#1HIGH LINER FOODS Investor Presentation November 2022 Reimagining Seafood TO NOURISH LIFE#2Disclaimer Certain statements made in this presentation are forward-looking and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Actual results or events may differ materially from those predicted. Certain material factors or assumptions were applied in drawing the conclusions as reflected in the forward-looking information. Additional information about these material factors or assumptions is contained in High Liner Foods' Annual Report available on SEDAR (www.sedar.com) and in the Investor Center section of the High Liner Foods website (highlinerfoods.com). HIGH LINER FOODS 2022 High Liner Foods Incorporated 2#3Presentation Notes Presentation Currency High Liner Foods ("the Company") reports its earnings and financial statements in USD. The Company's common shares trade on the TSX and are quoted in CAD and therefore references in this presentation to share price, dividends and market capitalization are in CAD. Non-IFRS Measures Certain non-IFRS financial measures and ratios are used when discussing the Company's financial performance that do not have a standardized meaning prescribed by IFRS, including "Adjusted EBITDA", "Adjusted EBITDA as a Percentage of Net Sales", "Adjusted Net Income", "Adjusted Diluted Earnings Per Share", "Net Debt" and "Net Debt to Rolling Twelve-Month Adjusted EBITDA". Management believes these measures provide useful information to both management and investors in measuring the financial performance and condition of the Company. These measures may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. All non-IFRS measures are reconciled to IFRS measures in our MD&A. HIGH LINER FOODS 2022 High Liner Foods Incorporated 3#4HIGH LINER FOODS Company Overview & Strategy 2022 High Liner Foods Incorporated 4#5High Liner Foods at a Glance RETAIL A publicly-traded Canadian company, listed on the Toronto Stock Exchange under the symbol 'HLF' A leading North American processor and marketer of value-added frozen seafood Over 120 years of seafood expertise Well-known core brands sold across the United States and Canada, in both the Retail and Foodservice channels High Liner SINCE 1899 MIRABEL High Liner FISHER BOY WE BRING THE FUN TO FISH 350g CATCH DAY PRISE JOUR FOODSERVICE SEA CUISINE HIGH LINER FOODS © 2022 High Liner Foods Incorporated HIGH LINER FOODSERVICE FPI ICELANDIC SEAFOOD MIRABEL 5#6Investment Thesis Why Seafood? - Healthy for people and the environment Attractive market demographics Under consumed vs. dietary guidelines opportunity = Versatile the original protein alternative ☐ Why High Liner Foods? Over 120 years of seafood expertise A North American leader in value- added frozen seafood Broad market reach and market- leading brands Integrated North American operations supported by global seafood procurement expertise Diversified product portfolio Leader in innovation and sustainability ☐ ☐ Why Now? Proven ability to deliver strong results while navigating through unprecedented challenges presented by the pandemic and global supply chain environment validating the strength and resilience of our business Increased liquidity and financial flexibility to support continued investment in our business to drive our braded, value-added leadership strategy. This is further supported by the October expansion of our Asset Backed Loan facility from $150M to $200M Well positioned to navigate and capitalize on the current market conditions to drive further revenue growth, profitability and deliver continued year-over-year EBITDA growth HIGH LINER FOODS © 2022 High Liner Foods Incorporated 6#7A North American Leader in Value-Added Frozen Seafood with a Diversified Portfolio 24% Geography 40% US Canada Branding 76% 60% HLF Brands Other Based on 2021 Sales lbs 39% Channel 61% 30% Product Form 70% Foodservice Retail Value-Added Other #1 frozen seafood manufacturer and #1 frozen value-added seafood manufacturer in Canadian retail market(¹) #1 prepared frozen fish manufacturer and #4 frozen value-added seafood manufacturer in U.S. retail market (2) #1 value-added frozen seafood in foodservice (including private label) in U.S. and Canada(3) HIGH LINER FOODS © 2022 High Liner Foods Incorporated 1) Canadian market data per Nielsen, based on retail sales (in lbs.) of total frozen fish category for 52- week period ended January 1, 2022. 7 (2) U.S. market data per IRI, based on retail sales (in lbs) of total frozen seafood category for 52-week period ended January 23, 2022. (3) Management's estimate#8Reimagining Seafood to Nourish Life In 2021, the Company refreshed its purpose statement to "Reimagining Seafood to Nourish Life", which more accurately reflects High Liner Foods' business, its potential for the future and commitment to all its stakeholders. As we execute against our strategy to become the leader in branded value-added seafood in North America, we will do so grounded in a strong sense of our wider purpose in society and with environmental, social and governance (ESG) issues front of mind. As we live our purpose, we will invest in an inclusive, equitable and diverse workplace that creates rewarding career opportunities that help nourish the lives of our dedicated employees, while we continue to focus on their health and safety. We will continue to advance our sustainability goals, support our local communities and hold ourselves to the highest standards of governance. Sustainability, responsibility, flexibility and resilience have been hallmarks of High Liner Foods for over 120 years, and we are committed to ensuring these values are reflected in Fiscal 2022 as we strive to become the leader in branded value-added seafood in North America. HIGH LINER FOODS 2022 High Liner Foods Incorporated 8#9Corporate Social Responsibility HIGH LINER FOODS Reimagining Seafood TO NOURISH LIFE 2021 SUSTAINABILITY REPORT Please visit our website for the 2021 CSR Report. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 2021 SUSTAINABILITY HIGHLIGHTS 98% of seafood responsibly sourced (2020:96%) 98% of raw material sourced from audited suppliers (2020: 98%) 643,000 lbs of food waste reduction (compared to 2020) 24% decline in safety incidents since 2020 (21 to 16) 36% decline in safety incidents from 2018 baseline (25 to 16) 30% of Board members are women (2020:30%) 34.48% of senior managers are women (2020: 28.6%) $252,750 in community support in 2021 through donations and products 9 9#10HIGH LINER FOODS Financial Review & 2022 Outlook 2022 High Liner Foods Incorporated 10#11Q3 2022 Performance Another strong quarter - marking this our sixth consecutive quarter of year over year sales and adjusted EBITDA growth. Key highlights include: Volumes - Increased by 5.6M lbs, or 10.2%, to 60.4 million lbs; Sales - Increased by $56.9 million, or 26.6%, to $271.2 million; Gross Profit - Increased by $8.8 million, or 18.4%, to $56.7 million; and Adjusted EBITDA - Increase by $2.4 million, or 10.7%, to $24.8 million while Adjusted EBITDA as a percentage of sales decreased to 9.1% compared to 10.5%. Outstanding growth despite unprecedented inflationary headwinds, slowing category dynamics and continued supply challenges. The Company continued to experience high demand and strong sales in almost all segments and species due to the reliability of our supply and the versatility of our offerings in both product type and price point. In October 2022 we further increased our financial capacity and flexibility by expanding our working capital facility from $150M to $200M, which will help support the continued growth of our business. Additionally, Moody's upgraded our Term B debt rating validating the significant improvements in our business and financial position over the past few years. The leverage ratio was 3.2x at the end of Q3 2022 (3.0x at the end of Fiscal 2021) due to investment in working capital to offset supply chain constraints. HIGH LINER FOODS 2022 High Liner Foods Incorporated 11#12Q4 2022 and 2023 Outlook ◉ ◉ ■ Demand for the Company's products remains strong, despite navigating a hyper-inflationary environment and remnants of the global supply challenges. We remain focused on mitigating ongoing supply challenges, ensuring diversification of species, product and procurement and maintaining strong customer and supplier relationships. With a strong balance sheet and cash flow, the Company is well equipped to navigate current market conditions and invest in the business. The Company continues to invest in working capital and has increased liquidity to support its branded, value- added leadership strategy through its recent expansion of its Asset Backed Loan facility. High Liner Foods expects the Net Debt to Rolling Twelve-Month Adjusted EBITDA ratio to be slightly above the Company's long-term target of 3.0x at the end of Fiscal 2022. The Company's capital expenditures of approximately $25.0 million for Fiscal 2022 is to modernize its asset base, explore automation opportunities and maintain and upgrade facilities to address ESG initiatives. HIGH LINER FOODS 2022 High Liner Foods Incorporated 12#13Q3 2022 YTD Sales Volume and Net Sales Sales (millions) 200.0 192.5 175.0 $750.0 $500.0 150.0 100.0 $819.4 $647.5 $250.0 50.0 2021 0.0 2022 Sales lbs (millions) Sales (USD) Sales lbs Sales volume increased by 17.5M lbs (10.0%) to 192.5M lbs Foodservice: sales volume was higher as the Company's foodservice customers rebound from COVID-19 in 2022 compared to 2021, as well as from growth in new business and new product sales. We continued to experience increased demand for our products across our non-commercial businesses, as well as higher sales and volumes in both quick service restaurants and casual dining, segments that are growth targets for the Company. Retail: sales volume grew due to increased marketing investment, new product and business wins. Sales volume was also negatively impacted by global supply chain challenges on raw material supply to North America. Net sales increased by $171.9M (26.5%) to $819.4M " " Higher sales volumes mentioned above, as well as favorable changes in sales mix and pricing actions implemented to mitigate inflationary increases on input costs. Offset by the weaker Canadian dollar in 2022 compared to 2021 which decreased the value of reported USD sales from our CAD-denominated operations by approximately $5.0 million relative to the conversion impact last year. HIGH LINER FOODS 2022 High Liner Foods Incorporated 13#14Q3 2022 YTD Adjusted EBITDA Earnings before Interest, Taxes, Depreciation and Amortization $100.0 25.0% $84.1 $78.5 20.0% $75.0 $69.8 $61.6 15.0% $50.0 (10.8% 9.6% 10.0% $25.0 $ 2021 EBITDA as % of Sales Standardized EBITDA* Adjusted EBITDA* Adjusted EBITDA as % of Sales 5.0% 0.0% * Please refer to the Company's MD&A for Q3 2022 for definition of non-IFRS financial measures "Standardized EBITDA" and "Adjusted EBITDA" 2022 Adjusted EBITDA increased by $8.7M (12.5%) to $78.5M and decreased by 120 basis points as a percentage of sales to 9.6%. The increase in adjusted EBITDA is a result of an increase in gross profit, partially offset by an increase in net SG&A expenses and distribution expenses. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 14#15Q3 2022 YTD Earnings Per Share (EPS) $1.50 SH EPS $1.00 $0.50 $0.00 $1.24 $1.12 $1.00 $1.02 2021 2022 Adjusted Diluted EPS increased by $0.10 (9.8%) to $1.12 Adjusted Net Income increased by $3.7M (10.3%) to $39.4M reflecting an increase Net Income. HIGH LINER FOODS © 2022 High Liner Foods Incorporated Reported Diluted EPS Adjusted Diluted EPS* * Please refer to the Company's MD&A for Q3 2022 for definition of non-IFRS financial measure "Adjusted Diluted EPS" and "Adjusted Net Income." 15#16Debt Leverage Ratio Net Debt to Rolling Twelve-Month Adjusted EBITDA* Net Debt Times Adjusted EBITDA 6.0 5.9x 5.8x 4.0 2.0 4.1x 3.0x 3.2x Target (3.0x) 3.0x 0.0 End of Fiscal 2017** End of Fiscal 2018 End of Fiscal 2019 End of Fiscal 2020 End of Fiscal 2021 End of Q3 2022 *Please refer to the Company's MD&A for Q3 2022 for the definition of non-IFRS financial measures "Net Debt" and "Adjusted EBITDA" **Does not include the trailing 12-Month Adjusted EBITDA for Rubicon purchased May 30, 2017 In the absence of any major acquisitions or unplanned capital expenditures in 2022, we expect this ratio to be slightly above the Company's long-term target of 3.0x at the end of Fiscal 2022. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 16#17Dividend History Annual Dividend Paid Per Share (CAD) $0.600 $0.400 $0.350 $0.200 $0.000 $0.565 $0.580 $0.520 $0.465 $0.410 $0.520 $0.430 $0.310 $0.295 $0.220 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Forecast* 2023 Forecast** * Reflects Q1/02/Q3 dividend of CAD$0.10 per share and Q4 dividend of CAD$0.13 per share ** Based on the assumption that Q1/Q2/Q3/Q4 dividend will be CAD$0.13 per share, which is subject to change On November 9, 2022, the Board approved a quarterly dividend of CAD$0.13 per common share, a 30% or $0.03 increase from the CAD$0.10 per share dividend paid during the third quarter of 2022, reflecting the Board's recognition of the Company's continued strong performance and confidence in the Company's operations. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 17#18Appendix #1: Miscellaneous Company Information HIGH LINER FOODS 2022 High Liner Foods Incorporated 18#19High Liner Foods HLF TMX Toronto Stack Exchange LISTED ON Canadian public company since the 1960s, TSX-listed in 1971 Current price Shares outstanding Market capitalization 52-week range Insider Holding %*** Annual dividend Current yield CAD$14.13* -33.2M ~CAD$468.8M CAD$10.77- $15.36* 39% CAD$0.43 per share** 3.0% * Source TSX, as of December 2, 2022 ** Effective November 2021 (CAD$0.10 per share per quarter through to Q3, Q4 CAD$0.13) *** Float calculated based on the shareholder list as at September 30, 2022 HIGH LINER FOODS © 2022 High Liner Foods Incorporated 19#20High Liner Foods Over 120 years of seafood expertise 2010 2013 American Pride Seafood acquisition 2017 Rubicon Resources acquisition 2022 1926 High Liner brand created 1986 Fisher Boy acquisition 1999 Name Change Viking acquisition to High Liner Foods 1992 Northern Cod moratorium 2007 FPI acquisition 2011 Icelandic USA acquisition 2014 Atlantic Trading Company acquisition 1899 WC Smith founded (Salt Fish) HIGH LINER FOODS 1945 National Sea Products created © 2022 High Liner Foods Incorporated 20 00#21Flexible, Integrated Operations Three value-added seafood manufacturing facilities in North America ■ Increased demand for value-added products increases plant efficiency ■ Current manufacturing footprint: aggregate production ☐ ~ capacity of 172M LBS based on current shift patterns Aggregate capacity could be increased to ~250M lbs by implementing a change in shift patterns and additional capital investment ■ Ideal capacity ~85% to 90% to allow for seasonal demand surge ■ Utilize a combination of Company-owned and third party- managed cold storage facilities Lunenburg, NS (Canada) Capacity p.a.: 50M lbs Newport News, VA (USA) Capacity p.a.: 61M lbs Portsmouth, NH (USA) Capacity p.a.: 61M lbs HIGH LINER FOODS © 2022 High Liner Foods Incorporated 21#22Species Diversity " 2.9% 7.3% 11.5% 8.2% 20.5% Cod 14.1% 14.3% Shrimp Salmon Alaskan pollock Haddock Tilapia 21.2% Sole Other Based on 2021 Purchases (in USD) In 2021, the Company purchased approximately 157M lbs of seafood with an approximate value of $449.6M, reflecting approximately 24 species from 23 different countries. ☐ Major species (6) accounted for ~78% of the total dollar purchases. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 222#23■ ESG at High Liner Foods High Liner Foods began our responsible sourcing journey over a decade ago and has made steady gains since that time, working toward a goal of delivering products that are 100% responsibly sourced. In 2021, High Liner Foods took its next step in the ESG journey and completed a comprehensive engagement program to better understand the environmental, social and governance needs and priorities of its stakeholders and how stakeholder needs intersect with the Company's refreshed purpose of Reimagining Seafood to Nourish Life. ■ In conversation with our stakeholders, and supported by supplemental survey data, we heard loudly and clearly that the issues High Liner Foods' stakeholders care most about are high standards of responsible sourcing where we have a long legacy of leadership, environmental stewardship and corporate governance. These priorities align well with existing programs at High Liner Foods. ◉ ☐ Responsible sourcing > We have a long legacy of leadership in the responsible sourcing, transparency and traceability of our seafood > In 2021, 98% of seafood was responsible sourced (2020: 96%) > Committed to sourcing all our seafood from "certified sustainable or responsible" fisheries and aquaculture > Recognized as a global leader in driving best practice improvements in wild fisheries and aquaculture ■ Environmental stewardship ■ > In 2022, the Company continues to advance its food waste reduction efforts as it works toward its goal of 50% less food waste by 2030 (compared to 2018). > The Company developed a 2022 work plan focused on refining its greenhouse gas emissions inventories, with the goal of identifying opportunities and setting targets for emissions reduction efforts. Corporate governance > Three committees of the Board provide oversight to ensure management is implementing the Company's ESG framework responsibly, environmental practices are rigorously monitored for both compliance and effectiveness, and the health and safety of employees is protected and prioritized. HIGH LINER FOODS 2022 High Liner Foods Incorporated 23#24Appendix #2: Historical Financial Performance HIGH LINER FOODS 2022 High Liner Foods Incorporated 24 14#2510 Year Sales History - Volume and USD Sales in USD (millions) $1,200 CWIRTHY&C Rubicon American Pride TEHNICE PREMIUM DEAFOOD Sold New Bedford Scallop business $1,000 a SEAFOOD $800 $600 $400 $200 $0 2012 2013 2014 2015 HIGH LINER FOODS 2016 2017 Sales in USD Sales in lbs © 2022 High Liner Foods Incorporated 500 400 $875.4 $827.5 300 240.9 233.7 200 100 0 2018 2019 2020 2021 Sales in lbs (millions) 25#2610 Year EBITDA History Earnings before Interest, Taxes, Depreciation & Amortization $100 American Pride SEAFOOD CHIRTHY&C EBITDA in USD (millions) $80 $60 $40 $20 Sold New Bedford MUM SOCO Scallop business Rubicon 20% $90.4 $88.0 18% 16% 14% 12% 10.6% 10.3% 10% 8% 6% 4% 2% $0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Standardized EBITDA* Adjusted EBITDA* Adjusted EBITDA as % of Sales HIGH LINER FOODS *Please refer to the Company's MD&A for Fiscal 2021 for definition of non-IFRS measures "Standardized EBITDA" and "Adjusted EBITDA" © 2022 High Liner Foods Incorporated Adjusted EBITDA as % of Sales 26#2710 Year EPS and ROE* History Earnings per Share (EPS) and Return on Equity (ROE) 1.75 30% Diluted Earnings per Share American Pride 1.50 SEAFOOD CHIRTHY& Sold New Bedford Scallop business 1.25 1.00 0.75 0.50 0.25 LI HIGH LINER FOODS Rubicon TEHONTC 25% 1.20 20% 0.83 15% 12.2% 11.1% 10% 5% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Diluted EPS Adjusted Diluted EPS* ROE* *Please refer to the Company's MD&A for Fiscal 2021 for definition of non-IFRS measures "Adjusted Diluted EPS" and "Return on Equity" © 2022 High Liner Foods Incorporated Return on Equity 27#2810 Year Debt Leverage Ratio Net Debt to Rolling Twelve-Month Adjusted EBITDA* 8.0 6.0 American Pride. SEAFOOD C.WIRTHY&C 4.0 2.0 MUM SEAFOOD 4.1 3.9 3.4 2012*** 2013 2014 4.0 2015 Sold New Bedford Scallop business 3.1 2016 Rubicon 5.9 5.8 2017 2018** 4.1 2019 3.0 3.0 2020 2021 Target (3.0x) *Please refer to the Company's MD&A for Fiscal 2021 for definition of non-IFRS measures "Adjusted EBITDA" and "Net Debt". **Does not include rolling twelve-month Adjusted EBITDA for Rubicon Resources, LLC (purchased May 30, 2017) ***Pro forma Icelandic acquisition In the absence of any major acquisitions or unplanned capital expenditures in 2022, we expect this ratio to be slightly above the Company's long-term target of 3.0x at the end of Fiscal 2022. HIGH LINER FOODS © 2022 High Liner Foods Incorporated 28 88#29HIGH LINER FOODS Thank you 2022 High Liner Foods Incorporated 29 29#30Reimagining to seafood nourish life. HIGH LINER FOODS Reimagining Seafood TO NOURISH LIFE