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## ACQUISITION AMERICAN PRIDE SEAFOODS 

The acquisition of American Pride Seafoods, in New Bedford, MA, has bolstered High Liner Foods’ leadership position in the food service segment of the U.S. value-added frozen seafood industry and added a significant U.S.- based scallop processing operation to its portfolio. A key component of High Liner Foods’ strategy is profitable growth through acquisitions that complement and strengthen its leadership position within the industry. 

## OUR STRATEGIC GOALS 

Each year High Liner Foods’ focus is guided by our strategic goals, and in 2013 we continued on our steady course to achieve them. 

## Profitable growth 

One year ago, we felt confident we would achieve our target of $100 million in Adjusted EBITDA by 2015 so we announced a new Adjusted EBITDA target of $150 million by 2015. We are committed to achieving this goal, however, the results of the past year require that we give ourselves more time. In this regard, we have extended the date by one year to 2016, but the Adjusted EBITDA target of $150 million remains unchanged, as does our plan to achieve it through organic growth, acquisitions and supply chain optimization. 

Over the past seven years, acquisitions have been instrumental in advancing High Liner Foods’ growth and evolution into the leading provider of value-added frozen seafood in North America. Given the fragmented nature of the industry, we do not believe this trend is about to change. Unlike the meat or poultry businesses, which are structured around very few sources of animal protein, the seafood industry delivers more than a hundred 

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species to the plates of consumers, with dozens of companies sourcing them, depending on the scale of the fishery. At the other end of the supply chain, our retail and food service customers are helping to drive consolidation in the seafood industry because they prefer to work with fewer trusted suppliers who can consistently and reliably meet all of their needs. These customers value our unsurpassed product assortment and our standards for on-time delivery, quality assurance, food safety, traceability and sustainable sourcing. 

Similar to previous acquisitions, the purchase of American Pride Seafoods in October 2013 bolsters and complements High Liner Foods’ market leadership position in the value-added frozen seafood industry, while also adding a large U.S.-based scallop business to our portfolio. The company’s facility in New Bedford, MA processes more than seven million pounds of scallops annually. At the same time, American Pride Seafoods has strengthened our roster of U.S. chain restaurant customers, enhanced an already significant market position in the educational food service segment and broadened our product line across the entire High Liner Foods customer base. 

