9. FORWARD-LOOkING  INFORMATION 48 HIGH LINER FOODS INCORPORATED 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; interest rates; continued access to capital;  and the general assumption that none of the risks identified  below or elsewhere in this document will materialize. 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;  increased demand for our products due to the recognition  of the health benefits of seafood, increases in the disposable  incomes of consumers, and economic recovery in both  Canada and the U.S. markets; increasing costs for seafood  and other raw materials; increasing processing costs in  China, 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  2012; 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 Icelandic USA with High Liner operations; the increased  market share anticipated due to the addition of Viking and  Icelandic USA value-added seafood products; increased  leverage attributable to the acquisitions of Viking and  Icelandic USA; 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 Viking and  Icelandic USA Acquisitions; improved U.S. food service  position from the Icelandic USA Acquisition; and availability  of credit facilities. 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  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 USA  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 market place; 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.