Analysts Meeting 3Q16 Results Presentation

Analysts Meeting 3Q16 Results Presentation 8 November 2016 Page 1

Disclaimer 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. Page 2

Agenda Key Highlights Recent Developments 3Q16 Financial Results Page 3

Agenda Key Highlights Recent Developments 3Q16 Financial Results Page 4

Through organic growth, innovation and M&A efforts, we are committed to the USD 8.0bn revenue target by 2020. Thiraphong Chansiri President and Chief Executive Officer Page 5

3Q16: A billion-dollar quarter YoY Chg % of sales 35,128 Sales +7.7% (THB mn) 4,937 1,594 GP NP - 12.4% 14.1% 1,872 OP -20.4% 5.3% -1.9%* 4.5% Record quarterly sales. 3Q16 sales growth driven by consolidation of Ruegen Fisch and Chez Nous, as well as product repricing from increased raw material prices Higher raw material prices. Gross profit margin decline from high raw material prices, particularly in salmon and tuna businesses Stringent cost control. Weak gross margin partly offset by lower SG&A, sales ratio was at 8.7% (lowest level in 4 years) Net profit supported by one-time items. Net profit was down 1.9% supported by lower finance cost, cumulative tax credit from lossmaking salmon business and reduced SG&A Page 6 Remark: Operating margin = (COGS SG&A)/sales *There were some non-operational restatements in 3Q15 statement of income mainly due to an accounting adjustment as a result of the new policy on valuation of financial derivatives according to TFRS. 3Q15 restated profits was THB1,814mn

9M16 Sales of THB 100.8bn, up 9.8% YoY Financial Summary 1 (THB million) 9M16 Net Profit down 4.2% YoY to Total Sales 9M16 9M15 100,825 91,850 +9.8% THB 4,352million Gross Profit 9M16 9M15 Q1 12 15,214 14,771 +3.0% Share price movement Operating Profit EBITDA Q1 11 9M16 9M15* 9M16 9M15* 5,388 5,520 8,853 9,176-2.4% -3.5% 2015 2 (Jan- Dec 15 ) -21.8% 2016 2 (Jan- Nov 4,16 ) +30.2% Manageable ND/E despite ongoing M&A Net Profit 9M16 9M15* 4,352 4,545-4.2% 2015 0.76x 3Q16 0.92x Page 7 Source: 1 TU; 2 SET (Jan 5 15: THB22.00/share, Dec 30 15: THB17.20/share, Jan 4 16: THB16.9/share and Nov 4 16: THB22.0/share) *There were some non-operational restatements in 9M15 statement of income mainly due to an accounting adjustment as a result of the new policy on valuation of financial derivatives according to TFRS

3Q16: Record quarterly sales Solid bottom line Total sales (THB mn) GPM NPM 60,000 50,000 40,000 30,000 20,000 10,000 14.9% 16.1% 17.2% 16.9% 17.3% 15.7% 15.5% 15.8% 13.9% 13.8% 14.1% 30,258 30,423 27,948 32,772 28,606 30,642 32,602 33,333 31,257 34,441 35,128 7.0% 5.0% 5.3% 5.0% 4.3% 4.6% 3.4% 3.9% 4.4% 4.5% 2.1% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% % Growth YoY 0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15* 4Q15 1Q16 2Q16 3Q16 Sales 14.3 7.6 3.3 6.4 2.4 1.3 7.2 1.7 9.3 12.4 7.7 0.0% Gross profit 56.0 39.7 28.4 14.5-5.2 6.3 7.4 3.9 22.9 4.5-12.4 Net profit 40.8 323.9 91.4-14.3 58.7-7.2-23.9 8.5-19.0 16.9-1.9 Page 8 Remark: Operating margin = (COGS SG&A)/sales *During 3Q16, the figures were restated mainly due to an accounting adjustment as a result of the new policy on valuation of financial derivatives according to TFRS

Agenda Key Highlights Recent Developments 3Q16 Financial Results Page 9

Recent developments Recognition 26 Oct 16: TU has been ranked as Excellent CG Scoring (5-Star) from Corporate Governance Report of Thai Listed Companies 2016 (CGR2016) conducted by Thai IOD, improved from Very Good level (4-star) last year Sep 16: TU s group CFO received Finance Monthly CFO Awards 2016. Joerg Ayrle was one of the four CFO in Asia who earned this award 12 Sep 16: TU has been named to the Dow Jones Sustainability Indices (DJSI) Emerging Markets for the third consecutive year 30 Aug 16: TU received the ESG100 award (Environmental, Social and Governance) for induction into the top 100 performing publicly listed company Environmental, Social and Governance from Thaipat Institute Sustainability Investment & Acquisition 24 Oct 16: Thai Union has been nominated for Thomson Reuters Foundation's inaugural Stop Slavery Award 3 Oct 16: TU acquired Minority Interest of 18% from its subsidiary 'Chicken of the Sea Frozen Foods. TU currently hold 100% of the company 10 Oct 16: TU has made USD 575mn strategic investment in Red Lobster, the world largest seafood restaurant chain, for 25% equity stake and 10-year convertible preferred units of another 24% Page 10

Excellent CG Scoring ( ) Oct 16: TU ranked as Excellent CG Scoring by Corporate Governance Report of Thai Listed Companies 2016 (CGR) Assessment criteria: Criteria Weight (%) Categories 2015 2016 2559 Rights of Shareholders 32 32 15 Equitable Treatment of 19 19 10 Shareholders Role of Stakeholders 28 29 20 Disclosure and 50 53 20 Transparency Board Responsibilities 106 108 35 Total 235 241 100 2015 vs. 2016 results Symbol 2015 2016 55 (9%) 159 (27%) 191 (33%) 183 (31%) 80 (13%) 195 (33%) 180 (30%) 146 (24%) Total 588 601 TU s CG rank improved to Excellent CG Scoring (5-star) from Very Good CG (4-star) from Corporate Governance Report of Thai Listed Companies 2016 (CGR) conducted by Thai IOD In sum, 80 listed companies achieved the Excellent CG Scoring, while 195 companies received Very Good CG Scoring and 180 companies received Good CG Scoring Remark: Starting from 2014, Thai IOD has implemented new CG criteria, based on ASEAN CG guidelines. Page 11

Sustainability Update Oct 16: TU has been shortlisted for Thomson Reuters Foundation's inaugural Stop Slavery Award Shortlisted for the STOP SLAVERY AWARD by Thomson Reuters Foundation, alongside: Page 12 The Stop Slavery Award was launched by the Thomson Reuters Foundation, to recognises companies that have taken concrete steps to eradicate forced labour from their supply chains. The winner will receive the right to use the Stop Slavery Award logo for one year. The logo will help guide consumer decisions and contribute to raising cross-sector awareness on the issue of forced labour, encouraging more companies to take similar action in addressing unfair and illegal labour practices in their own supply chains. Source: www.stopslaveryaward.com Remark: The Stop Slavery Award will be hosted on 1 December 2016

Strategic investment in Red Lobster Oct 16: TU announced strategic investment in Red Lobster, the world largest seafood restaurant Excellent reception of TU from RL's Board and employees, current trading ahead of plans Excellent reception of TU as part of the Red Lobster board Supply chain kicked off positively with focus on raw material quality and supply collaboration Key performance metrics on track, top line growing, adjusted EBITDA significantly ahead of plans (4 months YTD), reported income positive YTD Expected net income effect 4Q16 for Thai Union consolidated financials THB 60-80mn Company name: Information: Market share: Number of stores: Revenue: Seller: Consideration: Objective: Red Lobster Seafood Co. Among world largest seafood rest. chain More than 50% (Casual dining segment) 700 stores in North America, 50 overseas franchise USD 2.5 billion Golden Gate Capital Total upfront investment of USD 575mn for - 25% equity stakes - 10-year convertible preferred units, convertible to 24% equity stakes Certain rights to make additional investments in Red Lobster Agreement for building relationship of more than USD 50mn. To expand direct consumer access and foodservice channels Page 13

New products under Petit Navire Sep 16: TU launched a range of chilled smoked products under Petit Navire brand New development with processing knowhow of MerAlliance A range of chilled smoked products in France, under brand Petit Navire Including salmon, cod, and tuna Page 14

Sustainability Update Sep 16: TU has been named to Dow Jones Sustainability Index for the third consecutive year Selected to DJSI Emerging Markets for the third year running SeaChange drives Materiality Score to Industry Best-in-Class with strong improvement in Business Codes of Conduct and Labor and Human Rights Only 14 Thai companies listed in DJSI various indices; 2 Thai food companies Remark: DJSI is one of the most highly regarded global sustainability indices. Each year, over 3,000 companies, including 800 companies from emerging markets from various industries, are invited to participate in RobecoSAM s Corporate Sustainability Assessment (CSA). It was effective since 19 September 2016 Source: www.sustainability-indices.com Page 15

Agenda Key Highlights Recent Developments 3Q16 Financial Results TU s Consolidated Results Results by Business Unit Page 16

Despite challenging operating environment, we remain committed to deliver solid growth and enhance our shareholders value. Joerg Ayrle Group Chief Financial Officer Page 17

The key effects on our 3Q results A billion dollar quarter Strong growth +7.7% Strong organic (2%) and acquisitions (5.8%) Moderate salmon recovery but still negative margin Higher than expected Tuna prices Salmon prices somewhat more stable but strong competitive pressure Negative gross margin Unexpected high Tuna RM prices and fierce price competition in OEM Pressure on branded margins Emphasis on Cost Lower SG&A with structural reductions Lower cost of debt (Kd now 3.2%) Positive one time COSFF minority buyout reduced SG&A and NCI Tax credits from MA losses and release of legacy Page 18

3Q16 A billion dollar sales quarter Sales THB mn 32,602 33,333 31,257 34,441 35,128 3Q15* 4Q15 1Q16 2Q16 3Q16 USD mn 975 930 871 976 1,009 120,000 100,000 80,000 60,000 106,698 112,813 +7.7% YoY 121,402 125,183 +2.0% QoQ 91,850 +9.8% YoY 100,825 3Q16 sales grew by 7.7% YoY to THB 35,128mn (up 3.3% YoY in dollar term to USD 1.0bn), driven by: M&A-driven growth by recent consolidation of Rugen Fisch that boosted sardine and mackerel and salmon business. Chilled and frozen product re-pricing to reflect an increase in shrimp and salmon raw material prices PetCare business continued to show strong growth in light of new product launches and an improved market penetration Solid growth trajectory is maintained despite tuna business faced GBP depreciation and lapsed demand from the record 2Q16 sales. 9M16 sales still report a solid growth of 9.8% YoY 40,000 20,000 - YoY 2012 2013 2014 2015 9M16 Growth 8.1% 5.7% 7.6% 3.1% Page 19

9M16 reported solid growth 9.8% YoY Revenue growth component (THB million) +7.7% YoY +9.8% YoY +2,510 +1,766 100,825 32,602-1,271 +916 +654 +50% -11% +7% +141 +5% +199 +9% -759 +18% +644 +6% +484 +6% 35,128 91,850-754 +889-2% +4% +2,600 +47% +860 +11% +840 +14% +264 +2% +8% +7% +4.3% YoY Before currency impacts +5.1% YoY Before currency impacts 3Q15 Tuna Shrimp Sardine & related & business 1 Mackerel Salmon Pet Care Value added & other USD effect EUR effect 3Q16 9M15 975 products 2 1,009 2,785 Tuna Shrimp Sardine & related business 1 & Mackerel Salmon Pet Care Value added & other products 2 USD effect EUR effect 9M16 2,855 USD mn USD mn Page 20

Growing branded sales and geographic breakdown Sales Breakdown by Geographic 100% 80% 60% 40% 20% 0% 15% 14% 13% 14% 13% 9% 8% 7% 6% 6% 10% 7% 7% 8% 8% 30% Sales Breakdown by Business 30% 29% 29% 33% 36% 40% 44% 42% 39% 2012 2013 2014 2015 9M16 Others* Japan Domestic Europe USA Higher sales contribution from the European markets, driven by strong performance of our existing branded product and consolidation of recent acquisitions While US sales contribution dropped, it continued to report growth on an absolute term Private Label 59% Brand 41% Private Label, 49% 2015 9M16 THB 125,183mn **FS - Private Label, 8% THB 100,825mn Brand, 38% **FS - Brand, 5% 9M16 total brand sales grew 10.8% YoY, thanks to organic growth and M&As Private label sales report strong growth of 9.0% YoY, mainly from selling price adjustment Food Service sales accounted for 13.0% of total sales Page 21 Remark: *Others represent Asia, Australia, Middle East, Canada, Africa and South America **FS stands for Food Service

Gross margin impacted by raw material price volatility 30.0% Gross Profit THB mn GPM 25,000 20,000 15,000 10,000 5,000-5,634 17.3% 16,362 4,730 4,848 14.2% 14,222-12.4% YoY 5,428 15.5% 15.8% 19,020 19,501 14,771 15,214 2012 2013 2014 2015 9M16 GPM 15.3% 12.6% 15.7% 15.6% -9.0% QoQ 4,937 14.1% 3Q15 4Q15 1Q16 2Q16 3Q16 +3.0% YoY YTD 16.1% 15.1% 28.0% 26.0% 24.0% 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 3Q16 Gross profit of THB 4,937mn, down 12.4% YoY, driven mostly by raw material prices volatility 3Q16 margin was at 14.1%, down 322bps YoY from 17.3% in 3Q15: Rising tuna price (9M15 tuna price up 15% YoY) affect both private label and branded business. Ambient seafood business contributed to 2.9% of the margin decline. Continuously high salmon prices raw material prices. Chilled business contributed to 0.9% of margin decline But the negative impact was partly offset by: Profitability-focused pricing strategy in the US canned tuna market 9M16 gross profit was at THB 15,214mn, up 3.0% YoY, driven mostly by strong sales growth during the year Page 22

Operating profit: Focusing on cost control 15.0% Operating Profit THB mn OP Margin 9,000 8,000 7,000 6,000 5,000 4,000 2,352 7.2% 1,891 5.7% -20.4% YoY 1,454 4.7% -9.2% QoQ 2,062 1,872 6.0% 5.3% 3Q15* 4Q15 1Q16 2Q16 3Q16 6,869 3,988 6,990 6,757-2.4% YoY 5,520 5,388 13.0% 11.0% 9.0% 7.0% 5.0% 3.0% 1.0% 3Q16 Operating profit of THB 1,872mn, down 20.4% YoY, driven by a decline in gross margin. 3Q16 SG&A to sales ratio was 8.7%, driven partly by the one-off items such as one-time capitalization of Gii, down from 10.1% during 3Q15. Excluding one-off items, normalized SG&A to sales ratio was 9.1%, driven by stringent cost control. 9M16 operating profit was THB 5,388mn, down 2.4% YoY. 9M16 SG&A to sales ratio was at 9.7%, down from 10.1% in 9M15 and below our full-year target of 10.0%. 3,000 2,000 1,000-2012 2013 2014 2015* 9M16 OPM 6.4% 3.5% 5.8% 5.4% YTD 6.0% 5.3% Remark: *During 3Q16, the figures were restated mainly due to an accounting adjustment as a result of the new policy on valuation of Page 23 financial derivatives according to TFRS

EBITDA decline from weaker gross margin EBITDA THB mn 3,297 2,351-11.5% YoY 2,755-8.3% QoQ 3,181 2,917 28.0% 23.0% 18.0% 13.0% 3Q16 EBITDA of THB 2,917mn, down 11.5% YoY, mainly driven by lower gross profit margin during the quarter 9M16 EBITDA was at THB 8,853mn, down 3.5% YoY, due to much lower FX gain EBITDA Margin 10.1% 7.1% 8.8% 9.2% 8.3% 8.0% 3Q15* 4Q15 1Q16 2Q16 3Q16 3.0% 16,000 14,000 12,000 10,000 8,000 9,823 7,867 10,999 12,245 9,176-3.5% YoY 8,853 6,000 4,000 2,000 EBITDA Margin - 2012 2013 2014 2015* 9M16 9.2% 7.0% 9.1% 9.8% YTD 10.0% 8.8% Remark: *During 3Q16, there were some non-operational restatements in 3Q15 statement of income mainly due to an accounting Page 24 adjustment as a result of the new policy on valuation of financial derivatives according to TFRS. 3Q15 restated EBITDA was THB3,482mn

Net profit: Holding up in the difficult quarter Net Profit THB mn NPM 7,000 6,000 5,000 4,000 3,000 2,000 1,000 1,626 5.0% 757 2.3% -1.9% YoY 1,231 3.9% +4.4% QoQ 1,527 1,594 4.4% 4.5% 3Q15* 4Q15 1Q16 2Q16 3Q16 4,694 2,853 5,092 5,208-4.2% YoY 4,545 4,352 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 3Q16 net profit of THB 1,594mn, down 1.9%. While we see net margin improvement quarter-onquarter to 4.5%, the weaker profitability YoY was mainly driven by: Volatile raw material price affect gross margin However, the decline was partly offset by: A stringent cost control, A lower finance cost, Cumulative tax credit from loss-making salmon business unaccounted for in 1H16, Cumulative capitalization of Gii investment cost for in 1H16, and Minority stake buyout of Tri-Union Frozen Products, Inc. 9M16 net profit was at THB 4,352mn, down 4.2% YoY. - 2012 2013 2014 2015* 9M16 NPM 4.4% 2.5% 4.2% 4.2% YTD 4.9% 4.3% Remark: *During 3Q16, there were some non-operational restatements in 3Q15 statement of income mainly due to an accounting Page 25 adjustment as a result of the new policy on valuation of financial derivatives according to TFRS. 3Q15 restated net profit was THB1,814mn

Normalized net profit of THB 1,384mn Normalized Net Profit THB mn Norm NP Margin 1,594 1,531 1,614 5.3% 4.6% 1,083 1,446 1,384 3.5% 4.2% 3.9% 3Q15 4Q15 1Q16 2Q16 3Q16 +88-26 -9.6% YoY -79-55 -51-4.3% QoQ -166 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1,384 Excluding the one-off quarter-end items, 3Q16 normalized net profit was at THB 1,384mn, down 9.6% YoY. One-off items during 3Q16 of THB 210mn comprised of: COSI product recall expenses (-THB 88mn), Accounting adjustment (+THB26mn), Cumulative capitalization of Gii investment cost due to investment privilege (+THB 55mn), Insurance claim for Seychelles plant (+THB 51mn), and Tax credit from loss-making salmon business and others (+THB 166mn) 3Q16 Reported NP COSI product recall expenses Accounting adjustment Capitalization of Gii investment Insurance claim Tax credit 3Q16 Normalized NP Page 26 Remark: The normalized net profit still include the FX gains/losses from normal business operation *During 3Q16, there were some non-operational restatements in 3Q15 statement of income mainly due to an accounting adjustment as a result of the new policy on valuation of financial derivatives according to TFRS. 3Q15 restated normalized net profit was THB1,719mn

EPS: keeps momentum despite headwinds EPS THB -2.9% YoY +3.1% QoQ 3Q16 EPS was at THB 0.33, down 2.9% YoY, but up 3.1% QoQ 0.34 0.26 0.32 0.33 9M16 EPS was at THB 0.91, down 4.2% YoY, from THB 0.95 last year 0.16 3Q15 4Q15 1Q16 2Q16 3Q16 0.98 1.07 1.09-4.2% YoY 0.95 0.91 0.60 2012 2013 2014 2015 9M16 Page 27 Remark: EPS in this slide represents fully diluted EPS based on current number of shares of 4,771,815,496

Positive 9M FCF from profitable operation Quarterly Free Cash Flow THB mn 5,469-1,747 Annual Free Cash Flow THB mn 9,162 4,483 11,664-29 -192 3Q15 4Q15 1Q16 2Q16 3Q16 Cash Conversion 2.1-0.8 2.2-0.01-0.09 Rate 1 3Q16 Free cash flow (FCF) was slightly negative at THB 192mn, as inventories increased and CAPEX increased from completion of projects 9M16 free cash flow remain positive of THB 4.3bn, driven by profitable operation and efficient inventory management despite a sharp rise in most key raw material prices from end-2015 3Q16 inventory days were at 108 days, versus 114 days in 2Q15 3Q16 net working capital days at 107 days, versus 108 days in 2Q15 4,262-356 2013 2014 2015 9M16 Cash Conversion -0.1 1.1 1.2 0.6 Rate 1 Page 28 Remark: 1 Cash Conversion Rate = FCF / EBIT

Moving toward THB & long-term debt profile Interest-bearing debts of THB 44,342mn By Currency By Maturity 1.2% EUR USD THB 1.2% 21.5% 77.3% 98.8% Short-term Loan Current Portion of Longterm Debt & finance lease Long-term Debt 49% 10% 41% 35% 8% 2% 57% 42% 2019 2018 2017 2020 onwards 2015 3Q16 THB 39,179mn THB 44,342mn 2015 3Q16 Long-term loan by maturity THB 25,403mn Page 29

9M16: Gearing up ahead of the major acquisition Unit: THB mn ND/E 0.76x Kd = 3.73% Operating Activities THB 7,136 mn Free Cash Flow THB 4,262 mn Investing & Financing Activities ND/E 0.92x Kd 9M = 3.04% +4,159 42,941 +3,354 36,363-8,853 +2,612 +715 +2,874-371 +809 +1,271 +8 Net Debt as of 31 Dec 2015 EBITDA Change in net working capital Change in other assets and liabilities Tax payment Other non-cash expenses CAPEX Investment in Subsidiaries Net interests paid Dividends paid Other Net Debt Investing/ as of Financing 30 Sep 2016 activities* Page 30 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

Continued improved working capital management ROE 1 INV Days Debt to EBITDA 14.2% 6.6% 11.0% 13.8% 14.8% 114 110 116 106 108 2.77 4.17 3.18 3.02 3.80 3Q15 4Q15 1Q16 2Q16 3Q16 3Q15 4Q15 1Q16 2Q16 3Q16 3Q15 4Q15 1Q16 2Q16 3Q16 ROCE 2 13.7% 8.9% 11.1% 13.0% 10.7% Net WC 3 114 ND/E 4 0.64x 0.76x 0.69x 0.74x 0.92x 108 108 104 107 38,631 41,070 38,448 41,131 42,371 3Q15 4Q15 1Q16 2Q16 3Q16 3Q15 4Q15 1Q16 2Q16 3Q16 3Q15 4Q15 1Q16 2Q16 3Q16 WC (THB mn) WC Day Page 31 Remark: 1 ROE = Annualized quarterly net profit/ Average total shareholders equity 2 ROCE = 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 3 Net WC day = INV day + A/R day A/P day 4 ND/E ratio = Net interest-bearing debt/ Total equity, Net interest-beating debt = Total interest-bearing debt - Cash & Cash equivalents including ST investment

Agenda Key Highlights Recent Developments 3Q16 Financial Results TU s Consolidated Results Results by Business Unit Page 32

Corporate performance can fluctuate, to us, transparency, consistent and timely disclosure are keys to investor trust, particularly in times of uncertainty. Wai Yat Paco Lee General Manager, Investor Relations and Corporate Investment Page 33

Key operating impact: rising salmon price and high tuna price remains a key challenge Raw material prices Skipjack tuna raw material prices (USD/ton) 1,800 1,300 1,400 (Oct 16) In October, tuna price closed at USD 1,400/ton. In 3Q16, the average price was at USD 1,433/ton (+0.2% YoY, -4.7% QoQ). The average price for 9M16 was at USD 1,400/ton (+15.4% YoY). 800 Oct-13 Oct-14 Oct-15 Oct-16 White shrimp raw material prices (THB/kg. of 60 pcs./kg) 320 270 220 170 120 Oct-13 Oct-14 Oct-15 Oct-16 Salmon raw material prices (NOK/kg) 80 70 60 50 40 30 Oct-13 Oct-14 Oct-15 Oct-16 172 (Oct 16) 63 (Oct 16) In October, shrimp price closed at THB 172/kg. In 3Q16, the average price was at THB 182/kg (+11.9% YoY, +11.4% QoQ). The average price for 9M16 was at THB 178/kg (+4% YoY). In October, salmon price closed at NOK 63/kg. In 3Q16, the average price was at NOK 61/kg (+46.2% YoY, -4.4% QoQ). The average price for 9M16 was at NOK 61/kg (+50.8% YoY). Page 34 Source: Thai Union Group and http://fishpool.eu/price-information/spot-prices/history/

Key operating impact: USD and EUR stable, GBP continued downwards pressure Exchange rate USD/THB 38 36 34 32 35.05 (Oct 16) In October, USD/THB closed at 35.05. In 3Q16, average USD/THB was at 34.84 (-1.2% YoY, +4.2% QoQ). An average USD/THB for 9M16 was at 35.26 (+4.6% YoY). 30 Oct-13 Oct-14 Oct-15 Oct-16 EUR/THB 50 45 40 35 38.68 (Oct 16) In October, EUR/THB closed at 38.92. In 3Q16, average EUR/THB was at 38.87 (-0.9% YoY, -2.4% QoQ). An average EUR/THB for 9M16 was at 39.34 (+4.6% YoY). 30 Oct-13 Oct-14 Oct-15 Oct-16 GBP/THB 60 55 50 45 43.34 (Oct 16) In October, GBP/THB closed at 43.34. In 3Q16, average GBP/THB was at 45.80 (-16.1% YoY, -9.6% QoQ). An average GBP/THB for 9M16 was at 49.2 (-4.8% YoY). 40 Oct-13 Oct-14 Oct-15 Oct-16 Page 35

Thai Union s global footprint Page 36

3 strategic business segments Total 9M16 sales: THB 100,825mn Ambient seafood Sales: THB 47,192mn Frozen, chilled seafood and related Sales: THB 40,515mn PetCare, value added and others Sales: THB 13,119mn Tuna business Shrimp & related business 1 PetCare Sardine & Mackerel Ambient & Pouch Salmon Frozen, chilled & smoked salmon Other seafood 2 Value-added business 3 Other products 4 Sales Split: 47% 40% 60% Brand Private label 40% 66% 34% Brand Private label 13% 91% 9% Brand Private label Page 37 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

Ambient Seafood Page 38

Ambient Seafood Lapse demand after the record sales in 2Q16 Sales (THB million) Quantity (Tons) -3.8% YoY -0.4% YoY -14.6% QoQ -12.9% QoQ 20,000.00 19,000.00 18,000.00 17,000.00 16,000.00 15,000.00 14,000.00 13,000.00 12,000.00 11,000.00 10,000.00 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00-15,307 14,178 15,198 17,261 14,733 58% 52% 60% 60% 61% 42% 48% 40% 40% 39% Brand Private label 119,000.00 120,000.00 100,000.00 101,000.00 102,000.00 103,000.00 104,000.00 105,000.00 106,000.00 107,000.00 108,000.00 109,000.00 110,000.00 111,000.00 112,000.00 113,000.00 114,000.00 115,000.00 116,000.00 117,000.00 118,000.00 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00 51,000.00 52,000.00 53,000.00 54,000.00 55,000.00 56,000.00 57,000.00 58,000.00 59,000.00 60,000.00 61,000.00 62,000.00 63,000.00 64,000.00 65,000.00 66,000.00 67,000.00 68,000.00 69,000.00 70,000.00 71,000.00 72,000.00 73,000.00 74,000.00 75,000.00 76,000.00 77,000.00 78,000.00 79,000.00 80,000.00 81,000.00 82,000.00 83,000.00 84,000.00 85,000.00 86,000.00 87,000.00 88,000.00 89,000.00 90,000.00 91,000.00 92,000.00 93,000.00 94,000.00 95,000.00 96,000.00 97,000.00 98,000.00 99,000.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00-90,351 89,117 94,086 103,387 90,028 50% 42% 50% 51% 53% 50% 58% 50% 49% 47% Brand Private label 3Q15 4Q15 1Q16 2Q16 3Q16* 3Q15 4Q15 1Q16 2Q16 3Q16* Gross Profit Margin (Percent) 25% 25% 23% 23% 21% 20% 18% 19% 16% 17% 15% 11% 12% 12% 8% 3Q15 4Q15 1Q16 2Q16 3Q16* Brand Total Private label 3Q16 ambient seafood business sales of THB 14.7bn, down 3.8% YoY, driven by a lapsing demand after a strong volume during 2Q16 (record quarterly sales volume) and non-price focused competition in the US markets Gross profit margin declined 617bps YoY to 14.9%, due to: Rising tuna price (9M16 tuna price up 15.4%) posted a challenge to our Thailand-based tuna export business as well as our branded ambient seafood business in Europe, High cost inventory as tuna price drop QoQ, and Lower volume and utilization Remark: *Including effect of Steam Pot sales reclassification in 3Q16 onwards (only QoQ effect), from Ambient seafood to Value-added products Page 39

Frozen, chilled seafood and related Page 40

Frozen, chilled seafood and related Margin recovery underway Sales (THB million) Quantity (Tons) +14.7% YoY +6.1% YoY +15.1% QoQ +11.3% QoQ 20,000.00 19,000.00 18,000.00 17,000.00 16,000.00 15,000.00 14,000.00 13,000.00 12,000.00 11,000.00 10,000.00 9,000.00 8,000.00 7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00-13,197 15,099 15,138 32% 33% 12,225 13,152 34% 32% 36% 68% 67% 66% 68% 64% Brand Private label 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00 51,000.00 52,000.00 53,000.00 54,000.00 55,000.00 56,000.00 57,000.00 58,000.00 59,000.00 60,000.00 61,000.00 62,000.00 63,000.00 64,000.00 65,000.00 66,000.00 67,000.00 68,000.00 69,000.00 70,000.00 71,000.00 72,000.00 73,000.00 74,000.00 75,000.00 76,000.00 77,000.00 78,000.00 79,000.00 80,000.00 81,000.00 82,000.00 83,000.00 84,000.00 85,000.00 86,000.00 87,000.00 88,000.00 89,000.00 90,000.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00-60,439 67,521 64,147 52,524 57,635 68% 71% 67% 66% 68% 32% 29% 33% 34% 32% Brand Private label 3Q15 4Q15 1Q16 2Q16 3Q16 3Q15 4Q15 1Q16 2Q16 3Q16 Gross Profit Margin (Percent) 15% 14% 12% 13% 13% 11% 11% 11% 10% 11% 8% 9% 7% 8% 6% 3Q15 4Q15 1Q16 2Q16 3Q16 Brand Total Private label 3Q16 frozen and chilled seafood business sales of THB 15.1bn, up 14.7% YoY and 15.1% QoQ, due to Product repricing to reflect rising raw material prices, and Sales volume growth, thanks to Chez Nous M&A and improved domestic shrimp exports 3Q16 gross profit margin was at 9.1%. While down 228bps YoY, it recovered 80bps QoQ due to: An ongoing price adjustment with customers while salmon prices are still in flux with a sharp increase end of 3Q While MerAlliance still loss-making, its profit margin start to recover QoQ Page 41

PetCare, value-added and others Page 42

PetCare, value-added and others Focusing on value-added products Sales (THB Million) Quantity (Tons) +28.3% YoY +36.9% YoY +30.5% QoQ +22.6% QoQ 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00-5,257 4,098 4,057 3,833 4,028 16% 7% 4% 8% 2% 93% 96% 92% 98% 84% Brand Private label 10,000.00 11,000.00 12,000.00 13,000.00 14,000.00 15,000.00 16,000.00 17,000.00 18,000.00 19,000.00 20,000.00 21,000.00 22,000.00 23,000.00 24,000.00 25,000.00 26,000.00 27,000.00 28,000.00 29,000.00 30,000.00 31,000.00 32,000.00 33,000.00 34,000.00 35,000.00 36,000.00 37,000.00 38,000.00 39,000.00 40,000.00 41,000.00 42,000.00 43,000.00 44,000.00 45,000.00 46,000.00 47,000.00 48,000.00 49,000.00 50,000.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00-42,493 31,031 30,746 31,545 34,654 3% 2% 8% 5% 14% 97% 98% 92% 95% 86% Brand Private label 3Q15 4Q15 1Q16 2Q16 3Q16* 3Q15 4Q15 1Q16 2Q16 3Q16* Normalized gross Profit Margin (Percent) 26% 22% 23% 23% 22% 3Q15 4Q15** 1Q16 2Q16 3Q16* Total 3Q16 sales of THB 5,257mn, or a growth of 28.3% YoY, with solid margin profile, thanks to PetCare business reported both solid sales growth and strong margin profile during 3Q16 due to the launches of more high value-added PetCare products Continued focus on growing value-added and ready-to-eat products on top of the basic commodity products The segment sales was up 30.5% QoQ, driven by the reclassification of John West Steampot products to value-added segment Page 43 Remark: Including effect of Steam Pot sales reclassification in 3Q16 onwards (only QoQ effect), from Ambient seafood to Value-added products **4Q15 normalized gross margin exclude THB 508mn fishing fleet impairment expenses

9M16 Segment Profitability New segment Sales (THB million) Margin (%) Gross Profit (THB million) Ambient seafood 47,192 17.9% 8,439 *Tuna business *Sardine & Mackerel Gross Profit *Ambient & Pouch Salmon THB 15,214 million Frozen, chilled seafood and related 40,515 9.0% 3,631 *Shrimp & related business 1 *Frozen, chilled & smoked salmon *Other seafood 2 PetCare, value added and others 13,119 24.0% 3,144 *PetCare *Value-added & others 3 *Other products 4 Total 100,825 15.1% Page 44 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

Page 45 Appendix

Share Capital Information Stock Information Bloomberg/ Reuters TU TB/ TU.BK Share price (04 Nov 2016) : THB 22.00 Historical price : 52-week high THB 23.00 52-week low THB 15.80 No. of paid up shares : 4,771.82mn Par value : THB 0.25 Market Capitalization : THB 105.0bn THB Major Shareholders As of 30 Sep 2016 Others 47.5% Chansiri Family 20.1% Niruttinanon Family 6.9% Mitsubishi Corporation 7.3% 25 1,800 20 15 1,600 1,400 1,200 1,000 Social Security Office 4.6% Thai NVDR 13.7% 10 800 600 Free float : 64.8% Foreign ownership/ Foreign limit 37.1%/ 45.00% 5 TU SET 400 200 Dividend Policy 0 2012 2013 2014 2015 2016 0 At least 50% of net profit Page 46 Source: SET and TU

3Q16 Income Statement Consolidated (Unit: THB mn) 3Q16 3Q16/ 3Q16/ % % % 3Q15** 2Q16 3Q15 2Q16 to sales to sales to sales Change Change Sales 35,128 100% 32,602 100% 34,441 100% 7.7% 2.0% Cost of sales (30,190) -85.9% (26,968) -82.7% (29,012) -84.2% 11.9% 4.1% Gross profit 4,937 14.1% 5,634 17.3% 5,428 15.8% -12.4% -9.0% SG&A expenses (3,066) -8.7% (3,282) -10.1% (3,366) -9.8% -6.6% -8.9% FX gain (loss) (30) -0.1% 150 0.5% 32 0.1% -120.1% -194.7% Other income* 290 0.8% 296 0.9% 368 1.1% -2.0% -21.2% EBIT 2,131 6.1% 2,798 8.6% 2,462 7.1% -23.8% -13.4% Finance cost (361) -1.0% (373) -1.1% (263) -0.8% -3.3% 37.3% EBT 1,770 5.0% 2,425 7.4% 2,199 6.4% -27.0% -19.5% Tax (17) 0.0% (452) -1.4% (494) -1.4% -96.2% -96.5% Net income 1,753 5.0% 1,973 6.1% 1,705 5.0% -11.1% 2.8% Net income (loss) attributable to: Equity holders of the Company 1,594 4.5% 1,814 5.6% 1,527 4.4% -12.1% 4.4% Non-controlling interests of the subsidiaries 159 0.5% 160 0.5% 178 0.5% -0.5% -10.9% Earnings per share Basic earnings per share 0.33 0.38 0.32-13.2% 3.1% Diluted earnings per share 0.33 0.38 0.32-13.2% 3.1% Exchange rate THB/USD 34.83 33.45 35.29 4.1% -1.3% Normalized net profit*** 1,384 3.9% 1,719 5.3% 1,446 4.2% -19.5% -4.3% Page 47 Remark: *Including share of income from investment in associates **Certain figures were revised according to restatement of Financial Statement ***Normalized net profit exclude ALL one-off adjustments and items throughout the period

9M16 Income Statement (Unit: THB mn) 9M16/ 9M15 Change Sales 100,825 100% 91,850 100% 9.8% Cost of sales (85,611) -84.9% (77,078) -83.9% 11.1% Gross profit 15,214 15.1% 14,771 16.1% 3.0% SG&A expenses (9,826) -9.7% (9,251) -10.1% 6.2% FX gain (loss) 266 0.3% 976 1.1% -72.8% Other income* 993 1.0% 770 0.8% 29.0% EBIT 6,647 6.6% 7,267 7.9% -8.5% Finance cost (952) -0.9% (1,140) -1.2% -16.5% EBT 5,695 5.6% 6,126 6.7% -7.1% Tax (863) -0.9% (1,091) -1.2% -20.9% Net income 4,832 4.8% 5,036 5.5% -4.0% Net income (loss) attributable to: Equity holders of the Company 4,352 4.3% 4,639 5.1% -6.2% Non-controlling interests of the subsidiaries 480 0.5% 397 0.4% 20.8% Earnings per share Basic earnings per share 0.91 0.97-6.6% Diluted earnings per share 0.91 0.97-6.6% Exchange rate THB/USD 35.26 32.98 6.9% Normalized net profit*** 3,912 3.9% 4,587 5.0% -14.7% 9M16 % to sales 9M15** % to sales Page 48 Remark: *Including share of income from investment in associates ** Certain figures were revised according to restatement of Financial Statement ***Normalized net profit exclude ALL one-off adjustments and items throughout the period

Statement of Financial Position as of 30 September 2016 (Unit: THB mn) 9M16 % to total assets 2015 % to total assets Change Cash and cash equivalents* 1,401 1.2% 2,816 2.5% -50.2% Trade and other receivables 17,412 14.7% 16,554 14.9% 5.2% Inventories - net 37,248 31.3% 35,180 31.7% 5.9% Other current assets 1,805 1.5% 2,547 2.3% -29.1% Total current assets 57,865 48.7% 57,097 51.5% 1.3% Fixed assets 23,545 19.8% 22,165 20.0% 6.2% Goodwill and other intangible assets 29,600 24.9% 27,396 24.7% 8.0% Other non-current assets 7,806 6.6% 4,300 3.9% 81.5% Total Assets 118,815 100% 110,958 100% 7.1% Bank overdrafts and short-term loans 15,340 12.9% 19,437 17.5% -21.1% Trade and other payables 17,575 14.8% 13,731 12.4% 28.0% Current portion of long-term loans 782 0.7% 1,561 1.4% -49.9% Current portion of debentures 2,499 2.1% 1,949 1.8% 28.2% Current portion of finance lease liabilities 80 0.1% 91 0.1% -11.5% Other current liabilities 753 0.6% 1,904 1.7% -60.5% Total current liabilities 37,029 31.2% 38,674 34.9% -4.3% Long-term loans from financial institutions 1,072 0.9% 1,697 1.5% -36.8% Debentures 24,331 20.5% 14,231 12.8% 71.0% Finance lease liabilities - net of current portion 237 0.2% 212 0.2% 11.5% Other non-current liabilities 9,480 8.0% 8,127 7.3% 16.7% Total Liabilities 72,150 60.7% 62,941 56.7% 14.6% Non-controlling interests of the subsidiaries 4,328 3.6% 2,754 2.5% 57.2% Total Shareholders Equity 46,666 39.3% 48,017 43.3% -2.8% Total liabilities and shareholders equity 118,815 100% 110,958 100% 7.1% Page 49 Remark: *Including short-term investments

9M16 Statement of Cash Flow Consolidated (Unit: THB mn) 9M16 9M15 Change Profit before income tax 5,695 6,126 (432) Adjustments for depreciation & amortisation expenses 2,207 1,972 234 Other adjustments 984 1,420 (436) Changes in operating assets and liabilities (478) 7,899 (8,376) Cash flows receipts from operating activities 8,407 17,417 (9,010) Net cash receipts (payments) from operating activities 7,136 16,699 (9,563) Net cash payments for investing activities (7,631) 2,033 (9,663) Net cash receipts (payments) for financing activities (896) (15,582) 14,686 Net increase (decrease) in cash and cash equivalent (1,391) 3,149 (4,540) Cash and cash equivalents - opening balance 2,816 2,123 693 Exchange gain (loss) on cash and cash equivalents (24) (55) 31 Cash and cash equivalents - closing balance 1,401 5,218 (3,817) CAPEX (2,874) (2,362) (511) Management Est. Free Cash Flows 4,262 13,412 (9,150) Page 50

Thank you Corporate website: http://www.thaiuniongroup.com IR website: http://www.thaiuniongroup.com/en/investor.ashx E-mail: ir@thaiunion.com Tel: +66 2298 0024 Page 51