*   2009 has been converted to USD by taking the previously reported Canadian  dollar amount and converting it at the annual average exchange rate for the  year. 2009 is in accordance with Canadian GAAP (not restated to IFRS). *   2009 has been converted to USD by taking the previously reported Canadian  dollar amount and converting it at the annual exchange rate for the year.  2009 is in accordance with Canadian GAAP (not restated to IFRS). In 2013 our ROAM was 13.5%, compared to our benchmark of  15.0%. Adjusted EBITDA in 2013 decreased by 6.3 million over 2012 but average net assets managed also decreased, principally  inventory. The net result is that ROAM did not change significantly  from what we reported at the end of 2012. The American Pride  Acquisition, completed on October 1, 2013, increased our net assets  managed for three months in 2013. As these assets were purchased  based on achieving the synergies projected there is a mismatch  between the assets acquired and the returns in the current year.  Also, production challenges encountered after our Danvers plant  closure in the first quarter of 2013, had a negative effect on  this ratio.  Our ROE in 2013 was 20.4%. Adjusted Net Income increased 8.4% in 2013 over 2012 and average common equity increased by 7.0% in 2013, increasing ROE to above our target of 18.0%.  Adjusted EBIT  as defined under the heading  “Non-IFRS Financial Measures” in the  Introduction section of this MD&A. Sales as disclosed on the consolidated statement  of income. Adjusted Net Income  (calculated as under the  heading “Non-IFRS Financial Measures” in the  Introduction section of this MD&A, except  including stock-based compensation expense).  Average common equity  (calculated using the  common equity month-end balance for each of  the proceeding 13 months). Our trailing 12-month Adjusted EBIT as a percentage of net sales  revenue is 7.4%. This ratio has deteriorated over the last year due to  the issues encountered in 2013 related to the closure of the Danvers  plant and due to American Pride having lower margins than those  High Liner Foods has traditionally achieved. We have a plan to  increase the margins from American Pride’s operations based on  the attainment of synergies.  Trailing 12-month Adjusted EBIT as a  percentage of net sales is calculated as  follows: Divided by: Return on equity (“ROE”) is calculated as  follows: Divided by: 20 0 4 8 12 16 13 13.5% 12 13.2% 11 14.9% 10 17.6% 09 * 14.3% Percentage 22 12 14 16 18 20 13 20.4% 12 17.6% 11 17.7% 10 14.0% 09 * 13.3% Percentage Return on Assets Managed (also  known as Return on Capital Employed)  Based on Adjusted EBITDA Return on Equity  Based on Adjusted Net Income HIGH LINER FOODS INCORPORATED 18 MANAGEMENT’S DISCUSSION & ANALYSIS (CONT’D)