TUF Welcomes SCPE's Bond Conversion into Equity

Bangkok - 10 October 2014 - Thai Union Frozen Products Public Company Limited (TUF), Thailand's leading processor and exporter of canned and frozen seafood products, is pleased to inform that Standard Chartered Private Equity Limited (SCPE) has confirmed to exercise its right to convert the whole amount of TUF's existing 60 million euro-denominated Euro Convertible Bond (ECB) worth approximately THB 2,400 million into 45,360,045 common shares. The number of fully paid up TUF common shares after the exercise is 1,192,953,874.

Presently, SCPE is the sole holder of the Euro Convertible Bond (ECB). The ECB was originally issued in late October 2010 as part of the financing scheme to support funds to TUF acquisition in Europe. The ECB carries a 5% p.a. coupon rate with a maturity of four years. Without conversion, the bond will otherwise come matured for redemption later this month.

Mr. Thiraphong Chansiri, President and CEO of TUF, said that "the decision for Standard Chartered Private Equity Limited (SCPE) to convert the ECB into TUF shares is a clear indication of SCPE's confidence in the outlook of TUF's business, solid performance, strong competitiveness and good corporate governance; widely recognized in the local and global markets that is sustainable for long term growth."

"More importantly, this exercise will further strengthen TUF's financial status. By converting this amount of debts into equity will immediately enhance the firm's financial strength and further reduce its debt-to-equity ratio - one of the key standard parameters of company's financial health measured by leading financial institutions. Instead of reimbursing SCPE the principal, TUF will now be able to increase its equity."

"We look forward to new growth opportunities and continual implementation of initiatives that would further strengthen our financial position, both domestically and internationally," Mr. Chansiri concluded.

About TUF

Thai Union Frozen (TUF) Products PCL is the world's seafood expert bringing high quality, safe, delicious and convenient seafood products to customers across the world for over 37 years.

Today, TUF is regarded as the world's largest producer of shelf-stable tuna products with annual sales exceeding THB100 billion and a global workforce of over 35,000 people who are dedicated to pioneering sustainable and innovative seafood products.

The firm is dedicated to producing sustainable, convenient and quality seafood products for healthy, happy families everywhere - its brand portfolio includes Thai-leading brands Sealect, Fisho and Bellotta; as well as highly recognized international brands Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, and Century.

As a company committing to innovation and globally responsible business practices, TUF is proud to be a member of the UN Global Compact, a founding member of the International Seafood Sustainability Foundation (ISSF) and a recognized member of Dow Jones Sustainability Indices (DJSI) Emerging Markets 2014 - the first and only Thai company in the food products sector to be awarded.

For further information, please visit www.thaiuniongroup.com.

For further information, please contact:

Thai Union Frozen Products PCL 
Tel: +66 (0)2 298 0024