9. Forward-Looking Information ANNUAL REPORT 2013 51 Forward-looking statements can generally be identified by the use of the conditional tense, the words “may”, “should”, “would”,  “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”,  “foresee”, “objective” or “continue” or the negative of these terms or variations of them or words and expressions of similar nature.  Actual results could differ materially from the conclusion, forecast  or projection stated in such forward-looking information. As a  result, we cannot guarantee that any forward-looking statements  will materialize. Assumptions, expectations and estimates made in the preparation of forward-looking statements and risks that  could cause our actual results to differ materially from our current  expectations are discussed in detail in the Company’s materials  filed with the Canadian securities regulatory authorities from time  to time, including the “Risk Factors and Risk Management” section  of this MD&A and the “Risk Factors” section of our most recent  Annual Information Form. The risks and uncertainties that may  affect the operations, performance, development and results of  High Liner Foods’ business include, but are not limited to, the  following factors: volatility in the U.S. / Canadian exchange rate;  competitive developments including increases in overseas seafood  production and industry consolidation; availability and price of  seafood raw materials and finished goods; costs of commodity  products and other production inputs; successful integration of the operations of Icelandic with High Liner Foods’ operations;  potential increases in maintenance and operating costs; shifts in market demands for seafood; performance of new products  launched and existing products in the marketplace; changes in laws and regulations, including environmental, taxation and  regulatory requirements; technology changes with respect to  production and other equipment and software programs; supplier  fulfillment of contractual agreements and obligations; High Liner  Foods’ ability to generate adequate cash flow or to finance its future  business requirements through outside sources; compliance with  debt covenants; the availability of adequate levels of insurance;  and management retention and development. Forward-looking  information is based on management’s current estimates,  expectations and assumptions, which we believe are reasonable  as of the current date. You should not place undue importance on forward-looking information and should not rely upon this  information as of any other date. Except as required under  applicable securities legislation, we do not undertake to update  these forward-looking statements, whether written or oral, that  may be made from time to time by us or on our behalf, whether as  a result of new information, future events or otherwise. Specific forward-looking statements in this document include, but are not limited to: statements with respect to future growth  strategies and its impact on shareholder value; seafood availability,  demand and pricing; product pricing, including the cost of raw materials, energy and supplies; operating costs; plant  performance; our ability to attract and retain customers; required  level of bank loans and interest rates; our ability to attract and  retain experienced and skilled employees. increases in the  disposable incomes of consumers, and economic recovery in both Canada and the U.S. markets; the exchange rate for the  Canadian dollar relative to the U.S. dollar compared to previous  years; percentage of sales from our brands; operating cost savings  expected in 2014; expectations with regards to sales volumes,  product innovations, brand development and anticipated financial  performance; impact of price increases on future profitability;  sufficiency of working capital facilities; future income tax rates; the anticipated efficient integration of the operations of American  Pride with High Liner Foods’ operations; the increased market  share anticipated due to the addition of American Pride value- added seafood products; increased leverage attributable to the  acquisitions of American Pride; planned capital investments;  future inventory trends and seasonality; market forces and the  maintenance of existing customer relationships; expected changes  in seafood costs; financial performance from the Icelandic USA and  American Pride Acquisitions; improved U.S. food service position  from the American Pride Acquisition; and availability of  credit facilities. This MD&A contains forward-looking statements within the  meaning of securities laws. In particular, these forward-looking  statements are based on a variety of factors and assumptions that  are discussed throughout this document. In addition, these  statements and expectations concerning the performance of our business in general are based on a number of factors and  assumptions including, but not limited to: availability, demand and  prices of raw materials, energy and supplies; the condition of the  Canadian and American economies; product pricing; foreign  exchange rates, especially the rate of exchange of the Canadian  dollar to the U.S. dollar; our ability to attract and retain customers;  our operating costs and improvement to operating efficiencies;  interest rates; continued access to capital; the competitive  environment and related market conditions; and the general  assumption that none of the risks identified below or elsewhere in this document will materialize.