1Q14 Results Presentation 16 May 2014 Disclaimer The information - - PowerPoint PPT Presentation

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1Q14 Results Presentation

16 May 2014

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The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that the our assumptions are correct. Actual results may differ materially from those projected.

Disclaimer

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Agenda

1. Recent Developments 2. Company Overview 3. 1Q 2014 Financial Results 4. Business Outlook

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Recent Developments

January - December 2014: Centennial Anniversary of COSI Invested in Chicken of the Sea brand with an integrated marketing plan during the Centennial year

Source: TUF

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Recent Developments (Cont’d)

January 2014 : Introducing John West Steam Pots – A meal in minutes A delicious combination of John West’ Infusions Tuna with perfectly seasoned couscous. Simply add the boiling water to the pot of couscous, wait 5 minutes for it to ‘fluff’, and then mix in the pot of Tuna.

Source: TUF

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Recent Developments

March 2014: TUF has been recognized multiple times in FinanceAsia Best Companies Poll 2014

Source: FinanceAsia

FinanceAsia revealed the 14th annual poll to find best managed companies in Thailand as voted by investors and analysts across the region. TUF has been acquired multiple ranks in this poll. is the leader in financial magazine, covers Asia’s fast moving financial and capital markets. Asia’s leading provider of news, in depth articles, surveys, key interviews and blockbuster cover stories.

Rank Best Corporate Governance Weighted 1 PTT 33 2 Thaioil 23 3 Advanced Info Service 21 =4 Central Plaza Hotel 20 =4 PTT Global Chemical 20 6 HomePro 15 7 Robinson Department Store 14 8 Thai Union Frozen Products 13 9 PTTEP 10 Rank Best CFO Weighted 1 Surong Bulakul (PTT) 16 2 Patipan Sukorndhaman (PTTGC) 15 3 Wai Yat Paco Lee (TUF) 14 Rank Best CEO Weighted 1

• Dr. Pailin Chuchottaworn (PTT)

15 2 Thiraphong Chansiri (TUF) 13 =3 Bowon Vongsinudom (PTTGC) 12 =3 Tevin Vongvanich (PTTEP) 12 Rank Best Managed Companies Weighted 1 PTT 30 =2 Bangkok Bank 25 =2 PTT Global Chemical 25 4 Advanced Info Service 23 5 PTTEP 22 6 Thai Union Frozen Products 18 =7 Robinson Department Store 15 =7 Siam Commercial Bank 15 =9 Central Plaza Hotel 13 =9 INTOUCH 13 =9 Minor International 13 Rank Best Investor Relations Weighted 1 Thaioil 33 2 Advanced Info Service 23 =3 PTT Global Chemical 22 =3 PTTEP 22 5 PTT 20 6 Thai Union Frozen Products 15 =7 Minor International 11 =7 Samart Corporation 13 9 MCOT 10 =10 INTOUCH 8 =10 Kasikorn Bank 8 Rank Best Corporate Social Responsibilities Weighted 1 PTT 47 2 PTT Global Chemical 30 3 Advanced Info Service 21 4 PTTEP 20 5 Thaioil 18 6 Siam Cement 15 =7 CP All 13 =7 EGCO 13 9 HomePro 10 =10 INTOUCH 8 =10 Thai Union Frozen Products 8 =10 Thaicom 8

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Agenda

1. Recent Developments 2. Company Overview 3. 1Q 2014 Financial Results 4. Business Outlook

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More than 35 Years of Seafood Processing Experience

Established Thai Union Frozen Products TUF was listed on the Stock Exchange

• f Thailand

(90%) Acquired Songkla Canning (100%) Acquired Empress International (88.8%**) Acquired PT Jui Fa International (51%) Acquired Yueh Chyang Canned Food (100%) Acquired MW Brands 2003 2006 2008 2010 1988 1994 1998

Source: TUF Remark: *Increased in 3Q12; **Divested all shares in 1Q13

(77.06%) Further invested in Pakfood PCL 2013 Founded Thai Union Manufacturing Strategic Partnership with Mitsubishi Corp Acquired Chicken of the Sea International (50%) Acquired the remaining shares

• f COSI

(100%) Set up Chicken of the Sea Frozen Foods Acquired 4 fishing vessels in Indian Ocean Invested in Avanti Feeds (15%25.12%*) Invested in Pakfood PCL (40%49.97%) 2001 1977 1992 1997 2009 2006 2007 2012

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Source: TUF

Pakfood

(Processor of seafood and Ready-To- Eat)

Thai Union Manufacturing

(Producer of canned tuna & pet food)

TUM New Frontier Foods

(Processor and exporter of canned tuna and pet food)

NFF Songkla Canning

(Producer of pet food)

SC Thai Union Seafood

(Processor of frozen shrimp)

TUS PPC Asian Pacific Can

(Producer of empty can)

APC Thai Union Graphic

(Printing)

TUG

Group 3

Animal Feeds and Aquaculture

Thai Union Feedmill

(Producer of shrimp feed)

TFM Thai Quality Shrimp

(Shrimp breeding)

TQS

Group 4

Thai Domestic Market

T-Holding

(Food distributor for Thai market)

THD

Group 5

Overseas Investment

Thai Union Investment Holding

(Mauritius based holding company for investment in MW Brands SAS)

TUIH Yueh Chyang Canned Food

(Canned tuna processor)

YCC Tri-Union Seafoods

(Processor of shelf-stable seafood in the U.S.A.)

Tri-Union Frozen Products

(Importer and distributor of frozen seafood)

U.S. Pet Nutrition

(Processor and distributor of wet and dry pet food in the US)

Canadian Pet Nutrition

(Producer and distributor of pet food)

90.08% 100%** 90.44% 51% 77.06% 90.50%* 74% 51% 100% 51% 90% 100% 100% 100% 82% 99% 100% 51%

Source: TUF Thai Union Hatchery

(Shrimp breeding and hatchery)

TMK Farm

(Shrimp farming)

TCM Fishery

(Shrimp farming)

TCM TMK TUH

80% 75% 100%

Century Trading

(Shanghai)

CTS

50%** Chaophraya Cold Storage

CHP

100%

Group 1

Frozen and Canned Seafood

Okeanos

OK

100%

Thaksin Samut

TZ

100%

Okeanos Foods

100%

OKF

Group 2

Packaging Products

TMAC

(Shrimp hatchery and farming)

TN Fine Chemicals

48.97%**

Moresby International Holdings MIH

33.33%**

Biz Dimension BIZ

20%

Avanti Feeds AFL

25.12%

Lucky Union Foods LUF

25%

Associated Companies Note: *Investment held by SC; **Investment held by TUM Thai Union International

(US-based holding company)

TUI

Thai Union Frozen Products

Frozen & canned seafood, pet food, snack and ready-to-eat meals

TUF

TMAC TRI-U USPN CAPN TUFP TNFC (as of December 2013)

Group Structure

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The World's Seafood Expert

11% 8% 4% 6% 23% 48% Revenue

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Strategic Business Group Product Range Brand Tuna

• Canned tuna
• Frozen tuna loin

Shrimp and related business1

• Frozen shrimp
• Shrimp feed

Sardine & Mackerel

• Canned sardine &

Mackerel

Salmon

• Canned and frozen

salmon

Pet food

• Pet food

Value added and other Products2

• Ready to eat food
• Frozen cephalopod
• Other canned seafood
• Bakery products

Tuna and Shrimp Remaining Our Core Business

Remark : 1Shrimp & related business includes frozen shrimp and shrimp feed 2Value-added and other products includes Ready-to-eat (RTE) products, frozen cephalopod, canned seafood, local products, and bakery products Source: TUF

1Q14 THB 27,948 million

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The World's Seafood Expert

Fully Integrated and Globally Diversified Supply Chain

Fisheries

Tuna

Processing Canning Marketing Breeding Shrimp Feed Processing Farm

Shrimp

Raw Material Acquisition Production Marketing

• Shrimp breed

development & farms

• The second

largest Thai producer with annual capacity

• f 330,000 tons
• Partner farms in

Thailand

• 2 locations in Thailand
• Total capacity of 110,000* tons per year
• 7 own fishing vessels with capacity of

39,000 tons per year

• Covers the Atlantic Ocean
• 8 locations in 7 countries
• Maximum capacity is approximately

681,000 tons per year Marketing

• 8 Brands
• 5 Continents

Value Adding Can & Label Production

• Empty can and

printing factories in Thailand

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• Chicken of the Sea

Frozen Food

• 3 Continents

Remark: Not include supply chain for ready to eat and pet food products *Including Pakfood’s capacity Source: TUF (as of March 2014)

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The World's Seafood Expert

• TUF’s portfolio includes

the world’s leading canned and frozen seafood companies, which operate across numerous markets globally

Global Market Leading Brands

Source: TUF

• #1 canned seafood brands in France
• #3 canned seafood brand in U.S.
• #1 canned tuna brand in China by sales value
• #1 canned seafood brand in the UK, Ireland and

the Netherlands

• #1 canned tuna brand and
• #2 canned seafood brand in Thailand

#1 #1 #3 #1 #1

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Global Market Leading Brands

• #2 tuna brand in Italy

#2

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11% 7% 4% 6% 25% 47% Revenue Y13

Sales Growth Despite Weaker Shrimp & Related Business

11% 8% 4% 6% 23% 48% Revenue

Tuna Shrimp & related business1 Sardine & Mackerel Salmon Pet food Value-added &

• ther products2

Sales Breakdown by Product

1Q14 THB 27,948 million

1Q14 Sales Breakdown by Business

Brand 41% OEM 59% 13%

Other Brands

15% 9% 7% 10%

Remark: 1Shrimp & related business includes frozen shrimp and shrimp feed 2Value-added & other products includes Ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps Source: TUF

2013

THB 112,813 million

• 1Q14 sales of OEM business remained stable at 59% of

total sales compared to 2013.

• Sales of branded products grew by 16% YoY while sales
• f OEM business rose by 13% YoY.

12

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USA 42% Europe 30% Domestic 7% Japan 7% Africa 3% Australia 3% Middle East 3% Asia 4% Canada 1% South America 1%

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US Remained the Largest Market, Driven By Frozen Unit

USA 43% Europe 30% Domestic 7% Japan 5% Africa 4% Australia 3% Middle East 2% Asia 4% Canada 1% South America 1%

1Q14

Total sales : THB 112,813 million Total sales : THB 27,948 million

2013

• In 1Q14, South America showed the strongest growth (+156% YoY) but from small bases. Sales from the US

grew by 24% YoY while sales from Europe rose by 19% YoY thanks to robust sales of frozen shrimp trading

• perations in the US and stronger sales of EU operation.
• Sales from Japan declined (-35% YoY) due to sluggish demand.

Source: TUF

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The World's Seafood Expert

Share Capital Information

Bloomberg/ Reuters TUF TB/ TUF.BK Share price (12 May 2014) : THB 70.25 Historical price : 52-week high THB 71.75 52-week low THB 43.75

• No. of paid up shares :

1,147.6m Par value : THB 1.0 Market Capitalization : THB 81.2bn

Stock Information

Chansiri Family 21.67% Niruttinanon Family 7.49% Mitsubishi Corporation 7.58% Thai NVDR Co., Ltd. 7.53% Social Security Office 4.01% Free float : 58.16% Foreign ownership : 37.83% Foreign limit : 45.00%

Dividend Information

Source: TUF and SET

Year DPS (THB/Share) % Payout 2005 1.20 50 2006 1.13 50 2007 1.11 54 2008 1.26 51 2009 1.92 51 2010 1.60 50 2011 1.56 29 2012 2.10 51 2013 1.49 60

Share Price Performance Major Shareholders

(As of 11 March 2014)

200 400 600 800 1,000 1,200 1,400 1,600 1,800 1/4/2010 1/4/2011 1/4/2012 1/4/2013 1/4/2014

TUF (LHS) SET Index (RHS) THB

2010 2011 2012 2013 2014

14

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Agenda

1. Recent Developments 2. Company Overview 3. 1Q 2014 Financial Results 4. Business Outlook

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Remark: * Excluding one-time pre-operating expense from startup PNG operation booked in Share of Profit from Investments in Associates (THB 64 million) ** Excluding one-time insurance compensation booked in Other Income (THB 215 million) Source: 1TUF

2SET (Jan 2’ 13: THB73.50/ share, Dec 27’ 13: THB71.75/ share, Jan 2’14: THB70.00/share, May 12’14: THB70.25/share )

On A Continuous Recovery Trend to Meet 2014 Targets

16

460 674 1,730 2,665 1,014 950 2,476 4,158

Financial Summary1

(THB million)

27,948 24,441

Gross Profit Total Sales EBITDA Normalized Net Profit

1Q14 1Q13

+14.3% +56.0% +43.1% +120.4%

Reported net profit boosted by 41% YoY to

THB 950million

Lower ND/E thanks to lower working capital requirement Share price movement 20132

(Jan-Dec 13)

• 2.4%

20142

(Jan- May 12’ 14)

+0.4%

Q1’12 Q1’11 1Q14 1Q13 1Q14 1Q13 1Q14* 1Q13**

2013

0.92x

1Q14

0.83x

1Q14 1Q13

Reported Net Profit +40.8%

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56% 23% 100% 62% 56% 1% 17% 44% 77%

• 38%

44% 99% 83% 17

6 Strategic Business Units of TUF

% Sales

48% 21% 2% 6% 4% 8% 11%

Sales

13,465 5,890 549 1,546 1,040 2,346 3,112

(THB million)

OEM Brand

Tuna Shrimp and related business1 Sardine & Mackerel

1 2 3

Salmon

4

Pet Food

Value-added and

• ther products2

5 6

Frozen shrimp Shrimp feed

1Q 2014 Sales breakdown

THB 27,948 million Remark: 1Shrimp & related business includes frozen shrimp and shrimp feed 2Value-added & other products includes Ready-to-eat products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scraps Source: TUF

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1Q13 2Q13 3Q13 4Q13 1Q14 27,948 Remark: 1Shrimp & related business includes frozen shrimp and shrimp feed

2Value-added & other products include Ready-to-Eat (RTE) products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scrap

Source: TUF

Quarterly sales

(THB million and USD million)

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Tuna Shrimp & related business1 Salmon Pet food Value-added &

• ther products2

Sardine & Mackerel

YoY Sales Growth Partly Driven by Weaker THB

+14.3 % YoY

• 9.2% QoQ

24,441 28,119 29,464 30,788 THB million USD million 824 935 936 969 863

• In 1Q14, total sales in USD term rose by 4.8% YoY to USD 863 million while sales in THB term increased by 14.3%

YoY to THB 27,948 million thanks to THB depreciation. YoY sales growth was driven by the higher sales of tuna, shrimp & related business1, pet food and value-added & other products2.

• On QoQ basis, total sales declined by 10.9% in USD term and 9.2% in THB term. Besides THB depreciation and a

typical low season, sales were mainly dampened by lower sales of shrimp & related business1, value-added & other products2, salmon and tuna.

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2,665 4,558 4,158 10.9% 14.8% 14.9% 1Q13 4Q13* 1Q14 2,665 3,496 4,085 3,976 4,158 10.9% 12.4% 13.9% 12.9% 14.9% 1Q13 2Q13 3Q13 4Q13 1Q14

+56.0% YoY +4.6% QoQ 19

A Continual Recovery Trend of GPM

Gross profit margin (%)

Quarterly GP and GPM

(THB million)

Remark: * = Excluding one-time inventory write-offs at MWB and USPN in 4Q13 Source: TUF

Normalized Gross profit margin (%)

Quarterly Normalized GP and GPM

(THB million)

+56.0% YoY

• 8.8% QoQ
• 1Q14 GPM significantly increased YoY to 14.9% thanks mainly to higher GPM of branded tuna (from declining raw

material costs), pet food (from the price adjustment, declining raw material costs and a smaller loss at USPN), and shrimp & related business (frozen shrimp for export was at a loss due to continually rising raw material prices in 1Q13).

• GPM improved QoQ due mainly to higher GPM of branded tuna (with the absence of one-time inventory write-off at

MWB in 4Q13) and pet food (mainly from the price adjustment in 1Q14 with lower raw material cost and the absence

• f one-time inventory write-off at USPN) despite lower GPM of shrimp & related business (from lower plant utilization
• f frozen shrimp for export and lower GPM of trading operations in the US due to dampened demand after high

season in 4Q13).

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1,730 1,463 2,413 2,260 2,476 7.1% 5.2% 8.2% 7.3% 8.9% 1Q13 2Q13 3Q13 4Q13 1Q14

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EBITDA Uptrend Driven By Improving GPM

Normalized EBITDA margin (%) +43.1% YoY +9.6% QoQ

• 1Q14 EBITDA drastically increased by 43.1% YoY due mainly to higher GPM despite a smaller FX gain and higher

SG&A. %SG&A to sales was 9.7%, higher than the normal level due to more sales promotions and investment in branding (as budgeted), and higher personnel expenses during the period. For 2014, %SG&A to sales should remain close to our 9% guidance.

• On QoQ basis, EBITDA rose by 9.6% mainly thanks to a higher GPM despite lower other incomes (there was one-off

gains from an accounting treatment and compensation on business interruption in 4Q13 while there was a one-time booking of a pre-operating expense from our PNG startup operations in 1Q14).

Remark: * = Excluding one-time insurance compensation booked in Other Income (THB 215 million); ** = Excluding one-off gain booked in Other Income from accounting treatment at subsidiary level (THB 327 million) and Business Interruption claim (THB73 million); *** = Excluding one-time pre-operating expense from startup PNG operation booked in Share of Profit from Investments in Associates (THB 64 million) Source: TUF 1,515 2,385 2,540 6.2% 7.7% 9.1% 1Q13* 4Q13** 1Q14***

+67.7% YoY +6.5% QoQ

EBITDA margin (%)

Quarterly EBITDA and EBITDA margin

(THB million)

Quarterly Normalized EBITDA & EBITDA margin

(THB million)

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Remark: * = Excluding one-time insurance compensation booked in Other Income (THB 215 million); ** = Excluding one-off gain booked in Other Income from accounting treatment at subsidiary level (THB 327 million) and Business Interruption claim (THB73 million); *** = Excluding one-time pre-operating expense from startup PNG operation booked in Share of Profit from Investments in Associates (THB 64 million) Source: TUF 674 359 1,004 815 950 2.8% 1.3% 3.4% 2.6% 3.4% 1Q13 2Q13 3Q13 4Q13 1Q14

21 Normalized Net profit margin (%) +40.8 % YoY

+16.5% QoQ

460 905 1,014 1.9% 2.9% 3.6% 1Q13* 4Q13** 1Q14***

+120.4% YoY +12.0% QoQ Net profit margin (%)

Quarterly NP and NPM

(THB million)

Quarterly Normalized NP and NPM

(THB million)

• 1Q14 net profit increased by 40.8% YoY to THB 950 million thanks mainly to improved GPM despite lower FX gain,

higher interest expense (from THB debenture issuance in February 2014 to refinance the portion of long term debts that will be due later this year) and higher tax expense (1Q14 effective tax rate was 21.5% vs 11.7% in 1Q13). Net profit also rose by 16.5% QoQ due to better GPM, a FX gain (vs. FX loss in 4Q13), a lower interest expense despite less other incomes (mainly from one-off items) and a higher tax expense.

• Excluding the one-off items, 1Q14 normalized net profit should have been THB 1,014 million, an increase by 120.4%

YoY and 12.0% QoQ.

Continual Earnings Rebound

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Improving Profitability & Leverage … … with Programs to Boost Asset Turnover Under Way

ROE1

22

9.5% 8.4% 10.7% 3.9% 7.3% 1Q14 4Q13 3Q13 2Q13 1Q13

ROA2

6.9% 6.3% 7.1% 3.7% 5.1% 1Q14 4Q13 3Q13 2Q13 1Q13

A/R Days

43 38 41 42 43 1Q14 4Q13 3Q13 2Q13 1Q13

Inventory Days

135 123 126 125 138 1Q14 4Q13 3Q13 2Q13 1Q13

Gearing Ratio3

(Times)

1.48x 1.50x 1.46x 1.49x 1.37x 1Q14 4Q13 3Q13 2Q13 1Q13

ND/E Ratio4

(Times)

0.83x 0.92x 0.92x 0.97x 0.88x 1Q14 4Q13 3Q13 2Q13 1Q13

Remark:1ROE = Annualized quarterly net profit/ Average total shareholders’ equity

2ROA = Annualized quarterly EBIT / Average total assets 3Gearing ratio = Total liabilities / Total shareholders’ equity 4ND/E ratio = Net interest-bearing debt/ Total equity, Net interest-beating debt = Total interest-bearing debt – Cash and Cash equivalents

Source: TUF

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Gross Profit

THB 4,158 million Products Sales (THB million) Margin (%) Tuna 13,465 x 15.0% 2,023 Gross Profit (THB million) 27,948 14.9%

Total

1Q14 Financial Position Summary

Remark : 1Shrimp & related business includes Frozen shrimp and Shrimp feed

2Value-added & other products include Ready-to-eat (RTE) products, frozen cephalopod, canned seafood, local products, bakery products, and scrap

3GP and GPM of Value-added & other products is calculated including sales of scrap. If excluded both will be THB 295 million and 10.3%, respectively. Source: TUF

Shrimp & related business1 6,439 x 11.2% 722 Sardine & Mackerel 1,546 x 16.3% 252 Salmon 1,040 x 17.0% 176 Pet food 2,346 x 18.6% 437 Value-add &

• ther

products2 3,112 x 17.6%3 5483

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1Q14 Income Statement

Remark *Including share of income from investment in associates Source: TUF

1Q14/ 1Q14/ 1Q13 4Q13 Change Change Sales 27,948 100.0% 24,441 100.0% 30,788 100.0% 14.3%

• 9.2%

Cost of sales (23,791)

• 85.1%

(21,776)

• 89.1%

(26,812)

• 87.1%

9.2%

• 11.3%

Gross profit 4,158 14.9% 2,665 10.9% 3,976 12.9% 56.0% 4.6% SG&A expenses (2,715)

• 9.7%

(2,242)

• 9.2%

(2,864)

• 9.3%

21.1%

• 5.2%

FX gain (loss) 254 0.9% 336 1.4% (150)

• 0.5%
• 24.2%
• 270.1%

Other income* 182 0.7% 460 1.9% 701 2.3%

• 60.4%
• 74.0%

EBIT 1,880 6.7% 1,219 5.0% 1,664 5.4% 54.2% 13.0% Finance cost (474)

• 1.7%

(363)

• 1.5%

(521)

• 1.7%

30.5%

• 8.9%

EBT 1,405 5.0% 856 3.5% 1,143 3.7% 64.2% 22.9% Tax (302)

• 1.1%

(100)

• 0.4%

28 0.1% 201.9%

• 1169.9%

Net income 1,103 3.9% 756 3.1% 1,171 3.8% 46.0%

• 5.8%

Net income (loss) attributable to: Equity holders of the Company 950 3.4% 674 2.8% 815 2.6% 40.8% 16.5% Non-controlling interests of the subsidiaries 154 0.5% 81 0.3% 356 1.2% 89.2%

• 56.8%

Earnings per share Basic earnings per share 0.83 0.59 0.71 40.2% 16.5% Diluted earnings per share 0.82 0.59 0.69 39.0% 18.1% Exchange rate THB/USD 32.39 29.68 31.77 9.1% 1.9% Normalized net profit 1,014 3.6% 460 1.9% 905 2.9% 120.4% 12.0% Consolidated (Million baht) 1Q14 % to sales 1Q13 % to sales 4Q13 % to sales

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25

Statement of Financial Position (31 March 2014)

Remark *Including short-term investments Source: TUF

Cash and cash equivalents* 8,460 7.7% 3,214 3.0% 163.2% Trade and other receivables 13,284 12.1% 13,948 12.9%

• 4.8%

Inventories - net 34,464 31.3% 36,917 34.1%

• 6.6%

Other current assets 1,675 1.5% 1,464 1.4% 14.4% Total current assets 57,884 52.6% 55,544 51.3% 4.2% Fixed assets 21,354 19.4% 21,473 19.8%

• 0.6%

Other non-current assets 30,862 28.0% 31,273 28.9%

• 1.3%

Total assets 110,099 100.0% 108,290 100.0% 1.7% Bank overdrafts and short-term loans 23,505 21.3% 29,375 27.1%

• 20.0%

Trade and other payables 9,203 8.4% 9,802 9.1%

• 6.1%

Current portion of long-term loans 3,945 3.6% 4,077 3.8%

• 3.2%

Other current liabilities 3,182 2.9% 3,676 3.4%

• 13.4%

Total current liabilities 39,835 36.2% 46,930 43.3%

• 15.1%

Long-term borrowings 17,664 16.0% 9,598 8.9% 84.0% Other non-current liabilities 8,277 7.5% 8,414 7.8%

• 1.6%

Total liabilities 65,777 59.7% 64,943 60.0% 1.3% Non-controlling interests of the subsidiaries 3,911 3.6% 3,811 3.5% 2.6% Total shareholders’ equity 44,322 40.3% 43,347 40.0% 2.3% Total liabilities and shareholders’ equity 110,099 100.0% 108,290 100.0% 1.7% Consolidated (Million baht) 1Q14 % to total assets 2013 % to total assets Change

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Agenda

1. Recent Developments 2. Company Overview 3. 1Q 2014 Financial Results 4. Business Outlook

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27

Business Outlook

Tuna

• Expect higher consumption and sales volume from more retailers’ promotional

activities thanks to relatively lower tuna raw material prices in 2014.

• GPM of OEM business should gradually improve QoQ given more timely price

adjustment when raw material prices stabilize and orders pick up. GPM of branded business should generally benefit from a lower cost of raw materials

Shrimp & Related Business1 Sardine & Mackerel

• New customers and opportunities in emerging markets to boost sales growth
• Slower than expected recovery of Thailand shrimp output with expected domestic

shrimp output varying from 250,000 tons to 300,000 tons. Should see an improvement

• f shrimp supply in 2H14, instead of 1H14. Our assumption however rests upon the

amount of supply from the first crop (expected around June/ July).

• Expect to see increasing orders of frozen shrimp for export thanks to the current

declining shrimp raw material prices in Thailand. Will emphasize profitability instead of sales volume, given limited shrimp supply caused by EMS epidemic.

• Expect lower per unit overhead cost & improving production efficiency from the

integration of PPC’s and TUF’s shrimp plant facilities in 1Q14, particularly when expected higher shrimp supply come into the market around 3Q14.

• Although the global shrimp supply (excluding Thailand) is rebounding with

lower prices, it will take sometime for US shrimp consumption to recover. GPM

• f frozen shrimp trading operations in the US should then return to normal in 4Q14.

Salmon

• Stable outlook

Pet Food

• Promising outlook as the market has grown with inelastic demand and relatively higher
• margin. Expect to see USPN to break even in 2H14.

Value-added & Other Products2

• Focus will be put on higher margin RTE products

Remark:1Shrimp & related business includes frozen shrimp and shrimp feed

2Value-added & other products include Ready-to-Eat (RTE) products, frozen cephalopod, canned seafood, local products, bakery products, and sales of scrap

Source: TUF

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THANK YOU

TUF Investor Relations 979/12 M Floor, S.M. Tower, Phaholyothin Road, Phayathai, Bangkok 10400 Thailand Tel: +66 2298 0024; Fax: +66 2298 0342 E-mail: ir@thaiunion.co.th Corporate website: http://www.thaiuniongroup.com IR website: http://www.thaiuniongroup.com/investor