sust aining financial  strength Confirming our commi tment to conservative financial management: In 2007, High Liner Foods embarked  on a program to consolida te the distribution of value-  added frozen seafood to the U.S. food service industry.  We acquired FPI Ltd. in 2007 and Viking Seafoods, Inc in 2010 – never  straying from our commitment to  conservative financial management. In the discussion below, High Liner  Foods CFO Kelly Nelson answers  questions that have been posed by  shareholders about the 2011 Icelandic  USA Acquisition and the ongoing  financial management of the company.  11 AnnuAl RepoRt 2011 Kelly Nelson  Chief Financial Officer A Our capital budget for 2012 and 2013 should not be more  than $35 million. That’s $11 million that will be spent between  2012 and 2013 in order to achieve all  the synergies that the Icelandic USA  Acquisition presents and another $16 million to improve our  manufacturing footprint with the  remainder being spent on system  upgrades. This will mean investment  in plant and equipment in order to  reduce costs. We’re also upgrading  our IT systems to establish a common  platform across the company and build  the capability to meet new regulations  around food safety in both Canada and  the U.S. and our sustainability goal of  100% sustainable seafood by 2013. A We continue to look for  profitable growth and there  continues to be opportunities  to consolidate the North American  seafood industry. Right now we are  focused on integrating the acquisition  and de-leveraging, but we continue  to watch the marketplace. If the right  acquisition comes along and we can  do it within our current financing  arrangements, we would look at it. A Our bank agreements and  projection allow us to continue  to pay the current level of  dividends. As we achieve synergies and  reduce our leverage we should be able  to increase dividends. A A normal course issuer bid is  allowed under the terms of  the new debt and we continue  to see our stock as an attractive  investment. We have already approved  a new normal course issuer bid that  allows us to buy 100,000 common  shares and 100,000 non-voting equity  shares over the next few months. Q Do you plan to purchase  shares under a normal  course issuer bid as you’ve done in the past?  Q Do you expect changes in  your dividend policy?  Q Do you plan to make more acquisitions? Q What does your capital  expenditure program look  like going forward? 