Unilever First Half 2018 Results Paul Polman / Graeme Pitkethly 19th July 2018

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Paul Polman

First half 2018: Strong volumes, high-quality margin Earnings Cash Growth Margin exc. spreads Progressively getting the benefits from Connected 4 Growth Underlying Sales Growth exc. spreads +2.7% +2.5% Underlying Volume Growth Underlying Operating Margin +80 bps +60 bps Gross Margin Free Cash Flow €1.8 bn +€0.4 bn vs. H1 2017 Underlying current EPS +7.8% +18.6% Underlying constant EPS

Good progress on our 2020 programme • Food & Refreshment integrated, 3 Divisions • On track for 20% Underlying Operating Margin by 2020 Net debt / EBITDA raised and expected to stay at 2x • Increased leverage & returns •Completed 2017 SBB & launched 2018 SBB to return spreads proceeds Simpler capital structure • Bought-out the preference shares • Simplification of our Legal structure by year end Faster portfolio evolution • Accelerated M&A – 24 acquisitions since January 2015 • Completed the disposal of spreads Accelerated margin progression • Savings programmes ZBB and 5S – on track for €6 billion by 2019 Simpler, faster organisation • Country Category Business Teams fully in place

Some challenging markets Market growth Short-term disruptions Emerging Market GDP Source: Oxford Economics Source: Nielsen, adjusted for e-commerce 201818 vs. 17 India7.5% Brazil1.6% Indonesia5.1% Market value 3% 1% Market volume

Encouraging step-up in volume growth Underlying Sales Growth exc. spreads Pricing muted, as expected: o Low commodity inflation o Goods and Services Tax in India o Deflation in Brazil Volume step-up despite: oBrazil truckers strike oChallenging market conditions in Indonesia & France USG5.4%3.2%3.4%3.5%2.7% UPG UVG (0.1)% H 1 ' 1 6H 2 ' 1 6H 1 ' 1 7H 2 ' 1 7H 1 ' 1 8 2.6% 1.7% 0.2% 3.1% 3.2% 2.8% 2.5% 1.8%

Broad-based growth and margins Beauty & Personal Care Home Care Food & Refreshment Underlying Sales Growth exc. spreads +2.4% +100 bps Underlying Operating Margin Underlying Sales Growth +3.5% +60 bps Underlying Operating Margin Underlying Sales Growth +2.7% +70 bps Underlying Operating Margin

Graeme Pitkethly

Asia / AMET / RUB First half Quarterly trend USG 6.9%4.3%6.0%6.5%5.9%6.3% UPG UVG Q 1 ' 1 7Q 2 ' 1 7Q 3 ' 1 7Q 4 ' 1 7Q 1 ' 1 8Q 2 ' 1 8 TO €11.7bn USG6.1% UVG 5.1%

Latin America First half Quarterly trend TO €3.5bn USG-2.6% UVG -2.1% USG3.5%6.3%6.6%4.6%2.2%(6.9)% UPG UVG Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18

North America First half Quarterly trend Underlying Sales Growth exc. spreads TO €4.3bn USG0.9% UVG 1.1% USG(0.1)%1.8%(2.8)%2.8%3.1%(1.0)% UPG UVG Q 1 ' 1 7Q 2 ' 1 7Q 3 ' 1 7Q 4 ' 1 7Q 1 ' 1 8Q 2 ' 1 8

Europe First half Quarterly trend Underlying Sales Growth exc. spreads TO €5.8bn USG0.6% UVG 1.1% USG(1.0)%1.0%(1.5)%0.3%1.6%1.1% UPG UVG Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18

First Half 2018: Turnover (0.2)% H1 2017 UVG UPG SPREADS M&A FX H1 2018 €27.7bn €26.4bn (8.9%) 1.9% USG ex-Spreads +2.7% 0.2% 2.5%

First Half 2018: High-quality margin delivery H1 2017 Gross Margin Brand & Marketing Investment Overheads H1 2018 18.6% 17.8% + 80 bps +60 bps (20) bps +40 bps

First Half 2018: Underlying Earnings Per Share 0.5% (0.1)% JVs, NCI & Minority Interest Operational performance Share Buyback Financing & Pensions H1 2017 Tax Currency H1 2018 €1.22 €1.13 Underlying EPS +7.8% in current rates 10.8% 4.6% (10.8%) 2.8%

Cash flow & balance sheet Free cash flow Pension deficit Net debt € billion 1.8 +0.4 vs. H1’17 € billion Dec-17Jun-18 0.3 0.6 € billion Dec-17Jun-18 20.3 24.8

Paul Polman

Innovation driving our growth Grow our core Meet key trends

An M&A model that allows us to pivot our portfolio faster 24 deals since January 2015 By 2019 these add: €3.5bn more turnover • €3bn HPC • €2bn in premium positions • €1.5bn emerging markets • €1bn e-commerce Primarily in Personal Care Prestige Premium price brands in mass New channels Naturals Disposal of Ades and spreads

Embracing digital in everything we do Robotic process automation Data-driven marketing Artificial Intelligence released 250 Processes automated 120k Hours Chatbots Virtual assistants Data Content Technology Conversations

Simplify our historic dual-headed structure Legal structure change Rationale 55%* incorporated incorporated incorporated *Percentage of the Group’s combined ordinary share capital, calculated by reference to the total number of issued ordinary shares of NV and PLC (excluding treasury shares) as at 31 December 2017 Moving to an orthodox single-parent structure Netherlands UK45%*Netherlands PLC New NV NV •Simplification •Greater flexibility for strategic portfolio change •Stronger corporate governance

Graeme Pitkethly

Continuing with core corporate governance features * including related party and material transaction safeguards **implemented at 2018 AGMs for both NV and PLC Current practice for NV and PLC Continue in New NV Applying both UK and Dutch Corporate Governance Codes Applying UK, Dutch and US listing rules* Annual re-election of directors incl. CEO Separate Chairman and CEO One-tier Board with diverse experiences 5%+5% non-pre-emption rights** Binding vote on Directors’ Remuneration Policy at least every three years Advisory vote on Directors’ Remuneration Report every year

And further strengthening our corporate governance * Cancellation of NV preference shares upon Simplification; **Closure of NV Trust Office subject to approval from trustees; *** In the case of an AGM; ****Some amendments require class meetings Current practice for NV and PLC New NV corporate governance Voting rights Shareholders of PLC vote independently from NV One constituency: One share, one vote principle Classes of shares • NV shares; NV preference shares with high-voting rights • PLC shares A single class of shares*, one global pool of liquidity No preference shares* • Trust Office • Depositary receipt structure Trust Office issues depositary receipts in exchange for NV shares; Trust Office held 77% of NV shares at 31/12/17 and represented 33% of votes at 2017 NV AGM None (as Trust Office and depositary receipt structure will be terminated)** Convene a general meeting • NV: District court at request of shareholders holding > 10% of issued capital • PLC: Shareholders holding > 5% of issued capital Shareholders with > 3% of issued capital can require a general meeting to be convened within 8 weeks • Nominate/propose removal of director • Table resolution • NV: Shareholders holding > 1% of issued capital • PLC: Shareholders holding > 5% of issued capital; or 100 shareholders each holding ca. 3,200 shares*** Shareholders holding > 3% of issued capital Amending Articles of Association • NV: >50% of votes cast at general meeting****, at proposal of the Board • PLC: >75% of votes cast at general meeting, at proposal of the Board or Shareholders >75% of votes cast at general meeting, at proposal of the Board or Shareholders • Disapplication of pre-emption rights • Share buy-back authority • Capital reduction • NV: >50% of votes cast at general meeting • PLC: >75% of votes cast at general meeting >75% of votes cast at general meeting

Timeline Engagement with shareholders, index oviders, proxy agencies on proposal Early Sept 18 – Documentation sent to shareholders at least 6 weeks before EGMs 25/26 Oct 18 – GMs, shareholder votes Around end Q4 18 – Anticipated implementation 15 March 18 announcement of proposal pr

Paul Polman

2018: Full year outlook unchanged  Underlying Sales Growth in the 3-5% range  Underlying Operating Margin: continued progress to 20%  Strong cash flow

Unilever First Half 2018 Results Paul Polman / Graeme Pitkethly 19th July 2018