LETTER TO SHAREHOLDERS We also have a track record of driving  organic growth through innovation. Our  Sea-Cuisine, Flame-Savours  and  Pan-Sear  product lines exemplify the  innovative thinking that has brought easy and delicious gourmet seafood to the  kitchen table. In fact, Canadian consumers  recently awarded  Pan-Sear Traditional with The Best New Product Award for the Frozen Fish Category in one of the country’s leading annual surveys, the fifth  consecutive year that High Liner Foods has won this award. These new product  platforms, as well as industry leading  beer-battered products sold under the  Icelandic Seafoods brand, are driving the  growth in our U.S. retail brand,  Sea Cuisine . entire U.S. production and distribution  network. During the first three months of  2013, following the closure of two of our  plants, we transferred production from  these closed facilities, and consolidated all of our U.S. food service distribution into  Newport News, VA. While our people  accomplished this enormous task ahead of  schedule, 2013 was devoted to addressing  some of the production issues associated  with these changes. At this point, we are  successfully addressing these challenges  and expect to realize the full $18 million in annual synergies estimated at the time of the Icelandic USA acquisition.  Looking ahead, innovation will continue to be an important driver behind organic  growth. However, our efforts will be  increasingly focused on the changing  dynamics of the U.S. food service industry,  where more consumer dollars are migrating  from full service casual dining to fast  casual restaurants that feature fast,  high-quality food with a compelling value proposition.  In 2010, High Liner Foods made a  commitment to source all of our seafood  – approximately 30 species from 20  countries around the world – from certified sustainable or responsible 2 fisheries or aquaculture farms by the end of 2013. I am proud to say that we have achieved 99% of this goal. The tremendous progress we have made  reflects a fundamental change in the  commitment of the seafood industry, its  customers, and everyday consumers, to  restoring a healthy balance to the world’s  marine ecosystems. With the exception of  the Canadian Atlantic coast, stocks and  quotas in the North Atlantic and North  Pacific fisheries are at or near record highs  Following the integration of the sales forces  and broker networks of High Liner Foods  and Icelandic USA in early 2012, our next  step was the complete integration of all  operations and the optimization of our  Supply chain optimization Sustainable sourcing 48.5% Our common shares  appreciated in value by  48.5% in fiscal 2013 ADJUSTED EBITDA  FROM 2007 TO OUR 2016 GOAL High Liner Foods has increased  Adjusted EBITDA by more than 500 percent since 2007. High Liner  Foods is focused on achieving $150 million in Adjusted EBITDA in 2016 through a combination of acquisitions, organic growth and operating efficiencies. HIGH LINER FOODS INCORPORATED 6 $36M $38M $49M $56M $92M $85M $150M 2007 2008 2009 2010 2011 2012 2013 2016 $14M FPI Limited ’s Manufact ur ing and  Marketing Group  acquired D e c. 2007 Viking Sea f oods Inc.  acquired D e c. 2010 American P r ide  Seafoods L L C  acquired O c t. 2013 Icelandic G roup’s U.S.  and Asian o perations  acquired D e c. 2011