1

Q1 2009 Results

ROADSHOW

Contents

Page

Business Performance 2 – 9

Our Portfolio 9 – 12

Developing & Emerging Markets 12 – 17

Innovation 17 - 27

Winning in Challenging Times 27 - 30

2

Safe Harbour Statement

This presentation 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' 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. 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, 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 presentation.

Q1 Highlights

• Underlying sales growth +4.8%

• Savings programmes deliver strongly

• Underlying operating margin -30bps

• Two bond issues at competitive rates

• Acquisitions of TIGI and Baltimor

3

Our Markets

• Markets continue to be soft

• Consumer behaviour changing

• Strong well supported brands can do well

• D&E footprint - a competitive advantage

• US picking up but WE still difficult

Q1 Underlying Sales Growth by Region

10.5

8.3

1.0

6.8

-0.9 -1.0

-3.7

-1.8

9.5

7.2

-2.8

4.8

-6

-4

-2

0

2

4

6

8

10

12

Asia Africa CEE Americas Western Europe Total Unilever

Price Vol USG

4

Q1 Underlying Sales Growth by Category

2.94.3

10.7

4.0

0

2

4

6

8

10

12

SavourySpreads

Dressings

Ice CreamBeverages

Home Care Personal Care

Q1 Drivers of Operating Profit*

*Excl RDIs, constant currency

0

-0.5

-0.3

-0.1

0.1

0.3

0.5Price

Savings programme

Costs

A&P

UnderlyingProfit

€b

n Vol/Mix

Commodity cost inflation Q1 2009 €0.6bn

Acq/Disp

5

Commodity Cost Impact on Margin

0

100

200

300

400

500

600

700

800

900

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09

bps

Q1 Operating Margin

(1.9)%Gross margin

0.5%Overheads

1.1%A&P

14.9%

4.1%

19.0%

Q1 2008

Key drivers:

(0.3)%14.6%Operating margin before RDIs

(5.7)%(1.6)%Including RDIs*

(6.0)%13.0%Operating margin

ChangeQ1 2009

*Restructuring, disposals and one-off items

Includes margin dilution from disposals of (0.3)%

6

29From 100 units to 20-25 MCOsMulti-country organisations

Closures completed

50-60Factory closures / streamlining

Actual to datePlan 2007-2010

Closures announced

Streamlining announced

26

34

10

Restructuring Well on Track

70

Headcount reduction > 10,00020,000

Restructuring savings €0.8bn€1.5bn

Restructuring charges €1.8bn€3.0bn

*Restructuring, disposals and one-off items

Q1 Drivers of EPS Growth

(0.04)0.12Includes RDIs*, after tax

(13)%0.300.35EPS before RDIs*

(44)%0.260.47EPS (€)

ChangeQ1 2009Q1 2008

(1)Currency and other

(5)Tax rate (before RDIs*)2 Share buy-back (2008)

(7)Finance costs (incl. Pensions)

(2)Operating profit before RDIsKey drivers (%)

7

Balance Sheet and Cash Flow

• Cash flow from operating activities €0.1bn

– Seasonal outflow of working capital

– Cash conversion days improved

– Increased pension contributions

• Liquidity strong

– US and UK bond issuances at competitive rates

• Further progress on acquisitions

Actions taken to strengthen business

• 30 day action plans for all key markets

• Bigger innovation, rolled out faster

• Step up in A&P from Q2

• Better on-shelf availability

Actions taken to drive volumes

Actions taken to protect cash flow and margins

• Restructuring plans brought forward

• Simplification

• Focus on working capital

8

30 day fix-it plans

Example - South Africa Laundry

• Launch of Sunlight value powder

• Innovation with added value - Omo with encapsulated fragrance technology

• Moving to lower cost packaging

• Reignite volume growth

• Protect cash flow and margin

Our Priorities

9

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

• Proposal to move to quarterly dividends

• No plans for share buy-backs in 2009

Our Portfolio

10

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

Big Global Brands

Top 25 brands = ¾ of Unilever’s sales

13 billion euro + brands

11

Selective Bolt-On Acquisitions

Buavita IndonesiaTIGI GlobalInmarko Russia

Baltimor RussiaNapoca RomaniaWonderlight Sri Lanka

Partnerships

Starbucks Ice Cream Pepsi Lipton International

12

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

Developing & Emerging Markets

13

The D&E Opportunity

0.5

2.6

2.6

Affluent

Aspiring

Striving

D&E Population in 2008(billions)

… 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

14

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

Building Markets – Driving Penetration

Shampoo sachets Re-closable multi-usesachets

Deo ministicks Mini cubes

15

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

-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.

16

D&E Growth is Profitable

2008 Operating margin before RDIs*

* Restructuring, disposals and one-off items

Unileveraverage

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Indonesia – Strengthened through Crisis

1998 South-East Asia Economic Crisis

US$

Sales and profits in hard currency• Profit level recovered in one year• Profit margin increased

Operating profit

Turnover

17

2000 2001 2002 2003 2004 2005 2006 2007 2008

Argentina - Strengthened through Crisis

US$

2002 Peso crisis

Sales and profits in hard currency• Profit level recovered in two years• Profit margin increased

US$ Operating profit

Turnover

Innovation

18

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

Faster Roll-out to More Markets

30 markets

40 markets

52 markets

20 markets

55markets

19

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

Science and Technology Strengths

Spray TechnologyDeodorants

StructuredOils and Emulsions

HairTechnology

Skin Mildness and Moisturizing

Product Processinge.g. Ice Cream

Science of Tea

20

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

21

Knorr Stock Pots

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

Launched in China and Europe

Bertolli Frozen Meals

New Bertolli Frozen Meals

Restaurant Taste with your Homemade Touch

22

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 with only 3% fat

23

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

24

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

25

Axe Chocolate

As Irresistible As ChocolateGlobal No.1 Axe variant

Rolled out to over 55 markets

Dove Hair Minimising Deodorants

New Dove Hair Minimising Anti-PerspirantPut an end to that prickly feeling between

shaves

26

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

Domestos 24HR

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

protecting you and your family from germs

27

Surf with Essential Oils

Surf Small & Mighty with Essential OilsEncapsulated Fragrance Technology

Gorgeous Laundry for Less

Winning in Challenging Times

28

Winning in Challenging TimesMore focus on value – adjusting messages

Knorr Ragu pasta sauces campaign in the US

“Feed your kids well”

Dirt takes its toll on things you cherish. Cifcream’s microparticles lift dirt easily,

brining back the clean and a new lease of life

Cif “Rejuvenate your favourite things”

Full pack size ranging in each country

250ml 500ml 750ml400ml

Winning in Challenging TimesOptimising pack sizes

29

Build Super Premium

Renovate the

premiumcore

Re-enter mass/

economy

Winning in Challenging TimesPlaying the price piano – Ice Cream

Catering to various consumer opportunitiesTea - UK

Decaf Tea

121

Loose leaf tea

84

Pyramid Tea

100

Special Blend Tea

113

Green Tea218

Pure Tea Granules

112

Herbal Tea266

*Indexed per cup

30

Catering to various consumer opportunitiesSpreads - UK

Stork - Baking46

Flora White - Baking93

ICBINB77

Flora Original10

0

Flora Extra Light100

Flora Buttery131

Pro-activ302

Pro-activ extra light302

Pro-activ with olive oil305

Bertolli Olive 120

*Indexed per 100g

Catering to various consumer opportunitiesLaundry – Brazil

Brilhante laundry bleach

Surf FoFo Powder

Omo Baby Powder

Omo Active Clean PowderOmo Comfort

Brilhante Entusiasmo crystals

Brilhante white and colours

Surf Carinho do Branco

Omo Progress

170

130

90 100

60 85

118100

70

*Indexed per 100g