Presentation to Unilever APF Trustee Board Sagar Padhiar 17th April 2018

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(the “Proposed Merger”) and the Simplification. The final prospectus will be delivered to the security holders of Unilever N.V.. New NV also expects to issue ordinary shares to security holders of Unilever PLC pursuant to a UK scheme of arrangement (the “Proposed Scheme”) in reliance upon the exemption from the registration requirements of the US Securities Act provided by section 3(a)(10) for which it will not file a registration statement. Unilever PLC intends to send or otherwise disseminate a scheme circular and other relevant documents relating to the Proposed Scheme and Simplification to security holders of Unilever PLC. The release, publication or distribution of this document in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this document is released, published or distributed should inform themselves about and observe such restrictions. SHAREHOLDERS AND SECURITY HOLDERS OF UNILEVER N.V. 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Building the Unilever of the Future 3

Recent major changes in Unilever 2005 2011 2014 2016 One Unilever 8 Clusters, 4 Categories Category Focus Connected 4 Growth Country Category Business Teams Consolidating companies into one entity at local level Optimising the Category and go-to-market organisation Sharpening strategies at global Category level with dedicated capabilities Driving further speed and agility with seamless country connectivity 4

The next steps in continuous transformation Three empowered Divisions driving performance Simplification of corporate structure Beauty & Personal Care Home Care Foods & Refreshment London London Rotterdam • • Direct connectivity to key markets Small corporate centre • • Greater flexibility for strategic portfolio change Stronger corporate governance 5 A simpler organisation, balancing scale and agility PLC New NV NV

Three empowered Divisions equipped to drive performance Beauty & Personal Care Home Care Foods & Refreshment €21 bn €11 bn €20 bn* Brand, channel, innovation and portfolio strategy In-year performance management Consumer insight, R&D, advertising Set geography growth and profit targets Supply chain investment Allocate resources dynamically in-year *excluding Spreads 6

Stronger corporate governance Improvements Continue Cancellation of high-voting preference shares UK & Dutch governance codes Closure NV Trust Office* and termination depositary receipt structure UK, Dutch, US listing rules Implement 5%+5% non pre-emption rights Annual re-election of directors incl. CEO ‘One share, one vote’ principle first time in Unilever’s history Separate Chairman and CEO Increased simplicity upon removal of detailed equalisation agreements Board with diverse experiences * Subject to approval from trustees 7

How simplification will be achieved Current Proposed New NV One new ordinary share, in New NV, for all existing NV and PLC shareholders Market Cap 100% Amsterdam London New York Euro Sterling Dollar Dutch UK This will occur via: • • A UK scheme of arrangement for PLC A Dutch statutory merger for NV No changes to Unilever’s strategy, 2020 financial goals and Board of Unilever governance 8 NVPLC Listings Dividends Corporate 55%45% Amsterdam London New YorkNew York Euro Sterling Dollar Dollar DutchUK

Indicative timeline month implementation period 9 Q3 ‘18 – Circulars sent to shareholders EGMs, shareholder votes – PLC and NV AGMs Min 6 End Q4 ’18 – Anticipated implementation March ‘18 announcement of proposal May ‘18

The next steps in the transformation Simpler  Increased strategic flexibility  Stronger corporate governance Stronger performance  10

Business performance

2017: Good all-round performance Earnings Underlying current EPS Cash Free Cash Flow Growth Underlying Sales Growth exc. spreads Margin Underlying Operating Margin +110 bps +3.5% +11% €5.4 bn +€0.6 bn +1.0% +40 bps €2.24 Underlying Volume Growth exc. spreads Gross Margin

New sources of growth New consumer trends New channels New markets demographics Iran Cuba Myanmar Ethiopia Plenty of opportunity Digital Changing Purpose-led consumers Authentic, natural & free-from Health & Beauty Experience stores Direct to consumer E-commerce

Connected 4 Growth: delivering bigger, better, faster innovation More benefits More relevant More channel focus Amazon bundles Magnum pints Lever Ayush Lifebuoy silver CIF duo Pure-leaf pop-up

C4G: shifting our portfolio towards higher growth segments By 2019 these add: 21 deals since January 2015 Primarily in Personal Care €3.5bn more turnover Prestige €3bn HPC • Premium price brands in mass • €2bn in premium positions New channels • €1.5bn emerging markets Naturals • €1bn e-commerce Disposal of Ades and spreads 2015-2017 A&D will add around 1% to USG, by 2019

2017: Broad-based category growth & margin improvement Personal Care USG Home Care USG Food USG exc. spreads Refreshment USG 4.9% 4.4% 2.9% 2.2% +110bps +60bps +160bps + +130bps UOM UOM inc. spreads Spreads USG (2.4)% UOM UOM

Full year 2017 turnover 2016 Turnover UVG UPG Spreads M&A FX 2017 Turnover exc. Spreadsexc. Spreads €53.7bn €52.7bn (2.1)% 0.9% USG +3.1% 1.0% 2.4% (0.4)%

2017: Underlying Operating Margin up 110bps to 17.5% >€2 bn total savings Drivers of underlying operating margin • • 5S well underway Reinvesting in competitiveness Gross Margin +40bps • • • Spend maintained in local currency Media & in-store spend up ca. €250m Reinvesting in brand awareness +60bps B&MI • • C4G organisation fully in place Reinvesting in capability +10bps Overheads More than two thirds of savings reinvested

Cash and Balance sheet Free cash flow €5.4bn ROIC 19.2% 19.2% 2016 2017 UOP Goodwill 2016 2017 Net debt €20.3bn Pension deficit 2016 2017 €3.2bn 2016 2017 Net debt/EBITDA: 1.9x at year end €0.6bn €12.6bn €4.8bn

2018 priorities  Complete the integration of Foods & Refreshment  Exit spreads and restructure stranded fixed costs  Stepped up innovation and execution enabled by C4G Continued focus on non-value added costs   Deliver against acquisition business cases Prepare for the next stage in our evolution

2018 outlook  Underlying sales growth in the 3-5% range Ahead of market Greater contribution from volume Lower price growth early in the year • • •  Underlying Operating Margin: continued progress to 20% • • • Continued benefit from savings programmes Stepped-up restructuring – spreads stranded costs and F&R integration Competitive B&MI spend with a step-up in the first half  Strong cash flow • On track for 100% cash conversion by 2020