1

råáäÉîÉê=i^råáäÉîÉê=i^

Slide 1 - Unilever LA• Good Morning• I have been asked to give you a brief overview of Unilever inLatin America, in my former capacity as Business GroupPresident for HPC Latin America• So much to say, so little time to say it

2

Certain of the comments and materials in this presentation may contain forward-lookingstatements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements are based upon current expectations and assumptions regarding anticipateddevelopments and other factors affecting the Company. Actual results may differ materiallyfrom those included in these statements due to a variety of factors including, among others,those described in the company’s filings with the Securities and Exchange Commission andin the transcript of this presentation, which will be accessible via our website atwww.unilever.com.

All numbers in the presentation are in Euros translated at average 2003 exchange rates withthe exception of balance sheet, cash flow and dividend numbers which are expressed at yearend rates.Operating margins and earnings are all before exceptional items and goodwill amortisation,as this is the best measure to judge our underlying performance as we implement our Path toGrowth strategy. Reconciliations between these measures and the equivalent GAAPmeasures are available on our website: www.unilever.com

p~ÑÉ=e~êÄçìê=pí~íÉãÉåí

Slide 2 - Safe Harbour StatementBefore doing so, please may I draw your attention to the usual formaldisclosure as to forward looking statements within the meaning ofrelevant U.S. legislation I will not read it out, but propose that we take it as read into therecord for the purposes of this presentation and discussion.

I may also refer to some non US GAAP measure during the course ofmy presentation and discussion which are Unilever considers to beappropriate for judging our underlying performance. Further detailson these measures are to be found on our website.

3

NVOSW=^êÖÉåíáå~

iÉîÉê=_êçíÜÉêë=ëí~êí=áíëçéÉê~íáçåë=áåW

NVSOW=`ÜáäÉ

NVOVW=_ê~òáä

NVSRW=jÉñáÅç

råáäÉîÉê=ëí~êí=áíë=çéÉê~íáçåë=áåW

NVSPW=`Éåíê~ä=^ãÉêáÅ~

NVQUW=`~êáÄÄÉ~å

NVVMNVOM NVPM NVQM NVRM NVSM NVTM NVUM

NUURW=iÉîÉê=_êçíÜÉêë=áë=ÑçìåÇÉÇ

OMMM

lìê=eáëíçêó=áå=i~íáå=^ãÉêáÅ~

OMMMW=_ÉëíÑççÇë

i~íÉëí=~ÅèìáëáíáçåW

Slide 3 - Our History in Latin America• With enormous foresight that our founders took us into Latin America atan early stage in our history.• Since then, through wars, political & economic crisis, Unilever hasremained committed.• As a result, our Latam business is now a true powerhouse within Unileverportfolio.• And ranks amongst the most admired companies in LA...

4

The MostAdmiredCompanies(Brazil) Award:1st and 2ndHC/PCindustries

HPC Latin America

Company with the best HR

policy in Argentina

‘The Best

company to work

for ‘ (Brazil)2nd Most Admired

company

(Argentina)

råáäÉîÉê=oÉéìí~íáçå=áå=i^

‘One of thebestCompaniesto work forin Mexico’

Slide 4: Unilever Reputation in LA

5

råáäÉîÉê=i~íáå=^ãÉêáÅ~=JqìêåçîÉê=~ë=~=B=çÑ==qçí~ä=råáäÉîÉê

NMB

kçêíÜ^ãÉêáÅ~ ^ëá~=C

m~ÅáÑáÅ

bìêçéÉ

^ÑêáÅ~IjáÇÇäÉb~ëí=CqìêâÉó

i~íáå^ãÉêáÅ~

jÉñáÅç

^åÇáå~

oáîÉêmä~íÉ

`ÜáäÉ

`Éåíê~ä^ãÉêáÅ~

`~êáÄÄÉ~å

_ê~òáä

Slide 5 - Unilever Latin America - Turnover as a % of Total Unilever• As of 2003, Latin America accounts for 10% of UL’s € 43bn sales,and a similar proportion of its operating profit.• Although South LA has traditionally been Unilever’s bastion, ourbusiness has lately been transformed in Mexico and other parts ofNorth LA through both acquisitions and strong organic growth.

6

12%

råáäÉîÉê=i~íáå=^ãÉêáÅ~=JqìêåçîÉê=péäáí=Äó=`~íÉÖçêó

e`OQB

cççÇëPSB

f`UB

m`POB

qçí~ä=qìêåçîÉêW=�ã=QKQ=Äáääáçå

Slide 6: Turnover split by category

• Acquisitions and organic growth have also transformed the categoryprofile of our business.• From a predominantly South LA Laundry business in the mid 90’s,the portfolio has been transformed, establishing leading positions inPC and Foods in North and South LA.

7

råáäÉîÉê i~íáå=^ãÉêáÅ~=Jem`=J=`çãéÉíáíáîÉ=mçëáíáçå

c=`äÉ~åáåÖ

p=`äÉ~åëáåÖ

aÉçÇçê~åíë

e~áê

NO

^êÖ `ÜáäÉ_ê~òáä jÉñ

lê~ä

p=`~êÉ

`çä

NN

N NN

N NN N N N NN N

NOO O

O

Slide 7: HPC competitive position

•Undisputed leader in F.Cleaning in South LA, with Brands like Omo,Skip, Ala.•Omo is the most recognised brand in Brazil, ahead of Coca-Cola.• Leadership positions extend to Personal Care, having been strong inSkin Cleansing with brands like Lux, and more recently Dove.Sunsilk has grown to become the leading hair brand in Brazil,Argentina, Colombia, Venezuela and Ecuador, and has established aleading presence in Mexico.• Meanwhile deodorants go from strength to strength with brands likeAxe, Rexona and Dove

8

råáäÉîÉê i~íáå=^ãÉêáÅ~=Jem`=J=fååçî~íáçå

Slide 8: HPC Innovation

Unilever LA is also an important source of innovation for the rest of Unilever.Examples include:

Dove innovation ex Argentina

Lux relaunch, now being rolled out elsewhere eg Asia

OMO technology and advertising approach from Brazil (Dirt is Good)

Sunsilk 'hair dramas' mix also from Brazil

9

råáäÉîÉê i~íáå=^ãÉêáÅ~=JcççÇë=J=`çãéÉíáíáîÉ=mçëáíáçå

_çìáääçå

pçìé

j~óçåå~áëÉ

hÉíÅÜìé

qçã~íç

j~êÖ~êáåÉ

fÅÉ=`êÉ~ã

N NNNN

N

NN

NN

N

N

N

N

N

O

^êÖ `ÜáäÉ_ê~òáä jÉñ `çä

NN

O

ON

O

O

N

Slide 9 - Unilever Latin America - Competitive Position in Foods• Our Foods business has also been strengthened dramatically over thepast few years.• In the late 90’s our business was largely based on spreads, cookingproducts and tomato products, with brands such as Cica, Iberia andDoriana.• A series of acquisitions in the late 90’s saw us establish leadership insome of the most important Ice Cream markets in Latin America,notably Brazil with Kibon and Mexico with Holanda.• Our business was then transformed by the acquisition of Bestfoods,which strengthened our geographical reach, as well as bringingleading positions in new categories such as bouillon, soup andmayonnaise.

10

råáäÉîÉê i~íáå=^ãÉêáÅ~=JcççÇë=J=fååçî~íáçå

Slide 10: Foods Innovation

•As importantly, Bestfoods has given us a portfolio of new brands thatare of enormous relevance to LA consumers, across a wide range ofincome groups eg Knorr, Maizena and Ades.

11

råáäÉîÉê=i~íáå=^ãÉêáÅ~=J_ìëáåÉëë=mÉêÑçêã~åÅÉ=ÚVV=J=ÚMP

qçé=qÜáêÇ=qpo

léÉê~íáåÖ=ã~êÖáå

H=QMM=Äéë

`~éáí~ä=ÉãéäçóÉÇ

~ë=~=B=çÑ=íìêåçîÉêÜ~äîÉÇ

iÉ~ÇáåÖ=_ê~åÇë=ÖêçïíÜ=~îÉê~ÖÉNOB=éK~K=OMMM=íç=OMMP

Slide 11 - Business Performance• Our powerful competitive position has been translated into outstanding businessperformance, that has been a major contribution to Unilever’s top third TSRambition.• Leading brand growth has averaged 12 % p.a over the past 4 years and hascontinued at a similar rate in 2004. In low inflationary markets such as Mexico,Andina this has been largely volume driven. In economies that have suffered fromdevaluation eg Brazil, Argentina we are seeing the expected shift from pricegrowth to volume growth. During this period, we have seen market shares in mostmajor categories maintained or increased.• At the same time, the efficiency of the business have been improveddramatically driven by:

• regional sourcing• restructuring• participation in global procurement• brand focus• and more recently SAP & shared services

• From 2000 to 2003 operating margin has increased by over 400 bps, including a+150 bps increase in A&P spend. Capital employed in the business expressed as% of sales has reduced by over 50 %.

12

eçï=ÇáÇ=ïÉ=~ÅÜáÉîÉ=áí\Á

Slide 12

• So what are the key drivers of Unilever success in LA? Focuson 5 factors:

• single minded execution of Unilever’s Path-to-Growthstrategy.• Expertise in managing through economic crisis, weather thestorm in Brazil and Argentina.• Prioritisation of growth in Leading Brands in new markets,exploiting proven mixes and acquired business…• A deep understanding of the LA consumer extending beyondthe urban white middle classes that are the natural target ofmost of the international FMCG players.• Unilever’s corporate reputation in LA and its access to highquality local management talent.

13

eçï=ÇáÇ=ïÉ=~ÅÜáÉîÉ=áí\Á

√=m~íÜJíçJdêçïíÜ

14

m~íÜJíçJdêçïíÜ=L=_ê~åÇ=cçÅìë

� mçêíÑçäáç=çÑ=däçÄ~ä=_ê~åÇë=~åÇ=içÅ~ä=gÉïÉäë

� NSS=Äê~åÇë=J=TM=Äê~åÇ=éçëáíáçåë

� aáëéçëÉÇ=çÑ=OM=ÄìëáåÉëëÉë

� iÉ~ÇáåÖ=Äê~åÇëWÑêçã=TVB=áå=OMMM=íç=VOB=nNÛMQ

Slide 14: Path to Growth• Impact of PtG seen in the focus delivered in the brand portfolio.• We now have a potent mix of global brands (Knorr, Omo, Sunsilk,Dove…) and local jewels (Arisco, Vivere, Le Sancy) which spreadacross relevant price points.• Example of impact in Brazil published by the ‘Folha de Sao Paulo’newspaper:OMO was the number 1 in the General ranking, ahead of Coca-Cola,Gillete etc), And by category, Lux was #1 soaps, Rexona #1 inDeodorants, and OMO #1 in Powders).• At the same time PtG delivered a step change in our supply chaincapability & cost efficiency:

15

eçï=ÇáÇ=ïÉ=~ÅÜáÉîÉ=áí\Á

√=j~å~ÖáåÖ=áå=~=`êáëáë

√=m~íÜJíçJdêçïíÜ

16

dam=mäìããÉíÉÇ-13.8-8.8

-2.0

-19.6 -20.0-25

-20

-15

-10

-5

01962-63 1980-89 Crash '30 World War I 1998-02

Rea

l GD

P G

row

th %

Source: La Nacíón Newspaper

^êÖÉåíáå~=`êáëáë=j~å~ÖÉãÉåí

dam=mäìããÉíÉÇSlide 16: Argentina crisis management• The extent of the crisis in Argentina was unprecedented.• Nevertheless, we were able to implement a strategy based on years ofexperience:

• SHAPE: safeguard healthy margins and protect cash flow• SHARE: defend SOM of leading brands and categories• SPIRIT: care for people

• We emerged with leading market positions intact, strong marginimprovement, and resumed volume growth from 2nd half 2003.• Market shares ahead 03/02 in most major categories, includingF.Cleaning, Hair, Deos, Skin Cleansing and in Foods: Soups, Bouillonsand Mayonnaise• And…..corporate reputation stronger than ever

17

eçï=ÇáÇ=ïÉ=~ÅÜáÉîÉ=áí\Á

√=j~å~ÖáåÖ=áå=~=`êáëáë

√=m~íÜJíçJdêçïíÜ

√=dêçïíÜ=áå=kÉï=j~êâÉíë

18

jÉñáÅçW=j~êâÉí=pÜ~êÉ=Ö~áåëOMMM=íç=OMMP

c~ÅÉ=`~êÉ

e~áê

aÉçë

OMMPçîÉêOMMM

HPKO

HNOKP

HNQKN

pâáå=`äÉ~åëáåÖ HOKT

_ê~åÇmçëáíáçå

mçåÇÛë=@=N

oÉñçå~=@=N^ñÉ=@=O

pÉÇ~ä=@=O

açîÉ=@=P

Gain in % points

Slide 18: Market shares•Already referred to extent to which our business has beenstrengthened in North LA.• Acquisitions have played an important role in this. E.g.:

- Bestfoods across sub-region- Holanda ice-cream in Mexico- Smaller acquisitions in Ecuador, CAM, Caribbean

• But organic growth has also been a major driver. For example, ourPC business in Mexico has delivered sales growth averaging 21%p.a. over the past 4 years, and has established leading brand positionsacross 4 categories: face care, deodorants, hair and skin cleansing.• This success is being repeated in Colombia and other parts of theAndina region, ie the model works!

19

eçï=ÇáÇ=ïÉ=~ÅÜáÉîÉ=áí\Á

√=j~å~ÖáåÖ=áå=~=`êáëáë

√=m~íÜJíçJdêçïíÜ

√=aÉÉé=ìåÇÉêëí~åÇáåÖ=çÑ=i^=ÅçåëìãÉêë

√=dêçïíÜ=áå=kÉï=j~êâÉíë

20

oÉ~ÅÜáåÖ=kÉï=`çåëìãÉêë

Slide 20: Reaching new consumers•And finally new consumers• Nearly 60% of the 0.5 bn + population are neither rich enough toafford first world lifestyle, nor so poor as to fall outside the scope ofour consumer base.• 2/3 of the population are not of European descent, being eitherafrican-american, or amerindian/mestizo.• Our brands have shown their mettle in reaching out to these newconsumers, though products that are relevant, affordable and availableto these populations.• No doubt, I will have the opportunity to explore these issues furtherin our discussions, but for now…

21

qe^kh=vlr>