High Liner Foods Acquisition and Financial History

10 Year Debt Leverage Ratio Net Debt✶ to Trailing 12-Month Adjusted EBITDA* 8.0 6.0 American Pride CWIRTHY&O 4.0 2.0 SEAFOOD UM DE GOD 4.1 3.9 2013 2014 4.0 2015 Sold New Bedford Scallop business 3.1 2016 Rubicon 5.9 5.8 2017 2018 4.1 2019** 3.7 Target (3.0x) 3.0 3.0 2020 *Please refer to the Company's MD&A for Fiscal 2022 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) 2021 2022 In the absence of any major acquisitions or unplanned capital expenditures in 2023, we expect this ratio to be in line with the Company's long-term target of 3.0x at the end of Fiscal 2023.

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