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adding valueto seafoodINVESTOR PRESENTATION OCTOBER 2009

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.

Listings Data*

TSX: HLF HLF.A

Recent Price: $7.45 $7.00

52-Week Range $5.51 to $8.45 $4.00 to $7.25

Shares Outstanding ~13.3 million ~5.1 million

Quarterly Dividend $0.07 $0.07

Current Yield 3.8% 4.0%

Total Market Cap: $134 million

* as at September 28, 2009

About High Liner Foods

• Retail & food service markets

• Branded & private label products

One of North America’s largest

value-added frozen seafood companies

A respected name in seafood for more than 100 years

High Liner will be the leader in value-added frozen seafood in North America

Our Vision

2008: A Year of Achievement

Significant growth in sales and earnings

Achieved synergies of $12M

Simplified capital structure

Top strategic goal for fiscal 2008:Successfully integrate the FPI business into High Liner Foods

Leading Market Positions

2X the size of largest competitor in both retail & food service channels

One of the largest food service suppliers of value-added seafood

Largest grocery-chain supplier of private label processed seafood

Leading North American Supplier

Our size strengthens our ability to negotiate price increases to offset higher costs

• Strong customer relationships with every major grocery retailer & food service company

• Ability to act as category manager

• Distribution to every major customer on a regular basis

Core Competencies

Competitive advantage procuring raw materials and finished goods

• Ensures quality, certainty of supply and competitive costs

• Significant strength in groundfish and shellfish

Diversified worldwide

procurement

Core Competencies

Expertise in frozen food logistics• Excellent case fill rates and on-time/order fill

precision• Ability to act as a full category manager• Opportunities for lower cost of shipping

Track record of product innovation• Responsive to demands of customers,

consumers and food service operators• New species – new recipes – creative

packaging

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Financial Review

++124%124%

Fiscal Year 2008

Sales ($ millions)

0

100

200

300

400

500

600

700

2007 2008

FX

Domestic$275.4

$616.0

0

5

10

15

20

25

30

35

40

2007 2008EBITDA Net Income

Adjusted EBITDA, Net Income excluding one-time integration costs & non-operating items ($ millions)

Fully Diluted EPS excluding one-time integration costs & non-operating items ($)

$37.9

$18.3

Fiscal Year 2008

0

0.2

0.4

0.6

0.8

1

1.2

2007 2008

$0.61

$1.00

Year-to-Date Fiscal 2009

++15.7% Cdn $ 15.7% Cdn $

4.9% Domestic $4.9% Domestic $

44%

46%

10%FX

Canada

USA in USD

Sales ($ millions)

04080

120160200240280320360

H12008

H12009

FXDomestic

$289.2

$334.7

0

5

10

15

20

25

H1 2008 H1 2009EBITDA Net Income

Net income and EPS also exclude non-operating items

Year-to-Date Fiscal 2009

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

H1 2008 H1 2009

$0.47

$0.62$22.2

$11.4

Adjusted EBITDA, Net Income excluding one-time integration costs & non-operating items ($ millions)

Fully Diluted EPS excluding one-time integration costs & non-operating items ($)

Performance Against Targets

Actual Target

ROE 14.7% 10.0%

ROAM 13.9% 15.0%

EBIT as % sales 5.4% 6.0%

Debt to EBITDA 2.2x 3.00x

Rolling 4 quarters ended July 4, 2009

Capital Structure

Net debt as a % of total capitalization

January 3, 2009 July 4, 2009

39.5% 36.9%• Impacted by currency translation of US$ debt

and U.S. operations to Canadian $

• Higher seafood costs increased the value of working capital

Increased Dividends

33rdrd

4040%%

2828¢¢ per common & non-voting equity share (annualized)

dividend increase in last 5 quarters

increase in annualized rate since Q2 of last year

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Outlook & Growth Strategy

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Our Outlook

• Consumer staple• Diversified product offering

Value-priced & premium products

• Solid business model• Strong balance sheet

High Liner is a recession

resistant business

Our Outlook

• Leveling off of some seafood & other input costs

• Continued volatility in currency

• Remain diligent in controlling costs

• Leverage strengths to increase profits

• Ensure our products maintain the highest standards of food safety

Retail (eat at home)• More Canadian and U.S. consumers eating at

home in light of the economy• Benefiting from our strong value-priced offerings

Fisher Boy® and private label

Food Service (away from home)• Increased strength in Canada and the U.S.• U.S. food service – our largest operating segment• Education and health care segments are

recession resistant

Our Outlook

Growth influenced by strong demographics:

North America has an aging,

health-conscious population

• 45+ years of age account for half of seafood consumption

• Health benefits tied to eating fish

• Opportunity to drive greater consumption within 35-44 age group

Total Market*

% of total population % share of total seafood servings

Source: NPD Group CREST research, August 2007 * Total Canada

Our Outlook

Growth Strategy

Organic growth• Develop new products

Innovative value added productsHigh-quality, innovatively packaged raw products

• Introduce new species from aquaculture• Expand distribution of existing products

Drive continued growth by leveraging our core High Liner and FPI brands

Growth Strategy

Acquisitions • Seek acquisitions that will expand our product

portfolio & strengthen our market leadership

Strict acquisition criteria• Must be complementary to frozen seafood• Should be synergistic• Must leverage our existing:

Leading brandsStrong customer relationshipsMarketing & logistics expertiseProduct development expertise

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adding valueto seafoodINVESTOR PRESENTATION OCTOBER 2009