Company Overview & Strategy

Q4 2021 Performance ◉ ■ ■ • Q4 2021 net sales increased year-over-year reflecting pricing actions related to inflationary increases on input costs and favorable changes in sales mix, partially offset by lower sales volumes. In Foodservice, sales volume was lower due to the impact of global supply chain challenges on raw material supply to 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 increased as compared to the prior year by $5.1 million to $48.6 million as the Company continued to execute against its branded value-added leadership strategy. Adjusted EBITDA as a percentage of sales decreased compared to the prior year by 170 basis points to 9.0% and Adjusted EBITDA decreased by $0.6 million to $20.6 million. The leverage ratio was 3.0x at the end of Fiscal 2021, compared to 3.0x at the end of Fiscal 2020. Global supply chain challenges, including competitive labour marker, material supply issues, port congestion / shutdowns, and inflationary costs pressures, 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 Incorporated 10

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