Contents SALES PRODUCTGLYPH<space.tab>SALESGLYPH<space.tab>VOLUMES SALESGLYPH<space.tab>vsGLYPH<period.tab>GLYPH<space.tab>EBITDA �in����s� �in�metric�tonnes� �in����s� �� �������� �������� �������� �������� �������� �������� �������� �������� *In accordance with Canadian GAAP (not restated) 2007* 2008* 2009* 2010  2011 �� ������� ������� ������� ������� ������� ������� ������� ������� ������� �������� Procured Produced in High Liner facility 2007 2008 2009  2010  2011 �� ������� ������� ������� ������� ������� ������� � �������� �������� �������� �������� �������� �������� �������� �������� EBITDA SALES EBITDA 2007* 2008* 2009* 2010  2011 Sales *In accordance with Canadian GAAP (not restated) Corporate profile: ������ ������ ������ ������ ������ ����� ����� ����� ����� ����� ������ ������ ������ ������ ������ ������ High Liner Foods is a leading North American processor and marketer of prepared, value-added frozen seafood. Our branded  products are sold throughout the United States, Canada and Mexico under the  High Liner, Fisher Boy, Mirabel, Sea Cuisine  and  Royal  Sea  labels, and are available in most grocery and club stores. High Liner Foods also sells its products under  High Liner, FPI, Mirabel,  Viking, Icelandic Seafood, Samband of Iceland, Seastar,  and  Seaside  brands to restaurants and institutions, and is a major supplier of  private label seafood products to North American food retailers and food service distributors.  goAL 3: Building the  systems to  support our  growth goAL 2: 100% sustainability by the end of 2013 goAL 1: Achieving our goal of $100 million in EBITDA by 2015 At-A-gLAnce An advantaged business model  with market breadth LETTEr To  SHarEHoLdErS An exceptional acquisition  concludes another year of strong earnings. Shareholder information Notes to consolidated  financial statements Consolidated financial  statements Financial review Management discussion  and analysis Management statement of  responsibility for financial  reporting Independent auditors’  report sustAining  FinAnciAL strengtH Confirming our commitment  to conservative financial  management IBC 56 51 50 49 14 13 08 10 11 06 02 04 Q & A