High Liner Foods is one of North America's largest processors and marketers of prepared, value-added frozen seafood. It sells branded products under various labels throughout the US, Canada, and Mexico, as well as private label and food service products. The company's core competency is value-added frozen seafood, and its competitive advantages include worldwide procurement expertise, proficiency in logistics, strong retailer relationships, and recognized brands. For fiscal year 2009, High Liner Foods reported sales of $627 million, with 47.5% from Canada and 52% from the US. Its key brands include High Liner, Fisher Boy, and Sea Cuisine, and it is the largest supplier of private label

1. Fact Sheet – Q1 2010 Trading Info/Data
(As of Feb. 19, 2010)
Corporate Profile Symbol
High Liner Foods is one of North America’s largest processors and marketers of prepared,
TSX:HLF, HLF.A1
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 – $10.40
The Company also sells its High Liner ®, FPI® and Mirabel® food service products to HLF.A – $8.25
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 – $5.51 - $10.40
HLF.A – $5.00 - $8.50
The Company’s core competency is value-added frozen seafood. Its sources of Market Capitalization2
competitive advantage include: ~$178.96 million
• orldwide procurement expertise supported by a state-of-the-art, internet-based
W
information management system Shares Outstanding
HLF – 13.3 million
• roficiency in frozen food logistics
P HLF.A – 5.1 million
• trong relationships with every major supermarket chain, club store and food service
S Total – 18.4 million
distributor in Canada and the U.S. Current Yield
• roven ability to successfully identify, develop and market innovative products that
P HLF – 2.88%
meet the evolving demands of consumers HLF.A – 3.64%
1
HLF.A shares are non-voting equity shares
• ecognized, trusted brands that deliver on consumers’ expectations and a reputation
R and were issued in August and September
for exceeding the demands of customers of 2008
2
Includes both HLF plus HLF.A shares
Sales ($ millions) Interest-Bearing Debt ($ millions)
700 120
600
500
100
80
Corporate Data
400 Fiscal Year End
60
300 January 2, 2010
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 fourth quarter of 2009:
(all comparisons are to the same quarter of fiscal 2008)
Other
• djusted EBITDA1 increased 20.1% to $11.0 million despite lower sales and volume
A $3.1
(measured in pounds) (0.5%)
• et income of $3.8 million, or fully diluted earnings per share (“EPS”) of $0.21,
N Brands
up from $2.4 million, or fully diluted EPS of $0.13
• et interest bearing debt reduced to 33.6% of total capitalization from 39.5%
N
Financial Data
$ 000 except 13 weeks ended 14 weeks ended 52 weeks ended 53 weeks ended
per share data Jan 2, 2010 Jan 3, 2009 Jan 2, 2010 Jan 3, 2009
Sales 148,827 177,441 627,186 615,993
High Liner® – #1 frozen food
Adjusted EBITDA1 11,039 9,188 43,573 37,917 product in Canada
Net Income 3,798 2,376 19,747 14,192
Adjusted
4,374 4,036 20,889 18,348
Net Income2
Diluted EPS
Excluding One-time
0.24 0.22 1.14 1.00
Integration Costs &
Non-operating Items
Fisher Boy® – #2 fish stick in the U.S.
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
Chartered Accountants
Sea Cuisine® – Brand added
2
Net income excluding one-time integration costs and non-operating items. through the FPI acquisition
Private Label – Largest
grocery-chain supplier of
value-added private label
processed seafood products
in both the U.S. and Canada