Opinion of the Independent Financial Advisor - Investor Relations

The Opinion of the Independent Financial Advisor on the Asset Acquisition of Thai Union Frozen Products Plc.MWBrands Positioning in the MarketThe detail of leading products under MWBrands portfolio could be explained as follows:• John West is a leader of the ambient seafood space in the UK, Ireland, andNetherlands. The brand has a major position in all of the three countries.• Its products are tuna, salmon and value added fish products There are over130 products in the John West range including Tuna and Salmon LightLunches, Tuna with Omega 3 and new No Drain, Less Mess Tuna.• Besides these 3 countries, John West also trades in 38 markets throughoutEurope, the Middle East, Northern Africa, North and South America.• The ambient seafood market value of the UK, Ireland, and the Netherlands areEUR 534 million, EUR 39 million and EUR 66 million, respectively• Petit Navire is a household brand in France established 75 years ago and isthe leading branded producer of ambient seafood and holds a leading marketshare in the French ambient seafood market• Its products range from tuna, mackerel, and sardine• The ambient market value of France is EUR 773 millionPage 5