LETTER TO SHAREHOLDERS Each year High Liner Foods’ focus is guided by our strategic goals, and in 2013 we continued on our steady course to achieve them. One year ago, we felt confident we would  achieve our target of $100 million in Adjusted  EBITDA by 2015 so we announced a new  Adjusted EBITDA target of $150 million by  2015. We are committed to achieving this  goal, however, the results of the past year  require that we give ourselves more time. In this regard, we have extended the date  by one year to 2016, but the Adjusted  EBITDA target of $150 million remains  unchanged, as does our plan to achieve it  through organic growth, acquisitions and  supply chain optimization.  Over the past seven years, acquisitions  have been instrumental in advancing High Liner Foods’ growth and evolution into the leading provider of value-added  frozen seafood in North America. Given the fragmented nature of the industry, we  do not believe this trend is about to change.  Unlike the meat or poultry businesses,  which are structured around very few  sources of animal protein, the seafood  industry delivers more than a hundred  The acquisition of American Pride  Seafoods, in New Bedford, MA, has  bolstered High Liner Foods’ leadership  position in the food service segment of  the U.S. value-added frozen seafood  industry and added a significant U.S.- based scallop processing operation to  its portfolio. A key component of High  Liner Foods’ strategy is profitable growth  through acquisitions that complement  and strengthen its leadership position  within the industry. Similar to previous acquisitions, the  purchase of American Pride Seafoods in  October 2013 bolsters and complements  High Liner Foods’ market leadership  position in the value-added frozen seafood  industry, while also adding a large  U.S.-based scallop business to our portfolio.  The company’s facility in New Bedford, MA processes more than seven million  pounds of scallops annually. At the same  time, American Pride Seafoods has  strengthened our roster of U.S. chain  restaurant customers, enhanced an already  significant market position in the  educational food service segment and  broadened our product line across the  entire High Liner Foods customer base.  species to the plates of consumers, with dozens of companies sourcing them,  depending on the scale of the fishery. At the other end of the supply chain, our retail and food service customers are helping to drive consolidation in the  seafood industry because they prefer to work with fewer trusted suppliers who can consistently and reliably meet all of  their needs. These customers value our  unsurpassed product assortment and our  standards for on-time delivery, quality  assurance, food safety, traceability and  sustainable sourcing. OUR STRATEGIC GOALS Profitable growth ACQUISITION  AMERICAN PRIDE  SEAFOODS ANNUAL REPORT 2013 5 7.0M American Pride Seafoods  processed more than  7.0 million pounds of  scallops in 2013.