TUF Reports High Record Net Profit Growth of 41 Percent in 1Q14

• Company's sales of USD 863 million with 4.8 % growth comparing to 1Q13
• EBITDA increases 43% comparing to the same period of the previous year
• Earnings per share in the first quarter increased 39 % to THB 0.83
• 1Q14 Margin scores highest record of 14.9% comparing to all previous 2013 quarters

Bangkok - (May 15, 2014) - Thai Union Frozen Products PCL. (TUF) reported its financial results for the first quarter of 2014. Organic net revenues for the first quarter of 2014 increased by 4.8 percent to USD 863 million, compared to USD824 million in Q1 2013, largely reflecting the benefit of rising sales of tuna, shrimp & related business, pet food, and value-added & other products. Additionally, thanks to Thai Baht depreciation, TUF's revenues rose year-on-year by 14.3 percent to THB 27,948 million in the first quarter of 2013.

1Q14 EBITDA increases 43% comparing to the same period of 2013 whilst earnings per share increased 39% to THB 0.83, compared to THB 0.59 in the same period last year.

The first's quarter net profit increased 41% to THB 950 million, compared to THB 674 million in the same period last year. TUF's six strategic categories of tuna business (48%), shrimp and relating business (23%), sardine and mackerel business (6%), salmon business (4%), pet food business (8%), value-added business and other products (11%) contribute to its satisfying and continuing growth. Despite stronger sales on shrimp & related business, shrimp quantity sold for 1Q14 decreased by 26% comparing to 1Q13.

In the meantime, the Company's revenues by markets include the U.S. (43%), European Union (30%), domestic market (7%), Japan (5%), and other countries (16%). Partly driven by frozen product category, TUF's sales in the U.S. has played a vital role in the company's growth, accountable for 43 percent of total sales with 24 percent increasing compared to the first quarter of 2013. In addition, sales from Europe rose by 19% as a result of stronger sales of European operation.

Mr. Thiraphong Chansiri, President & CEO of Thai Union Frozen Products PCL. (TUF), the world's leader and expert on innovative and quality seafood products with global brand portfolios, elaborated on operating result in the first quarter of 2014 "We are pleased with our performance in the first quarter and continue to expect another year of strong recovery."

"Our focus on driving margin improvement through strict control on costs and operational enhancements to achieve higher efficiency, while maintaining our total cost management and improving strong cash flow, continued to drive the profitable growth for TUF. I strongly believe we are still on track to achieve USD 4 billion revenue target for this year." Mr. Chansiri concluded.