#1Clearwater Investor Presentation May 2019#2Forward Looking Statements This presentation may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, including, without limitation, statements regarding future plans and objectives of Clearwater, constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management's control. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect including, but not limited to, total allowable catch levels, selling prices, weather, exchange rates, fuel and other input costs. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information. For additional information with respect to risk factors applicable to Clearwater, reference should be made to Clearwater's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Clearwater's Annual Information Form. The forward-looking information contained in this presentation is made as of the date of this release and Clearwater does not undertake to update publicly or revise the forward-looking information contained in this presentation, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. No regulatory authority has approved or disapproved the adequacy or accuracy of this presentation. Clearwater remarkable seafood, responsible choice 1#3Company Overview . . • • Leading global provider of premium, Marine Stewardship Council ("MSC") certified shellfish North America's largest vertically integrated, publicly traded, shellfish harvester Largest holder of shellfish quotas in Canada Operations in Canada, Argentina, UK & China Industry leader in shellfish • • Sustainable fishing practices Frozen at-sea processing of shellfish Scale procurement of same & complimentary species Onshore processing, storage and distribution Global sales, marketing and distribution in over 50 countries MSC widest selection of MSC-certified species of any shellfish harvester worldwide www.msc.org Clearwater remarkable seafood, responsible choice 2#4Key Messages In 2019, we expect balanced top and bottom line growth across multiple regions (led by APAC) and species (volume, sales mix and modest price improvements) • • Growth will be driven by increased volume and new product introductions including new products in Clam, Canadian Sea Scallops, Sea Cucumber and Whelk, as well as a full year offering of live Crab Continue de-leveraging activities, prioritizing cash generation, cost savings, margin improvement and debt repayment Clearwater will be advancing working relationships with Indigenous partners ➤ Continue to leverage powerful seafood industry fundamentals . Global demand exceeds the supply of wild caught seafood; incomes are rising among middle class consumers in Asia led by China; changing tastes, diet and social 'cachet' favor seafood in developed markets IMF data suggests strong China per capita GDP growth rates (measured in PPP) to continue through to 2023 ➤ Continue to leverage our strong value proposition and competitive advantages • Unique assets, technology & IP • Scale and breadth of access to supply Vertical integration model enhances value capture • Global reach and customer diversity & proximity ➤ There are attractive opportunities for future growth in 2019 and over the next five years . • Organic - core license usage, procurement, cost savings, pricing, technology innovation, market expansion External developments - M&A, joint ventures, royalty and harvest contracts ➤ Keys to success • . • Continue to expand access to supply Cost savings and margin improvement Cash generation and debt reduction Engage our talent and increase organizational capability and capacity Clearwater remarkable seafood, responsible choice 3#5Growth Catalysts Clearwater remarkable seafood, responsible choice 4#6Strong Track Record for Growth Adjusted EBITDA (C$ in millions) Sales $121 $110 $109 $612 $621 $104 $592 $87 $505 $445 2014 2015 2016 2017 Increase of $147MM, CAGR 7% 2018 2014 2015 2016 2017 Increase of $17MM, CAGR 5% 2018 Solid sales and EBITDA trajectory; positioned for growth in 2019 & beyond Clearwater remarkable seafood, responsible choice 5#7China: Seafood Consumption Growth China has a high seafood consumption rate, estimated at 44kg per person, which is forecast to reach 50kg in 2026 80 60 60 million tonnes 40 40 20 20 Clearwater North America Europe Africa Latin America China Asia excl. & Caribbean China Rabobank: Growth in Seafood Consumption 2006-2026 China seafood consumption growth to continue; dominates global consumption 6#8China: Income Growth Urban disposable income in China is still growing at around 8% per year 40,000 20% 30,000 20,000 10,000 • China currently accounts for 37% of global seafood consumption 0 Urban disposable income per capita (CNY) Source: National Bureau of Statistics, Nielsen, BCG, Rabobank 2018 Growth rate (LHS) Richer Chinese households shift consumption towards seafood meat expenditure share 24% 21% 18% 15% 8% 7% 6% 5% 12% 4% lowest low lower middle upper high middle middle highest ■Meat, poultry and processed products (LHS) Source: National Bureau of Statistics, Nielsen, BCG, Rabobank 2018 Aquatic products (RHS) Clearwater Per capita consumption and income growth are price supportive 15% 10% - 5% seafood expenditure share 0% 7#9Price Growth Thesis • • • . Wild-caught seafood price-growth has the potential to outperform other proteins, participating in China's per capita income growth From 2010-2018, Clearwater sales (expressed in USD) are ~80% correlated to China per Capita GDP growth rates (measured in PPP) The supply of wild caught seafood is constrained; declining where not fished sustainably Pricing potential derives from: . Mainland China: Forecasted per Capita GDP Growth Rates (PPP) 7.9% 7.8% 7.6% 7.4% 7.5% 2019 2020 2021 2022 2023 Source (China GDP based on PPP per capita): IMF World Economic Outlook Quality differentiated products (lower substitution risk) Long-term access to supply through Licenses and sustainable harvesting Increasing wild-caught seafood scarcity Growing demand and high customer intimacy Clearwater Long-term price growth from differentiated products; limited supply; long-term demand growth 8#10Near Term Growth Drivers • · • Increased volume (including new product introductions) in Clam, Canadian Sea Scallops, Sea Cucumber, UK Whelk and live UK Brown Crab Strong global demand complimented by new market & distribution expansion and modest price improvements Margin expansion from, strong catch rates/lower cost per kilo (also associated with our renewed fleet), improved procurement as well as favorable species and size mix . Continued focus on cost reduction via high returning & modest CAPEX investments in automation and quality assurance Near-term balanced growth across multiple regions (led by APAC) and species (volume, sales mix and modest price improvements) Clearwater remarkable seafood, responsible choice 9#11Strategies, Competitive Advantage & Markets Clearwater remarkable seafood, responsible choice 10#12Core Strategies 1. Expand Access to Supply Expand access to supply of core species and other complimentary, high demand, premium, wild and sustainably-harvested seafood through improved utilization and productivity of core licenses as well as acquisitions, partnerships, JV's and commercial agreements 2. Target Profitable & Growing Markets, Channels & Customers Segment and target markets, consumers, channels and customers on the basis of size, profitability, demand for eco-label seafood and ability to win Win in key channels and with customers that are winning with consumers 3. Innovate & Position Products to Deliver Superior Customer Satisfaction & Value Innovate and position Clearwater's premium seafood to deliver superior satisfaction and value that's relevantly differentiated on the dimensions of taste, quality, safety, sustainability, wellness and convenience 4. Increase Margins by Improving Price Realization & Cost Management Leverage scarcity of seafood supply/increasing global demand to continuously improve price realization, revenue and margins Invest in, innovate and adopt state-of-the-art technology, systems and processes that maximize value, minimize cost, reduce waste, increase yield and improve quality, reliability and safety of our products and people 5. Pursue & Preserve the LT Sustainability of Resources on Land & Sea Work in partnership with DFO's & NGO's to lead R&D & industry-wide deployment of sustainable harvesting practice, ensuring long term health of resource & value of licenses & quotas " Continue to advance our company-wide sustainability framework to improve economic, environmental & social outcomes on land & sea " " 6. Build Organizational Capability, Capacity & Engagement Attract, engage, train, develop, reward and retain the best talent Build business system and process excellence company-wide Communicate and aspire to live our mission, goals, values and code of conduct every day Clearwater remarkable seafood, responsible choice 11#13Advantages: Access to Supply & Distribution Access to Scarce, Highly Valuable Resources Finite Supply of Wild Caught % Access to Quotas Global Production vs. World ** 100% 100% 250 Population 10 200 8 Arctic Surf Clam * direct and indirect Offshore Lobster 49% 50% 18% Million MT 150 100 50 Total market size in 2016 US $362B, of which US $232B was derived from 4 2 aquaculture (64%), and 36% from wild capture 0 1990 2000 2010 2020 2025 Sea Scallops Argentine Scallops Coldwater Shrimp Clearwater Wild Caught Aquaculture World Population (r. axis) Source: Íslandsbanki Research (FAO, OECD-FAO Outlook, World Bank) ** confirmed for 2018-2019 Balanced Global Footprint Balanced Species Mix United States 15% Other Asia, 6% Whelks, 4% China, 22% Sales by Geography Langoustine, 7% Groundfish & Other, 4% Lobster, 15% Sales by Species Crab, 9% Clams, 20% Europe 35% Clearwater Canada, 11% Scallops, 29% Japan 12% Figures shown for year ended 12/31/2018 Coldwater Shrimp, 12% Diversified products and distribution, with long-term sustainably harvested access to supply 12#14Advantage: Vertical Integration harvest processing logistics. we harvest our own quota on board our own vessels we process in our own facilities we coordinate delivery to our customers -+-- culinary delivering premium shellfish to plates around the world Higher value capture through vertical integration Clearwater remarkable seafood, responsible choice 13#15Market, Channel & Customer Diversity Global Footprint ■ 93 million pounds sold in 2018 in over 50 countries Channel Mix ■ Multiple touch points to global seafood consumers Other 24% Retail 20% Food Service 56% Diverse Customer Base ■ No single customer represents more than 7% of 2018 sales ■ Average top ten customer relationship of ~19 years Frial AGODAK MARKETING CORP. M&S THE KEG STEAKHOUSE & BAR Interpral-Ulysse Loblaw COMPANIES LIMITED Osushi maki Publix. WHOLE FOODS MARKET % of sales Clearwater's Value Proposition Broadest, highest-quality premium wild shellfish portfolio ■ Widest selection of MSC-certified species of any harvester / processor Unique, "just-in-time" live lobster distribution system Longstanding track record of new product innovation Clearwater Product, channel and customer diversification 14#16Markets, Value, and Competitive Advantage Where to Play? TARGET SEGMENT(S) How to Win? How to Sustain Competitive Advantages? ACTIVITY SYSTEM Wild shellfish, all major markets Food Services, Retail & ECOMM Direct and Indirect VALUE PROPOSITION Scarce, high quality (FAS), safe, sustainable, traceable shellfish Scale & diversity in key species Global delivery & customer service Unique, innovative products, pkg. & services Consumer, customer & market insights • • Drive cost savings, SG&A reduction and margin improvement Drive CAPEX and working capital (inventory) reduction for cash generation Maintain investment in China to increase Clam and Macduff volume and build Food Service, Retail and Ecommerce distribution Maintain or expand access to quota in key species • Maintain broad portfolio of species, markets & customers Maintain vertical integration Clearwater Maintain MSC Certification Our strategic framework is working but market forces and new opportunities will challenge us to become even more competitive 15#17• Arctic Surf Clam Update: Landmark Agreement On March 11, 2019, Clearwater announced a landmark reconciliation agreement with 14 First Nations communities. The agreement forges a 50-year partnership that protects existing jobs in the Arctic Surf Clam fishery while creating meaningful economic, employment and capacity building for the 14 First Nations that are adjacent to the clam resource. • • Clearwater is taking a leadership role to build strong business relationships with First Nations. This is an opportunity to expand access and participation in commercial fisheries in a collaborative and voluntary manner. It protects existing jobs and respects the significant investments that Clearwater has made to develop this fishery, and the export value of Arctic Surf Clam products around the world. Benefits for First Nations start immediately, and do not require any action from Government. The agreement sets out the basis for the proposal our First Nations partners would intend to submit under any new expression of interest process for 25% of the clam quota. As a reminder, this quota was temporarily made available to CLR in 2018 & 2019. Clearwater announces exciting industry leading partnership with First Nations Clearwater remarkable seafood, responsible choice 16#18ANDERSLEY Technology and Innovation Clearwater remarkable seafood, responsible choice ANNE RISLEY 17#19Innovation in Action Clearwater . Factory Vessels - nine (9) state-of-art factory • • vessels that harvest, process and freeze product at sea for optimum quality and freshness while reducing costs. Ship Management Console (SMC)/Ocean Bottom Mapping - transition from fishing to harvesting through an understanding of what is on the ocean floor; increased productivity and more efficient use of our fleet. Automated Scallop Shucking Technology - • In-house developed technology • • Scallops frozen within 20 minutes of harvesting Significant cost savings and productivity benefits • Reduces carbon footprint • • Removes bottlenecks in processing Reduces number of vessels from 4 to 2; avoiding $80 million in capital expenditures and million of dollars in operating costs/vessel Lowest cost/kg in the Canadian industry remarkable seafood, responsible choice 18#20• • Innovation in Action Clam Dredging Technology • • Higher catch rates & Improved productivity Lower carbon footprint Reduced number of vessels from 4 to 3 - avoiding $70 million in capital expenditures and millions of dollars in operating costs Live Lobster • • World's largest live lobster storage facility capable of holding 1.5 million pounds of live lobsters for up to six (6) months, ensuring steady supply year-round SMC/Geographic Information System - reduced number of vessels from 5 to 1 harvesting 1.5 million pounds; avoiding $50 million in capital expenditures and millions of dollars in operating costs Lowest cost/kg harvested in Canadian industry High Pressure Lobster Processing • Enables raw lobster meat to be removed from shell without cooking - raw meat has 2-year shelf life; expands customer base Clearwater remarkable seafood, responsible choice 19#21MEDIUM LOW Innovation in Action Wheat Corn Beans, chickpeas, lentils Rice Fish Soy Nuts Eggs Poultry Pork Dairy (milk, cheese) (GHG emissions per gram of protein) (Retail price per gram of protein) $$$ $$$ $$ $$ $$ HIGH Beef Lamb & goat $$$ $$$ Lighter shade shows missions from agricultural production, darker shade shows emissions from land-use change Sources: GlobAgri-WRR model developed by CIRAD, Princeton University, INRA, and WRI (GHG data); USDA and BLS (2016) (US retail price data). Notes: see www.wri.org/proteinscorecard. Clearwater Reducing The Carbon Footprint • • • Seafood ranks below other proteins in terms of greenhouse gas (GHG) emissions per gram of protein Continuous R&D investment, in combination with industry-wide deployment of sustainable harvesting practices, ensure the long-term renewability of our resources Clearwater will continue to advance our company- wide sustainability framework to improve economic, environmental & social outcomes on land & sea REDUCING THE CARDON CO 2 FOOTPRINT Sustainable and renewable resource; R&D and innovation will lower GHG emissions 20 20#22Innovation Sea Scallops 642 ATLANTIC GUARDIAN UMENBURG S Automated Shucking • Increased productivity • Reduced waste & labour • injury Ergonomic/Reduced risk of World Leader in FAS Scallop Harvesting Clearwater remarkable seafood, responsible choice Sorting & Cleaning • Improved quality • Improved size grading • Increased capacity 21 21#23Innovation Hard Shell Lobster State-of-the-Art RSW Live Lobster Harvesting 天然野生 Live Lobster Branding Large Scale Dry Land Live Lobster Storage Raw HP Processed Lobster Clearwater remarkable seafood, responsible choice 22 22#24Financial Update & Economic Events Clearwater remarkable seafood, responsible choice 23 23#25Latest Financial Results: 1st Quarter 2019 (C$ in millions) Q1 2019 Q1 2018 Sales $120.1 $120.1 Adjusted EBITDA $20.0 $19.1 Leverage 4.7x 5.0x Return on Assets 7.7% 8.0% Commentary Sales for the first quarter of 2019 were $120.1 million reflecting higher available supply in scallops, crab and langoustines and favourable prices and mix in clam and lobster. These were offset by competitive market conditions across scallop species leading to lower prices compared to first quarter of 2018. Average foreign exchange rates realized on sales for the first quarter of 2019 had a net positive impact on sales of $1.0 million as compared to the same period of the prior year. Record first quarter Adjusted EBITDA of $20.0 million was driven by higher margin scallop sales, stronger demand for lobster in China and strong langoustine sales volumes as harvest volumes increased. Adjusted EBITDA as a % of sales improved to 16.7% in Q1 2019, from 15.9% in the prior year. Scallop mix, supply and costs were positive following an earlier start to the harvest and strong catch conditions. Leverage at the end of the first quarter of 2019 was 4.7x compared to 5.0x at the end of the first quarter of 2018. Higher EBITDA in the first quarter of 2019, as compared to the first quarter of 2018, offset a marginal increase in net debt. Cash generated from operations was invested in inventory, capital expenditures of $6.6 million and a $2.3 million reduction in debt. The debt reduction was offset by the impact of the new lease accounting standard. Return on assets declined from 8.0% in Q1 2018 to 7.7% in Q1 2019 as lower EBIT, resulting from higher depreciation, offset a decrease in the average asset base. 2019 off to a strong start please refer to management's discussion and analysis for related period for a fulsome analysis and commentary Clearwater remarkable seafood, responsible choice 24#26Leverage Profile 4.4x Leverage Profile (Total Net Debt to Net Adj. EBITDA) 5.1x 5.0x 5.0x 5.0x 5.0x 4.9x 4.7x 4.7x L-T Target: 3.0 Times Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 M&A driven leverage comfortably digested; declining leverage expected Clearwater remarkable seafood, responsible choice 25 25#27Current Economic Events China Trade China continues to be an attractive market for Canadian seafood exports. Both Canadian and Chinese-owned exporters in Canada and many importers, food service distributors, restaurants, caterers, retailers, Ecommerce platforms and consumers in China continue to benefit directly from trade in seafood. We see no indications of slowing business with China, we remain in-full compliance with all food related regulations, and our relationships with our Chinese customers remain strong. We are confident in our ability to compete based on the quality of our product portfolio, our brand and breadth of markets we serve. Brexit • UK Parliament failed to reach an agreement prior to the March 31, 2019 withdrawal date and Article 50 has been extended until October 31, 2019 or prior to this if the UK Parliament can agree on an acceptable deal with the EU. An implementation period would follow an agreed deal. Clearwater has developed a sound readiness plan and will revisit and update that plan as required. Clearwater remarkable seafood, responsible choice 26 26#28Current Economic Events CETA The Canada-EU Comprehensive Economic and Trade Agreement (CETA) has been provisionally applied, pending ratification, and the treaty has eliminated 98% of the tariffs between Canada and the EU. Europe is one of the world's top consumption markets for seafood. Europe is a major export market for Clearwater products, representing approximately 35% of total sales or $206 million in 2018. Clearwater anticipates the reduction in tariffs to lead to accelerated growth in the European market. СРТРР • The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ("CPTPP") has just started, and we expect some favorable tailwinds from tariff reductions and greater access to the most dynamic markets in the Asia-Pacific region. The CPTPP will create an eleven country trading block including Canada, and representing 495 million people, with a combined gross domestic product of $13.5 trillion or 13.5% of global GDP. China & US Trade Ongoing trade disputes between the US and China has triggered a series of regulatory tariffs on seafood. The outcome from the ongoing trade war is difficult to predict and any near-term benefits for the Canadian marketplace may be short-lived. Clearwater remarkable seafood, responsible choice 27 27#29Key Investment Highlights Clearwater remarkable seafood, responsible choice 28 28#30Key Investment Highlights Proven and Experienced Leadership Team Leading Global Provider of Premium Wild-Caught Shellfish Powerful Industry Fundamentals Strong Financial Performance and Multiple Sources of Long-Term Cash Flow Stability Clearwater Market, Channel & Customer Diversity Substantial Quotas and Harvesting Assets Significant Barriers to Entry Create a Defensible Market Position Clearwater remarkable seafood, responsible choice 29 29#31Proven and Experienced Leadership Team Deep Management Team with Expertise in Global Fast Moving Consumer Goods " " lan Smith Chief Executive Officer Joined: May 2010 Experience: 29 years Christine Penney VP of Sustainability and Public Affairs Joined: July 1995 Experience: 22 years Teresa Fortney Chief Financial Officer Joined: March 2016 Experience: 30 years Darren Bowen Vice President, Global Supply Chain Joined: February 2015 Experience: 27 years Roy Cunningham Chief Operating Officer, Macduff Shellfish Group Joined Macduff: April 2012 Experience: 23 years " Dieter Gautschi Vice President, Human Resources Joined: July 2015 Experience: 25 years Tony Jabbour Vice President, Fleet Operations Joined: November 1993 Experience: 25 years Clearwater remarkable seafood, responsible choice 30 30#32Clearwater Ian D. Smith Chief Executive Officer + [email protected] 902-457-8170 [email protected] 31