Patrick CescauGroup Chief Executive

John RothenbergSVP Investor Relations

2nd August 2007

UnileverQ2 and First Half 2007 Results

Agenda

• 2007 business performance• First half and second quarter results• Full year outlook

• Accelerating change• Innovation• Shaping the portfolio• Margin improvement

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, including financial objectives to 2010, 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

Highlights – first half year

• Sustained sales growth and underlying improvement

in operating margin

• Broad-based growth across all regions and categories

• Better innovation and in-market execution

• Personal Care, D&E and Vitality driving performance

• Positive margin development despite cost pressures

Strong organic growth

(3.4)%(2.3)%Currency effect

(0.8)%(0.7)%Acquisitions and disposals

4.6%4.5%Volume

1.1%1.3%Price

5.8%

1.3%

€20.1bn

H1

5.8%Underlying sales growth

2.6%Change

€10.5bnTurnover

Q2

Consistent growth

* days adjusted

Underlying sales growth

Annualised growth rate

0%

1%

2%

3%

4%

5%

6%

7%

Q1 2

005*

Q2 2

005

Q3 2

005

Q4 2

005*

Q1 2

006

Q2 2

006

Q3 2

006

Q4 2

006

Q1 2

007

Q2 2

007

Good growth in all regions

34%

38%

28%

AmericasH1 USG +4.9%

EuropeH1 USG +2.6%

Asia/AfricaH1 USG +11.3%

Innovation driving category growth

34%

20%

28%

18%

Savoury, Dressings and Spreads

H1 USG +3.8%

Ice Cream and Beverages

H1 USG +5.9%

Home Care H1 USG +5.9%

Personal Care H1 USG +7.9%

Savoury, Dressings and Spreads

H1 USG +3.8%

Ice Cream and Beverages

H1 USG +5.9%

Home Care

H1 USG +5.9%

Personal Care

H1 USG +7.9%US

Underlying operating margin improvement in first half

(1.0)%(1.0)%-Including RDIs

0.0%A&PKey drivers:

0.3%Change before these items

2.0%Savings(1.7)%Cost/price/mix

(0.7)%13.7%14.4%Operating margin

Change20072006

Improvement sustained in Q2

(0.5)%(1.1)%(0.6)%Including RDIs

(0.1)%A&PKey drivers:

0.2%Change before these items

2.1%Savings(1.8)%Cost/price/mix

(0.3)%13.7%14.0%Operating margin

Change20072006

Mitigating the impact of rising commodity costs

140160150

10080

0

20

40

60

80

100

120

140

160

180

2003 2004 2005 2006 H1 2007

bps

Commodity cost impact on margin

Actions taken

• Price increases• Reformulation• Hedging• Buying savings

2007 outlook ≥160 bps

Drivers of EPS growth - First half

%

Underlying sales growth 6

Currency and disposals (5)

Operating margin pre-RDIs 2

RDIs* (6)

(3)

(1)Discontinued operations

10EPS from continuing operations

3Associates and non-current investments

1JVs

6Tax rate

9EPS

3Finance costs

(3)Operating profit

%

*restructuring, disposals and impairments

Balance sheet and cash flow

• Net debt €8.8bn

• Share buy-back: €700m repurchased to end June

• Pension liability reduced to €1.2bn

• Cashflow from operating activities €1.7bn

2007 outlook

• USG at upper end of 3-5% range

• Underlying improvement in operating margin

• Accelerated restructuring: €700m to €1bn

• Possible disposal gains in H2

Accelerating changeAccelerating change

Progress to date

• Growth consistently in 3-5% range

• Market share gains in priority areas

• Underlying improvement in 2007 operating margin

• Continued strong cash flow generation

Building on existing programmes

• ‘One Unilever’• c. €1bn p.a. savings during 2008

• Shared services/ outsourcing• Covering Finance, I.T., H.R : complete 2007-09

• Global buying• Savings averaging c. €400m p.a. 2005-07

• Strengthened Marketing & Customer Management• Programme roll-out 2006-08

Supported by ‘normal’ restructuring to deliver:• USG in 3-5% range• 2010 operating margin > 15%

Building on our growth agenda

• Growth remains our number one priority• Competitive• Profitable• Consistent

• Reinforced by steps to accelerate performance• Raising the bar for innovation• More aggressive shaping of our portfolio• Cost and asset reduction to further enhance margin

A platform for faster change

• Growth strategy• Clear choices – where to build and where to exit

• Global Categories• Improved innovation, ROI and reduce supply chain

complexity

• One Unilever• Access to further simplification and cost reduction

Innovation

• Increasingly global platforms• Simpler interface between categories and operations• Better technology

Applying global concepts to local markets

Shaping our portfolio

• Organic portfolio development• Focusing resources in high potential areas

• Acquisitions• In priority areas - Personal Care, D&E, Vitality

• Disposals• In less attractive market positions

• Brands that do not benefit from global leverage and are no longer essential to ‘go to market’ operations

Building leadership positions and high growth spaces

Disposal of non-strategic assets

€2.3bn of turnover disposed 2005-06

2005Unilever Cosmetics International

Frozen pizzas (Europe)Cooking oils

(UK, Ireland, South Africa)Karo corn syrup (Mexico)

2006European Frozen Food

Mora frozen snacks (Netherlands)

Finesse and Aquanet hair brands (US, Canada)

Plantations (India)

Realising value through disposals

• Over €2bn of turnover earmarked for disposal• Includes €0.8bn North America Laundry

• Mostly outright disposals, but other routes to value release also possible

• Impact on USG: +40bps

• Impact on operating margin: broadly neutral

North America Laundry

• Unilever North America Laundry business -profitable but not growing

• Recent developments in US Laundry market favour consolidation and make our business an attractive asset

• Does not compromise our scale in North America or Unilever’s global ambitions in laundry

Margin improvement

• Simplification - Multi-country organisations

• Further overhead savings

• Supply chain efficiency and responsiveness

Multi-country organisations

Unilever Netherlands€1.1bn

Dedicated ManagementTeam

Unilever Belgium€500m

Dedicated ManagementTeam

Unilever Benelux€1.6bn

Single Management Team

Example - Unilever Benelux Savings c €50m

Streamlined structures

• From c.100 countries x 20 categories

• To c.25 MCOs x 10 categories

• Fewer interfaces between categories and operations

• Less regional management infrastructure

Simplification of the country/category matrix

Overhead reduction – beyond One Unilever

• The UK:• 50% reduction in top management (c. 40 roles)• c. 350 roles administrative roles in total• Up to €70m p.a. of overheads savings identified

• Italy:• Sales and Admin from 1500 FTE’s (‘06) to 900 (’08)

Supply chain efficiency and responsiveness

• From 1999-2006:• 600bps reduction in fixed assets as % of turnover• 100+ sites closed or sold• Cap ex held between 2–2.5 %T/O

• Future plans:• 50-60 sites closed or streamlined• Significant rationalisation of distribution networks• Investment in a more flexible, customer responsive

supply chain

Benefits

• Aggregate savings c. €1.5bn p.a. by exit 2010

• Savings invested behind brands and accelerated margin improvement

Accelerated restructuring

% s

pend

Europe

ROW

Overheads

Supply Chain

Cash

NonCash

Growth and margins

• 3-5% USG• Growth ahead of our markets• Portfolio growth potential improving over time

• Accelerated improvement in operating margin• To exceed existing target of >15% by 2010