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3Q18 Opportunity Day

3Q18 Opportunity Day

Thai Union Group PCL.

21 November, 2018 The Stock Exchange of Thailand

3Q18 Opportunity Day

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 assumptions are correct. Actual results may differ materially from those projected.

Disclaimer

3Q18 Opportunity Day

Agenda

Slide 3

Company Overview Key Highlights Recent Developments 3Q18 Financial Results Business Outlook

3Q18 Opportunity Day

3Q18 Opportunity Day

Agenda

Slide 5

Company Overview Key Highlights Recent Developments 3Q18 Financial Results Business Outlook

3Q18 Opportunity Day

Click to edit Master title style

Thiraphong Chansiri President and Chief Executive Officer

“We will continue to work hard to weather the industry’s volatility as we focus on expanding our business portfolio through business diversification while continuing aggressive development of product innovation.”

Slide 6

3Q18 Opportunity Day

Ex-FX, sales decline YoY 3Q18 sales declined YoY driven by:

• THB appreciation
• Declining raw material

prices

• Excluding FX, sales

marginally declined by

• 1.0% YoY

Stable raw material prices Gross profit improved 8.5% YoY, driven by:

• GPM improvement to

15.7% from 14.2% in 3Q17

• Stable raw material

prices

• Tuna business is the

main driver for recovery Strict cost control Operating profit up 33.1% YoY,

• Stringent cost control

prompted 1% SG&A expense decline YoY

• However, SG&A ratio

increased to 10.4% (from 10.3% in 3Q17) due to weak THB sales from currency movement Best net profit since 2015 Normalized net profit up 0.4% YoY:

• Solid operation support

bottom line despite weak non-operating item contribution

• Reported net profit of

THB 1,310mn, including impairment expenses from ESCo divestment

Sales

3Q18: Record quarterly net profit since 2015* (excluding impairment charges)

Slide 7

Operating Profit Gross Profit Net Profit

34,174

(THB mn)

5,378 1,730* 1,834

YoY Chg.

• 1.9%

+8.5% +33.1% +0.4%

QoQ Chg

+1.1% +14.0% +55.2% +26.5%

% of sales

15.7% 5.4% 5.1%

*Remark: 3Q18 normalized net profits is adjusted for asset impairment of Edinburgh Salmon Company (ESCo) amounted THB420mn recorded in the Discontinued Operation line item 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

4,576 8,865 3,928 14,489 100,220 3,967 8,229 3,087 13,468 97,314 Net profit EBITDA Operating profit Gross profit Total sales

Financial Summary1

(THB million)

9M17 9M18

9M18 Net Profit* down 13.3% YoY to THB 3,967 million Declining debt, while equity reduced on dividend payment

9M18 Net profit declined on weak past result

Slide 8

2017 ND/E

1.38x

2Q18 ND/E

1.40x

(1.36x)**

• 2.9%
• 7.0%
• 21.4%
• 7.2%
• 13.3%

Share price movement 20172

(Jan- Dec 17 )

• 5.7%

20182

(Jan- Sep 28,18 )

• 13.5%

Source: 1TU; 2SET (Jan 4’17: THB21.1/share and Dec 29’17: THB19.9/share, Jan 3’18: THB20.7/share and Sep 28’18: THB17.9/share) Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) **Net debt to equity of 1.37X, excluding the net impact of the Chicken of the Sea’s legal settlements

3Q18 Opportunity Day

% Growth YoY Sales 7.5 1.1

• 0.8

0.0

• 0.6

3.0

• 5.3
• 1.7
• 1.9

Gross profit

• 12.4
• 4.2
• 8.8
• 8.9

0.4 6.1

• 26.0
• 5.2

8.5 Net profit

• 1.9

18.9 16.4

• 6.9

8.0 56.9

• 39.3
• 3.7

0.4

35,050 33,715 30,963 34,404 34,852 34,739 29,337 33,803 34,174 14.1% 13.4% 14.7% 14.5% 14.2% 13.8% 11.5% 14.0% 15.7% 4.5% 2.7% 4.6% 4.1% 4.9% 4.1% 3.0% 4.0% 5.1%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 10,000 20,000 30,000 40,000 50,000 60,000

3Q16 4Q16 1Q17* 2Q17 3Q17 4Q17* 1Q18 2Q18 3Q18

Total sales (THB mn) GPM NPM

3Q18: Highest quarterly margins in two years

Slide 9 Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

Company Overview Key Highlights Recent Developments 3Q18 Financial Results Business Outlook

Agenda

Slide 10

3Q18 Opportunity Day

September - October, 2018 — Asian investment community continues to recognize Thai Union’s ongoing company efforts Thai Union was among top 16 recognized companies in Asiamoney Asia’s Outstanding Companies Poll 2018 for:

• Overall Most Outstanding Company in Thailand
• Most Outstanding Company in Thailand, Consumer Staples

Sector Thai Union was also shortlisted as a finalist for IR Magazine Awards – South East Asia 2018 in the following categories:

• Most progress in Investor Relations
• Best in sector: Consumer Staples
• Best in country: Thailand
• Best investor event

Corporate: Recognitions and Developments

Slide 11

October, 2018 — Thai Union, honored as one of 33 listed large companies in SET100 as part of Thailand’s first ESG-focused investment portfolio November, 2018 — Thai Institute of Directors (IOD) ranked Thai Union as Excellent Corporate Governance Scoring (5-Star) in its annual Corporate Governance Report of Thai Listed Companies 2018 (CGR 2018)

3Q18 Opportunity Day

Sustainability: Recognitions and Developments

• Included in the Dow Jones Sustainability Index (DJSI) Emerging Markets

for 5th consecutive year.

• Thai Union was announced 1 of 6 companies shortlisted for Thomson

Reuters Foundation annual Stop Slavery Award, 1st global recognition for businesses which sets a gold standard to eradicate forced labor from supply chains. September - October, 2018 — Named to Dow Jones Sustainability Index, Thomson Reuters Foundation’s Stop Slavery Award September, 2018 — Dr. Darian McBain was honored to represent Thai Union in high-level panel at United Nations General Assembly to present actions and experiences in front of world’s leadership on addressing modern slavery and forced labor.

Governments and businesses must come together to resolve the social challenges plaguing some modern-day supply chains, specifically forced labor, modern slavery and human trafficking.

• DR. DARIAN MCBAIN

United Nations General Assembly, New York City

“ ”

3Q18 Opportunity Day

Innovation: Fish oil

Slide 13

• Oil

l refinery inery plan ant t in Rodst stock ck, , Germ rman any y launc nched ed 12 Novem ember er

• Firs

rst t comm mmer erci cial al producti duction

• n in Dece

cemb mber er 2018

Slide 13

Crude oil Fully refined oil

Leveraging our end-to-end supply chain to offer premium tuna oil suitable for infant formula and other high-end nutritional applications, Thai Union Marine Ingredients delivers the highest quality and safety to our customers from dock to door.

3Q18 Opportunity Day

• Thai Union has continued to expand business portfolio by

introducing Thammachart Seafood’s premium seafood F&B store, The Lobster Lab through King Oscar brand

• Located in Alibaba retail supermarket Herma, Shanghai, China
• Take-out and dine-in restaurant concept
• Serves fresh lobsters from United States and Canada, to be
• perating in mid-November

Overseas expansion: China

Lobste ter r Lab to debut t in Chines ese e market et via Alibab aba a partne nership rship

Slide 14

November, 2018 — Lobster Lab, F&B concept store operated by Thammachart Seafood Retail launched in China

3Q18 Opportunity Day

Agenda

Slide 15

Company Overview Key Highlights Recent Developments 3Q18 Financial Results

• Consolidated Results
• Results by Business Unit

Business Outlook

3Q18 Opportunity Day

Click to edit Master title style

Joerg Ayrle Group Chief Financial Officer

“We follow the Triple C approach: Cash, Cost productivity, Capital efficiency.”

Slide 16

3Q18 Opportunity Day

Key takeaways for 3Q18 results

Challenged top line GPM improvement Stringent cost control Non-operating items more normalized ESCo impairment and classification

• Margin recovery to 15.7%, up from 14.2% in 3Q17 and 14.0% in 2Q18
• Tuna segment saw margin improvement from price recovery and stable tuna

material price

• OEM tuna business margin benefited from favorable tuna prices
• In absolute amount, SG&A expenses decreased by 1% YoY
• SG&A to sales ratio amount to 10.4% vs. 10.3% in 3Q17 due to marginal

decline in sales from currency appreciation

• FX gains of THB 128mn in 3Q18, down THB 147mn YoY
• Other income decreased YoY from absence of one-off item in 3Q17
• Tax expenses increased from improved profitability
• ESCo (Edinburgh Salmon Company)’s financial results now re-classified under

Discontinued Operations

• A total THB 420mn impairment recorded in 3Q18 over different assets
• Excluding FX impact, 3Q18 sales slightly declined (-1.0%) YoY, while volume

sales slightly declined from same period last year

• Reported sales at THB 34.2bn down 1.9% YoY, partly from THB appreciation

Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

Divestment of Scotland chilled salmon business

Slide 18

 Européennede la Mer (Thai Union subsidiary) announced intention to divest loss-making chilled salmon business in Scotland, The Edinburgh Salmon Company Ltd (ESCo)  Will actively pursue and explore all viable divestment

• pportunities in next 12 months in attempt to avoid,

reduce, and/or mitigate potential impacts upon valued employees.  As a result, ESCo is reported in financial statements as discontinuing operation and does not contribute to financial performance on operating level. ESCo contributed annual sale of approximately THB1.5bn.  During 3Q18, Thai Union Group recorded impairment expenses related to asset divestiture valued THB 420mn.

34,511

• 337

34,174

Sales including ESCo ESCo sales Reported sales

3Q18 Sales (THBmn)

5,384

• 6

5,378

Gross profit including ESCo ESCo gross profit Reported gross profit

3Q18 Gross profit (THBmn)

1,811 +23 1,834

Operating profit including ESCo ESCo operating losses Reported operating profit

3Q18 Operating profit (THBmn)

1,303 +7 1,310 +420 1,730

Net profit including ESCo ESCo net losses Reported net profit Impairment Normalized net profit

3Q18 Net profit (THBmn)

3Q18 Opportunity Day

1,257 1,503 1,433 1,508 1,633 1,763 2,010 2,033 1,577 1,667 1,467

1,000 1,170 1,600 1,610 … 1,400 1,400 1,450 1,450 1,400 1,500 1,625 1,700 1,700 1,500 1,690 1,700 1,900 1,950 1,980 2,100 2,300 2,000 1,800 1,550 1,480 1,700 1,800 1,600 1,600 1,300 1,450 1,650 1,525 1,000 1,400 1,800 2,200 2,600 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

(USD/ton)

Quarterly average Monthly average 1Q16

%Change QoQ 20.1% 19.6%

• 4.7%

5.2% 8.3% 8.0% 14.0% 1.2%

• 22.5%

5.7%

• 12%

%Change YoY 13.9% 36.5% 0.2% 44.1% 30.0% 17.3% 40.2% 34.8%

• 3.5%
• 5.4%
• 27%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Relatively stable tuna prices QoQ: more efficient raw material inventory management

Slide 19 4Q16 3Q16 2Q16

3Q18 Opportunity Day

34,852 34,739 29,337 33,803 34,174

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

3Q17 4Q17 1Q18 2Q18 3Q18

Sales THB mn

+1.1% QoQ

• 1.9% YoY

USD mn 1,036 1,044 1,054 930 1,059 121,402 125,183 134,375 134,958 100,220 97,314 2014 2015 2016 2017 2018 7.6% 3.1% 7.3% 0.4% 9M17 9M18 YoY Growth

• 2.9% YoY

Excluding FX, 3Q18 Sales slightly decline YoY

Slide 20

3Q18 sale declined 1.9% YoY was driven by currency fluctuation YoY.

• Excluding FX impact, 3Q18 sales

down 0.8%

• Ambient business sales improved

4.4% YoY especially from OEM tuna business due to favorable raw material pricing environment

• 3Q18 average THB still appreciated

against USD by 1.2%, resulting in weak sales in Thai Baht term

• Frozen and chilled sales affected by

shrimp price down 11.0% YoY 9M18 sales was at THB 97.3bn, down 2.9% YoY. Excluding FX impact, 9M18 sales down 1.1% YoY.

Remark: 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

3Q17 3Q18

Excluding the FX impact, 3Q18 sales slightly declined YoY

Slide 21

Revenue growth component THB mn

Remark: 1Shrimp & related business comprises of 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

• 1.9% YoY
• 0.8% YoY

Before currency impacts

34,174 34,852 +1,112

Tuna Shrimp & related business1 Sardine & Mackerel Salmon- Ambient Pet Care

Value added & other products2

USD effect EUR effect Lobster Other seafood - Ambient Salmon- Frozen Other seafood - Frozen

• 290

+147 +7

• 184
• 115
• 326
• 404

+11

• 245
• 134
• 256

+9%

• 11%

+22% +3%

• 2%
• 8%
• 15%
• 18%

0%

• 12%
• 1%
• 2%

3Q18 Opportunity Day Brand 35% **FS - Brand 6% **FS - Private Label 6% Private Label 53% Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America **FS stands for Food Service

44% 42% 39% 38% 37% 29% 29% 33% 32% 31% 7% 8% 8% 10% 10% 7% 6% 6% 6% 6% 13% 14% 13% 15% 15% 0% 20% 40% 60% 80% 100% 2014 2015 2016 2017 9M18

Sales Breakdown by Geographic

Others* Japan Domestic Europe USA

Brand 37% **FS - Brand 5% **FS - Private Label 5% Private Label 53%

Sales Breakdown by Business

THB 97.3bn THB 136.5bn

2017 9M18

Continued push for domestic sales growth

Slide 22

9M18 Sales contribution in key markets marginally shifted in favor of domestic Thai market Partly due to company focus on selling product in domestic market to offset weaker export sales, resulted from intense competition and unfavorable currency shift TU continues to grow its new product initiatives into Thai market. 9M18 branded sales mix at 41.9% (compared to 42.0% during 2017) with private label sales contributing remaining 58.1% of 9M18 sales 9M18 total branded sales decreased 5.4% YoY, mainly due to USD depreciation which resulted in weaker sales contribution from US branded sales Private label sales report 0.9% YoY declined due mainly to falling tuna raw material price.

3Q18 Opportunity Day

19,020 19,501 19,927 19,296 14,489 13,468

• 5,000

2014 2015 2016 2017 2018

• 7.1% YoY

4,956 4,807 3,373 4,717 5,378 14.2% 13.8% 11.5% 14.0% 15.7%

10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0%

3Q17 4Q17 1Q18 2Q18 3Q18

Gross Profit THB mn

+8.5% YoY +14.0% QoQ GPM 9M17 9M18 14.5% 13.8%

3Q18 Gross profit improved 8.5% YoY

 3Q18 Gross profit was up 8.5% YoY,

• Despite weak sales trend, a stable

tuna raw material price and selling price recovery support margin improvement,

• Shrimp business diversify out of

highly-competitive US market which help support QoQ margin recovery

• A lobster business continue to

improve QoQ  9M18 gross profit was down 7.1% YoY, due to volatile material prices and FX volatility mainly during 1Q18.

Slide 23

GPM 15.7% 15.6% 14.8% 14.3%

Remark: 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

1,378 963 72 1,181 1,834 4.0% 2.8% 0.2% 3.5% 5.4%

3Q17 4Q17 1Q18 2Q18 3Q18

Operating Profit THB mn

+33% YoY +55% QoQ

6,990 6,785 6,805 4,891 3,928 3,087

• 1,000

2014 2015 2016 2017 2018 OP Margin

• 21.4% YoY

OPM 5.8% 5.4% 5.1% 3.6% SG&A% 10.3% 11.1% 11.3% 10.5% 10.4% 9M17 9M18

Operating profit delivered strong improvement YoY

Slide 24

 3Q18 Operating profit was up 33% YoY:

• Strong gross margin recovery QoQ
• Strict cost control initiatives

 SG&A-to-sales ratio was at 10.4% (from 10.3% in 3Q17), due to:

• THB sales was down 1.9% YoY,
• On absolute basis, SG&A expenses

declined by 0.9% YoY.  9M18 SG&A ratio was at 10.7%, from 10.5% in 9M17 despite weak sales as TU focuses on cost efficiency

3.9% 3.2%

Remark: Excluding one-time one-time accrual for US legal settlement of THB1,427mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day Remark: Excluding one-time one-time accrual for US legal settlement of THB1,427mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) 1Q17-3Q18 figures were restated mainly due to COGS reclassification, and reclassification of ESCo’s financial to discontinued operation

 3Q18 Normalized EBITDA up 5.6% YoY,

• Business profitability improved
• A prudent cost control keep SG&A

expenses under control  9M18 EBITDA was at THB 8,229mn, down 7.2% YoY due to weak 1Q18 performance.

EBITDA Margin 9.1% 9.2% 8.4% 8.6% 3,049 2,683 2,205 2,803 3,221 8.7% 7.7% 7.5% 8.3% 9.4%

3Q17 4Q17* 1Q18 2Q18 3Q18

EBITDA THB mn

+5.6% YoY +14.9% QoQ 10,999 11,526

11,269 11,548 8,865 8,229

• 2,000

2014 2015 2016 2017 2018

• 6.4% YoY

EBITDA Margin 9M17 9M18 8.5%

EBITDA recover on improved profitability

Slide 25

8.8%

3Q18 Opportunity Day

1,723 1,413 869 1,368 1,730 4.9% 4.1% 3.0% 4.0% 5.1%

3Q17 4Q17 1Q18 2Q18* 3Q18*

Net Profit THB mn

1,310 9.6

+0.4% YoY +26.5% QoQ

5,092 5,302 5,254 5,989 4,576 3,967

• 1,000

2014 2015 2016 2017 2018 9M18 2,188

• 13.3% YoY

NPM NPM 4.2% 4.2% 3.9% 4.4% 9M17

 TU’s 3Q18 normalized net profit of THB 1,730mn, up 0.4% QoQ and highest quarterly profits since 4Q14:

• Improved operation from price

recovery and stable raw material prices is the key drivers,

• Despite unfavorable non-operating

items YoY:

• FX gains of THB 128mn (from THB

275mn in 3Q17),

• Other income decreased 209mn vs

3Q17 due lack of one-off item,

• Positive tax expenses from

improving profitability.  9M18 Net profits was down 13.3% YoY, mainly from a weak 1Q18.

Record 3Q18 normalized net income since 2015

Slide 26

4.6% 4.1%

Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18)

3Q18 Opportunity Day

Adjusted NP Margin 1,590 1,374 690 1,018 1,730 4.6% 4.0% 2.4% 3.0% 5.1%

3Q17 4Q17 1Q18 2Q18 3Q18

Adjusted Net Profit THB mn

+8.8% YoY +69.9% QoQ

3Q18 No adjustment item

 Besides one-time asset impairment as a result of potential business divestment amounted THB 420mn, which is non-cash and non-operating, TU recorded no other adjustment item during 3Q18.

Slide 27 Remark: Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18)

3Q18 Opportunity Day

1.10 1.11 1.10 1.26 0.96 0.83 2014 2015 2016 2017 2018 0.36 0.30 0.18 0.29 0.36 3Q17 4Q17 1Q18 2Q18 3Q18

Earning per Share (EPS)* THB

+0.4% YoY +26.5% QoQ

• 13.3% YoY

9M17 9M18

EPS: First YoY growth of 2018

 3Q18 normalized EPS was at THB 0.36, up 0.4% YoY and 26.5% QoQ, along with the net profit trajectory.

Slide 28 Remark: *EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496 **Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18) ***The 2Q17 and 4Q17 figures were restated mainly due to COGS reclassification

3Q18 Opportunity Day

THB mn

 3Q18 net positive contributor of THB 287mn, or 20% net profit accretive  Red Lobster contributed THB64mn of equity income profit contribution, of which majority is one-off accounting adjustment.  Excluding one-off gains, Red Lobster still marginally breakeven on net profits level.

3Q18: Positive equity income, strong profit accretion

Slide 29

3Q18 2Q18 1Q18 4Q17 3Q17

64

• 128

137

• 317
• 33

256 259 235 248 247

• 137
• 129
• 128
• 131
• 134

104 93 22 38 300 287 96 266

• 162

380 0.06 0.02 0.06

• 0.03

0.08

Share of profit Other income Finance costs Income tax Net income EPS (THB/share)

Red Lobster has contributed THB 416mn to net profit

3Q18 Opportunity Day

5,544 2,938 7,349 2016 2017 9M18

Annual Free Cash Flow THB mn

280

• 142

1,369 3,794 2,186 3Q17 4Q17 1Q18 2Q18 3Q18

Quarterly Free Cash Flow THB mn

Remark: Change definition of Free Cash Flow; 1Cash Conversion Rate = FCF / EBIT; FCF= EBITDA-Changes in net working capital – Change in

• ther assets& Liabilities + non-cash expenses - CAPEX

Cash Conversion Rate1 0.12

• 0.07

0.92 1.20 0.92 Cash Conversion Rate1 0.67 0.34 1.01

 3Q18 free cash flow of THB 2.2bn:

• Improved profitability,
• A more stabilized raw material

prices, and

• An efficient inventory control. YTD

Inventory value dropped THB3.2bn  9M18 free cash flow of THB 7.3bn, 50% higher than FY2017

3Q18 Strong cashflow from efficient NWC management

Slide 30

3Q18 Opportunity Day

• 589

+1,361 +3,723 +421 +3,699 Free Cash Flow** THB 7,349 mn Unit: THB mn ND/E 1.38x Kd = 3.21% ND/E 1.40x Kd = 3.08% 64,066 +1,276

• 3,616
• 8,228

66,419

Net Debt as of 31 Dec 2017 Net Debt as of 30 Sep 2018

• 400

Remark: *Included 1) change in loans to associates & other companies 2) change in investments in associates and other long-term investments 3) proceeds from sale of assets 4) dividend received and 5) change in non-controlling interest **New definition of free cash flow, excluding income tax paid ***Excluding the one-time accrual for US legal settlement of THB1,427mn and related tax credit of THB 68mn

Other Investing & Financing activities* CAPEX Other non- cash expenses Tax payments Net interest paid Dividends paid Change in

• ther assets

and liabilities EBITDA Change in net working capital Income tax paid and other investing & financing activities

3Q18: Net debt decreasing despite dividend payment

Slide 31

Normalized ND/E 1.36x***

3Q18 Opportunity Day

2017 3Q18

98.1% 98.5% 0.9% 1.0% 1.5%

2017 3Q18

Interest-bearing debts of THB 64,066mn

Long-term loan by maturity THB 41,622mn

By Maturity

2022

• nwards

2021 2020

Long-term debt

Current portion

• f long-term debt

& finance lease

Short-term loan

22% 76% 2% EUR

By Currency

USD THB THB 67.2bn THB 64.1bn 21% 65% 14%

Majority THB funding, reducing risk associated to currency volatility

Slide 32

3Q18 Opportunity Day Remark: 1ROE = Annualized quarterly net profit/ Average total shareholders’ equity

2ROCE = Annualized EBIT / Average capital employed; where as Capital Employed = total assets - total current liabilities

(incl. current portion of long-term debt) and EBIT = Total revenue – COGS – SG&A + share of profit in associates and joint ventures

3Net WC day = INV day + A/R day – A/P day 4ND/E ratio = Net interest-bearing debt/ Total equity,

Net interest-bearing debt = Total interest-bearing debt - Cash & Cash equivalents including ST investment

*Excluding one-time net accrual for US legal-related settlement of THB1,359mn (2Q18) and asset impairment of ESCo amounted THB420mn (3Q18)

Net WC3

9.8% 7.9% 5.5% 7.2% 8.6% 3Q18 2Q18 1Q18 4Q17 3Q17

ROCE2 ROE1 Debt to EBITDA

16.8% 13.5% 8.7% 14.0% 16.6% 3Q18 2Q18 1Q18 4Q17 3Q17

INV Days

5.03 5.88 7.45 6.27 5.53 3Q18 2Q18 1Q18 4Q17 3Q17 44,701 43,744 41,665 41,652 41,229 114 115 131 111 109 3Q17 4Q17 1Q18 2Q18 3Q18

WC (THB mn) WC Day

42,155 43,184 40,691 39,708 39,996 124 128 145 128 125

3Q17 4Q17 1Q18 2Q18 3Q18 INV (THB mn) INV Day

Keen focus on NWC management

Slide 33

1.40x 1.41x 1.35x 1.38x 1.37x 3Q18 2Q18 1Q18 4Q17 3Q17

ND/E4

1.36x* 1.37x*

3Q18 Opportunity Day

Agenda

Slide 34

Company Overview Key Highlights Recent Developments 3Q18 Financial Results

• Consolidated Results
• Results by Business Unit

Business Outlook

3Q18 Opportunity Day Source: Thai Union Group and Bloomberg

Key operating impact: Stable tuna raw material price environment

Slide 35

 Tuna price closed at USD 1,525/ton in October 2018.

• 3Q18 average price was USD 1,467/ton

(-27.0% YoY, -12.0% QoQ)  Shrimp price closed at THB 140/kg in October 2018.

• 3Q18 average price was THB 158/kg

(-11.0% YoY, +12.0% QoQ)  Salmon price closed at NOK 58/kg in October 2018.

• 3Q18, average price was NOK 58/kg

(-3.1% YoY, -16.5% QoQ)

1,633 1,763 2,010 2,033 1,577 1,667 1,467

1,525

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Tuna raw material price

(USD/ton)

Quarterly average Monthly average

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 212 169 176 175 183 141 158

140

35 85 135 185 235

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Shrimp raw material price

(60pcs/kg) (THB/kg)

Quarterly average Monthly average

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 66 67 59 53 60 69 58

58

40 50 60 70 80

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Salmon raw material price

(NOK/kg)

Quarterly average Monthly average

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

3Q18 Opportunity Day 35.67 35.28 34.84 35.39 35.12 34.30 33.39 32.95 31.54 31.92 32.97

32.77

28.0 30.0 32.0 34.0 36.0 38.0 ม.ค.-16 มี.ค.-16 พ.ค.-16 ก.ค.-16 ก.ย.-16 พ.ย.-16 ม.ค.-17 มี.ค.-17 พ.ค.-17 ก.ค.-17 ก.ย.-17 พ.ย.-17 ม.ค.-18 มี.ค.-18 พ.ค.-18 ก.ค.-18 ก.ย.-18 Quarterly average Monthly average 1Q16 2Q16 3Q16 4Q16 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17

 USD/THB closed at 32.77 in October 2018

• In 3Q18, average USD/THB was at 32.97

(-1.2% YoY, +3.3% QoQ)  EUR/THB closed at 37.64 in October 2018

• In 3Q18, average EUR/THB was at 38.35

(-2.2% YoY, +0.8% QoQ)  GBP/THB closed at 42.64 in October 2018

• In 3Q18, average GBP/THB was at 42.99

(-1.6% YoY, -1.0% QoQ)

USD/THB EUR/THB

Continued depreciation from 2017 sees slight recovery in 2Q18 and 3Q18

Brexit vote Relatively stable since Brexit vote

Key operating impact: USD volatility remain a challenge

Slide 36

GPB/THB

51.07 50.65 45.80 43.97 43.52 43.87 43.69 43.74 43.93 43.44 42.99

42.64

39.0 41.0 43.0 45.0 47.0 49.0 51.0 53.0 ม.ค.-16 มี.ค.-16 พ.ค.-16 ก.ค.-16 ก.ย.-16 พ.ย.-16 ม.ค.-17 มี.ค.-17 พ.ค.-17 ก.ค.-17 ก.ย.-17 พ.ย.-17 ม.ค.-18 มี.ค.-18 พ.ค.-18 ก.ค.-18 ก.ย.-18 Quarterly average Monthly average 1Q16 2Q16 3Q16 4Q16 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 39.32 39.83 38.87 38.19 37.41 37.72 39.20 38.78 38.78 38.05 38.35

37.64

36.0 37.0 38.0 39.0 40.0 41.0 ม.ค.-16 มี.ค.-16 พ.ค.-16 ก.ค.-16 ก.ย.-16 พ.ย.-16 ม.ค.-17 มี.ค.-17 พ.ค.-17 ก.ค.-17 ก.ย.-17 พ.ย.-17 ม.ค.-18 มี.ค.-18 พ.ค.-18 ก.ค.-18 ก.ย.-18 Quarterly average Monthly average 1Q16 2Q16 3Q16 4Q16 1Q18 2Q18 1Q17 2Q17 3Q17 4Q17 3Q18

3Q18 Opportunity Day Tuna Tuna slices Sardine & mackerel Ambient and pouch salmon

Sales: THB 37,184 mn Frozen, chilled seafood and related

38% 49%

56% 44%

Sales Split

35% 65% 9% 91%

14%

Brand Private label Brand Private label Brand Private label

Remark: 1.Shrimp & related business includes frozen shrimp, lobster, shrimp feed and value-added shrimp 2.Other seafood includes frozen cephalopod, crab, scallop, shellfish and other fish 3.Value-added business includes ready-to-eat products, maguro & cephalopod sashimi, local products, bakery products and snack 4.Other products include scrap, fishery and others

Slide 37

3 strategic business segments

Total 9M18 sales: THB 97,314 mn

Sales: THB 47,269 mn Ambient seafood Sales: THB 12,861 mn PetCare, value-added and others

Shrimp and related 1 Lobster Frozen, chilled & smoked salmon Other seafood2 PetCare Marine ingredients Value-added 3 Other products4

3Q18 Opportunity Day

50% 56% 49% 54% 53% 50% 44% 51% 46% 47%

93,807 90,065 83,314 93,855 93,236

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18

Sales (THB million) Quantity (Tons) Gross Profit Margin (Percent)

+4.4% YoY +2.7% QoQ

• 0.6% YoY
• 0.7% QoQ

Brand Private label Brand Private label Total Brand Private label

41% 48% 42% 44% 44% 59% 52% 58% 56% 56%

16,090 15,223 14,100 16,363 16,806

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18 19% 17% 15% 22% 21% 14% 17% 13% 12% 16% 17% 17% 14% 18% 19%

3Q17 4Q17 1Q18 2Q18 3Q18

Ambient Seafood: A solid recovery

Slide 38

 3Q18 ambient sales up 4.4% YoY, due to price recovery, which prompted a marginal volume decline  Gross profit margin up 176bps YoY and 127bps QoQ:

• Exhaustion of high-priced inventory
• Price recovery improve margin YoY,

mainly from private label business  9M18 ambient sales of THB 47.3bn, up 0.5% YoY.

3Q18 Opportunity Day

10% 9% 8% 8% 8% 10% 10% 6% 9% 11% 10% 10% 7% 8% 10% 3Q17 4Q17 1Q18 2Q18 3Q18

Frozen, chilled seafood and related: Profitability improved despite unfavorable currency outlook

Slide 39

 3Q18 frozen and chilled seafood sales down 8.1% YoY, driven mainly by THB appreciation and falling shrimp prices  Sales volume declined 3.5% YoY  Gross profit margin was at 10.1%, down 12bps YoY but up 162bps QoQ, due to a shift in focus away from competitive US market  European salmon business recovered QoQ from salmon raw material prices decline  9M18 frozen and chilled sales volume stable (+0.1%) YoY

Sales (THB million)

• 8.1% YoY

+0.4% QoQ

Brand Private label

66% 65% 66% 65% 64% 34% 35% 34% 35% 36%

14,183 14,967 11,157 12,990 13,037

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18

30% 31% 30% 30% 29% 70% 69% 70% 70%

71% 65,725 62,564 53,201 62,253 63,443

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18

Quantity (Tons)

• 3.5% YoY

+1.9% QoQ

Brand Private label

Gross Profit Margin (Percent)

Total Brand Private label Remark: 1Q17-3Q18 figures were restated mainly due to reclassification of ESCo’s financial to discontinued operation

3Q18 Opportunity Day

 PetCare and valued added sales declined 5.4% YoY

• Pet food sales was stable YoY
• Value-added products and others segment

sales has decline due to product sales reclassification to tuna segment  Gross margin has improved due to price recovery and favorable raw material price

+3.0% YoY

90% 89% 90% 91% 89% 10% 11% 10% 9% 11% 38,454 39,862 37,638 37,843 39,596

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18

91% 92% 92% 91% 91% 9% 8% 8% 9% 9%

4,580 4,548 4,081 4,450 4,331

• 1,000.00

3Q17 4Q17 1Q18 2Q18 3Q18 16% 18% 16%

17% 21% 3Q17 4Q17 1Q18 2Q18 3Q18

Brand Private label

PetCare, value-added and others: Value-added business margin recovers

Slide 40

Sales (THB million)

• 5.4% YoY
• 2.7% QoQ

Brand Private label

Quantity (Tons)

+4.6% QoQ

Total

Gross Profit Margin (Percent)

3Q18 Opportunity Day Slide 41

Thai Union’s geographic diversity: Sales

(Asia, Australia, Middle East, Africa and South America)

United States and Canada

39%

Europe

31%

Thailand

10%

20%

Others

3Q18 Opportunity Day

13,986 13,743 11,821 12,931 12,801

• 2,000

3Q17 4Q17 1Q18 2Q18 3Q18

Sales THB mn

• 8.5% YoY
• 1.0% QoQ

US & Canada: Volume decline outweigh price recovery

Slide 42

 North America businesses sales decline by 8.5% in Thai Baht term.

• Chicken of the Sea price recovery

affect volume sales.

• Frozen business deliver volume sales

growth, while sales stable YoY,

• THB appreciation of 1.2% YoY partly

put pressure on reported sales  Red Lobster operation has recovered to profits during 3Q18.

3Q18 Opportunity Day

 3Q18 European sales stable (+0.4%) YoY  Excluding THB appreciation against EUR by 2.2% YoY, sales growth should have been more pronounced  European salmon business reported sales decline from falling salmon price

10,850 9,929 8,962 10,640 10,894

3Q17 4Q17 1Q18 2Q18 3Q18

Sales THB mn

+0.4% YoY +2.4% QoQ

Europe: Stable sales despite currency fluctuation, raw material price limiting sales growth

Slide 43

3Q18 Opportunity Day

 3Q18 Thailand sales down 9.1% YoY.  Export sales was affected by declining tuna and shrimp raw material prices, but tuna business has shown margin recovery  Focus on product initiatives: Sealect meal product and collaboration with Thammachart Seafood

Thailand: Falling raw material price affect sales

Slide 44

3,718 3,342 3,439 3,169 3,379

3Q17 4Q17 1Q18 2Q18 3Q18

Sales THB mn

• 9.1% YoY

+6.6% QoQ

3Q18 Opportunity Day

6,298 7,725 5,115 7,063 7,100

3Q17 4Q17 1Q18 2Q18 3Q18

Sales THB mn

+12.7% YoY +0.5% QoQ

EM and rest of the world: Dynamic growth in new markets

Slide 45

 2017 Emerging markets sales up 12.7% YoY.  Initiatives in China, including collaboration with Thammachart Seafood on food service to open new channel to Chinese market

3Q18 Opportunity Day

Remark: 1Shrimp & related business includes frozen shrimp, shrimp feed and value-added shrimp

3Q18 Segment profitability

Slide 46

Gross profit THB million Margin % Sales THB million Business segment 5,378 THB mn

Ambient seafood

• Tuna
• Sardine and mackerel
• Ambient and pouch salmon

16,806 18.9 3,171

Frozen, chilled seafood and related

• Shrimp and related 1
• Lobster
• Frozen, chilled and smoked salmon
• Other seafood2

13,037 10.1 1,316

PetCare, value-added and

• thers
• PetCare
• Value-added and others1
• Other products2

4,331 20.6 892 Total 34,174 15.7

3Q18 Opportunity Day

Company Overview Key Highlights Recent Developments 3Q18 Financial Results Business Outlook

Agenda

Slide 47

3Q18 Opportunity Day

3Q18 Business Outlook

Successful price re-adjustment for Branded business in North America, Europe and will continue onto 4Q18 Spot prices and average inventory cost more balanced Positive outlook on shrimp cost and improving market dynamics in US Product innovations and Marine Ingredient business will go live this year Continued cost management focus, new cost program of -1bn THB initiated Strong cash focus with continued deleveraging balance sheet trend

3Q18 Opportunity Day

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