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We also have a track record of driving organic growth through innovation. Our Sea-Cuisine, Flame-Savours  and Pan-Sear product lines exemplify the innovative thinking that has brought easy and delicious gourmet seafood to the kitchen table. In fact, Canadian consumers recently awarded Pan-Sear Traditional with The Best New Product Award for the Frozen Fish Category in one of the country’s leading annual surveys, the fifth consecutive year that High Liner Foods has won this award. These new product platforms, as well as industry leading beer-battered products sold under the Icelandic Seafoods brand, are driving the growth in our U.S. retail brand, Sea Cuisine . 

Looking ahead, innovation will continue to be an important driver behind organic growth. However, our efforts will be increasingly focused on the changing dynamics of the U.S. food service industry, where more consumer dollars are migrating from full service casual dining to fast casual restaurants that feature fast, high-quality food with a compelling value proposition. 

## Supply chain optimization 

Following the integration of the sales forces and broker networks of High Liner Foods and Icelandic USA in early 2012, our next step was the complete integration of all operations and the optimization of our 

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entire U.S. production and distribution network. During the first three months of 2013, following the closure of two of our plants, we transferred production from these closed facilities, and consolidated all of our U.S. food service distribution into Newport News, VA. While our people accomplished this enormous task ahead of schedule, 2013 was devoted to addressing some of the production issues associated with these changes. At this point, we are successfully addressing these challenges and expect to realize the full $18 million in annual synergies estimated at the time of the Icelandic USA acquisition. 

## Sustainable sourcing 

In 2010, High Liner Foods made a commitment to source all of our seafood – approximately 30 species from 20 countries around the world – from certified sustainable or responsible 2 fisheries or aquaculture farms by the end of 2013. I am proud to say that we have achieved 99% of this goal. 

The tremendous progress we have made reflects a fundamental change in the commitment of the seafood industry, its customers, and everyday consumers, to restoring a healthy balance to the world’s marine ecosystems. With the exception of the Canadian Atlantic coast, stocks and quotas in the North Atlantic and North Pacific fisheries are at or near record highs 

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## ADJUSTED EBITDA FROM 2007 TO OUR 2016 GOAL 

High Liner Foods has increased Adjusted EBITDA by more than 500 percent since 2007. High Liner Foods is focused on achieving $150 million in Adjusted EBITDA in 2016 through a combination of acquisitions, organic growth and operating efficiencies. 

