INVESTOR PRESENTATION – RBC CAPITAL MARKETS CONSOLIDATORS CONFERENCE

March 29, 2016 KEITH DECKER, PRESIDENT & CEO HEATHER KEELER-HURSHMAN, DIRECTOR, IR

PAUL JEWER, EVP & CFO

© 2015 High Liner Foods – CONFIDENTIAL 2

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 Report available on SEDAR

(www.sedar.com) and the Investor Information section of High Liner Foods’ website

(www.highlinerfoods.com).

© 2015 High Liner Foods – CONFIDENTIAL 3

Presentation currency:

• High Liner Foods began reporting its financial statements in USD in 2012, however its common

shares trade on the TSX and are quoted in CAD and therefore references in this presentation

to share price, dividends and market cap are in CAD. Investors are reminded to take into

consideration the USD/CAD exchange rate when calculating financial ratios, including

dividend payout and share price-to-earnings ratios.

• 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.

Stock split:

• Effective May 30th, 2014, HLF common shares were split on a 2-for-1 basis. All share and per

share information in this presentation reflect retrospective application of this split.

PRESENTATION NOTES

COMPANY OVERVIEW

© 2015 High Liner Foods – CONFIDENTIAL 5

COMPANY OVERVIEW

TSX LISTINGS DATA

1 Public company since the 1960’s; listed on TSX in 1971 2 Source: TSX March 23, 2016 closing price 3 Effective August 5, 2015

TSX symbol1 HLF

Recent price2 CAD$15.00

52-week range2 CAD$10.10 - $25.20

Shares outstanding ~30.87M

Total market cap2 ~CAD$463M

Annual dividend3 CAD$0.48 per share

Current yield3 ~3.2%

HLF Three Year Share Price History2

© 2015 High Liner Foods – CONFIDENTIAL 6

COMPANY OVERVIEW

VISION MISSION VALUES

To be the leading supplier

of frozen seafood in North

America

To radically simplify

selecting, preparing and

enjoying seafood at its

best

Customer-focused

Innovative

Responsible

VISIONS, MISSION AND VALUES

© 2015 High Liner Foods – CONFIDENTIAL 7

COMPANY OVERVIEW

INDUSTRY DRIVERS

Long-term growth influenced by strong North American demographics

An aging,

health-conscious

population

Health benefits tied to eating fish

45+ years of age

account for half of seafood

consumption

• 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

© 2015 High Liner Foods – CONFIDENTIAL 8

COMPANY OVERVIEW

HIGH LINER FOODS CORPORATE HISTORY

1899 WC Smith

founded

(salt fish)

1945 National

Sea

Products

created

1999

Name

change to

High Liner

Foods

1926 High Liner

brand

created

1986 Fisher Boy

acquisition

2007 FPI

acquisition1

2010 Viking

acquisition

2011 Icelandic

USA

acquisition2

2013 American

Pride

Seafoods

acquisition3

2014 Atlantic

Trading

Company

acquisition4

1982 Commodore

private label

acquisition

1992 Northern

Cod

moratorium

2003/04 High Liner

sells its

fishing

assets

2016

Today’s

High Liner

Foods

1 Acquired FPI’s North American marketing & manufacturing businesses 2 In 2005, Icelandic & Samband of Iceland merged 3 Acquired October 1st, 2013 4 Acquired October 7th, 2014

© 2015 High Liner Foods – CONFIDENTIAL 9

COMPANY OVERVIEW

BUSINESS OVERVIEW

73%

27%

Geography

USA (incl. Mexico)

Canada

79%

21%

Branding

HLF Brands Other

63%

37%

Channel

Foodservice Retail

66%

34%

Product Form

Value-added Other

* The charts above reflect the Company’s business profile based on 2015 sales

• The North American leader in value-added frozen seafood

• In Canada, #1 market position in retail and largest foodservice supplier

• 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

• Vision is to be the leading supplier of frozen seafood in North America

© 2015 High Liner Foods – CONFIDENTIAL 10

COMPANY OVERVIEW

ADVANCED BUSINESS MODEL WITH MARKET BREADTH

Broadest Market

Reach in Industry Market Leading

Brands

Diversified Global

Procurement

Frozen Food

Logistics Expertise

Innovative Product

Development

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

Strong global

procurement built on

long-term relationships

with network of quality

suppliers

Full-time procurement

and quality assurance

personnel oversee

procurement activities

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

© 2015 High Liner Foods – CONFIDENTIAL 11

COMPANY OVERVIEW

MANUFACTURING FOOTPRINT

• Continuous assessment of

manufacturing capabilities vs. current

and future requirements to ensure low-

cost and efficient operations

• Value-added fish operations at New

Bedford facility to cease by the end of

Q3 2016 to eliminate excess

manufacturing capacity, with expected

annual pre-tax savings of ~ $7.0M

Lunenburg, NS (Can)

Capacity p.a.: 50M lbs

Utilization: 65%

Portsmouth, NH (U.S.)

Capacity p.a.: 84M lbs

Utilization: 71% New Bedford, MA (U.S.)

Scallop Processing

Capacity p.a.: 12M lbs

Utilization: 41%

New Bedford, MA (U.S.)

Value-Added Fish

Processing

Capacity p.a.: 87M lbs

Utilization: 50%

Newport News, VA (U.S.)

Capacity p.a.: 94M lbs

Utilization: 64%

Aggregate production capacity of ~327M lbs per annum (240M lbs excluding

New Bedford value-added fish operations), with the ability to increase 12M lbs

p.a. with minimal capital investment

© 2015 High Liner Foods – CONFIDENTIAL 12

COMPANY OVERVIEW

LEADER IN SUSTAINABILITY

• Committed to sourcing all our seafood from “certified sustainable or responsible” fisheries and aquaculture

• In cooperation with NGOs, industry partners and other like-minded businesses, we have assumed a

leadership role in substantial fishery and aquaculture improvements around the world

• Recognized as a global leader in driving best practice improvements in wild fisheries and aquaculture

• In late 2015, High Liner Foods ranked top seafood company in North American and one of the top ten

worldwide in a comprehensive benchmark report by SeafoodIntelligence.com that examined seafood

companies’ sustainability reporting and transparency

• In early 2015, High Liner Foods and Bill DiMento, VP of Quality Assurance, Sustainability and Government

Affairs, awarded “Grand Champion Award” by SeaWeb, an award SeaWeb created to recognize

outstanding contribution across all four of the key areas of global sustainability that it looks to recognize

parties for: leadership, vision, innovation and advocacy

• Continued focus on improved sustainability across our supply chain beyond the seafood we source and

other areas of corporate social responsibility.

PERFORMANCE

© 2015 High Liner Foods – CONFIDENTIAL 14

PERFORMANCE

FISCAL 2015 HIGHLIGHTS

Strategic:

• Significant progress made on supply chain optimization initiatives focused on improved efficiency and cost

savings at both the plant and entity level ($6M+ savings realized in 2015 related to these initiatives)

• Organic growth challenges due to a number of external and internal factors

• Completed succession planning at the senior-most level of the Company

Financial (compared to Fiscal 2014):

• Achieved $1B in sales for the second time reflecting recent acquisitions

• Lower sales volume reflecting organic growth challenges and an additional week of sales in Fiscal 2014

• Lower sales revenue, Adjusted EBITDA and Adjusted Net Income reflecting lower sales volume, increased raw

material prices not fully recovered through price increases and a significant decline in the average USD/CAD

exchange rate, partially offset by savings related to supply chain optimization initiatives

• Increased the quarterly dividend in Q2 by 14.3% to $0.12 per share ($0.48 on an annualized basis)

• Improved leverage reflecting the repayment of debt with cash flows provided by operating activities

Operational:

• Ceased operations in Q2 at our previously leased manufacturing facility in Malden, MA

• Restructuring and recruitment of new talent to certain key sales positions to address certain internal sales

execution and promotional challenges

© 2015 High Liner Foods – CONFIDENTIAL 15

PERFORMANCE

2016 strategic goals set a strategic direction consistent with the prior year, which is to grow our

business, operate it as efficiently as possible and ensure that we have the right talent:

1. Organic sales growth

• Growing our base business is the primary focus in 2016

• Commercial excellence, customer focused and innovative

2. Operating efficiency and cost management

• Complete the outstanding supply chain optimization activities associated with achieving a

minimum of $20M in annual savings on a run-rate basis (full benefit to be realized in 2017).

Continued improvement in sales volume trends will help to realize this full benefit.

• “High Liner Foods operating system” and leveraging our size across the business

3. Talent management

• Acquiring, developing and retaining the best talent are critical to the success of the

company

• Formal talent identification process, active development of our future leaders and a new

performance management system

2016 STRATEGIC GOALS

© 2015 High Liner Foods – CONFIDENTIAL 16

PERFORMANCE

SALES HISTORY

$-

$200

$400

$600

$800

$1,000

$1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

D m

illio

ns

$1.0B

© 2015 High Liner Foods – CONFIDENTIAL 17

PERFORMANCE

EBITDA HISTORY

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

D m

illio

ns

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

Adjusted EBITDA: Standardized EBITDA as defined above, adjusted to exclude: non-operating items associated with business acquisition and integration

activities; other non-routine or one-time costs; and the impact of share-based compensation expense related to the Company’s stock price

$78.2M

© 2015 High Liner Foods – CONFIDENTIAL

PERFORMANCE

DILUTED EPS AND ROE HISTORY

0%

5%

10%

15%

20%

25%

30%

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Retu

rn o

n E

qu

ity

Dilu

ted

Ea

rnin

gs

per

Sh

are

Diluted EPS Adjusted Diluted EPS Return on Equity

$1.14

Diluted EPS is net income as reported divided by the average diluted number of shares

Adjusted Diluted EPS is based on Adjusted Net Income(1)

(1)Adjusted Net Income is net income as reported excluding the after-tax impact of: business acquisition, integration and other non-routine costs; accelerated

depreciation on equipment as part of the cessation of operations; accelerated amortization of deferred financing costs and other items resulting from debt

refinancing and amendment activities; non-cash expense (income) related to marking-to-market an embedded derivative associated with the LIBOR floor

included in long-term debt; non-cash expense (income) related to marking-to-market interest rate swaps not designated for hedge accounting; and share-based

compensation expense.

18

© 2015 High Liner Foods – CONFIDENTIAL

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

An

nu

al D

ivid

en

d p

aid

pe

r S

ha

re (

$C

AD

)

19

PERFORMANCE

DIVIDEND HISTORY

12-year CAGR (2003 to 2015): 28%

$0.465

© 2015 High Liner Foods – CONFIDENTIAL 20

PERFORMANCE

DEBT LEVERAGE RATIO

Net interest-bearing debt / rolling 12 month Adjusted EBITDA

4.4x

3.4x 3.2x

3.9x 4.0x

4.4x

4.0x

3.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Dec 31/11 Pro forma Icelandic

Acquisition

Dec 29/12 Sep 28/13 Pre-American

Pride Acquisition

Dec 28/13 Sep 28/14 Pre-Atlantic

Trading Acquisition

Jan 3/15 Jan 2/16 Target

© 2015 High Liner Foods – CONFIDENTIAL 21

PERFORMANCE

2015 SALES (USD MILLIONS)

$1,051.6 $1,001.5

$0

$200

$400

$600

$800

$1,000

$1,200

2014 2015

• The estimated benefit associated with an

additional week of sales in Fiscal 2014

was $20M (5.5M lbs)

• Sales in domestic currency were

$1,073.8M in 2015 and $1,083.5M in

2014

• Weaker CAD decreased reported USD

sales by $40.9M relative to the

conversion impact last year

• Lower sales volume, partially offset by

increased prices (net of increased

promotional spending in an effort to

improve sales volume trends)

• Pounds sold were 284.4M in 2015 and

307.6M in 2014

© 2015 High Liner Foods – CONFIDENTIAL

PERFORMANCE

2015 EBITDA (USD MILLIONS)

$83.3 $78.2

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2014 2015

Standardized EBITDA Adjusted EBITDA

22

• The estimated benefit associated with an

additional week of sales in Fiscal 2014

was $1.6M of Adjusted EBITDA

• Adjusted EBITDA in domestic currency

was $83.9M in 2015 (7.8% of sales) and

$85.4M in 2014 (7.9% of sales)

• Lower sales volume and gross margin as

a % of sales, partially offset by lower

distribution and SG&A expenses

• Lower gross margin as a % of sales

reflects cost increases not fully

recovered through price increases,

increased promotional spending, change

in product mix in the U.S. and lower

margins on Atlantic Trading products

• Lower distribution and SG&A costs

reflect supply chain optimization and

other savings

© 2015 High Liner Foods – CONFIDENTIAL 23

PERFORMANCE

2015 DILUTED EPS (USD)

$1.24

$1.14

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

2014 2015

Diluted EPS Adjusted Diluted EPS