Thai Union Frozen Products TUF

2. 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 certainties. 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.

3. Prudent Investment Policy from our Chairman �We will expand internationally only on seafood business where we have experience and expertise on� �For investment decision, no matter what possibility of failure is, can we survive if the project fails� Clear strategies from our President �We look at the business on the global scale. Our goal is always to diversify our risk, expand our investment overseas, balance our revenue from around the globe and try to have additional production facilities outside Thailand. We have a global strategy, not just a Thailand strategy�

5. 30+ Years Of Seafood Processing Experience

6. By Product

10. Volatile Tuna Prices Catching situation / Weather (e.g. sea surface temperature, global warming) Price of fuel Number of fishing boats (purse-seiners) Market speculation Seasonality Packers� demand Fishing technologies

11. Persistently High Shrimp Prices Shrimp size Domestic & overseas supply situation Strength of Thai Baht Disease outbreaks Packers� demand Market speculation Seasonality

12. Thai Baht Strength � A Manageable Challenge

24. Illustrative Pro-forma Leverage

25. Foreign Exchange Risk Management Cash Flow Risk (Transaction Risk) ? Balance Sheet Risk (Translation Risk)

26. Foreign Exchange Risk Management Cash Flow Risk (Transaction Risk) ? Balance Sheet Risk (Translation Risk) Interest Rate Risk Management We have only exposure on increasing interest rate risk on money borrowed Hedging products can be Cross Currency Swap, Interest Rate Swap, Interest Rate Options i.e. Cap, Collar.

27. Other Risks Business Risks i.e. trade barriers, competition CSR, sustainable development, compliance, ISO M&A horizontally to diversify risk and benefits from presences in many countries. Production Risks Cost plus strategy Synergy and Security from high volume purchasing Administrative and Management Risks Clear guidance and policy Annual business planning and tracking by boards. Internal Audit. Committee Strengthening our people thru HR development program. Happy work life.

28. Prudent Investment Policy from our Chairman �We will expand internationally only on seafood business where we have experience and expertise on� �For investment decision, no matter what possibility of failure is, can we survive if the project fails� Clear strategies from our President �We look at the business on the global scale. Our goal is always to diversify our risk, expand our investment overseas, balance our revenue from around the globe and try to have additional production facilities outside Thailand. We have a global strategy, not just a Thailand strategy�

29. Outlook for 2011 Expect dollar sales to grow 30% thanks to consolidation of MW Brands in spite of the continual negative impact from strong Thai baht. Therefore, sales of all items should grow, particularly tuna Average group operating profitability should improve given MW Brands� typically higher margins while overall financial gearing will increase due to the acquisition financing of MW Brands Expect positive EPS growth despite a small dilution effect from the right issue and private placement of new shares in October, 2010 Increase in pet food sales in the US through the new investment US Pet Solutions Semi-annual dividend payment will continue but will be capped at Bt 1.2 billion per year to meet the debt covenant until the debt-to-EBITDA ratio returns to the pre-acquisition level (3-4 years from now)

31. 4-Year (2009-2012) Sales Targetof US$ 3 billion Will Almost Be Met By 2011 Thanks To MWB AcquisitionSo, A New Target�. US$ 4,000 billion in 2015

32. 9M10 performance was considered respectable given the presence of negative factors, namely stronger Thai baht, highly volatile tuna raw material prices and persistently high shrimp raw material prices. These negative factors disrupted sales and exerted pressure on margins Expect annual sales growth rate of 10% for 2010 (thanks to consolidation of MW Brands since November) while the financial position remains strong in terms of net profit, EBITDA and operating cash flows. Despite a challenging year so far, we remain positive that 2010 will be a comparable one to the record year of 2009 US operations contributed positively to the bottom line of the group so far after the COSI�s plant relocation and Empress & COSFF restructuring MW Brands (the deal was completed on October 29, 2010) is an once-in-lifetime opportunity that is highly complementary to TUF�s existing business despite the added debt burden

33. 9M10: Sustainable Performance

36. Higher EBITDA In Spite of Slightly Lower Net Profit - Financial Position Stayed Strong Net profit (Bt2,521 m) was slightly lower than the same period a year ago but EBITDA (Bt4,723 m) was higher, thanks to higher other incomes and FX gains during the first 9 months this year. Financial position remained solid. Average margins were at about the same level from a year ago. In addition, operating and free cash flows were positive while D/E ratio stabilized between 0.6x - 0.7x since the end of 2009 and Debt-to-EBITDA inched up slightly from 2.07 to 2.20x (before the completion of the MW Brands acquisition). Debt Amount Unchanged Short Term Proportion Increased As of September 30, 2010 (pre-closing), interest-bearing debts rose temporarily to Bt 13,859 m from Bt 12,169 m at the end of Q2�10, partly due to the interim dividend payment and a lower level of accounts payable. The value of inventories and accounts receivables were fairly stable from Q2�10. Currently, 89% of our interest-bearing debts (local and abroad), amounting to Bt10,800 m, were short term, up from 58% at the end of Q1�10, essentially owing to a large portion of Thai baht bond issue worth Bt1,500 m and Bt3,200 m coming due in November 2010 and May, 2011. By the end of Q3�10, around 78% of our total debts were in Thai baht. The average effective interest rate for the group was 3.66% for Q3�10.

38. Appendices: Historical share price movement & dividend payment Historical profitability & financial position Costs & Benefits of the Samoa Plant Relocation Project US top 10 most popular seafood Global seafood export breakdown Major tuna fishing grounds and key tuna species TUF�s ACC 3-Star Certification Tuna fish sustainability Import tariff rates for Thai tuna and shrimp in major markets Tuna Fast Facts Potential Sources of Growth Where Thailand Stands In World Seafood Industry

45. Appendix 4: Top 10 US Seafood Consumption by Species in 2009

46. Appendix 5: Global Seafood Export Value in 2008 (US$94.5 billion) Shrimp is the most important commodity with about 17% of international trade in value terms. It is interesting to note that this share is declining in recent years, due to lower prices for shrimp worldwide. Groundfish is another important group with 15% of trade. Tuna is third with 8%, however also for this commodity which is of most interest to all of you a certain decline in importance can be noted. The relative importance of salmon as an export item has increased over the past years from 5% in the early 1990s, to reach 7% in 1999 and 8% in 2008 as a result of the booming salmon farming industry in Norway and Chile (now in trouble, as you probably know). It is very likely that salmon will overtake tuna as the third most important fish commodity, maybe already in this very moment, as we are talking. Shrimp is the most important commodity with about 17% of international trade in value terms. It is interesting to note that this share is declining in recent years, due to lower prices for shrimp worldwide. Groundfish is another important group with 15% of trade. Tuna is third with 8%, however also for this commodity which is of most interest to all of you a certain decline in importance can be noted. The relative importance of salmon as an export item has increased over the past years from 5% in the early 1990s, to reach 7% in 1999 and 8% in 2008 as a result of the booming salmon farming industry in Norway and Chile (now in trouble, as you probably know). It is very likely that salmon will overtake tuna as the third most important fish commodity, maybe already in this very moment, as we are talking.

47. Appendix 6: Major Fishing Grounds and Key Tuna Species

50. Appendix 8b: TUF co-founding ISSF Development of ISSF - International Seafood Sustainability Foundation (www.iss-foundation.org) 65% of the world tuna business have agreed to implement the NEW ORGANIZATION to manage this critical issue. TOP 3 U.S.A Tuna Companies TOP 3 European Tuna Companies TOP 2 Asian Tuna Producers Most Important Worldwide Tuna Brokers / Boat Owners Environmental Organizations Recognized Tuna Scientist ISSF board is composed of: Members representing the foundation (NGO) Tuna Scientists Environmental non-governmental organizations (ENGO) Opinion Leaders

51. Appendix 8c: ISSF�s Survey of Tuna Stock

52. Appendix 9: Import tariffs for Thai Tuna and Shrimp Products In Developed Markets

53. Appendix 10: Tuna Fast Facts Tuna never stop moving, they�are always�in motion and a typical tuna may eat�5 percent of�its own weight in food in one day Unlike most fish, which are cold-blooded, tuna are able to maintain their temperature several degrees warmer than the water in which they find themselves. Albacore is the only species that can be labeled as "white meat tuna" in the U.S In recent years, the world�s tuna catch breaks down into approximately: skipjack at 60%; yellowfin at 25%; bigeye at 9%; albacore at 4% and bluefin at 1%. Yellowfin, skipjack, and bigeye tunas spawn widely throughout tropical waters The majority of US canned tuna is skipjack. Skipjack accounts for the largest share of tuna caught and eaten by people around the world Main fishing methods: 61% purse seine; 13.9% longline; 10.9% pole and line; 1.2% troll; and 12.4% others Stock status by species (based on ISSF survey http://www.iss-foundation.org/tunareport ): Skipjack: stocks are overall a very healthy species of tuna with a majority of stocks being sustainably fished (mainly canning) Yellow fin: stocks are overall at or nearing the maximum level of fishing and need to be monitored (canning & sashimi) Albacore: stocks are overall healthy with some likely being fished at or near maximum level (canning) Bigeye: stocks are overall at or nearing the maximum level of fishing and need to be monitored with the exception being EPO bigeye which needs immediate conservation measures put in place by IATTC (mainly for sashimi) Blue fin: stocks are overly exploited and require immediate conservation measures (mainly for sashimi)

54. Appendix 11: Potential Sources of Growth Near term Economic recession forcing consumers to trade down to low price / highly affordable staple items, such as canned tuna and shrimp New products through new packaging designs/ technologies which provide consumers with convenience and ease of use, e.g. tuna / salmon pouches, ready-to-eat tuna / salmon steak pouches, peel-to-open tuna / salmon cups, ready-to-eat frozen meals, etc. M&A opportunities upon consolidation of the world tuna and shrimp industries Outsourcing/ contract manufacturing for private labels and existing retail brands Healthy eating trend of seafood upon more scientific proof of its importance in daily diet Removal of trade barriers through GSP privileges, Free Trade Agreements or WTO Long term New markets: China and Indian markets, as well as the Middle East, Africa and Eastern Europe, where consumption of tuna is still low at the moment, but should grow in the future Higher demand for inexpensive nutritious food (protein) to feed the growing world population as a result of the increasing individual life span

55. Appendix 12a: Where TUF stands - Nearly 40% of Thailand�s Canned Tuna Exports

56. Appendix 12b: Where TUF Stands - A Top 5 Shrimp Exporter in Thailand