High Liner Foods Amends its Normal Course Issuer Bid

LUNENBURG, NS,- High Liner Foods Incorporated (the "Company") (TSX: HLF) today announced that it has increased the size of its Normal Course Issuer Bid ("NCIB") by filing an amended notice of intention with the Toronto Stock Exchange ("TSX"). The amendment increases by 500,000 the number of common shares of the Company ("Common Shares") the Company intends to purchase for cancellation from 200,000 to 700,000 Common Shares, representing approximately 2.10% of the Common Shares outstanding as of May 25, 2023, subject to approval by the TSX. The purchases will be made through the facilities of the TSX and/or any alternative trading systems to the extent they are eligible. The price that the Company will pay for any such Common Shares will be the market price at the time of acquisition. The current NCIB commenced on June 7, 2023, and purchases shall terminate no later than June 6, 2024.

The Company's Defined Benefit Pension Plan ("Pension Plan") may, from time to time, acquire Common Shares of the Company. Common Shares purchased by the Pension Plan count towards the maximum number of Common Shares the Company can acquire under the NCIB. If Common Shares are acquired by the Pension Plan, those Common Shares will remain outstanding and held by the Pension Plan.

The average daily trading volume ("ADTV") of the Company's Common Shares was 15,001 on the TSX over the six calendar months preceding the commencement of the current NCIB. Accordingly, under the policies of the TSX, the Company is entitled to purchase, during any one trading day up to 3,750 Common Shares (being 25% of the ADTV of the Common Shares). The Company is entitled to purchase a larger amount of Common Shares per calendar week, subject to the maximum number that may be acquired under the NCIB, if the transaction meets the block purchase exception under the TSX rules.