MANAGEMENT’S DISCUSSION & ANALYSIS (CONT’D) Adjusted EBITDA decreased by $6.4 million in 2013: Adjusted Net Income and Adjusted Diluted EPS increased by $3.2 million and $0.19, respectively, in 2013: HIGH LINER FOODS INCORPORATED 32 EBITDA  (in $000s) 2009 * $38,340 $49,456 $56,458 $91,687 $85,343 2010 ** Restated 2011 ** Restated 2012 2013 Adjusted EBITDA (includes non-cash stock  compensation expense) Adjusted EBITDA Standardized EBITDA (excludes non-cash stock  compensation expense) 0 20,000 40,000 60,000 80,000 100,000 $120,000 Adjusted Net Income  (in $000s) $50,000 40,000 30,000 20,000 10,000 0 12 11 ** 10 ** $24,523 09 * $18,583 13 $28,854 $38,071 $41,281 Adjusted Diluted EPS  ($) $3.00 0 1.00 2.00 09 * $1.01 10 ** $1.51 11 ** $1.88 12 $2.46 13 $2.65 *   2009 has been converted to USD by taking the previously reported Canadian dollar amounts and converting it at the annual average exchange rate for  that year. This year is in accordance with Canadian GAAP (not restated). ** Restated as explained under the heading “Presentation Currency” in the  Introduction section of this MD&A. • The American Pride Acquisition added $1.5 million to Adjusted  EBITDA in 2013. *   2009 has been converted to USD by taking the previously reported Canadian dollar amounts and converting it at the annual average exchange rate for  that year. This year is in accordance with Canadian GAAP (not restated). ** Restated as explained under the heading “Presentation Currency” in the  Introduction section of this MD&A.