Foods remains on a steady course

to achieve its vision to be the leading supplier of frozen seafood in North America

21

Industry Drivers

22

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

• 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

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

2014 Strategic Goals

23

$150M Adjusted EBITDA by 2016 (pro forma basis)

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

Growth Strategy

24

InvestmentRationale

25

Market Leader in North American

Value-Added Seafood Market

QUESTIONS?