near term synergies. Achieving near  term synergies is expected to reduce  our leverage to 3.8X within two years  and below 3X as quickly as possible.  I am confident that we will extract the  full strategic and financial benefits of  this acquisition as planned and return  to our traditional leverage targets. Our  experience with the acquisition of FPI  Ltd. in 2007 and Viking Seafoods, Inc.  in 2010 are ample proof of our ability  to integrate acquisitions quickly and  extract all possible synergies. Not only are the financial benefits of the  Icelandic USA Acquisition compelling,  the assets are an exceptionally good  fit for High Liner Foods. The company  was one of our largest and toughest  competitors in the food service channel  with great products that complement  our own line, one that continues to  grow through innovation. One of our  more exciting new FPI products is  FireRoasters,  launched in late 2010 in  the food service market. The success of  the products has encouraged us to roll  the line out in 2012 into clubs and retail  markets in the U.S. and the food service market in Canada, and as Flame Savours  under the High Liner  brand in Canada. Achieving $100 million in EBITDA is a  corporate objective, but we are just as  committed to a goal established in 2010  – to distribute only certified sustainable  products by 2013. Our initiatives are  discussed in detail on pages 8 and 9.  Our efforts have been recognized by  Intrafish Media with an award that  recognizes progressive vision and  innovation in seafood sustainability. I  was named 2011 Person of the Year, but  the award was really won through the  hard work and support of High Liner Foods employees and  partners in Canada, the U.S., and  around the world.  To achieve our goals of profitable  growth and sustainability, we must  continue to run our current business  well; plan and execute the integration  of the Icelandic USA Acquisition;  and achieve the planned synergies.  To ensure we are successful, we are  making investments in systems and  infrastructure to strengthen an already  world-class business platform and  prepare High Liner Foods for the next  stage in our growth.  I would like to thank our shareholders  for their investment in our company  and for the feedback, views and ideas  that so many of you share with us  throughout the year. We appreciate  your insight and are working hard to  deserve your trust. We are deeply saddened by the passing  of Senator Fred Dickson on February 9  this year. Senator Dickson joined the  High Liner Foods board at the time of  the 1984 restructuring, serving until  1994. He returned to the board in  2000. He was an active member of the  Executive and Audit Committees and  will be greatly missed.  We would also like to express our  appreciation to Randy Bell, who will  not be standing for re-election to the  board at our upcoming annual general  meeting. Randy’s keen awareness of  events in Newfoundland and Labrador  allowed him to make an important  contribution to our progress over the years.  We look forward to updating you on our  progress as we execute our strategy. (Signed:) Henry Demone  President & CEO 5 AnnuAl RepoRt 2011 Outlook  Our planet, our promise