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Q2 and First Half 2009 ResultsROADSHOW

Contents

Page

Highlights 5

Business Performance 6 – 34

Our Portfolio 35 – 42

Developing & Emerging Markets 43 – 50

Innovation 51 - 72

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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, including any financial objectives, and their negatives are intended to identify such forward-looking statements. These 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, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, 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 US Securities and Exchange Commission, including the Annual Report & Accounts on Form 20-F. These forward-looking statements speak only as of the date of this announcement.

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Highlights

Quality of growth is good• Market share momentum in 60% of our business

• Widespread growth across categories & countries

• Underpinned by innovation and A&P support

• Gross margin trend improving

Business Environment will remain tough• Consumer confidence low and unemployment increasing

• Competitors will raise their game

Priorities for 20091. Restore volume growth

2. Protect cash and margin for the full year

Business Performance

4

Q2 Highlights

• Underlying sales growth +4.1%

• Restored volume growth +2.0%

• Step up in A&P investments +50bps

• Underlying operating margin down 60bps, in line

with expectations

• Cash flow improved €1.6bn in H1

Unilever Volume and Price Trends

-5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09

Volume

Price

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

10.0%

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09

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Asia Africa CEE

• Most economies resilient and growing

• Broad based volume growth

• Central Europe remains weak

• Q2 Underlying margin up +130 bps

H1Q2Q1

UVG

H1Q2Q1

USG

3.3%

(0.9)%

1.3%

8.2%9.5% 8.8%

Americas

• Consumer confidence remains weak

• Positive volume growth continues in US consumer business

• Good performance in Latin America

• Q2 Underlying margin up +10 bps

USG

H1Q2Q1

UVG

H1Q2Q1

(1.0)%

1.6%0.4%

4.9%5.9%

7.2%

6

Western Europe

• Markets remain challenging

• Positive volume trend in key countries

• Q2 Underlying margin down (340) bps

H1Q2Q1

UVG

USG

H1Q2Q1

(3.7)%

1.0%

(1.2)%

(2.8)%

(1.1)% (1.9)%

H1 Underlying Sales Growth by Category

1.4

4.5

9.9

4.6

0

2

4

6

8

10

12

SavourySpreads

Dressings

Ice CreamBeverages

Home Care Personal Care

7

Q2 Operating Margin

(0.2)%Gross margin

0.1%Overheads

(0.5)%A&P

15.2%

(2.0)%

13.2%

Q2 2008

Key drivers:

(0.6)%14.6%Operating margin before RDIs

(0.0)%(2.0)%Including RDIs*

(0.6)%12.6%Operating margin

ChangeQ2 2009

*Restructuring, disposals and one-off items

Includes margin dilution from disposals of (0.3)%

Q2 Drivers of Operating Profit*

*Excl RDIs, constant currency

0

-0.5

-0.3

-0.1

0.1

0.3

0.5

Price

Savings programme

Costs

A&P UnderlyingProfit

€b

n

Vol/Mix

Acq/Disp

8

H1 Operating Margin

(1.0)%Gross margin

0.2%Overheads

0.3%A&P

15.1%

0.9%

16.0%

H1 2008

Key drivers:

(0.5)%14.6%Operating margin before RDIs

(2.7)%(1.8)%Including RDIs*

(3.2)%12.8%Operating margin

ChangeH1 2009

*Restructuring, disposals and one-off items

Includes margin dilution from disposals of (0.3)%

H1 Drivers of Operating Profit*

*Excl RDIs, constant currency

0

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8 Price

Savings programme

Costs

A&P UnderlyingProfit

€b

n

Vol/Mix

Acq/Disp

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Commodity Cost Development

0

100

200

300

400

500

600

700

800

900

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 2009

Commodity Costs Currency*bp

s

• Commodity costs tailwinds in H2

• FY2009 commodity costs (including currency) up vs last year

*Note: Before Q4 08 currency effects were insignificant

Strong Savings Delivery

Buying

0.3

Restructuring

0.2

Local efficiency

0.1

• €0.6bn total savings delivered in H1

On track to deliver c. €1bn in this year

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*Restructuring, disposals and one-off items

H1 Drivers of EPS Growth

(0.10)0.07Includes RDIs*, after tax

(13)%0.630.72EPS before RDIs*

(33)%0.530.79EPS (€)

ChangeH1 2009H1 2008

(3)Tax rate (before RDIs*)(6)Pensions finance charge (3)Dilution from disposals

Key drivers (%)

Reducing Cash Conversion Cycle

Stock days

Debtor days

Creditor days

Total days

74 61 13

44 41 3

(77) (77) 0

41 26 15

Q2 2008 Q2 2009 Improvement

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Balance Sheet and Cash Flow

• Strong cash flow delivery - up €1.6bn in H1

• Net debt €8.9bn

• New bonds issued at attractive rates

• Acquisitions: TiGi, Baltimor, Vietnam minorities

Returning Cash to Shareholders

0

1

2

3

4

2004 2005 2006 2007 2008

Tota

l cas

h am

ount

(€b

n)

Dividends Share buyback One-off dividend

> €7bn returned 07-08

• Dividend Policy: sustainable, attractive and growing dividends

• Move to quarterly dividends

• No plans for share buy-backs in 2009

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Key Drivers of Business Performance

Brands Categories&

In Market

Amplification

Cash and Costs

Organisation

Brands and CategoriesStronger Claims

Brands

US Soft Spreads

‘No hydrogenated oils’

Asia Pond’s Anti Ageing Creams

‘Younger skin in 7 days’

US Dove Body Wash

‘Clinically proven to reverse dryness’

Examples:

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Brands and CategoriesFaster Roll-Out to More Markets

17 Markets 33 Markets 37 Markets 56 Markets

Examples:

Brands and CategoriesImproving Product Quality

Brands

DiG - AsiaKlondike - USAmora - France

Examples:

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Brands and CategoriesPlaying the Full Price Piano

Brands

Value

Premium

Mid-Tier

Example: Russia Tea

• Launch of herbal infusions

• New advertising campaign

• Roll-out of fruit pyramid teas

Brands and CategoriesFocus on offering consumer value

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In Market AmplificationPositive Customer Service Trend

Number of Top 20 countries achieving service at the 2009 par target level

0

5

10

15

20Ja

n-0

8

Feb

Mar

Apr

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan-0

9

Feb

Mar

Apr

May

In Market AmplificationCustomer Insight and Innovation Center

The Customer Insight & Innovation Centre in the US will be showcased at our Investor Event in 23-24 November 2009

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28From 100 units to 20-25 MCOsMulti-country organisations

Announced

50-60Factory closures / streamlining

Actual to datePlan 2007-2010

Of which completed

70

> 35

Cash and CostsRestructuring Well on Track

Headcount reduction > 10,00020,000

Restructuring savings €0.9bn€1.5bn

Restructuring charges €2.1bn€3.0bn

OrganisationChange Programme Update

Governance,Board

Brands & Innovation

Go-to-Market

Cost Base

One CEO,Non-Exec Board

2005 2006 2007

NewChairman

2008

New CFO

2009

NewCEO

Global CategoryTeam

OneCategory

One R&D

One Unilever MCOsCustomer

Focus

Factory Simplification

Overhead

Simplification

2010

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OrganisationAligning the Organisation

Accountability &Responsibility

Bias for Action

Consumer &Customer Focus

Consistent Winning

Organisation

• Reignite volume growth

• Protect cash flow and margin

Our Priorities

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Our Portfolio

Scale and geographic reach

The Americas | €13.2bn | 33%

2008 Unilever Turnover €40.5bn | 100%

Western Europe | €12.9bn | 32%

Asia Africa CEE | €14.4bn | 35%

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Personal Care€11.4bn (28%)

Ice Cream & Beverages

€7.7bn (19%)

Savoury, Dressings &

Spreads€14.2bn (35%)

Balanced category portfolio

Home Care€7.2bn (18%)

Strong Leadership Positions

Savoury #1

Dressings #1

Tea #1

Ice Cream #1

Spreads #1

Deodorants #1

Mass Skin #1

Laundry #2

Daily Hair Care #2

Oral Care Local Strength

Household Cleaning Local Strength

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Big Global Brands

Top 25 brands = ¾ of Unilever’s sales

13 billion euro + brands

Selective Bolt-On Acquisitions

Buavita IndonesiaTIGI GlobalInmarko Russia

Baltimor RussiaNapoca RomaniaWonderlight Sri Lanka

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Partnerships

Starbucks Ice Cream Pepsi Lipton International

Bertolli Olive Oil

NA Laundry

Lawry’s Seasonings

Boursin Cheese

Including:

Disposals completed in 2008

Disposals completed with €1.6 billon turnoverAverage 1.8x sales multiple

0.1

0.1

0.7

0.4

Turnover €bn

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Developing & Emerging Markets

The D&E Opportunity

0.5

2.6

2.6

Affluent

Aspiring

Striving

D&E Population in 2008(billions)

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… Rapidly Evolving into a Diamond

Have lots

Haves

Not yets

2008 2018 Change

+ 0.4

+ 0.6

- 0.4

3.2

2.2

0.9

Source: Unilever estimates

2.6

2.6

0.5

Billions of people in D&E countries

Market Development Opportunity

Per Capita Consumption (US $ per year )

Source : Euromonitor

Detergents

1.4 2.2 1.9

12.116.6

22.9

India China Indonesia Brazil Germany USA

Shampoo

0.31.0 1.1

5.46.7

7.5

India China Indonesia Brazil USA Germany

Ice Cream

0.2 0.9 2.8 5.0

34.6

50.9

India Indonesia China Brazil Germany USA

Skin care

0.3 3.2 0.8

10.9

26.9

36.6

India China Indonesia Brazil USA Germany

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Building Markets – Driving Penetration

Shampoo sachets Re-closable multi-usesachets

Deo ministicks Mini cubes

Building Markets - Uptrading

conversion upgrading uptrading

Loose Leaf Tea

Branded Packet Tea

Mid-market Teabags

Double Chamber

Functional Teas

D&E Conversion Teabags

Pyramids

• Great potential for uptrading

• Tea has 20% share of volume vs. 12% value for total Beverages

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-2

0

2

4

6

8

10

12

14

16

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

UVG UPG

Long-Term Strength in D&E

Since 1990…• Underlying sales growth 9% pa on average• Hard currency growth of 7% pa on average• Volume growth 5% pa on average• Volume and value growth in every year

*1990-2002 LATAM and Asia. From 2003 all countries excl NA, WE, Japan and Australia.

D&E Growth is Profitable

2008 Operating margin before RDIs*

* Restructuring, disposals and one-off items

Unileveraverage

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Innovation

Building R&D for Competitive Advantage

• More focus on big wins

• Leverage our unique science across our portfolio

• Accelerate delivery of breakthroughs

• Build world class capabilities in critical areas

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Science and Technology Strengths

Spray TechnologyDeodorants

StructuredOils and Emulsions

HairTechnology

Skin Mildness and Moisturizing

Product Processinge.g. Ice Cream

Science of Tea

More focused R&D organisation

Port Sunlight, UK

Colworth, UK

Vlaardingen, NL

Trumbull, US

Bangalore, India

Shanghai, China

• 6 Global R&D Centres

• 40% of our R&D people are in Developing & Emergingmarkets, and building ….

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Consumer NeedsTrendsBrand

Categories

Prioritising our big wins

Science & Technology

Unilever Big Wins

Prioritised Portfolio

Genesis Projects

Leverage Technology Across Portfolio

Genesis Project 14

Genesis Project 15

Genesis Project 16Genesis Project 17

Con

sum

er B

enef

it Fo

cus

Scie

nce

&Te

chno

logy

Foc

us

Genesis Project 2

Genesis Project 7Genesis Project 8

Genesis 9

Genesis Project 10

Genesis Project 3Genesis Project 4Genesis Project 5

Genesis Project 6

Genesis Project 11Genesis Project 12

Genesis Project 13

Genesis Project 1

Home Care Personal Care Foods

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Improving R&D capabilities

• Crossover technologies driving differentiated

innovation

• Boosting open innovation

• Strengthening clinicals

• Exploiting patents across categories

Number of category innovation projects

0

1000

2000

3000

4000

5000

6000

2005 2006 2007 2008 2009

Fewer, bigger innovations

• From 5000+ projects to 700

• Average project size increased 10x

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Knorr Stock Pots

Stock Pots with new bouillon gel technology for natural tasty stock and soups

Launched in China and across Europe

Bertolli Frozen Meals

New Bertolli Frozen Meals

Restaurant Taste with your Homemade Touch

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Family Goodness brings better

nutrition for family growth

For better taste and with less fat

Heart Health

“Goodness of Margarine”

Hellmann’s Light

Delicious extra light mayonnaise with unique citrus fibre technologyNow double-whisked to bring out the great taste!

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Lipton

A unique slimming tea twice as rich in catechins

to help maintain your silhouette

New Lipton pyramid teas and infusions with chunky pieces of fruits, spices and large leaves for the great tea

tasting experience

Magnum Temptation

An unrivalled multi-sensorial experience using cold roller technology

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Clear

Complete antidandruff and scalp care regimeCentrally developed, identically presented

Axe Hair

New Axe Hair launched in the US designed to create hair that guys want and girls love

A complete line of shampoos, a conditioner, and styling products

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Axe Instinct

New Axe Instinctwith the ‘scent of leather’

Dove Hair Minimising Deodorants

Dove Hair Minimising DeodorantsLook and Feel Hair Free for Longer

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Dove Go Fresh

Dove Go FreshA fragrance-driven collection of products aimed at women in their 20s

Rolled out to 55 markets in 2008 alone

Dove NUTRIUM Technology

Dove Body Wash with new NUTRIUM technology - USThe most effective natural nourishment ever delivered in a body wash

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Surf

Surf – Cleaning & Fragrance at a Great Value Price

Domestos 24HR

The clinging power of new thicker formula makes it flush proof,

protecting you and your family from germs