Mr. Paul Jewer reports

HIGH LINER FOODS COMPLETES RUBICON SETTLEMENT

High Liner Foods Inc. has completed the previously announced settlement of the legal proceedings the company initiated against Brian Wynn and the other vendors in connection with the sale of Rubicon Resources LLC.

"With the completion of the Settlement, we have now cancelled 2.43 million shares of the Company issued in connection with the acquisition of Rubicon, representing a reduction of approximately 7.4% of total shares outstanding," said Paul Jewer, President and Chief Executive Officer of High Liner Foods. "We are very pleased our shareholders will experience the immediate positive benefit this has on shareholder value and the Company's earnings per share."

In accordance with the terms of the Settlement, 2,429,014 shares of the Company issued in connection with the acquisition of Rubicon will be cancelled, resulting in 30,428,600 total shares outstanding as of today. Based on a closing share price of CAD $13.32 on June 5, 2024 and an exchange rate of 1.37045 with the U.S. dollar, the cancelled shares are worth approximately USD $23.6 million.

In addition, as part of the Settlement, Mr. Wynn and the other settling Rubicon vendors collectively paid a total of approximately USD $5.79 million. Of that total, USD $5.65 million went to reimburse funds received from a previous representations and warranties insurance claim settlement. The remainder was paid to the Company.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

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