Presentation delivered by High Liner Foods' CEO and CFO during investor meetings in Toronto, October 5th and 6th.

1. adding value
to seafood
INVESTOR PRESENTATION OCTOBER 2009
1

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.

3. 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

4. About High Liner Foods
One of North • Retail & food service
America’s largest markets
value-added frozen • Branded & private
seafood companies label products
A respected name in seafood for more than 100 years

5. Our Vision
High Liner will be the leader
in value-added frozen seafood
in North America

6. 2008: A Year of Achievement
Top strategic goal for
fiscal 2008:
Successfully integrate
the FPI business into
High Liner Foods
Significant Achieved Simplified
growth in sales synergies of capital
and earnings $12M structure

7. Leading Market Positions
2X the size of largest
competitor in both retail &
food service channels
Largest grocery-chain
supplier of private
label processed
seafood
One of the largest food
service suppliers of
value-added seafood

8. Leading North American Supplier
• 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
Our size strengthens our ability to negotiate
price increases to offset higher costs

9. Core Competencies
Diversified • Ensures quality, certainty of
worldwide supply and competitive
costs
procurement
• Significant strength in
groundfish and shellfish
Competitive advantage procuring raw materials
and finished goods

10. 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

11. Financial Review
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12. Fiscal Year 2008
Sales ($ millions)
700
$616.0
600
500
+
124%
400 FX
300 $275.4 Domestic
200
100
0
2007 2008

13. Fiscal Year 2008
Adjusted EBITDA,
Net Income Fully Diluted EPS
excluding one-time integration costs excluding one-time integration
& non-operating items ($ millions) costs & non-operating items ($)
40 $37.9 1.2
35
1
$1.00
30
0.8
25
$0.61
20 $18.3 0.6
15
0.4
10
0.2
5
0 0
2007 2008 2007 2008
EBITDA Net Income

14. Year-to-Date Fiscal 2009
Sales ($ millions)
360 $334.7
+
15.7% Cdn $
320
$289.2 4.9% Domestic $
280
240
200 FX FX
160 Domestic 10%
Canada
120
44%
80
40
0 46%
USA in USD
H1 H1
2008 2009

15. Year-to-Date Fiscal 2009
Adjusted EBITDA,
Net Income Fully Diluted EPS
excluding one-time integration costs excluding one-time integration
& non-operating items ($ millions) costs & non-operating items ($)
0.7
25
$22.2 $0.62
0.6
20
0.5 $0.47
15 0.4
$11.4 0.3
10
0.2
5
0.1
0 0
H1 2008 H1 2009 H1 2008 H1 2009
EBITDA Net Income
Net income and EPS also exclude non-operating items

16. 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

17. 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

18. Increased Dividends
28 ¢ per common & non-voting
equity share (annualized)
3 rd dividend increase in last
5 quarters
40 % increase in annualized
rate since Q2 of last year

19. Outlook & Growth Strategy
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20. Our Outlook
High Liner is • Consumer staple
a recession • Diversified product offering
resistant Value-priced & premium
products
business
• Solid business model
• Strong balance sheet

21. 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

22. 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

23. 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

24. Our Outlook
Growth influenced by strong
demographics:
North America • 45+ years of age account for
has an aging, half of seafood consumption
health-conscious • Health benefits tied to eating
population fish
• Opportunity to drive greater
consumption within 35-44 age
group

25. Our Outlook
Total Market*
% of total population % share of total seafood servings
Source: NPD Group CREST research, August 2007 * Total Canada

26. Growth Strategy
Organic growth
• Develop new products
Innovative value added products
High-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

27. 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 brands
Strong customer relationships
Marketing & logistics expertise
Product development expertise

28. adding value
to seafood
INVESTOR PRESENTATION OCTOBER 2009
28