High Liner Foods provides update on foreign exchange income

    - High Liner clarifies accounting for cashing out foreign exchange
    contracts -

    LUNENBURG, NS, Oct. 31 /CNW/ - High Liner Foods Incorporated (TSX:HLF;
TSX:HLF.A) today updated investors with respect to its previously announced
decision to unwind certain U.S. dollar foreign exchange contracts (See media
release of October 11, 2008).
    Since announcing on October 11 that it has unwound certain foreign
exchange contracts booked to hedge High Liner's exposure to the U.S. dollar,
High Liner has clarified the required accounting for the transaction, which
will mean that the total gain realized will be brought into income over a
period of time, rather than entirely in the fourth quarter of this year, as
originally announced. The cash received was used to pay down debt.
    The original foreign exchange contracts involved had various maturity
dates between October 2008 and December 2009. Therefore, the net proceeds of
unwinding these contracts, approximately $9 million before tax, will be taken
into income in the same period and accounted for in the same way as the
gain/loss that would have been realized on the original foreign exchange
contracts had they not been unwound.

    About High Liner Foods Incorporated

    High Liner Foods Incorporated is a leading North American processor and
marketer of prepared, value-added frozen seafood. High Liner's branded
products are sold throughout the United States, Canada and Mexico under the
High Liner(R), Fisher Boy(R), Mirabel(R) and Sea Cuisine(TM) labels, and are
available in most grocery and club stores. The Company also sells its High
Liner(R), FPI(R) and Mirabel(R) food service products to restaurants and
institutions, and is a major supplier of private label seafood products to
North American food retailers and food service distributors. High Liner Foods
is a publicly traded Canadian company. Its common shares trade under the
symbol HLF and its Non-Voting Equity Shares trade under the symbol HLF.A on
the Toronto Stock Exchange.

    This document contains forward-looking statements, including earnings
comments for 2008 and 2009. These statements contain words such as
"anticipate", "expect", "could", "should", "may", "plans", "will", or similar
expressions that are based on and arise out of our experience, our perception
of trends, current conditions and expected future developments as well as
other factors. The statements are not a guarantee of future performance. By
their nature, forward-looking statements involve uncertainties and risks that
the forecasts and targets will not be achieved. Readers are cautioned not to
place undue reliance on forward-looking statements, as a number of important
factors, as discussed herein and in our other continuous disclosure documents,
could cause actual results to differ materially from those expressed in such
forward-looking statements. We include in publicly available documents filed
from time to time with securities commissions and The Toronto Stock Exchange,
a thorough discussion of the risk factors that can cause anticipated outcomes
to differ from actual outcomes. We disclaim any intention or obligation to
update or revise forward-looking statements.

    For further information about the Company, please visit our Internet site
at www.highlinerfoods.com or send e-mail to investor@highlinerfoods.com.

    %SEDAR: 00001789E

For further information:

For further information: Kelly Nelson, Vice President Corporate Services
& Chief Financial Officer, High Liner Foods Incorporated, Tel: (902) 634-8811,
investor@highlinerfoods.com; Trevor Heisler, Investor Relations, The Equicom
Group Inc., Tel: (416) 815-0700 ext.270, theisler@equicomgroup.com

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