32% 68% 69% 74% 37% 31% 26% 63% U.S. & Mexico / Canada Food Service / Retail Branded / Private Level Value-added / Raw & Ready to Eat Sales Mix pro forma including Icelandic uSA Acquisition Div er sified Global Procurement 32% 68% Frozen Food Logistics Expertise Innov ativ e Product Development 37% 63% •  We procure approximately 30  species from approximately 100  quality suppliers in 30 countries  around the world.  •  With the Icelandic USA  acquisition, we became the  world’s largest single buyer of  cod and haddock.  •  We have long-term  relationships with our  suppliers, many of whom  share our commitment to  sustainability. •  The geographic diversity of  our procurement territory  and species helps us manage  fluctuations in the cost of raw  materials. •  Our state-of-the-art web-based  IT system allows our suppliers  to work with us no matter  where in the world they are  located.  •  We deliver to customers in  every province and state in  Canada and the U.S., and in  major retail centres in Mexico. •  We have an IT system that  allows for seamless ordering,  invoicing, vendor-managed  inventory, on-time delivery and  order fill precision.  •  Our ability to deliver is  exceptional. Our case fill and  order fill rates for value-added  products, the ultimate measure  of our ability to meet customer  expectations, exceeds 98.5%. New and differentiated products  distinguish High Liner Foods  from our competitors and allow  our customers – restaurants,  food retailers, club stores – to  distinguish their product offerings  as well.  •  Sales of new products  represented 14% of our total  revenues in 2011. •   We launched more than 25  significant new products in 2010  and 2011 and dozens of products  that extend already popular lines  are planned for launch in 2012.  •  Launched in late 2010 in the  U.S. food service market,  sales of  FireRoasters  exceeded  expectations. In 2012, the line  will be rolled out 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. 3 AnnuAl RepoRt 2011