Unilever Global Strategy Council

Summit Recap

1.  Iden'fiedGrowthPriori'es2.  GrowthPriori'esTranslatedto

InvestmentPlans3.  RoleofM&AforFutureofUnilever4.  M&AGroupRecommenda'on&

Presenta'on

UnileverHighGrowthPriori'es

Deodorants,Skin,Hair

Savoury,IceCream,Tea

VitalitywithinFoods

HomeCare

Russia,China,andLocalaccess

Transla'ngGrowthPriori'esIntoInvestmentPlans

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CurrentInvestmentStatus

RoleofM&AforFutureUnileverGrowth

15

keybattlegrounds

defend andgrow profitably

generatecash

investto grow

Role of M&A

competitiveness

attractiveness

weak / contested clear leadership

highgrowth

lowergrowth

top prioritytransform market share

towards leadership

transform or dispose

augment share,extend strongholds,

exploit hotspots

Unify behind a shared view of the business and business model

Focus strategic choicesCompete to win in business of focus

Deliver superior value over sustained period of time

Build and sustain a portfolio of businesses that

! are more weighted to market leadership positions

! play in higher growth space

More value from the portfolio

Compe''veness

APrac'veness

GrowthPriori'essa'sfiedbyHain

Deodorants,Skin,Hair

Savoury,IceCream,Tea

VitalitywithinFoods

HomeCare

Russia,China,andLocalaccess

*ThecolorGREYrepresentsunsa'sfiedgrowthpriority

RoadMap

• CulturalFit/StrategicFit• Strategies• PostAcquisi'onValue• Offer• Logis'csofAcquisi'on

Cultural/StrategicFit

• Be(erFutureforOurChildren• HealthierFuture• MoreConfidentFuture• Be(erFutureforOurPlanet• Be(erFutureforFarming/Farmers

• HealthyProducts• HealthyPackaging• HealthyEnvironment• HealthyCommuniCes

Sustainability

• SustainableLivingPlan• CleanerPlanetTogetherIniCaCve• Fairtradevanillaandalmonds• Sustainableforestproject

• Reducedpackagingby5%• DecreasedCO2by492.2tons• AwardwinningBelgium,UK,Canadamanufacturingplants

SocialResponsibility

• Flora/Becelmargarine• VaselineSkinCareFoundaCon• Lifebuoysoap• Dove’sCampaignforRealBeauty• Safedrinkingwaterto500millionpeopleby2020• WorldFoodProgramme

• NaturalandOrganic• Over400glutenfreeproducts• Reducingcalories,fat,sodium,sugar• 97%productsnon‐GMOcerCfied• FeedtheChildren,SecondHarvest,BoweryMission

Strategies

1.  ExploitourcurrentglobalfootprinttoencourageexpansionofHainCeles'alintointerna'onalmarkets.

2.  Gainaddi'onal1%revenuegrowththroughincorpora'onofHainfoodandbeveragesegments.

3.  DiversifyUnileverproductporOoliothroughincorpora'onofnaturalandorganicpersonalcarelines.

4.  CreateHainadver'singprofileequivalenttorestofUnileverfamilyofbrands.

ExploitourGlobalFootprint

• Currently17.2%ofnetsalesareinUS• Expected7.03%posiCveincreaseUnileverUSsales

• 14%ofsalesinInternaConalmarket• Expected36%growthwithexpansionintoMiddleeast,Russia,Asia,Africa,India

GrowthinFoods&Beverages

• AccomplishourSustainabilityGoal• Tapintoorganicfoods,teamarket• Revenuegrowthincrease1%withacquisi'on

DiversifyPersonalCarePorOolio• AHainCeles'alstrength• Decreasecompe''oninU.S.• Unilevermen’spersonalcaregainingprominenceinU.S.• 0.5%increaseingrowthrate

ExpandHainAdver'singProfile

•  Necessary increase of Hain Celestial’s marketing budget •  Results in 2% increase in operating expenses •  Will stimulat future growth in brands of both companies

PostAcquisi'onValue

$25.00

$50.00

$75.00

$100.00

$125.00

$150.00

$175.00

$200.00

$225.00

$250.00

$275.00

EnteringValue GlobalFootprint Foods&Refreshments PersonalCare Marke'ng&Advert.Cost

TheOffer$3.62B

Stock$2.53B

Cash$1.09B

DisposiConofBoard/Employees

Togetherwecan…Enternewforeignmarkets

Strengthenourbrands

Con'nuetobesociallyresponsibleIncreaseourvalue

Discussion&Delibera'on

Appendices

AppendixA

2007 2008 2009 2010 2011 2012UN Growth Avg

HAIN Growth Avg

Revenue $53.45 $53.89 $52.96 $58.87 $61.81 $64.16

YOY Growth 1.01 0.98 1.11 1.05 1.04 1.04 1.08

Cost of Goods Sold (COGS) incl. D&A $27.53 $28.61 $27.60 $30.90 $37.40 $40.52YOY Growth 1.04 0.96 1.12 1.21 1.08 1.08 1.09

Operating Exp $16.93 $16.17 $16.17 $17.85 $13.86 $12.66YOY Growth 0.96 1.00 1.10 0.78 0.91 0.96 1.04

EBITDA $8.99 $9.11 $9.19 $10.12 $10.55 $10.98YOY Growth 1.01 1.01 1.10 1.04 1.04 1.04 1.14

2012 2013 2014 2015 2016 2017TV in Perpetuity

TV (Using Multiple)

Revenue $64.16 $66.60 $69.14 $71.77 $74.51 $77.35Growth 1.04

CGS $40.52 $43.90 $47.57 $51.54 $55.84 $60.50Growth 1.08Operating Exp $12.66 $12.13 $11.63 $11.16 $10.70 $10.26growth 0.96EBITDA $10.98 $10.57 $9.94 $9.08 $7.97 $6.59 $87.92 $89.51Realized Growth 0.96 0.94 0.91 0.88 0.83PVIF @ 7.5% 1.00 0.930 0.865 0.805 0.749 0.697 0.697 0.697

PV of Cash Flow $10.98 $9.83 $8.60 $7.31 $5.97 $4.59 $61.24 $62.35

DCF $97.55 $98.66

Unilever Stand-Alone DCF

Unilever Historical Growth Analysis

AppendixB

2012 2013 2014 2015 2016 2017TV in Perpetuity

Revenue $64.16 $68.61 $71.40 $74.30 $77.33 $80.47growth (anticipated) 1.04 1.07 1.04 1.04 1.04 1.04Revenue $64.16 $69.89 $74.13 $78.63 $83.40 $88.46growth (+2% over anticipated) 1.04 1.09 1.06 1.06 1.06 1.06Revenue $64.16 $67.33 $68.72 $70.14 $71.59 $73.07growth (-2% under anticipated) 1.04 1.05 1.02 1.02 1.02 1.02

CGS $40.52 $44.38 $48.08 $52.09 $56.44 $61.15growth (anticipated) 1.08 1.10 1.083 1.083 1.083 1.083Operating Exp $12.66 $12.13 $11.63 $11.16 $10.70 $10.26growth (anticipated) 0.96 0.96 0.96 0.96 0.96 0.96

EBITDA $10.98 $12.10 $11.69 $11.06 $10.19 $9.07 $120.90realized growth 1.10 0.97 0.95 0.92 0.89EBITDA $10.98 $13.38 $14.42 $15.38 $16.27 $17.06 $227.44realized growth 1.22 1.08 1.07 1.06 1.05EBITDA $10.98 $10.81 $9.00 $6.89 $4.45 $1.66 $22.19realized growth 0.98 0.83 0.77 0.65 0.37

PVIF @ 7.5% 1.00 0.930 0.865 0.805 0.749 0.697 0.697

PV of Cash Flow $10.98 $11.25 $10.11 $8.90 $7.63 $6.32 $84.26PV of Cash Flow $10.98 $12.44 $12.47 $12.38 $12.18 $11.89 $158.53PV of Cash Flow $10.98 $10.06 $7.79 $5.55 $3.34 $1.16 $15.47 Net Change

DCF $128.48 $30.93DCF $219.90 $122.36DCF $43.36 -$54.19

Unilever-Hain DCF (Projected growth through global expansion of all Hain product lines)

$1.88Revenue for 2013 includes annual data for UN with addition of projected Hain revenues:CGS reflects an initial increase of 36% in cost of goods sold within Hain segments as a result of expansion into UN Asia/AMET/RUB markets

Notes & Assumptions:

AppendixBRegion 2012 2013 2014 2015 2016 2017 AVG

Hain $0.99 $1.07 $1.16 $1.25 $1.35 $1.46growth 1.08 1.08 1.08 1.08 1.08 1.08UN $21.39 $22.20 $23.05 $23.92 $24.84 $25.78growth 1.04 1.038 1.038 1.038 1.038 1.038Net $22.38 $23.27 $24.20 $25.17 $26.19 $27.24growth 1.040 1.040 1.040 1.040 1.040 0.765

Hain $0.39 $0.42 $0.45 $0.49 $0.53 $0.57growth $1.08 $1.08 $1.08 $1.08 $1.08 $1.08UN $17.38 $18.05 $18.73 $19.45 $20.19 $20.96growth 1.04 1.038 1.038 1.038 1.038 1.038Net $17.77 $18.46 $19.18 $19.93 $20.71 $21.53grow 1.039 1.039 1.039 1.039 1.039 1.039

Hain $0.00 $0.54 $0.56 $0.58 $0.60 $0.63growth 1.04 1.04 1.04 1.04 1.04UN $25.51 $26.49 $27.49 $28.54 $29.63 $30.76growth 1.04 1.038 1.038 1.038 1.038 1.038Net $25.51 $27.02 $28.05 $29.12 $30.23 $31.38growth 1.059 1.038 1.038 1.038 1.038 1.042

$65.66 $68.76 $71.44 $74.23 $77.13 $80.151.047 1.039 1.039 1.039 1.039 1.041

$2.02growth 1.36

$66.73growth 1.00

UN total revenue 2013

Hain total revenue 2013

United States

Canada & Europe

Asia/AMET/RUB

Total revenueYOY growth

Revenue Growth by Geographic Region (with 36% expansion of Hain into Asia/AMET/RUB markets)

Asia/AMET/RUB 40% United States 72%

The Americas 33% United Kingdom 14%Europe 27% Canada & Europe 14%

Unilever % Sales by

LocationHain % Sales by Location in billions USD Hain UN Consolidated %of UN Sales

United States $0.99 $21.39 $22.38 34%United Kingdom $0.19Canada & Europe $0.19Asia/AMET/RUB $0.00 $25.51 $25.51 39%

Total $1.38 $64.28 $65.66

2012 Revenue by Geographic Location

$17.38 $17.77 27%

AppendixC

2012 2013 2014 2015 2016 2017TV in Perpetuity

Revenue $64.16 $67.87 $71.14 $74.56 $78.14 $81.90growth (anticipated) 1.04 1.048 1.048 1.048 1.048 1.048Revenue $64.16 $67.87 $72.49 $77.43 $82.70 $88.33growth (+2% over anticipated) 1.04 1.068 1.068 1.068 1.068 1.068Revenue $64.16 $67.87 $70.46 $73.14 $75.93 $78.82growth (no change over avg.) 1.04 1.038 1.038 1.038 1.038 1.038

CGS $40.52 $43.90 $47.57 $51.54 $55.84 $60.50growth (anticipated) 1.08 1.083 1.083 1.083 1.083 1.083Operating Exp $12.66 $11.56 $10.55 $9.64 $8.80 $8.04growth (anticipated) 0.91EBITDA $10.98 $12.41 $13.02 $13.38 $13.51 $13.37 $178.25realized growth 1.130 1.049 1.028 1.009 0.990EBITDA $10.98 $12.41 $14.37 $16.26 $18.07 $19.80 $264.02realized growth 1.130 1.158 1.131 1.111 1.096EBITDA $10.98 $12.41 $12.34 $11.97 $11.29 $10.29 $137.16realized growth 1.130 0.994 0.970 0.943 0.911PVIF @ 7.5% 1.00 0.930 0.865 0.805 0.749 0.697 0.697

PV of Cash Flow $10.98 $11.54 $11.26 $10.77 $10.12 $9.32 $124.24PV of Cash Flow $10.98 $11.54 $12.43 $13.09 $13.53 $13.80 $184.02PV of Cash Flow $10.98 $11.54 $10.67 $9.63 $8.46 $7.17 $95.60 Net Change

DCF $177.25 $79.71DCF $248.42 $150.87DCF $143.08 $45.54

Unilever-Hain DCF (with expansion of Foods & Refreshments Product Lines)

1.27

Notes & Assumptions:

Revenue for 2013 includes annual data for UN with addition of target product segments.

Anticipated growth rate reflects 1% growth over previous growth avg.

AppendixCUN Product

CategoryProduct / Growth by

Company2012 2013 2014 2015 2016 2017 AVG

Hain Grocery / Fresh Prod. $0.95 $1.03 $1.11 $1.20 $1.30 $1.40growth 1.08UN Foods $17.96 $18.65 $19.36 $20.10 $20.86 $21.66growth 1.04Net $18.92 $19.68 $20.47 $21.30 $22.16 $23.06YOY growth 1.040 1.040 1.040 1.040 1.041 1.040

Hain Tea / Snacks 0.32 0.34 0.37 0.40 0.43 0.47growth 1.08UN Refreshments 12.19 12.65 13.14 13.64 14.16 14.70growth 1.04Net 12.51 13.00 13.51 14.04 14.59 15.16growth 1.039 1.039 1.039 1.039 1.039 1.039

Hain Pers. Care $0.11 $0.12 $0.13 $0.14 $0.15 $0.16growth 1.08UN Pers. Care $22.46 $23.31 $24.20 $25.12 $26.08 $27.07growth 1.04Net $22.57 $23.43 $24.33 $25.26 $26.23 $27.23growth 1.038 1.038 1.038 1.038 1.038 1.038

UN Home Care 11.55 11.99 12.45 12.92 13.41 13.92growth 1.04

$65.54 $68.09 $70.75 $73.51 $76.39 $79.371.039 1.039 1.039 1.039 1.039 1.039

Refreshment

Personal Care

Home Care

Total RevenueYOY Growth

Growth by Product Category

Foods

Category % Sales Value Net Value Category % Sales ValueGrowth (in current

revenues)Grocery 68% $0.94Fresh Products 1% $0.01Tea 8% $0.11Snacks 15% $0.21Personal Care 8% $0.11 $0.11 Personal Care 35% $22.46 .05%

Home Care 18% $11.55

Total Revenue $1.38 Total Revenue $64.16

Revenue by Product Category

Unilever

$0.32

HAIN

5%

3%

Foods

Refreshment

28%

19%

$17.96

$12.19

$0.95

AppendixD

2012 2013 2014 2015 2016 2017TV in Perpetuity

Revenue $64.16 $66.71 $69.59 $72.59 $75.72 $78.98growth (anticipated) 1.04 1.043 1.043 1.043 1.043 1.043Revenue $64.16 $66.71 $70.92 $75.40 $80.15 $85.21growth (+2% over anticipated) 1.04 1.063 1.063 1.063 1.063 1.063Revenue $64.16 $66.71 $69.26 $71.89 $74.63 $77.47growth (-0.5% under anticipated) 1.04 1.038 1.038 1.038 1.038 1.038

CGS $40.52 $43.90 $47.57 $51.54 $55.84 $60.50growth (anticipated) 1.08Operating Exp $12.66 $12.13 $11.63 $11.16 $10.70 $10.26growth (anticipated) 0.96EBITDA $10.98 $10.68 $10.39 $9.90 $9.18 $8.23 $109.67realized growth 0.972 0.973 0.953 0.928 0.896EBITDA $10.98 $10.68 $11.72 $12.71 $13.62 $14.46 $192.79realized growth 0.972 1.098 1.084 1.072 1.062EBITDA $10.98 $10.68 $10.05 $9.20 $8.10 $6.72 $89.63realized growth 0.972 0.942 0.915 0.880 0.830PVIF @ 7.5% 1.00 0.930 0.865 0.805 0.749 0.697 0.697

PV of Cash Flow $10.98 $9.93 $8.99 $7.97 $6.88 $5.73 $76.44PV of Cash Flow $10.98 $9.93 $10.14 $10.23 $10.20 $10.08 $134.37

PV of Cash Flow $10.98 $9.93 $8.70 $7.41 $6.07 $4.69 $62.47 Net Change

DCF $115.93 $18.39DCF $184.95 $87.41DCF $99.25 $1.71

Unilever-Hain DCF (with expansion of Personal Care Product Lines)

0.11

Notes & Assumptions:

Revenue for 2013 includes annual data for UN with addition of target product segments

Anticipated growth rate reflects 0.5% growth over previous growth avg.

AppendixDUN Product

CategoryProduct / Growth by

Company2012 2013 2014 2015 2016 2017 AVG

Hain Grocery / Fresh Prod. $0.95 $1.03 $1.11 $1.20 $1.30 $1.40growth 1.08UN Foods $17.96 $18.65 $19.36 $20.10 $20.86 $21.66growth 1.04Net $18.92 $19.68 $20.47 $21.30 $22.16 $23.06YOY growth 1.040 1.040 1.040 1.040 1.041 1.040

Hain Tea / Snacks 0.32 0.34 0.37 0.40 0.43 0.47growth 1.08UN Refreshments 12.19 12.65 13.14 13.64 14.16 14.70growth 1.04Net 12.51 13.00 13.51 14.04 14.59 15.16growth 1.039 1.039 1.039 1.039 1.039 1.039

Hain Pers. Care $0.11 $0.12 $0.13 $0.14 $0.15 $0.16growth 1.08UN Pers. Care $22.46 $23.31 $24.20 $25.12 $26.08 $27.07growth 1.04Net $22.57 $23.43 $24.33 $25.26 $26.23 $27.23growth 1.038 1.038 1.038 1.038 1.038 1.038

UN Home Care 11.55 11.99 12.45 12.92 13.41 13.92growth 1.04

$65.54 $68.09 $70.75 $73.51 $76.39 $79.371.039 1.039 1.039 1.039 1.039 1.039

Refreshment

Personal Care

Home Care

Total RevenueYOY Growth

Growth by Product Category

Foods

Category % Sales Value Net Value Category % Sales ValueGrowth (in current

revenues)Grocery 68% $0.94Fresh Products 1% $0.01Tea 8% $0.11Snacks 15% $0.21Personal Care 8% $0.11 $0.11 Personal Care 35% $22.46 .05%

Home Care 18% $11.55

Total Revenue $1.38 Total Revenue $64.16

Revenue by Product Category

Unilever

$0.32

HAIN

5%

3%

Foods

Refreshment

28%

19%

$17.96

$12.19

$0.95

AppendixE

2012 2013 2014 2015 2016 2017TV in Perpetuity

Revenue $64.16 $66.60 $69.14 $71.77 $74.51 $77.35Growth 1.04CGS $40.52 $43.90 $47.57 $51.54 $55.84 $60.50Growth 1.08Operating Exp $12.66 $12.35 $11.84 $11.36 $10.89 $10.44intended growth 0.96 0.98 0.96 0.96 0.96 0.96Operating Exp $12.66 $12.28 $11.77 $11.29 $10.82 $10.38limited growth 0.96 0.97 0.96 0.96 0.96 0.96Operating Exp $12.66 $12.66 $12.13 $11.63 $11.16 $10.70aggressive growth 0.96 1.00 0.96 0.96 0.96 0.96EBITDA $10.98 $10.35 $9.73 $8.88 $7.78 $6.41 $85.45Realized Growth 0.94 0.94 0.91 0.88 0.82EBITDA $10.98 $10.43 $9.80 $8.95 $7.85 $6.47 $86.32Realized Growth 0.95 0.94 0.91 0.88 0.82EBITDA $10.98 $10.05 $9.44 $8.60 $7.52 $6.15 $82.04Realized Growth 0.91 0.94 0.91 0.87 0.82PVIF @ 7.5% 1.00 0.930 0.865 0.805 0.749 0.697 0.697

PV of Cash Flow $10.98 $9.63 $8.42 $7.15 $5.83 $4.46 $59.52PV of Cash Flow $10.98 $9.70 $8.48 $7.21 $5.88 $4.51 $60.13

PV of Cash Flow $10.98 $9.34 $8.17 $6.93 $5.63 $4.29 $57.15 Net Change

DCF $95.01 -$2.54DCF $95.90 -$1.64DCF $91.50 -$6.04

Unilever-Hain DCF (with Cost Synergy for growth in Operating Expenses)

Increase in marketing and advertising budgets for Hain subsidiaries will represent a 2% growth in

Unilever Operating Expenses (Increase from 4% to 15.9% of total sales from Hain)

Notes & Assumptions:

AppendixF

$97.55 Adjusted for Hain % Change

Best Case $219.90 $218.02 2.235Anticipated $128.48 $126.60 1.298

Worst Case $43.36 $41.48 0.425Best Case $248.42 $247.15 2.534Anticipated $177.25 $175.98 1.804Worst Case $143.08 $141.81 1.454Best Case $184.95 $184.84 1.895Anticipated $115.93 $115.82 1.187Worst Case $99.25 $99.14 1.016Best Case $95.90 $95.90 0.983Anticipated $95.01 $95.01 0.974

Worst Case $91.50 $91.50 0.938

$128.35Consolidated Value of Synergies

Summary of Value of Synergies

Entering Value

Global Footprint

Expansion of Foods & Refreshments

Expansion of Personal Care

Cost Associated with Expansion of Hain Marketing & Advertising

$97.55$30.81$128.35$3.278$2.75 $3.62

Cash $1.09Stock $2.53

Cash & Equivalents On HandCurrent Value of HainOffer Price

Structure

Final Valuation & OfferCurrent Value of UnileverValue Added Through AcquisitionPost-Acquisition Value

All values in billions USD 1 EUR = 1.33 USD

EBITDA Multiple (HAIN): 13.1WACC* for HAIN: 7%Given Value of HAIN: $2.75 EBITDA Multiple (UN): 13.575WACC* for UN: 7.50%Current Value of UN: $97.55Assessed Value of UN: $128.35HAIN Relative Size 3%*From wikiwealth.com

Notes & Assumptions: