Unilever - UBS ConferenceJames Allison, Head of IR & M&A

Edinburgh, Scotland 6th March 2012

Agenda

1 2011 financial results

2

3

Unilever in Africa: the opportunity

M&A as a growth driver

Unilever objectives

1. Volume growth ahead of the market

2. Steady and sustainable core operating margin improvement

3. Strong cash flow

2011: Strong performance in a challenging environment

6.5%

Strong growth Growth acceleration in emerging markets

2.0% 2.2%

USG

Value shares improving

USG

11.5%2.0% 2.2%

bps change

20

3.5%4.1%

2009 2010 2011

2.0% 2.2%8.1% 7.9%

2009 2010 2011

2.0% 2.2%

10

20

FY 2011 L12 w

2011: Broad based category growth

Underlying sales growth

� Personal care: double-digit sales growth in H2

Home care: good balance between volume and

8.2% 8.1%

� Home care: good balance between volume and

price and value share gains

� Refreshment: driven by Ice Cream innovation (e.g.

Magnum launch in the US)

� Foods growth driven by price (spreads)

4.9% 4.9%

PC HC Refreshment Foods

2011: Accelerated growth in emerging markets

10%11%

13%12%

12%

Emerging markets underlying sales growth

� Outstanding performance in 2011

7%8% 8%

8%

10%

8%

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 . FY10 FY11

� Outstanding performance in 2011

� 54% of turnover

� Mid-single digit volume growth consistent

with the last 20 years

2011: Underlying operating margin down 10bps

-180bps +100bps

+70bps

15.0% 14.9%

2010 Gross Margin A&P Overheads 2011

+70bps

Overheads are all costs below gross profit but excluding A&P

2011: Core earnings per share growth

€0.11 €0.04

€0.02€1.41

€0.01

€0.01

EPS 2010 Operational Performance

Pension Currency Interest Others EPS 2011

€1.36Core EPS

growth4%

€1.41

Core operating margin / core earnings per share: Primary measures of business performance

� Includes business restructuring within operating profit

measure

� Driving the right business behaviours: managing totality of

costs

� 2012 business restructuring levels expected to be similar to

2011 (i.e. 130bps)

Innovation continuing to improve

Consistently high innovation rate Innovations in ten or more markets

9 40

70

2009 2010 2011

>30%

Bigger, Better, Faster Innovation

Rolled out to 50+ countries Now in 40 countriesDirt is Good Re-launch 48 markets

Faster rollouts

Bigger, Better, Faster Innovation

Magnum launch US/Indonesia TRESemmé - Brazil CIF now in 44 countries

Launching our brands into new markets

Bigger, Better, Faster Innovation

Knorr Sauce Pur Lipton TESS technology

Innovations supported by great technology

2 Unilever in Sub-Saharan Africa: the opportunity

Our history in Sub-Saharan Africa

� Started operations in South Africa in 1891 with Sunlight

� 1st South Africa factory opened in 1911

EGYPTLIBYAALGERIA

MOROCCO

NORTH

SUDAN

TUNISIA

NIGERMAURITANIA

WESTERN

SAHARA

MALI

CHADERITREA

DJIBOUTIBURKINA

SENEGAL

GUINEA

� Fast roll out across Africa

� Unilever operations in sub Saharan Africa:

• Turnover approaching €2.5bn

• 42 countries; 13 factories; 2600 employees

NIGERIA ETHIOPIA

SOMALIA

TANZANIA

UGANDA

KENYA

COMOROS

BURKINA

FASO

GHANA

COTE

D’IVOIRESR-LEONE

LIBERIA

TOGO

BENINGUINEA

CENTRAL

AFRICAN

REPUBLICCAMEROON

EQUATORIAL GUINEAGABON

CONGO

DEM. REPUBLIC

OF CONGO

BURUNDIRWANDA

ANGOLA

NAMIBIA

BOTSWANA

ZIMBABWE

ZAMBIA

MADAGASCAR

MOZAMBIQUE

MALAWI

SWAZILAND

LESOTHOSOUTH

AFRICAPart of NAMET RUB cluster

Africa cluster (Sub-Saharan Africa)

SOUTH

SUDAN

Sub-Saharan Africa: the market

� 800m population growing ~ 3% p.a.

� GDP growth 3 – 5%

� One of the fastest growing FMCG markets, ~$20bn

� Low consumption per capita

� Market development and white space opportunity is huge

Shape of the Unilever portfolio in Sub-Saharan Africa

2432

Turnover %

� Home care is our biggest category in a market

growing 7% CAGR over the last 5 years

377

Personal care Home care Refreshment Foods

growing 7% CAGR over the last 5 years

� Strong positions in foods: bouillons & soups

� Personal Care a key source of growth

Market Development opportunity is huge across our categories

16.7 16.8

22.5

Laundry detergents per capita consumption (US$)

0.3 0.3 0.5 0.5 0.6 0.7

3.3 3.6 3.7 4.0

Ghana Uganda DRC Côted'Ivoire

Ethiopia Zimbabwe Cameroon Nigeria AfricaME

Asia LA South Africa

WE

Market Development opportunity is huge across our categories

9.6

16.8Skin cleansing per capita consumption (US$)

0.1 0.1 0.2 0.2 0.3 0.4 0.6 0.91.7

2.5

8.29.6

DRC Ghana Cameroon Côted'Ivoire

Ethiopia Nigeria Uganda Zimbabwe AfricaME

Asia SouthAfrica

L.A WE

3 countries account for 90% of the market

Market ~$20bn growing at ~7% p.a. (CAGR)

$12bn

8% 6% 6% 11% 12% 6% 6% 10% 11% 11% 11% 8%5 yr CAGR

SouthAfrica

Nigeria Kenya Tanzania Uganda Côted'Ivoire

Ghana Zimbabwe

Mozambique

Zambia Malawi Niger

Bath Shower Deo Hair Men Grooming Oral Skin Home Care Tea Food

$4.3bn

$1.6bn

$0.4bn$0.0bn$0.1bn

Euromonitor

South Africa Nigeria Kenya

In each we have strong market shares

55.3 55.6

55.3 55.6 55.5 55.7

53 53.4 53.1 53.1

52.8 52.8

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 L12W

30.8 30.6 30.1 29.8 30.5 31.0

24.9 25.3 24.4 24.5

25.5 25.8

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 L12W

49.7 49.9 50.1 50.5 51.6 51.9

53.4 53.7 54.6 55.0 54.9 55.2

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 L12W

Value share

Volume share

Translates into strong leadership positions

Fab Clean Powders

South Africa Nigeria Kenya

1.1 2.17.1

Relative market share

Skin Cleansing

Oral

SCC

Savoury

Tea

Source: Nielsen

0.2

14.7

5.0

0.8

3.8

1.4

0.3

19.1

15.0

1.4

7.9

11.0

0.8

No 1 in 80% of Turnover

Ghana

We are well positioned to win in nascent markets e.g. Ghana

Fab Clean Bars

Fab Clean Powders

Skin Cleansing

13.4

2.1

Relative market share

62.5 62.8 62.8

64.3

66.1 66.1

60.9 61.0 61.4 62.0

64.0 63.8

Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 L12W

Value share

Volume share

Skin Cleansing

Oral

SCC

Savoury

Tea

7.9

29.3

4.9

0.1

3.1

Driven by white space opportunities …

100%

White space

Sub-Saharan Africa – top 12 countries

0%

50%

Present

… and market development

Implementation of ‘perfect stores’ programme ahead of targets

Sustainability: a source of competitive advantage

In South Africa:

� Aim to reach 1 million rural and urban women to

improve their understanding of basic hygieneimprove their understanding of basic hygiene

� Lifebuoy with UNICEF will provide educational material

and teaching aids for ~80% of primary schools

� Domestos will partner WTO in an outreach programme

engaging health workers to reduce diarrhoea

Helping to improve well and health being of our consumers whilst increasing brand awareness and sales

Sub-Saharan Africa: a business that is growing top and bottom line

2.3

Turnover €bn Underlying margin

300bps

2007 2008 2009 2010 2011

1.5

1.8

1.91.9

2007 2008 2009 2010 2011

bps

3 M&A as a growth driver

Alberto Culver: integrating a successful business

Our objectives

Continuing the successful growth and share gains of Alberto Culver1 Continuing the successful growth and share gains of Alberto Culver

Roll out brands into new markets

Deliver business case cost synergies

Key talent retention

1

2

3

4

Alberto Culver continuing with growth and share gains1

16 1617

19

Hair Care United States

� TRESemmé continues to perform strongly

� Dove Hair Damage repair gaining shares

Market value shares

1011

1112

2009 2010 2011 L12w (Q4 11)

Alberto Culver Unilever

� Dove Hair Damage repair gaining shares

� Launch of Dove Hair Tonic exceeding expectations

� Suave and Axe Hair performing well

� Market leaders L12 weeks (Q4 11)

Fast roll out to new markets 6 months after completion2

Simple – United States Motions – South AfricaTRESemmé – Brazil & Thailand

Alberto Culver integrated with speed and delivering synergies

Overhalf of our expected

Cost synergies 90% of markets integrated

3

halfcost synergies achieved in 2011

c.20% of retained turnover

Alberto Culver: key talent retention4

� 70% of leaders accepted new roles

� Key roles includes:

� Senior Vice President North America PC� Senior Vice President North America PC

� Vice President Global TRESemmé

� Chairman Philippines

� Vice President Finance Skin

Alberto Culver people at the heart of our business

A new Unilever

� Delivering consistent and reliable results

� A growth mindset now embedded in the business

� New organisation fully operational

� Strong momentum towards our vision of doubling the size of the business

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,

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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 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

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Unilever - UBS ConferenceJames Allison, Head of IR & M&A

Edinburgh, Scotland 6th March 2012