Management's Discussion and Analysis (cont’d) $ 2007* 2008* 2009* 2010 2011 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Sales as Reported (in $000s) *In accordance with Canadian GAAP (not restated) Sales in domestic currency Impact of USD/CAD exchange rate 668.6 $ 2007* 2008* 2009* 2010 2011 0 10,000 20,000 30,000 40,000 50,000 60,000 EBITDA (in $000s) Adjusted EBITDA, excluding business acquisition, integration costs, and other income or expenses and stock option expense. Adjusted EBITDA, excluding business acquisition, integration costs, and  other income or expenses Standardized EBITDA, including business acquisition, integration costs, and other income or expenses *In accordance with Canadian GAAP (not restated) EBITDA improved in 2011: Sales in domestic dollars increased in 2011: • Viking, including synergies, added to EBITDA • New products increase EBITDA • Lower stock option expenses • Increased investment in Portsmouth plant efficiencies • Higher selling prices offset higher cost • Viking and Icelandic USA added $46.5 million to sales • Higher organic sales volume added to the sales • Selling prices in 2011 were higher • Viking, including synergies, added to EBITDA • New products increase EBITDA • Lower stock option expenses • Increased investment in Portsmouth plant efficiencies Improvement in net income excluding business acquisition, integration costs, and other income or expenses and diluted  earnings per share in 2011 due to: ANNUAL REPORT 2011 33 $ 2007* 2008* 2009* 2010 2011 0 5,000 10,000 15,000 20,000 25,000 30,000 27,555 Net income (in $000s) (1) Excluding the after-tax amount for business acquisition, integration costs, and other  income or expenses * In accordance with Canadian GAAP (not restated) $ 2007* 2008* 2009* 2010 2011 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 1.80 Diluted EPS based net income (1) Excluding the after-tax amount for business acquisition, integration costs, and other  income or expenses * In accordance with Canadian GAAP (not restated)