Evolution Conference

James Allison – Head of Investor Relations and M&A

Javier Tena – Investor Relations DirectorEdinburgh, Wednesday 9th March 2011

Safe Harbour Statement

This announcement may contain forward‐looking statements, including ‘forward‐looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words such as ‘expects’, ‘anticipates’, ‘intends’, ‘believes’ or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward‐looking statements. p p , g , y gThese forward‐looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward‐looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward‐looking statements, including, among others, competitive pricing and activities, economic slowdown, industry consolidation, access to credit markets, recruitment levels, reputational risks, commodity prices, continued availability of raw materials, prioritisation of projects, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, consumer demands, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, the ability to complete planned restructuring activities, physical risks, environmental risks, the ability to manage regulatory, tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange Euronext Amsterdam and the USuncertainties affecting the Group are described in the Group s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including the Group’s Annual Report on Form 20‐F for the year ended 31 December 2010. These forward‐looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Unilever Objectives

1. To drive volume growth ahead of the marketsg

2. Steady and sustainable underlying operating margin

improvement

3. Strong cash flowg

Doing what we said we would do

V l G th U d l i O ti M i F C h Fl Volume Growth accelerated

Underlying Operating Margin increased

Free Cash Flow delivered

€bn

5.8%

0 1%

0.2% 0.2%

2.4 

4.1 3.4 

0.1% 2.3%

FY08 FY09 FY10

0.1%

FY08 FY09 FY10 FY 08 FY 09 FY 10FY08 FY09 FY10

Free Cash flow: net cash flow from operating activities – net interest - net capex

Agenda

1 2010 highlights and 2011 challenges

Unilever in D&E2

3 A new Unilever emerging

2010: Broad Based Volume Growth

emerging markets developed markets

11% 11%

10%

5%

10%9%

8%

4%

10%

4%

-1%

3%4%

-3%

1%3% 1%

4%

1%1%

3% 1% 2%

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 2009 2010 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 2009 2010

all of our categories grew volume in 2010

Bigger, Better Innovation rolled out Faster

Magnum Gold?!Dove Men + CareRexona Deo g

29 markets30+ markets30+ markets

100+ White Spaces completed in 2010

100%

Key Countries

white space

50%

b d

0%

brand presence

We continue to Invest for Growth

A&P 2010 €5.6bn (*)

+ €330m during 2010g

€370 d i 2009+ €370m during 2009

Advertising quality has improved

(*) Constant currency

Underlying Margin Increased by 20bps

40bps-30bps p10bps

40bps-30bps

14.8%

15.0%

+20bps

2009 GM % A&P % Indirects % 2010

Strong Free Cash Flow

€bn€bn€bn

1 30.2 1.7

€bn2009 2010

1.7 1.3

1.0 0.4

6.3

1.30.1

5.04.1 3.4

Oper' profit b/ depn' amort

WC Change

Capex Tax Others FCF 2009 Oper' profit b/ depn' amort

WC Change

Capex Tax Others FCF 2010

€7.5bn of Free Cash Flow over two years

2010: Double Digit Diluted Earnings per Share Growth

4% 3%

€1.467%

5%

4% 3%

5%

10%One off Items 2010:

M&A one-off items -€0.02

Other one-off items -€0.04

€1.17

Fully Diluted EPS

Growth25%

7%Disposals €0.16

EPS 2009 Operational Performance

Restructuring Currency Pension/ Fin Costs

Disposals Tax /Others

One-off Items EPS 2010

Fully Diluted Adjusted Earnings per Share

EPS 2010 €1.46 EPS 2009 €1.17

One off Items 2010:

M&A one-off items -€0.02

One off Items 2009:

M&A one-off items

Other one-off items -€0.04 Other one-off items

Disposals (Italy Frozen) €0.16 Disposals (Johnson Diversey) €0.12

EPS 2010 (adjusted) €1.36 EPS 2009 (adjusted) €1.05

2011: Challenging Year in a Tough Environment

Unilever Commodity Index

%

Unilever Commodity Index

260

300

Commodities remain volatile

Currently we expect commodity cost increases

180

220

y p y

of around 400bps of turnover vs. last year

Offset by strong savings programmes and

i i

100

140

01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11

pricing

2 Unilever in D&E

Unilever: The Emerging Market Company

100%

80%

100%

developed

60%

53%

20%

40%

emerging

0%

1946 1956 1966 1976 1986 1998 2004 2008 2009 2010

emerging

Consistent track record – 9% CAGR over the last 20 years

Most 100M+ Population Countries will be in Emerging Markets (13 out of 15 by 2020)

Russia

US

Japan

Mexico VietnamIndiaPhilippines

ChinaPakistanEgypt

Indonesia

ppBangladesh

EthiopiaNigeria

Brazil

Source: Unilever Estimates from Globegro

More Consumers, More Benefits, More Trading Up

billions of people2010 2020

0 9 2 0Have lots 0.9 2.0 More benefits

Haves 2.0 2.7 More usage

Have nots 2.9 1.9 More users

Source: Unilever estimates Globegro, updated upon LSM 2.0 baseline studies.

Market Leadership in Emerging Markets

Fabric Cleaning

Hair CareHair Care

Face Care

Ski Cl iSkin Cleansing

Deos

Tea

Savoury

Ban’deshVietnamIndia Indonesia Thailand Philipp’sChina

Ice Cream

Brazil Russia ArgentinaNumber 1

Number 2

Huge Potential

bath and shower – US$ spend per capita

17 

20 

Developed markets

13  14 Emerging markets

35 

5 

1  1  2  2 3 

Vietnam Indonesia China India Turkey Mexico Argentina Australasia Brazil USA United Vietnam Indonesia China India Turkey Mexico Argentina Australasia Brazil USA United Kingdom

Source: Euromonitor

Impact of Competition in Emerging Markets

Face Indonesia

50600

$US m Share$350m

30

35

40

45

400

500

15

20

25

200

300

0

5

10

0

100

2005 2006 2007 2008 2009

Market Size Unilever Key Competitor

Source: Euromonitor

3 A new Unilever emerging

Strategy Clear and Aligned

€80bn

€44bn

€40bn

environmental impact

Faster and More Competitive: Bias for Action

• Competitive consumer value proposition • 30 day plans embedded in the business

• Innovations now reaching 30+ markets during year 1 • Fast reaction to competitive attack

Pepsodent Philippines6 weeks from sign off to on-shelf availability

A new Unilever Emerging

Unilever now Fit to CompeteUnilever now Fit to Compete

Delivering what we said we would do

Leveraging our scale

Virtuous circle starting to work

QuestionsQuestions