#1HIGH LINER FOODS Investor Presentation November 2021 HIGH LINER FOODS#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 2021 High Liner Foods Inc. 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 "Standardized EBITDA", "Adjusted EBITDA", "Adjusted Net Income", "Adjusted Diluted Earnings Per Share" and "Net Debt". 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 2021 High Liner Foods Inc. 3#4Company Overview & Strategy 4 HIGH LINER FOODS 2021 High Liner Foods Inc.#5High Liner Foods at a Glance . 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 FOODS 2021 High Liner Foods Inc. RETAIL High Liner SINCE 1899 MIRABEL High Liner FISHER BOY WE BRING THE FUN TO FISH 350 g CATCH DAY PRISE JOUR SEA CUISINE FOODSERVICE 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 HIGH LINER FOODS • . • 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? Building on significant momentum from a transformative 2019 and resilient 2020 Completed early debt refinancing (Q4 2019) and subsequent re-pricing (Q1 2021), ample liquidity and strong balance sheet Well equipped to invest in our business and build upon our leadership in branded value-added seafood to drive further profitability and revenue growth Focus on continuous improvement, strategy execution and increased investment in operations to deliver additional EBITDA growth Well positioned to continue navigating through challenges presented by COVID-19 6#7A North American Leader in Value-Added Frozen Seafood with a Diversified Portfolio 24% Geography Branding Channel 41% 46% 54% 59% 76% ■US □ Canada HLF Brands Other 30% Product Form 70% Foodservice □ Retail Value-added Other Based on 2020 Sales lbs • #1 frozen fish manufacturer in Canadian retail market (1) #1 prepared frozen fish manufacturer in U.S. retail market with #4 market position in overall processed frozen seafood (2) #1 value-added frozen seafood in foodservice (including private label) in U.S. and Canada (3) HIGH LINER FOODS (1) Canadian market data per Nielsen, based on retail sales (in lbs.) of total frozen fish category for 52-week period ended November 28, 2020. (2) U.S. market data per IRI, based on retail sales (in lbs) of total frozen seafood category for 52-week period ended December 27, 2020. (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 continuing 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 2021 as we strive to become the leader in branded value-added seafood in North America. HIGH LINER FOODS 8#9Financial Review & 2021 Outlook VEL HIGH LINER FOODS 2021 High Liner Foods Inc. 9 20#10Q3 2021 Performance ◉ Q3 2021 net sales increased year-over-year due to the steadily recovering foodservice business, pricing actions related to inflationary increases on input costs, and favorable changes in sales mix. ◉ ■ ◉ • In Foodservice, customer demand continued to increase as a result of significantly reduced COVID-19 related restrictions for certain foodservice segments and regions across North America. • In Retail, demand was lower than the same period in 2020 as a result of evolving consumer behavior during the COVID-19 pandemic. Gross profit as a percentage of sales increased by 240 basis points to 22.4%, as compared to the prior year as the Company continued to execute against its branded value-added leadership strategy. Adjusted EBITDA as a percentage of sales increased compared to the prior year by 70 basis points to 10.5% and Adjusted EBITDA increased by $3.3 million to $22.4 million. The leverage ratio improved to 2.8x at Q3 2021, compared to 3.0x at the end of Fiscal 2020, and 3.3x at Q3 2020. Global supply chain challenges impacted operations and related sales in both foodservice and retail business during the quarter. • Specifically, shipping container shortages and raw material supply impacted the Company's ability to maximize volume sales during the quarter. • The Company took all available steps to attempt to mitigate the impact of supply challenges and also took appropriate pricing actions to offset additional costs incurred. HIGH LINER FOODS 2021 High Liner Foods Inc. 10#112021 Outlook ■ ◉ ■ Like others in the retail and foodservice space, the Company continues to navigate significant headwinds related to the previously disclosed global supply challenges and ongoing uncertainty related to the COVID-19 pandemic. High Liner Foods is taking all available steps to attempt to mitigate the impact to the business by drawing on the scale of its global supply chain and the diversification of species, product, procurement and strong customer and supplier relationships to support its position. The Company's performance may also be impacted by ongoing global supply chain challenges, raw material inflation and its ability to successfully take related pricing actions. Despite these challenges, High Liner Foods remains on track to deliver Adjusted EBITDA growth in 2021. Although pandemic-related pressures stalled the rate of growth this year, the Company is encouraged by the net sales growth experienced this quarter and remains well-positioned to accelerate sales growth in 2022. With a strong balance sheet and further improved cash flow, the Company is well equipped to invest in the business, with anticipated capital expenditures of approximately $20.0 million in Fiscal 2021, an increase over the average capital investment in the business over the past three years. The Company does not have any impending debt maturities and will continue to utilize its $150.0 million working capital credit facility, if required. The Company currently has no borrowings on this facility and remains confident in its liquidity position. HIGH LINER FOODS 11#12Q3 2021 YTD Sales Volume and Net Sales Sales (millions) $800.0 300.0 $700.0 $629.0 $647.5 $600.0 200.0 $500.0 181.3 175.0 $400.0 $300.0 100.0 $200.0 $100.0 2020 0.0 2021 Sales lbs (millions) Sales (USD) Sales lbs Sales volume decreased 6.3M lbs (3.5%) to 175.0M lbs ☐ Foodservice: sales volume was higher due to the impact of significantly reduced COVID-19 restrictions on the Company's foodservice customers in the first three quarters of 2021 as compared to the same period of 2020. Retail: sales volume was lower primarily due to lapping the significant surge in demand at the onset of the COVID-19 pandemic that did not repeat during the first three quarters of 2021. Sales volume in the second and third quarters of 2021 was also negatively impacted by the supply challenges being experienced globally. The decline in sales volume in the first three quarters of 2021 was partially offset by new business and new product sales. Net sales increased $18.5M (2.9%) to $647.5M ■ Lower sales volumes mentioned above were more than offset by favorable changes in sales mix, lower promotional activity and pricing actions related to inflationary increases on input costs. HIGH LINER FOODS 2021 High Liner Foods Inc. 12#13Q3 2021 YTD Adjusted EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EBITDA (millions) $80.0 25.0% $69.8 $66.9 $62.2 $61.6 20.0% $60.0 15.0% $40.0 10.6% 10.8% 10.0% $20.0 2020 5.0% 0.0% 2021 EBITDA as % of Sales Standardized EBITDA* Adjusted EBITDA* Adjusted EBITDA as % of Sales * Please refer to the Company's MD&A for Q3 2021 for definition of non-IFRS financial measures "Standardized EBITDA" and "Adjusted EBITDA" Adjusted EBITDA increased $2.9M (4.4%) to $69.8M and increased by 20 basis points as a percentage of sales to 10.8%. The increase in adjusted EBITDA is a result of the increase in gross profit partially offset by the increase in distribution and net SG&A expenses. HIGH LINER FOODS 2021 High Liner Foods Inc. 13#14Q3 2021 YTD Earnings Per Share (EPS) EPS $1.25 $1.00 $0.73 $0.75 $0.62 $0.50 $0.25 $0.00 2020 $1.00 $1.02 2021 Reported Diluted EPS Adjusted Diluted EPS* * Please refer to the Company's MD&A for Q2 2021 for definition of non-IFRS financial measure "Adjusted Diluted EPS" Adjusted Diluted EPS increased by $0.29 (39.7%) to $1.02 Adjusted Net Income increased by $10.8M (43.4%) to $35.7M reflecting increase in Net Income related to increased Adjusted EBITDA and lower finance costs and income tax expense. HIGH LINER FOODS 2021 High Liner Foods Inc. 14#15Debt Leverage Ratio Net Debt to Trailing 12-Month Adjusted EBITDA* Net Debt Times Adjusted EBITDA 6.0 4.0 3.7x 20 2.0 5.9x 5.8x 4.1x Target (3.0x) 3.0x 2.8x 0.0 End of Q1 2017 End of Fiscal 2017** End of Fiscal 2018 End of Fiscal 2019 End of Fiscal 2020 End of Q3 2021 *Please refer to the Company's MD&A for Q2 2021 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 2021, we expect this ratio to remain below the Company's long-term target of 3.0x at the end of Fiscal 2021. HIGH LINER FOODS 2021 High Liner Foods Inc. 15#16Dividend History Annual Dividend Paid Per Share (CAD) $0.600 $0.400 $0.200 $0.210 $0.565 $0.580 $0.520 $0.465 $0.410 $0.350 $0.310 $0.295 $0.220 $0.000 2012 2013 2014 2015 2016 2017* 2018 2019** 2020*** 2021 Forecast** ***** *Reflects Q1/Q2/Q3 dividend of CAD$0.140 per share and Q4 dividend of CAD$0.145 per share **Reflects Q1 dividend of CAD$0.145 per share and Q2/Q3/Q4 dividend of CAD$0.05 per share ***Reflects Q1/Q2/Q3 dividend of CAD$0.05 per share and Q4 dividend of CAD$0.07 per share ****Reflects Q1/Q2/Q3 dividend of CAD$0.07 per share and Q4 dividend of CAD$0.10 per share On November 16, 2021, the Board approved a quarterly dividend of CAD$0.10 per common share, a 3.0 cents increase from the $0.07 per share dividend paid during the third quarter of 2021, reflecting the Board's recognition of the Company's continued strong performance and cash flow position. HIGH LINER FOODS 2021 High Liner Foods Inc. 16#17Appendix #1: Miscellaneous Company Information HIGH LINER FOODS 2021 High Liner Foods Inc. 17#18High 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 Annual dividend CAD$14.56* ~33.3M ~CAD$485.3M CAD$10.57 $14.56* CAD$0.31 per share* ** 2.1% * ** Current yield Source TSX, as of November 18, 2021 Effective November 2021 (CAD$0.10 per share per quarter) HIGH LINER FOODS 2021 High Liner Foods Inc. 18#19High Liner Foods Over 120 years of seafood expertise 1926 High Liner brand created 1986 Fisher Boy acquisition 1899 WC Smith founded (Salt Fish) HIGH LINER FOODS 1945 National Sea Products created 2010 2013 American Pride Seafood acquisition 2017 Rubicon Resources acquisition 2014 1999 Name Change Viking acquisition to High Liner 2011 Foods 1992 Northern Cod moratorium 2007 FPI acquisition Icelandic USA acquisition Atlantic Trading Company acquisition 2021 19#20Flexible, 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 ~175M LBS based on current shift patterns Aggregate capacity could be increased to ~250M Ibs by implementing a change in shift patterns and additional capital investment Ideal capacity - 85% to 90% to allow for seasonal demand surge Lunenburg, NS (Canada) Capacity p.a.: 50M lbs Newport News, VA (USA) Capacity p.a.: 64M lbs Portsmouth, NH (USA) Capacity p.a.: 61M lbs Utilize a combination of Company-owned and third party-managed cold storage facilities HIGH LINER FOODS 20#21Species Diversity 2.5% 6.8% 12.0% 15.2% 8.9% 11.5% 22.6% ■ Cod 20.5% ■ Shrimp ■ Salmon ■ Alaskan pollock ■ Haddock ■ Tilapia ■Sole ■ Other Based on 2020 Purchases (in USD) In 2020, the Company purchased approximately 184M lbs of seafood with an approximate value of $471.7M, reflecting approximately 30 species from 25 different countries Major species (7) accounted for -91% of the total dollar purchases HIGH LINER FOODS 21#22Corporate Social Responsibility · HIGH LINER FOODS 2020 SUSTAINABILITY REPORT 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 HIGH LINER FOODS 22#23Appendix #2: Historical Financial Performance HIGH LINER FOODS 2021 High Liner Foods Inc. HIGH LINER 223#2410 Year Sales History - Volume and USD Sales in USD (millions) $1,200 $1,000 $800 ICELANDIC SEAFOOD $600 $400 $200 American Pride SEAFOOD CWIRTHY&ON Rubicon PREMIUM SEAFOO0 Sold New Bedford Scallop business 500 $942.2 400 $827.5 300 258.8 240.9 200 100 40 $0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sales in USD Sales in lbs HIGH LINER FOODS Sales in lbs (millions) 24#2510 Year EBITDA History Earnings before Interest, Taxes, Depreciation and Amortization EBITDA in USD (millions) $100 $80 ICELANDIC $60 SEAFOOD $40 $20 American Pride CWIRTHY& PREMIUM SEAFOOD Sold New Bedford Scallop business Rubicon $0 2011 2012 2013 2014 2015 2016 2017 Standardized EBITDA* Adjusted EBITDA* HIGH LINER FOODS 2018 20% $88.0 18% $85.3 16% 14% 12% 10.6% 10% 9.1% 8% 6% 4% 2% 0% 2019 2020 Adjusted EBITDA as % of Sales *Please refer to the Company's MD&A for Fiscal 2020 for definition of non-IFRS measures "Standardized EBITDA" and "Adjusted EBITDA❞ Adjusted EBITDA as % of Sales 25#2610 Year EPS and ROE History Earnings Per Share (EPS) and Return on Equity (ROE) $1.75 30% Diluted Earnings per Share $1.50 ICELANDIC $1.25 $1.00 $0.75 $0.50 $0.25 HIGH LINER FOODS SEAFOOD American Pride SEAFOOD C.WIRTHY&O Sold New Bedford Scallop business MUM SEAFOOD 25% 20% Rubicon $1.02 $0.85 15% 11.1% 10% 8.8% 5% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Diluted EPS Adjusted Diluted EPS* ROE* *Please refer to the Company's MD&A for Fiscal 2020 for definition of non-IFRS measures "Adjusted Diluted EPS" and "Return on Equity" Return on Equity 26#2710 Year Debt Leverage Ratio Net Debt* to Trailing 12-Month Adjusted EBITDA* 8.0x 6.0x ICELANDIC SEAFOOD American Pride SEAFOOD 4.0x 4.4x 3.9x 3.4x 2.0x -X 2011*** 2012 2013 C.WIRTHY&CN PREMIUM DEAFOOD 4.1x 2014 Sold New Bedford Scallop 4.0x business 2015 3.1x 2016 Rubicon 5.9x 5.8x 2017** 2018 4.1x Target (3.0x) 3.0x 2019 2020 *Please refer to the Company's MD&A for Fiscal 2020 for definition of non-IFRS measures "Adjusted EBITDA" and "Net Debt". **Does not include trailing 12-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 2021, we expect this ratio will remain below the Company's long-term target of 3.0x at the end of Fiscal 2021. HIGH LINER FOODS 27#28Thank you HIGH LINER FOODS 2021 High Liner Foods Inc. 28#29HIGH LINER FOODS HIGHLINER FOODS