# EDGAR Filing Document

**Accession Number:** 0000217410
**File Stem:** 0000217410-26-000007
**Filing Date:** 2026-3
**Character Count:** 2757023
**Document Hash:** 9ac2770be59e792cc69a2a8c1527380f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000217410-26-000007.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0000217410-26-000007

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 448

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNILEVER PLC
- **CENTRAL INDEX KEY:** 0000217410
- **STANDARD INDUSTRIAL CLASSIFICATION:** SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04546
- **FILM NUMBER:** 26746415

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNILEVER HOUSE
- **STREET 2:** 100 VICTORIA EMBANKMENT
- **CITY:** LONDON
- **NON US STATE TERRITORY:** ENGLAND
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC4Y 0DY
- **BUSINESS PHONE:** 447557030211

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNILEVER HOUSE
- **STREET 2:** 100 VICTORIA EMBANKMENT
- **CITY:** LONDON
- **NON US STATE TERRITORY:** ENGLAND
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC4Y 0DY

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNILEVER LTD
- **DATE OF NAME CHANGE:** 19820429

?xml version='1.0' encoding='ASCII'? ul-20251231

![Unilever Logo - Script - Blue.jpg](ul-20251231_g1.jpg)

**Disclaimer**

This is a PDF version of the Annual Report on Form 20-F 2025 and is an exact copy of the

document filed with the SEC at www.sec.gov.

The Annual Report and Accounts 2025 was also filed with the National Storage Mechanism and

the Dutch Authority for the Financial Markets in European Single Electronic Format, including a

human-readable XHTML version of the Annual Report and Accounts 2025 (the ESEF Format).

The Annual Report and Accounts 2025 in ESEF Format is also available on Unilever's website at

www.unilever.com. Only the Annual Report and Accounts 2025 in ESEF Format is the official

version of the annual report for purposes of the ESEF Regulation.

Certain sections of the Annual Report on Form 20-F 2025 have been audited. These are on

pages 128 to 183.

The maintenance and integrity of the Unilever website is the responsibility of Unilever PLC; the

work carried out by the auditors does not involve consideration of these matters. Accordingly, the

auditors accept no responsibility for any changes that may have occurred to the financial

statements since they were initially placed on the website.

Legislation in the United Kingdom governing the preparation and dissemination of financial

statements may differ from legislation in other jurisdictions. Except where you are a shareholder,

this material is provided for information purposes only and is not, in particular, intended to confer

any legal rights on you.

This Annual Report on Form 20-F does not constitute an invitation to invest in Unilever shares.

Any decisions you make in reliance on this information are solely your responsibility.

The information is given as of the dates specified, is not updated, and any forward-looking

statements are made subject to the reservations specified in the cautionary statement on the

inside back cover of the Annual Report on Form 20-F 2025.

Unilever accepts no responsibility for any information on other websites that may be accessed

from this site by hyperlinks.

![20-F Cover_2025_ AW .jpg](ul-20251231_g2.jpg)

**Desire**

**at Scale**

Unilever Annual Report

on Form 20-F 2025

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F**

---

| | |
|:---|:---|
| **☐** | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| **☒** | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT** <br>**OF 1934** |
| **FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** | **FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** |
| **OR** | **OR** |
| **☐** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** <br>**ACT OF 1934** |
| **OR** | **OR** |
| **☐** | **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** <br>**EXCHANGE ACT OF 1934** |

---

**Commission file number 001-04546**

**UNILEVER PLC**

(Exact name of Registrant as specified in its charter)

**ENGLAND**<br>

(Jurisdiction of incorporation or organization)

**100 Victoria Embankment, London EC4Y 0DY, England**

(Address of principal executive offices)

**Prakash Kakkad, Chief Legal Officer and Group Company Secretary**

**Tel: +44 7979 968531, Email: prakash.kakkad@unilever.com**

**100 Victoria Embankment, London EC4Y 0DY, UK**

(Name, Telephone Number, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading** <br>**Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary shares, nominal value of 3 <sup>1</sup>/2 pence per share | ULVR | New York Stock Exchange\* |
| American Depositary Shares (evidenced by Depositary Receipts) each <br>representing one ordinary share of the nominal amount of 3 <sup>1</sup>/2 pence <br>each | UL | New York Stock Exchange |

---

\*Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and

Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

---

| |
|:---|
| **Title of each class** |
| 2.0% Notes due 2026<br>7.250% Notes due 2026<br>2.9% Notes due 2027<br>4.25% Notes due 2027<br>3.5% Notes due 2028 <br>4.875% Notes due 2028<br>6.625% Notes due 2028<br>2.125% Notes due 2029<br>1.375% Notes due 2030<br>4.75% Notes due 2031<br>1.750% Notes due 2031<br>5.9% Notes due 2032<br>5.0% Notes due 2033<br>4.625% Notes due 2034<br>4.824% Notes due 2035<br>2.625% Notes due 2051<br>5.600% Notes due 2097 |

---

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the

annual report.

**The total number of outstanding shares of the issuer's capital stock at the close of the period covered by the annual report was:** 

**2,181,005,247.**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

Yes **☒** No **☐**

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934:

Yes **☐** No **☒**

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act

of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject

to such filing requirements for the past 90 days.

Yes **☒** No**☐**

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule

405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit such files).

Yes **☒** No **☐**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth

company. See definition of "large accelerated filer," accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer **☒** Accelerated filer **☐** Non-accelerated filer **☐** Emerging Growth Company **☐**

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has

elected not to use the extended transition period for complying with any new or revised financial accounting standards\* provided pursuant to

Section 13(a) of the Exchange Act. **☐**

\*The term ''new or revised financial accounting standard'' refers to any update issued by the Financial Accounting Standards Board to its

Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its

internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting

firm that prepared or issued its audit report. **☒**

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included

in the filing reflect the correction of an error to previously issued financial statements. **☐** 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). **☐**

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| U.S. GAAP **☐**  | International Financial Reporting Standards <br>as issued by the International Accounting Standards Board **☒** <br>| Other **☐** |

---

If 'Other' has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has

elected to follow. Item 17 **☐** Item 18 **☐**

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes **☐** No **☒** 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the

Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes **☐** No **☐**

**Cautionary Statement**

This document may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation

Reform Act of 1995, concerning the financial condition, results of operations and businesses of the Unilever Group (the 'Group'). All statements other than statements

of historical fact are, or may deemed to be, forward-looking statements. Words such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision',

'ambition', 'target', 'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives', 'outlook', 'probably', 'project', 'risk', 'seek', 'continue', 'projected', 'estimate',

'achieve' 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. Forward-looking statements also include, but are not limited to, statements and information regarding the Group's emissions reduction and other

sustainability-related targets and other climate and sustainability matters (including actions, potential impacts and risks and opportunities associated therewith), the

Group's ability to rewire our organisation for AI and the digital world, to deliver profit growth in line with our top-third total shareholder return ambition, to respond to

channel shifts and pricing and other competitive pressures, and to maintain effectiveness of our cash management programmes and our liquidity, our plans

with respect to the retained TMICC stake, the Group's ability to focus on building Desire at Scale and Play to Win culture. Forward-looking statements can be made in

writing but also may be made verbally by directors, officers and employees of the Group (including during management presentations) in connection with this

document. 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 or outcomes. All forward-looking statements contained in this document are

expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking

statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group's control, there are

important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and

uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in

this document are: Unilever's global brands not meeting consumer preferences; Unilever's ability to innovate and remain competitive; Unilever's investment choices

in its portfolio management; the effect of climate change on Unilever's business; Unilever's ability to find sustainable solutions to its plastic packaging; significant

changes or deterioration in customer relationships; the recruitment and retention of talented employees; disruptions in Unilever's supply chain and distribution;

increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of

acquisitions, divestitures and business transformation projects; economic and financial risks; social and political risks and natural disasters; failure to meet high

and ethical standards; and managing regulatory, legal matters and practices with regard to the interpretation and application thereof and emerging and developing

ESG reporting standards, including differences in implementation of climate and sustainability policies in the regions where the Group operates. Also see 'Our

Principal Risks' on pages 31 to 37 for additional risks and further discussion.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently

available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many

possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary

materially from those expressed in our forward-looking statements.

The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims

any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's

expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over

time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the

extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In preparing

the sustainability and climate-related information in this document, Unilever has made a number of key judgements, estimations and assumptions. Sustainability and

climate data, models and methodologies are often rapidly evolving and are not of the same accuracy as those available in the context of other financial information.

There may also be challenges in relation to availability of sustainability and climate-related data and potential inconsistencies. This means that sustainability and

climate-related forward-looking statements can be subject to more uncertainty than other types of statements and therefore our actual results and developments

could differ from those expressed or implied in the sustainability and climate-related forward-looking statements in this document.

This document also contains data on the Group's Scope 1, 2 and 3 emissions. Some of this data is based on estimates, assumptions and uncertainties. Scope 1 and

2 emissions data relates to emissions from the Group's own activities and supplied heat, power and cooling, and is generally easier for the Group to gather than

Scope 3 emissions data. Scope 3 emissions relate to other organisations' emissions and is therefore subject to a range of additional uncertainties, including that: data

used to model lifecycle footprints is typically industry-standard data or estimates rather than relating to individual suppliers; and lifecycle models, such as the Group's,

cover many but not all products and markets. In addition, international standards and protocols relating to Scope 1, 2 and 3 emissions calculations and

categorisations also continue to evolve, as do accepted norms regarding terminology, such as carbon neutral and net zero, which may affect the emissions data the

Group reports. As Scope 3 emissions data improves, shifting over time from generic modelled data to more specific data, the data reported in this document is likely

to evolve. We will continue to review and develop our approach to emissions data in line with evolving market approaches and standards.

Throughout this report, we include non-GAAP financial measures to explain the performance of our business, including underlying sales growth, underlying volume

growth, underlying price growth, non-underlying items, underlying operating profit, underlying operating margin, underlying earnings per share, underlying effective

tax rate, constant underlying earnings per share, free cash flow, cash conversion, underlying return on assets, net debt and underlying return on invested capital.

Such non-GAAP financial measures are defined in 'Additional financial disclosures' and a reconciliation of these measures to their most directly comparable GAAP

financial measures is included within 'Additional financial disclosures'. See pages 39 to 46.

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 in the Annual Report on Form 20-F 2025.

This document is not prepared in accordance with US GAAP and should not therefore be relied upon by readers as such.

In addition, a printed copy of the Annual Report on Form 20-F 2025 is available, free of charge, upon request to Unilever, Investor Relations Department, 100 Victoria

Embankment, London EC4Y 0DY, United Kingdom.

This document comprises regulated information within the meaning of Sections 1:1 and 5:25c of the Act on Financial Supervision ('Wet op het financieel toezicht

(Wft)') in the Netherlands.

The brand names shown in this report are trademarks owned by or licensed to companies within the Group.

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in,

and does not form part of, the Unilever Annual Report on Form 20-F 2025.

![Contents 2_Artboard 1.jpg](ul-20251231_g3.jpg)

---

| | |
|:---|:---|
| **In this report** | **In this report** |
| **STRATEGIC REPORT** | **STRATEGIC REPORT** |
| **About Unilever** | **About Unilever** |
| [2](#idd497fffd94048748ee00e72dade0edb_13) | Unilever at a Glance |
| [4](#idd497fffd94048748ee00e72dade0edb_19) | Our Strategy |
| **Review of the Year** | **Review of the Year** |
| [6](#idd497fffd94048748ee00e72dade0edb_25) | Chair's Statement |
| [8](#idd497fffd94048748ee00e72dade0edb_28) | Chief Executive Officer's Statement |
| [10](#idd497fffd94048748ee00e72dade0edb_31) | Unilever Group Financial Review |
| [14](#idd497fffd94048748ee00e72dade0edb_40) | Financial Performance |
| [16](#i5773215ac2bf4509adf1152ac531cd78_4239) | Our People & Organisation |
| [17](#idd497fffd94048748ee00e72dade0edb_46) | Business Group Review |
| [29](#idd497fffd94048748ee00e72dade0edb_82) | Sustainability Review |
| [30](#idd497fffd94048748ee00e72dade0edb_85) | Non-Financial Performance |
| **Our Principal Risks** | **Our Principal Risks** |
| [31](#idd497fffd94048748ee00e72dade0edb_88) | Risk Management Approach |
| [32](#idd497fffd94048748ee00e72dade0edb_91) | Principal Risks |
| [38](#idd497fffd94048748ee00e72dade0edb_94) | Viability Statement |
| **Our Performance** | **Our Performance** |
| [39](#i5ab0f608a42d476a92873aeb5ac04c45_18986) | Additional Financial Disclosures |
| 47 | Additional Non-Financial Disclosures |
| **GOVERNANCE REPORT**  | **GOVERNANCE REPORT**  |
| [50](#ic9e3ceada7d24c348d3327828788e081_1795) | Governance Report Overview |
| [52](#idd497fffd94048748ee00e72dade0edb_115) | Board of Directors |
| [54](#idd497fffd94048748ee00e72dade0edb_118) | Unilever Leadership Executive (ULE) |
| [56](#idd497fffd94048748ee00e72dade0edb_121) | Operation of the Board |
| [62](#i841158d55f9249e287b0f9165d4fe80a_17965) | Additional Information |
| [65](#idd497fffd94048748ee00e72dade0edb_127) | Report of the Nominating and Corporate <br>Governance Committee<br>|
| [70](#idd497fffd94048748ee00e72dade0edb_130) | Report of the Audit Committee |
| [75](#idd497fffd94048748ee00e72dade0edb_133) | Report of the Corporate Responsibility <br>Committee<br>|
| [78](#idd497fffd94048748ee00e72dade0edb_136) | Directors' Remuneration Report |

---

---

| | |
|:---|:---|
| **FINANCIAL STATEMENTS** | **FINANCIAL STATEMENTS** |
| [110](#idd497fffd94048748ee00e72dade0edb_151) | Statement of Directors' Responsibilities |
| 111 | Report of Independent Registered Public <br>Accounting Firm<br>|
| [128](#idd497fffd94048748ee00e72dade0edb_160) | Consolidated Financial Statements <br>Unilever Group<br>|
| [133](#ia0e548b43a20426c9e3f72e706caf374_18514) | Notes to the Consolidated Financial <br>Statements<br>|
| [192](#idd497fffd94048748ee00e72dade0edb_397) | Group Companies |
| [201](#idd497fffd94048748ee00e72dade0edb_400) | Shareholder Information – Financial Calendar |
| [202](#idd497fffd94048748ee00e72dade0edb_403) | Additional Information for US Listing Purposes |
| **ONLINE** | **ONLINE** |
| You can find more information about Unilever online <br>at www.unilever.com.<br>The Unilever Annual Report on Form 20-F 2025 <br>(including the Additional Information for US Listing <br>Purposes) along with other relevant documents can <br>be downloaded at www.unilever.com/investors/<br>annual-report-and-accounts.<br>References to information on websites in this document <br>are included as an aid to their location and such <br>information is not incorporated in, and does not form <br>part of this document. Any website URL is included as <br>text only and is not an active link. | You can find more information about Unilever online <br>at www.unilever.com.<br>The Unilever Annual Report on Form 20-F 2025 <br>(including the Additional Information for US Listing <br>Purposes) along with other relevant documents can <br>be downloaded at www.unilever.com/investors/<br>annual-report-and-accounts.<br>References to information on websites in this document <br>are included as an aid to their location and such <br>information is not incorporated in, and does not form <br>part of this document. Any website URL is included as <br>text only and is not an active link. |

---

**Unilever Ice Cream Demerger**

Unless otherwise stated, all figures are presented on a continuing operations basis. For Unilever, this comprises of four

Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Comparative figures have been re-

presented to reflect the demerger of the Ice Cream business.

![CRUMBL_KV_LANDSCAPE_A2_RGB_CRUMBLD 3 cropped.jpg](ul-20251231_g4.jpg)

**Perform and transform**

Consumers are demanding more than ever from brands. At the same

time, technology is rapidly reshaping choice and raising expectations.

Our overriding priority in this fast-changing environment is to accelerate

**Unilever's transformation** and deliver our **value creation ambitions**.

We now have a clear strategic framework to drive the **transformational shifts** 

needed: realising our **Desire at Scale** model to elevate the offering of our brands

and execute flawlessly in market; creating a high-performance, **Play to Win** 

culture; and building a faster, simpler and technology-enabled organisation

**Fit for the AI Age**.

In 2025, we **accelerated volume growth** and **gross margin expansion** for

reinvestment, delivering on our value creation plan. At the same time, we

continued to make progress towards our **sustainability goals** to protect

and enhance the value of our business.

There is much to do, but the progress made and the momentum built are

early evidence of our ability to both **perform** and **transform**.

---

| | | |
|:---|:---|:---|
| 2 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

ABOUT UNILEVER<br>

![At a glance_background_01_12_Artboard 1.jpg](ul-20251231_g5.jpg)

**Unilever at a Glance**

We are a global consumer goods business with a strong category focus

and differentiated capabilities.

**ORGANISATION**

**Category-focused**

**€50.5bn**<br>**Turnover in 2025**<br>

---

| |
|:---|
| **BEAUTY &** <br>**WELLBEING**<br>|
| **Hair Care**<br>**Prestige Beauty**<br>**Skin Care**<br>**Wellbeing**<br>**€12.8bn**<br>|

---

---

| |
|:---|
| **PERSONAL CARE** |
| **Deodorants**<br>**Oral Care**<br>**Skin Cleansing**<br>**€13.2bn**<br>|

---

---

| |
|:---|
| **HOME CARE** |
| **Fabric Cleaning**<br>**Fabric Enhancers**<br>**Home & Hygiene**<br>**€11.6bn**<br>|

---

---

| |
|:---|
| **FOODS** |
| **Condiments**<br>**Cooking Aids & Mini-Meals**<br>**Unilever Food Solutions**<br>**€12.9bn**<br>|

---

We maintain rigorous focus on our top 24 markets under eight geographies, representing around 85% of our turnover. The remaining Unilever markets are organised

under 'One Unilever' (1UL) and consist of lean-resourced, small- to mid-sized markets managing their own P&L.

---

| |
|:---|
| **Global footprint** |
| **190**<br>countries where our <br>products are sold<br>|

---

---

| |
|:---|
| **Innovation-led** |
| **€836m**<br>spend on Research <br>& Development<br>|

---

---

| |
|:---|
| **Household penetration** |
| **3.7bn**<br>people use Unilever products <br>every day <br>|

---

---

| | |
|:---|:---|
| Strategic Report | Unilever Annual Report on Form 20-F 2025<sub>3</sub> |

---

ABOUT UNILEVER<br>

![At a glance_background_01_12_art 2.jpg](ul-20251231_g6.jpg)

**BRANDS**

**Power Brands**

---

| |
|:---|
| **Power Brands** |
| **78%**<br>of turnover in 2025<br>|

---

**PEOPLE**

**Global talent**

---

| | |
|:---|:---|
| **Global talent pool** | **Employee satisfaction** |
| **96,000**<br>people who <br>work for Unilever | **84%**<br>satisfied with Unilever <br>as a place to work  |

---

---

| | | |
|:---|:---|:---|
| **VALUE FOR STAKEHOLDERS**  | **VALUE FOR STAKEHOLDERS**  | **VALUE FOR STAKEHOLDERS**  |
| Our business model leverages our organisational structure,<br> deep operational know-how and industry-leading expertise to create value for: | Our business model leverages our organisational structure,<br> deep operational know-how and industry-leading expertise to create value for: | Our business model leverages our organisational structure,<br> deep operational know-how and industry-leading expertise to create value for: |
| **Shareholders** | **Consumers** | **Customers** |
| **Our People** | **Suppliers & Partners** | **Planet & Society** |

---

---

| | | |
|:---|:---|:---|
| 4 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

ABOUT UNILEVER<br>

![At a glance_background_01_12_art 3.jpg](ul-20251231_g7.jpg)

**Our Strategy**

The fundamental shifts and priorities to deliver Unilever's

financial ambitions.

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| | | |
|:---|:---|:---|
| **OUR VALUE CREATION AMBITION** | **OUR VALUE CREATION AMBITION** | **OUR VALUE CREATION AMBITION** |
| **DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3 TOTAL SHAREHOLDER RETURN** | **DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3 TOTAL SHAREHOLDER RETURN** | **DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH TOP 1/3 TOTAL SHAREHOLDER RETURN** |
| **Driven by:** | **Driven by:** | **Driven by:** |
|  | **Volume** <br>**Growth**<br>| **Gross Margin** <br>**Expansion**<br>|

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| | |
|:---|:---|
|  | **3 FUNDAMENTAL SHIFTS**  |
| We are accelerating Unilever's transformation in three key ways: | We are accelerating Unilever's transformation in three key ways: |

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**Brands**

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| | | |
|:---|:---|:---|
| **Desire at Scale** | **SASSY brands**<br>Elevating brands through <br>Science, Aesthetics, Sensorials, <br>being Shared by others, Young-<br>spirited and relevant in culture.<br>| **Frontline machine** <br>Delivering execution <br>excellence through marketing<br>and sales across all consumer <br>and customer touchpoints. <br>|

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**People**

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| | | |
|:---|:---|:---|
| **Play to Win** | **Winning culture**<br>Building a culture where <br>our people Play to Win and <br>where performance is rewarded. <br>| **Uncompromising on talent**<br>Attracting, accelerating and <br>developing the best talent <br>in value-driving roles. <br>|

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**Organisation**

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| | | |
|:---|:---|:---|
| **Fit for AI Age** | **AI & technology** <br>Powering creativity, <br>growth and margin expansion <br>throughout our business.<br>| **Productivity & simplicity**<br>Rewiring our organisation <br>to be simpler, faster and <br>more agile. <br>|

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|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025<sub>5</sub> |

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ABOUT UNILEVER<br>

![At a glance_background_01_12_art 4.jpg](ul-20251231_g8.jpg)

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| |
|:---|
| **7 STRATEGIC GROWTH PRIORITIES**  |
| We are sharpening our focus on seven strategic growth <br>opportunities to support long-term value creation:  |

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| |
|:---|
| **Categories** |
| **Beauty** |
| **Wellbeing** |
| **Personal Care** |

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| |
|:---|
| **Proposition** |
| **Premium** |
| **Channels** |
| **Digital Commerce** |

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| |
|:---|
| **Geographies** |
| **United States** |
| **India** |

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**UNDERPINNED BY**<br>

**SUSTAINABILITY**<br>Protecting and enhancing the value of our business through <br>innovation, operational efficiency and long-term resilience.<br>

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| | | | |
|:---|:---|:---|:---|
| **Climate** | **Nature** | **Plastics** | **Livelihoods** |

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| | | |
|:---|:---|:---|
| 6 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

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REVIEW OF THE YEAR <br>

![People background auroras_IanMeakins.jpg](ul-20251231_g9.jpg)

**Chair's Statement**

Many of the **building blocks** 

are now in place. We have

the **resources, plans** and

teams necessary to take our

**performance to the next level.** 

**Ian Meakins**

Chair

**INTRODUCTION**

2025 was a decent year for Unilever. Although we have much still

to do to fulfil our potential, we achieved a lot. We drove further

efficiencies in the organisation through our wide-ranging

productivity programme. We also sharpened and strengthened the

portfolio with the successful demerger of the Ice Cream business

as well as through some bolt-on acquisitions and the disposal of

several non-core brands.

These projects were executed with skill, speed and professionalism,

demonstrating that when we all work with focus and discipline, we can

deliver ambitious objectives, on time and in full. Moreover, with these

now complete, we can focus more aggressively on building our brands

faster, which – together with our people – must be the beating heart of

the business. In the case of the demerger of the Ice Cream business,

The Magnum Ice Cream Company (TMICC) has made a solid start as

a standalone company. Since the demerger, the Unilever share price

has risen 11.6% and TMICC is also up, 1.3%, contributing in

combination to an increase of over €16 billion in shareholder value, as

at 2 March 2026. We have retained a minority stake of 19.85% in

TMICC and are confident in that it will thrive as a pure-play global Ice

Cream business.

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|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025<sub>7</sub> |

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REVIEW OF THE YEAR <br>

Critically, 2025 saw growth improve during the year, but we still need to

accelerate the execution of our strategy to perform consistently at the

highest level. In Latin America, for example, which had a disappointing

year, we have had to take corrective pricing action and adjust our

format mix in key categories to get the business back on track. Overall,

however, the company is moving in the right direction. Volume growth

from our Power Brands is a key priority, and by focusing our teams

on strengthening brand equities and improving the quality of execution,

our new Chief Executive Officer, Fernando Fernandez, and our

recently appointed Chief Financial Officer, Srinivas Phatak, are off to a

good start, together with our Unilever Leadership Executive (ULE)

colleagues.

**RESULTS AND PERFORMANCE** 

All figures quoted for 2025 exclude the Ice Cream business. Turnover

for the year was €50.5 billion, down 3.8% versus the previous year due

to significant currency headwinds. Excluding the impact of currency,

turnover was up 2.3%, driven by underlying sales growth of 3.5% – a

solid performance given slower market conditions. Operating profit was

€9.0 billion, or €10.1 billion on an underlying basis. The company

delivered free cash flow of €5.9 billion, representing 100% cash

conversion. Underlying earnings per share (EPS) rose 0.7% to €3.08,

as sales growth, margin expansion and the share buyback more than

offset currency headwinds. Diluted EPS was up 6.2% to €2.59.

We returned €6.0 billion to shareholders in 2025, comprising €4.5

billion in dividends and €1.5 billion in share buybacks. We have

announced a further share buyback of €1.5 billion in 2026, reflecting

the strength of our balance sheet.

Our total shareholder return (TSR) has improved significantly versus

two years ago, supported by our improved execution and clearer

strategic focus. We are up 26.8% over that time and have performed

very well against our peers (with the peer average TSR down 8%).

However, in the five years leading up to the end of 2023, our returns

significantly underperformed versus peers. Clearly, going forward,

Fernando, the ULE and the Board are all determined to meet our

ambition of being in the top third of our peer group, as measured by

TSR, on a consistent basis. As we continue to execute our plans better

and faster, I am confident we can achieve great returns for our

shareholders.

**STRATEGY** 

The execution of our strategy improved in 2025, but we have a long

way to go to be a consistently outperforming company in our sector.

We have a very clear and focused set of strategic priorities to improve

our performance for the long term (see pages 4 and 5). Encouragingly,

some Power Brands in our largest geographies are performing

strongly. The task now is to achieve consistent high performance

across all our key market and brand combinations.

Many of our brands are benefiting from the embedding of

more science-based, premium innovations, as well as from the

adoption of new, social-first models for reaching and engaging with

consumers. This Desire at Scale approach is being led by brands like

Dove and Vaseline, both of which grew strongly in 2025. We have

similar examples of great performance when it comes to sales

execution in our largest geographies. Last year, in the US, our biggest

market, we recovered much of the market share lost over recent years

and improved profitability. Encouragingly, we were ranked second

overall among suppliers in the prestigious Advantage Group Survey of

retailers. We were ranked number one in Foods and number one in

Personal Care in the same survey. So, we know what best-in-class

execution looks like.

Our challenge now is to replicate these examples of great performance

more widely and consistently across all our brands and categories, and

to do so at speed. Our aim is to deliver market share gains and healthy

profit growth that support attractive returns for our shareholders.

**BOARD AND GOVERNANCE** 

Last year, we welcomed Benoît Potier and Zoe Yujnovich to the Board,

both of whom have already made important contributions as Non-

Executive Directors. We were also very pleased to announce the

appointment of Belén Garijo López as a Non-Executive Director, which

we expect to take effect during 2027.

We are very grateful to Susan Kilsby, who stepped into the role of Vice

Chair and Senior Independent Director at the 2025 AGM, and who has

also taken on the role of Chair of the Remuneration Committee.

An external evaluation of the effectiveness of the Board and its

Committees was conducted in 2025. The overall findings for the Board

were positive, with a strong level of satisfaction reported among Board

members. As in previous years, individual Non-Executives took the

opportunity to deepen their understanding of the business by visiting

key markets, including the US and India. A group of Directors also

visited one of the company's global R&D centres at Port Sunlight in the

UK to see how leading-edge science and technology is being used to

elevate the quality of our brands and innovations. Other details of the

Board's activities in 2025, including engagement with stakeholders, are

set out on pages 58 to 61 of this report.

Over the last year, we have consulted widely with our largest

shareholders on how to ensure our remuneration policy best supports

the company's growth ambition, in the context of a highly competitive

global talent market. To that end, we will be putting forward proposals

at the 2026 AGM which give greater weight to the variable elements of

reward. We are also re-committing to our Performance Share Plan

(PSP) as the most effective long-term incentive structure for driving a

high-performance culture and long-term growth for shareholders.

**LOOKING AHEAD** 

Sustainable growth is key and, to that end, we have previously set out

a multi-year guidance range of 4% to 6% underlying sales growth,

underpinned by at least 2% volume growth. This will come from great

execution of the clear strategic priorities that Fernando, the ULE and

the Board have agreed on. These include building a brand portfolio for

the future with more Beauty, Wellbeing, and Personal Care, prioritising

premium segments and digital commerce, and anchoring our growth in

the US and India.

A lot of work has been done over recent years to improve the portfolio,

allocate resource to the highest growth opportunities and improve the

effectiveness of our brand plans, based on the principles of

Unmissable Brand Superiority (UBS). We have also invested to step

up our R&D programmes, the productivity of our organisation and the

calibre of our leadership.

Hence, many of the building blocks for faster volume-driven, underlying

sales growth are now in place. We have the resources, the plans and

the teams necessary to take our performance to the next level.

Lastly, I would like to thank everyone at Unilever for the considerable

progress made in 2025. The market conditions were not helpful, but we

still delivered a good performance. The Board is looking forward to

supporting all our teams in 2026 and over the longer term, as we look

to meet our value creation ambition of being a consistently great

company with volume growth, positive mix and gross margin

expansion driving top-third TSR.

**Ian Meakins**

Chair

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| | | |
|:---|:---|:---|
| 8 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

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REVIEW OF THE YEAR <br>

![People background auroras_Fernando.jpg](ul-20251231_g10.jpg)

**Chief Executive Officer's Statement**

In 2025, we became a **simpler**,

**sharper** and **faster Unilever**.

We are moving at speed to build

a business that drives **Desire at** 

**Scale** in our brands and **execution** 

**excellence** across all channels.

**Fernando Fernandez**

Chief Executive Officer

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| | |
|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025<sub>9</sub> |

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REVIEW OF THE YEAR <br>

**PERFORM AND TRANSFORM**

When I became CEO in March 2025, I made clear that one of

my overriding priorities was to ensure that in a fast-changing

environment, Unilever was able to both perform and transform.

Too often in the past, we have achieved one at the expense of the other.

Areas of excellence have sat alongside areas of more average

performance. Hence, one of the most encouraging aspects of our progress

in 2025 was the demonstration of our ability to perform while transforming.

The progress on transformation was clear.

■We reshaped our portfolio through the successful demerger of the

Ice Cream business (now operating as The Magnum Ice Cream

Company) – a highly complex but well-executed process – which

leaves us with a clearer strategic and capital allocation focus.

■We furthered the transformation of our organisational structure by

ensuring each of our top 24 markets has category-dedicated sales

forces, strengthening focus, expertise and accountability.

■We are transforming our approach to brands and marketing with a

Desire at Scale model that is designed to elevate every step of the

consumer journey – from product development right through to the

way we reach and engage with people.

■And we are in the midst of a widespread transformation to build a

Play to Win culture, where performance is rewarded and where

attracting, accelerating and developing the best talent is prioritised

so Unilever can perform at the levels we expect.

There is much to do to meet our ambitions but, thanks to our progress in

2025, many of the necessary transformational shifts have now been made.

Moreover, we achieved this while simultaneously delivering on our value

creation plan: accelerated volume growth and gross margin expansion for

reinvestment. This progress was reflected in our full-year results.

**PERFORMANCE** 

In 2025, we became a simpler, sharper and faster company, delivering on

our commitment to volume growth, positive mix and strong gross margin.

Underlying sales growth (USG) of 3.5% represented a good performance

against the backdrop of slowing markets and reflected a sequential

improvement in the second half of the year.

Growth was led by our Power Brands, which delivered 4.3% USG, driven

by an increasingly strong innovation plan and more disciplined execution.

These brands now account for 78% of turnover, reflecting our ambition to

make Unilever a simpler, more focused business. We saw improvements

in key emerging markets, including Indonesia and China – which benefited

from operational resets – and an improving performance in India. Our

largest market, the US, continued to outperform the market. Latin America,

however, had a challenging year.

In terms of profitability, we remain focused on gross margin expansion,

which increased to 46.9% last year, driven by productivity initiatives,

volume leverage and positive mix. This structural improvement in gross

margin, alongside strong control of overheads, helped to deliver an

improvement in underlying operating margin, which increased to 20.0%,

while fuelling continued strong investment behind our brands.

**OUR MODEL FOR SUCCESS** 

The progress we have made and the momentum we have built are early

evidence of a clear and compelling long-term strategic framework. Our

model for success is founded on making three fundamental shifts in the

way we operate and in relentlessly pursuing seven growth priorities (see

pages 4 and 5).

These fundamental shifts build on the transformations we have already

made in three important ways.

■First, we are fully realising our Desire at Scale model for elevating

the quality, relevance and reach of our brands, and for ensuring that

we have a frontline marketing and sales machine capable of

delivering excellence in execution in every channel and every

market. Dove in the US is a great example. Through a combination

of breakthrough science, elevated sensorials and premium

aesthetics, Dove Beauty grew double-digit in the US in 2025. Dove's

performance in the US was further inspired by innovative

collaborations like Dove x Crumbl which brought new users to the

brand, and by tripling the volume of creator-generated content.

■Second, we are embedding fully – and uncompromisingly

– our Play to Win approach for attracting, developing and rewarding

top talent. This included updating our reward framework to drive

stronger differentiation and ensure true performance is recognised.

■Third, we are accelerating our evolution into an organisation Fit for

the AI Age, with a particular focus on stimulating creativity and

driving growth by leveraging the most technology-advanced, AI-

enabled capabilities at our disposal. In R&D, for example, by

eliminating the need for multiple physical trials, AI-powered

simulations are accelerating the speed with which we can bring

innovations to market.

These transformational shifts are allowing us to bring an even sharper

focus to the seven biggest – and overlapping – priorities that we have

identified for growing the business and creating value. As we look ahead,

we will prioritise investment and resource in the following areas: our world-

leading brands and innovation platforms in Beauty, Wellbeing, and

Personal Care; the rapid expansion of digital commerce and premium

offerings; and our two anchor geographies, the US and India, which are not

only our largest markets, but also represent our biggest growth

opportunities.

By concentrating our intellectual and financial capital behind such a clear

and focused set of transformational shifts and strategic priorities, we are

positioning Unilever to meet our value creation ambition. We still have a

long way to go, but by enabling us to accelerate volume growth and drive

gross margin expansion, we believe we can cement Unilever's position in

the top third of peer companies in the delivery of total shareholder return. At

the same time, we continue to make progress towards our sustainability

goals across our four key priorities: climate, nature, plastics and livelihoods.

**OUTLOOK** 

Markets will likely remain subdued in 2026. Operating effectively in this

environment will require the discipline and resilience that we have built and

strengthened over recent years. Our organisation today is simpler, our cost

base is leaner, and we are a more focused, agile and productive company

than we have been for many years.

Looking ahead, we expect underlying growth for full-year 2026 to be within

our multi-year guidance range of 4% to 6%, with at least 2% underlying

volume growth. Growth is expected to be at the bottom end of the USG

range, reflecting slower market conditions. We anticipate a modest

improvement in underlying operating margin for the full year.

Finally, I want to thank all my Unilever colleagues – as well as our many

business partners – for their hard work and dedication in 2025. It was a

year characterised by significant change internally and by considerable

pressures externally. Despite these challenges, we have delivered a solid

set of results, fully in line with our commitments. The willingness and the

ability of our teams to both perform and transform is a huge credit to them

and is key to Unilever's long-term success.

**Fernando Fernandez**

Chief Executive Officer

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|:---|:---|:---|
| 10 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

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![BG hero image pages_GF.jpg](ul-20251231_g11.jpg)

Unilever Group

Financial Review

**Unilever Ice Cream Demerger**

All figures are presented on a continuing operations basis. For Unilever, this comprises of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care

and Foods. Comparative figures have been re-presented to reflect the demerger of the Ice Cream business.

---

| | |
|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025<sub>11</sub> |

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REVIEW OF THE YEAR <br>

![GF backgrounds_Sriinivas chart_Long.jpg](ul-20251231_g12.jpg)

![25](ul-20251231_g13.gif)

**Unilever Group** 

**Financial Review**

Competitive performance

driven through a sharper

portfolio, elevated brands

![37](ul-20251231_g14.gif)

and improved execution.

**Srinivas Phatak**

Chief Financial Officer

**HIGHLIGHTS**

![13](ul-20251231_g15.gif)

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| |
|:---|
| **Turnover €50.5 billion, down (3.8)%,** <br>**impacted by adverse currency (5.9)%** <br>**and net disposals (1.2)%. USG 3.5%,** <br>**with four quarters of positive UVG.**<br>|
| **Power Brands (78% of turnover) leading** <br>**growth with USG 4.3% and UVG up 2.2%.** |
| **Strong gross margin 46.9%, up 20bps,** <br>**and underlying operating margin of** <br>**20.0%, up 60bps, driven by disciplined** <br>**overhead management.**<br>|
| **Underlying earnings per share increased** <br>**0.7%; diluted EPS increased 6.2%.** <br>|
| **100% cash conversion, with free cash flow** <br>**of €5.9 billion, down €0.4 billion, primarily** <br>**due to Ice Cream demerger costs.** |

---

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| | |
|:---|:---|
| **PERFORMANCE HIGHLIGHTS** | **PERFORMANCE HIGHLIGHTS** |
| **TURNOVER** | **TURNOVER** |
| **2025:** |  |
| €50.5bn | €50.5bn |
| 2024: €52.5bn | 2023: €51.7bn |
| **TURNOVER GROWTH** | **TURNOVER GROWTH** |
| **2025** | **(3.8%)** |
| 2024 | 1.5% |
| 2023 | (1.0%) |
| '0% |  |

---

![](ul-20251231_g16.gif)

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| | | | |
|:---|:---|:---|:---|
| **UNDERLYING SALES GROWTH** | **UNDERLYING SALES GROWTH** |  |  |
|  | **USG** | **UVG** | **UPG** |
| **2025** | **3.5%** | **1.5%** | **2.0%** |
| 2024 | 4.3% | 3.1% | 1.2% |
| 2023 | 7.7% | 1.1% | 6.5% |
| '0% |  |  |  |

---

![](ul-20251231_g16.gif)

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| | |
|:---|:---|
| **OPERATING MARGIN** | **OPERATING MARGIN** |
| **2025** | **17.9%** |
| 2024 | 16.8% |
| 2023 | 17.4% |

---

![64](ul-20251231_g17.gif)

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| | |
|:---|:---|
| **UNDERLYING OPERATING MARGIN** | **UNDERLYING OPERATING MARGIN** |
| **2025** | **20.0%** |
| 2024 | 19.4% |
| 2023 | 17.6% |

---

Pages 1 to 46 use GAAP and non-GAAP measures to explain the performance of <br>our business. See pages [40](#i5ab0f608a42d476a92873aeb5ac04c45_18981) to 46 for further information.<br>

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|:---|:---|:---|
| 12 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

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REVIEW OF THE YEAR <br>

**Group Financial Review**

**YEAR IN SUMMARY**

In 2025, we became a more focused and agile Unilever, delivering on

our commitment to volume-driven growth and strong gross margin. We

generated turnover of €50.5 billion, operating profit of €9.0 billion, net

profit of €6.2 billion and free cash flow of €5.9 billion.

**GROWTH**

Turnover was down (3.8)% versus the prior year. Underlying

sales growth contributed 3.5%, offset by a significant currency impact

of (5.9)% and (1.2)% from disposals, net of acquisitions. The currency

impact was primarily driven by Latin American currencies, the Indian

rupee, the US dollar and the Turkish lira, all depreciating against the

euro.

Underlying sales growth of 3.5% comprised 1.5% volume

and 2.0% price. We have now achieved 12 consecutive quarters of

underlying volume growth. All Business Groups delivered positive

volume growth in 2025. Power Brands contributed 78% of turnover and

performed strongly, with underlying sales growth of 4.3% and volume

growth of 2.2%.

Beauty & Wellbeing grew underlying sales by 4.3%, with volume

growth of 2.2%, led by double-digit growth in Wellbeing, Dove and

Vaseline. Personal Care grew underlying sales by 4.7%, with 3.6%

price growth, supported by market share gains, premium innovations

and commodity-driven price increases. Home Care increased

underlying sales by 2.6%, led by 2.2% volume growth as a result of

strong execution across key regions. Foods grew underlying sales by

2.5%, driven by emerging markets and volume growth of 0.8%,

reflecting our disciplined execution in declining developed markets.

Developed markets, which represented 41% of Group turnover,

delivered above-market underlying sales growth of 3.6%. Underlying

volume growth of 2.6%, driven by North America, with underlying sales

growth of 5.3%, reflected the benefits of the multi-year transformation

of our portfolio towards Beauty & Wellbeing and Personal Care.

Europe, with underlying sales growth of 1.5%, saw strong volume

growth in Home Care, supported by the further roll-out of Wonder

Wash and other premium innovations, but this was partially offset by a

decline in Foods. Underlying price growth in developed markets was

0.9%.

Emerging markets, which represented 59% of Group turnover,

delivered underlying sales growth of 3.5%, led by mid-single-digit

growth in Asia Pacific. India grew 4.0% underlying sales, supported by

gradually improving market conditions and a competitive performance

with share gains. Latin America grew 0.5% underlying sales, as pricing

was largely offset by volume declines in challenging markets where

performance was impacted by economic and political uncertainty.

Indonesia grew 4.0% underlying sales, and China was flat, with both

seeing a return to growth in the second half following decisive actions

earlier in the year to address prior-year underperformance. Africa

delivered low single-digit growth, with a slight volume decline in a

challenging consumer environment.

**MARGIN**

Operating profit of €9.0 billion increased by 2.4% versus the prior year.

This increase was driven by lower restructuring costs and reduced

losses on disposals compared to the previous year.

Underlying operating profit was €10.1 billion, down 1.1%, due to

an adverse currency movement that more than offset strong

operational delivery. Underlying operating margin increased by 60bps

to 20.0%.

Gross margin increased by 20bps to 46.9%, driven by supply chain

savings, volume leverage and positive mix. Strong execution across

the value chain sustained margins despite a volatile cost and currency

environment.

Brand and marketing investment (BMI) increased by 10bps to 16.1% of

turnover, as we continued to invest competitively behind our brands,

particularly in Beauty & Wellbeing and Personal Care. This reflects a

significant step-up in BMI over the last five years, up 300bps.

Overheads improved strongly by 50bps, driven by our productivity

programme. These savings more than offset inflationary pressures and

stranded costs related to the demerger of our Ice Cream business.

**CASH, CAPITAL ALLOCATION AND EARNINGS**

We delivered strong cash conversion of 100%. Free cash flow was

€5.9 billion versus €6.3 billion in 2024, with higher taxes due to the

demerger of our Ice Cream business offsetting improvements in

working capital. Capital expenditure remained largely flat.

Diluted earnings per share of €2.59 were up 6.2% versus the prior

year. This was driven by increased operating profit. Underlying

earnings per share of €3.08 increased by 0.7%, with performance

improvements almost entirely offset by an adverse currency impact of

(8.8)%.

Underlying return on invested capital remained strong at 19.0%. The

slight decline versus 19.1% in 2024 reflected the fall in underlying

operating profit. Average invested capital in 2025 was largely flat

versus 2024.

In 2025, we returned €6.0 billion to shareholders through dividends

and share buybacks. We completed the €1.5 billion share buyback

programme in May. The Q4 2025 dividend was up 3% compared to Q3

2025. **PORTFOLIO RESHAPING**

In 2025, we accelerated the strategic reshaping of Unilever, further

focusing our portfolio on higher-growth categories, with increased

exposure to Beauty & Wellbeing and Personal Care. We continue to be

disciplined, with targeted bolt-on acquisitions including Dr. Squatch in

North America, Minimalist in India and Wild in western markets. We

also disposed of non-core and local brands, primarily in Foods.

On 6 December 2025, we completed the demerger of our Ice Cream

business, with The Magnum Ice Cream Company N.V. (TMICC) listed

as a standalone, pure-play global Ice Cream business in Amsterdam,

London and New York. This created a simpler Unilever with a clearer

strategic and capital allocation focus.

We have retained a minority stake of 19.85% in TMICC, which will be

sold down in an orderly and considered manner to pay demerger costs

and maintain capital flexibility.

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|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025<sub>13</sub> |

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REVIEW OF THE YEAR<br>

![GF_Absolute Profit Growth diagram 2-01.jpg](ul-20251231_g18.jpg)

**DISCONTINUED OPERATIONS**

The results of the Ice Cream business for the period of ownership until

the demerger on 6 December 2025 are included in discontinued

operations. These are not included in non-GAAP measures, including

underlying earnings per share.

In 2025, our discontinued operations generated €7.7 billion turnover, with

operating profit of €0.7 billion and profit after taxation on demerger of

discontinued operations of €3.8 billion. Our profit after taxation on

demerger of discontinued operations in 2025 reflected the gain on

demerger. Cash flow from discontinued operations included an operating

inflow of €0.3 billion. Investing outflow was €0.7 billion, mainly from the

cash derecognised at the time of the demerger and capital expenditure.

Financing activities contributed a €3.0 billion inflow, primarily from the

bond issuance completed by TMICC.

**LOOKING FORWARD**

Looking ahead, we will continue to focus on the three shifts that will be

critical to supporting sustained outperformance in rapidly changing

markets: building Desire at Scale with our brands, reinforcing a Play to

Win culture with clear accountability, and rewiring the organisation for

digital and AI.

Our value creation plan is aimed at delivering absolute profit growth in

line with our top-third total shareholder return ambition and is outlined

below.

**VALUE CREATION PLAN 2026**

**DELIVER ABSOLUTE PROFIT GROWTH IN LINE WITH** 

**TOP 1/3 TOTAL SHAREHOLDER RETURN AMBITION**

---

| |
|:---|
| **GROWTH ALGORITHM** |
| **Mid-single-digit growth**<br>**(USG)**<br>**with UVG of at least 2%** |
| **Modest margin improvement**<br>**(UOM)**<br>**Fuelled by gross margin** |
| **Top 1/3**<br>**total shareholder return** |

---

---

| |
|:---|
| **CASH GENERATION** |
| **Cash conversion** |
| **Sustain ∼100% cash** <br>**conversion over time** |
| **Debt** |
| **∼2x net debt/EBITDA**<br>**Strong single A** <br>**credit ratings** |
| **ROIC** |
| **High-teens ROIC** |

---

---

| |
|:---|
| **CAPITAL ALLOCATION** |
| **Growth &** <br>**productivity**<br>|
| **Capacity and margin** <br>**expansion**<br>**Brand investment** |
| **Portfolio reshaping** |
| **Bolt-on M&A**<br>**No transformational**<br>**M&A** |
| **Capital returns** |
| **∼60% dividend** <br>**payout ratio**<br>**Share buybacks with** <br>**surplus cash** |

---

EBITDA is underlying earnings before interest, taxation, depreciation and amortisation; ROIC is underlying return on invested capital; UOM is underlying operating margin; USG is underlying sales growth; and

UVG is underlying volume growth. See pages 40 to 46 for further details on these measures. Dividend payout ratio is calculated as dividend per share/underlying earnings per share.

---

| | | |
|:---|:---|:---|
| 14 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR <br>

![Fin performance lozenge_Financial Review PG1.jpg](ul-20251231_g19.jpg)

**Financial Performance**

---

| | | | |
|:---|:---|:---|:---|
| **Unilever Group**  | **Unilever Group**  | **Unilever Group**  | **Unilever Group**  |
| **Unilever** | **2025** | 2024 | 2023 |
| Turnover | **€50.5bn** | €52.5bn | €51.7bn |
| Turnover growth | **(3.8%)** | 1.5% | (1.0%) |
| Underlying sales growth | **3.5%** | 4.3% | 7.7% |
| Underlying volume growth | **1.5%** | 3.1% | 1.1% |
| Operating margin | **17.9%** | 16.8% | 17.4% |
| Underlying operating margin | **20.0%** | 19.4% | 17.6% |
| Cash flow from operating activities | **€10.8bn** | €10.9bn | €10.3bn |
| Free cash flow | **€5.9bn** | €6.3bn | €6.4bn |
| Net cash flow used in continuing investing activities | **€(2.4)bn** | €(0.4)bn | €(1.4)bn |
| Net cash flow used in continuing financing activities | **€(9.9)bn** | €(6.8)bn | €(7.1)bn |

---

All figures are presented on a continuing operations basis. For Unilever, this comprises of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Comparative

figures have been re-presented to reflect the demerger of the Ice Cream business.

---

| | | | |
|:---|:---|:---|:---|
| **Business Group**  | **Business Group**  | **Business Group**  | **Business Group**  |
| **Beauty & Wellbeing** | **2025** | 2024 | 2023 |
| Turnover | **€12.8bn** | €13.2bn | €12.5bn |
| Turnover growth | **(2.3)%** | 5.5% | 1.8% |
| Underlying sales growth | **4.3%** | 6.5% | 8.3% |
| Operating margin | **16.2%** | 15.0% | 17.7% |
| Underlying operating margin | **19.2%** | 19.4% | 18.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Personal Care** | **2025** | 2024 | 2023 |
| **Turnover** | **€13.2bn** | €13.6bn | €13.8bn |
| **Turnover growth** | **(3.4)%** | (1.5)% | 1.4% |
| **Underlying sales growth** | **4.7%** | 5.2% | 8.9% |
| **Operating margin** | **20.5%** | 20.1% | 21.4% |
| **Underlying operating margin** | **22.6%** | 22.1% | 20.2% |

---

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 15 |

---

REVIEW OF THE YEAR <br>

![Fin performance lozenge_Financial Review PG2.jpg](ul-20251231_g20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Business Group continued** | **Business Group continued** | **Business Group continued** | **Business Group continued** |
| **Home Care** | 2025 | 2024 | 2023 |
| **Turnover** | **€11.6bn** | €12.3bn | €12.2bn |
| **Turnover growth** | **(6.4)%** | 1.4% | (1.8)% |
| **Underlying sales growth** | **2.6%** | 2.9% | 5.9% |
| **Operating margin** | **13.1%** | 12.3% | 11.6% |
| **Underlying operating margin** | **14.9%** | 14.5% | 12.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Foods** | **2025** | 2024 | 2023 |
| **Turnover** | **€12.9bn** | €13.4bn | €13.2bn |
| **Turnover growth** | **(3.2)%** | 1.1% | (5.0)% |
| **Underlying sales growth** | **2.5%** | 2.6% | 7.7% |
| **Operating margin** | **21.3%** | 19.5% | 18.3% |
| **Underlying operating margin** | **22.6%** | 21.3% | 18.6% |

---

Underlying sales growth, underlying volume growth, underlying operating margin and free cash flow are non-GAAP measures. For further information about these measures, and the reasons

why we believe they are important for an understanding of the performance of the business, please refer to our commentary on non-GAAP measures on pages [40](#i5ab0f608a42d476a92873aeb5ac04c45_18981) to 46.

![People background auroras_Mairead.jpg](ul-20251231_g21.jpg)

---

| | | |
|:---|:---|:---|
| 16 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

**Our People &** 

**Organisation**

This year, we have taken decisive

steps towards building a winning

culture to enable sustained higher

performance.

**Mairéad Nayager**

Chief People Officer

**PLAY TO WIN**

Our people, organisation, culture and brands are the foundation of

everything we do and are critical to our success as a business. Play to

Win is more than a mindset – it is a strategic approach that sharpens

focus, strengthens agility and drives sustained high performance.

In 2024, we launched a company-wide productivity programme to

improve efficiency and competitiveness. This programme is now

largely complete, and our new structure is in place. Building on this

foundation, we are focusing on fewer, higher-impact priorities to lead

and win in our markets.

Our People Strategy centres on:

■Winning culture – embedding the behaviours, systems and discipline

to sharpen our performance edge.

■Uncompromising on talent – placing our best people in

high-value roles, building a strong leadership pipeline and

accelerating Desire at Scale.

■Next Wave Organisation – reshaping how we work to be simpler,

faster, better connected in the AI Age.

Our employee engagement metrics, including UniVoice and the Culture

Index, reflect both the extent of recent changes and early signs of

progress, although it is clear more work remains. Insights highlight the

need for sharper priorities and streamlined processes – areas our new

people and organisation plan is designed to address.

**WINNING CULTURE**

We are setting a new standard of performance – anchored in

our category-focused structure, new company-wide behaviours, and

our enduring values of Pioneering, Respect, Integrity and

Responsibility.

Accountability and performance matter. This starts with setting clear

goals, aligned with our strategic priorities. In 2025, most office-based

employees had in-year goals, with strong participation in mid-year

reviews as coaching and feedback became more central to how we

work. We have updated our reward framework to drive stronger

differentiation and ensure performance is truly recognised. We will

continue to improve the quality of feedback to support better outcomes

across the business.

Critical to this approach are our four focus behaviours introduced in late

2024: care deeply, focus on what counts, stay three steps ahead and

deliver with excellence. Employees across offices and factories have

taken part in culture immersion workshops to understand what these

behaviours mean in their roles.

**UNCOMPROMISING ON TALENT**

We want to have the best people in every role. This means attracting

top talent, particularly in our strategic growth markets, as well as

investing in our teams and supporting the development of future-fit

skills. For example, we are building social and AI capabilities across our

Business Group-led markets, with a particular focus on marketing.

We are strengthening our succession pipeline, introducing new profile

assessments and a talent accelerator programme. These initiatives will

fast-track high performers into positions that deliver the greatest value,

including leading our Power Brands and senior roles in priority

markets.

**NEXT WAVE ORGANISATION**

Change is constant, and our ability to adapt at pace is critical

to delivering sustainable growth. As technology advances and

consumer expectations evolve, we are simplifying how we work to

accelerate the adoption of AI and enable our Next Wave Organisation,

so our people can focus on driving performance.

In 2025, we shifted from time-intensive, people-centred processes to

make Unilever**'**s back-end operations more efficient. For example, we

have deployed chatbots as the first point of contact for most HR

matters. AI-enabled workflows are streamlining supplier onboarding in

our supply chain, and improving procurement competitiveness through

real-time data, faster sourcing decisions and greater efficiency across

our global buying operations.

![rectangle images_6 People and Organisation.jpg](ul-20251231_g22.jpg)

**The Unilever Philippines HR team is bringing our Play to Win** 

**spirit to life through collaboration and people-centred** 

**performance.**

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 17 |

---

![BG hero image pages_Beauty.jpg](ul-20251231_g23.jpg)

Beauty &

Wellbeing

We are building the future of beauty and wellbeing

through science-led innovation and premium

experiences, unlocking new categories, new

channels and new consumer rituals.

---

| | | |
|:---|:---|:---|
| 18 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

![BG backgrounds-Leandro_BW-long.jpg](ul-20251231_g24.jpg)

![23](ul-20251231_g25.gif)

**Where beauty** 

**meets wellbeing**

Our Power Brands delivered a good

performance, with many achieving

double-digit growth, supported by

![35](ul-20251231_g26.gif)

science-led, premium innovation

and social-first marketing.

**Leandro Barreto**

Chief Marketing Officer – Unilever and Beauty & Wellbeing

![47](ul-20251231_g27.gif)

**ABOUT BEAUTY & WELLBEING**

---

| | |
|:---|:---|
| **Our categories:**  | **Our categories:**  |
| **Hair Care, Prestige Beauty,** <br>**Skin Care and Wellbeing** | **Hair Care, Prestige Beauty,** <br>**Skin Care and Wellbeing** |
| **Our Power Brands:** | **Our Power Brands:** |
| **Clear**<br>**Dermalogica**<br>**Dove**<br>**Hourglass**<br>**K18**<br>**Liquid I.V.**<br>**Nexxus**<br>| **Nutrafol**<br>**OLLY**<br>**Paula's Choice**<br>**Pond's**<br>**Sunsilk**<br>**TRESemmé**<br>**Vaseline**<br>|

---

---

| | |
|:---|:---|
| **PERFORMANCE HIGHLIGHTS** | **PERFORMANCE HIGHLIGHTS** |
| **TURNOVER**  | **TURNOVER**  |
| **2025:** |  |
| €12.8bn | €12.8bn |
| **2024: €13.2bn** | **2023: €12.5bn** |
| **TURNOVER GROWTH** | **TURNOVER GROWTH** |
| **2025** | **(2.3%)** |
| 2024 | 5.5% |
| 2023 | 1.8% |
| '0% |  |

---

![](ul-20251231_g16.gif)

---

| | | | |
|:---|:---|:---|:---|
| **UNDERLYING SALES GROWTH** | **UNDERLYING SALES GROWTH** |  |  |
|  | **USG** | **UVG** | **UPG** |
| **2025** | **4.3%** | **2.2%** | **2.1%** |
| 2024 | 6.5% | 5.1% | 1.3% |
| 2023 | 8.3% | 4.4% | 3.8% |
| '0% |  |  |  |

---

![](ul-20251231_g16.gif)

---

| | |
|:---|:---|
| **OPERATING MARGIN** | **OPERATING MARGIN** |
| **2025** | **16.2%** |
| 2024 | 15.0% |
| 2023 | 17.7% |

---

![74](ul-20251231_g28.gif)

---

| | |
|:---|:---|
| **UNDERLYING OPERATING MARGIN** | **UNDERLYING OPERATING MARGIN** |
| **2025** | **19.2%** |
| 2024 | 19.4% |
| 2023 | 18.7% |

---

Pages 1 to 46 use GAAP and non-GAAP measures to explain the performance of <br>our business. See pages 40 to 46 for further information.<br>

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 19 |

---

REVIEW OF THE YEAR<br>

**PERFORMANCE SUMMARY**

In 2025, we delivered turnover of €12.8 billion, a decrease compared to

the prior year, due to adverse currency movements, partially offset by

volume-led growth and continued portfolio premiumisation. Underlying

sales grew 4.3%, with 2.2% volume growth and 2.1% price growth. This

was driven by double-digit growth in Wellbeing, Vaseline and Dove,

while price execution issues subdued volume growth in the Americas.

Across categories, Hair Care was flat, with positive price offsetting volume

declines. Dove delivered double-digit growth driven by the successful

launch of its renovated hair care range. Meanwhile, Sunsilk and Clear were

impacted by softness in several emerging markets and deliberate tail brand

portfolio rationalisation. Core Skin Care grew mid-single digit, led by

Vaseline, which delivered double-digit growth for the third consecutive year.

Wellbeing grew double-digit, led by Nutrafol and Liquid I.V., while OLLY

delivered high single-digit growth supported by premium gummy

innovation. Prestige Beauty delivered low single-digit growth, driven by

strong performances from Hourglass and K18, with Dermalogica and

Paula's Choice returning to growth in the second half.

Operating profit increased by 5.4% to €2.1 billion, due to reductions in both

losses on disposals and costs from acquisitions and disposals compared to

the prior year. This was offset in part by an underlying operating profit

decrease of (3.2)%. Underlying operating margin decreased by 20bps to

19.2%, as overhead savings were more than offset by increased brand and

marketing investment behind Power Brands and premium innovations.

**STRATEGIC PRIORITIES**

Our focus is on driving volume growth by shaping new categories and

consumer habits. As the boundaries between beauty and wellbeing

continue to blur, we are well placed to harness this intersection by building

brand desirability at scale and expanding our reach. At the same time, we

are addressing gross margin through productivity improvements. We are

prioritising competitive growth in key markets – such as the US and India –

while optimising investment and profitability. We continue to evolve our

portfolio, for example through Hindustan Unilever's acquisition of the

premium, actives-led beauty brand Minimalist.

**INNOVATION-LED PREMIUMISATION**

Innovation grounded in scientific expertise continues to shape our portfolio.

We are focusing on scalable, multi-year innovations and leveraging

leading-edge bioscience. This approach is reflected in Dove's renovated

hair care range, developed using Bio-Protein Care technology to replenish

amino acids lost to damage. The roll-out focused on executional excellence

across online channels and in-store activations in eight markets, including

the US, India and Brazil – three of our biggest hair care markets. Early

results are very positive, with turnover increasing post-launch.

Our Prestige portfolio also benefited from new innovations and

breakthroughs. K18's biggest launch of 2025 was HeatBounce,

featuring resilicore heat-shielding technology. The formula penetrates

deeply, offering strong protection and withstanding extreme

temperatures, helping to maintain better colour vibrancy and overall

hair health. The multi-channel launch – from salon takeovers to

in-store activations, stylist events and influencer partnerships –

delivered initial sales ahead of forecast. HeatBounce became a

bestselling leave-in conditioner in a leading beauty retailer across

numerous markets.

Expanding into new formats, segments and markets remains

an important growth driver for Beauty & Wellbeing. Liquid I.V.'s multi-

year innovations continue to fuel growth. This year, the brand launched

in India with locally tailored flavours and also introduced its sugar-free

range into three markets, including China. First launched in the US in

2023, this variant continues to perform strongly, with further markets

planned for 2026. The brand also introduced a new sugar-free energy

line with natural caffeine, which launched successfully in the US.

Large-scale Amazon promotions through Prime and Alexa have helped

to raise brand awareness.

**FRONTLINE EXECUTION**

We are transforming how we engage with consumers by prioritising

social-first marketing. Vaseline illustrates this strategic shift with the

#VaselineVerified campaign, which tapped into millions of consumer-

generated "hacks" shared across social channels and then validated

them through lab testing by Unilever scientists. By embracing influencers

as co-creators, the campaign engaged with Gen Z, delivered an uplift

in sales and earned recognition at the Cannes Lions Festival, including

the prestigious Titanium Lion award.

To accelerate this social-first approach, we are investing in digital

technologies. We launched the Beauty AI studio in partnership with

a leading technology provider to drive content at scale and improve asset

creation in key markets. This was underpinned by Unilever's Brand DNAi –

our global AI brand governance framework. This has sped up our

marketing production, reduced execution costs and increased our

responsiveness to social media trends. We are also upskilling our teams

and building capabilities in this area.

Beyond our marketing shift, we are strengthening our sales operations

through Unilever**'**s Perfect Store programme, which enhances shopper

experience and sales execution at scale. It is now live in key countries,

with deployment planned in 2026.

We are also creating growth opportunities through partnerships that

reinforce our position in wellbeing. In 2025, Nutrafol strengthened its

US presence with a retail expansion into Ulta Beauty, the country's

largest beauty retailer, and entered its first multi-year partnership with

Major League Baseball (MLB) as its Official Hair Growth Partner. The

brand, which was acquired in 2022, continues to serve as a blueprint

for category growth. Its science-led, community-driven model has

helped to destigmatise hair thinning. It is the number-one

dermatologist-recommended hair growth supplement brand in the US,

with turnover having tripled since acquisition.

**PRODUCTIVITY AND SIMPLIFICATION**

We are building a segmented supply chain to accelerate our growth in

premium products and unlock cost efficiencies, including completing the

in-housing of around half of Liquid I.V.'s production. We have a number

of regional transformation projects underway, with cost savings expected

to materialise over the next two years. These initiatives include

simplification, with SKUs reduced by over 30% since early 2024. They

also include vertical integration of key materials and network

optimisation to reduce warehouse and logistics costs while better

serving channel-specific needs.

We are building capacity and capability to drive portfolio premiumisation,

including by establishing more than ten agile production lines for

innovations such as Dove's renovated hair care range. This year, we

announced the closure of REN and the divestment of Kate Somerville.

![rectangle image Nutrafoil.jpg](ul-20251231_g29.jpg)

**Nutrafol is a blueprint for category growth, with turnover tripling** 

**since its 2022 acquisition.**

---

| | | |
|:---|:---|:---|
| 20 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

![BG hero image pages_PC.jpg](ul-20251231_g30.jpg)

Personal

Care

We are market-makers and category-shapers

with culturally relevant brands that inspire desire

and confidence in whole-body self-care.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 21 |

---

REVIEW OF THE YEAR<br>

![BG backgrounds_PC Fabian chart_long.jpg](ul-20251231_g31.jpg)

![13](ul-20251231_g32.gif)

**Premiumising** 

**Personal Care**

We drove strong growth in hard

currency, delivered through our

Power Brand premiumisation and

![25](ul-20251231_g33.gif)

category-disrupting innovation.

**Fabian Garcia**

Business Group President, Personal Care

![37](ul-20251231_g34.gif)

**ABOUT PERSONAL CARE**

---

| | |
|:---|:---|
| **Our categories:**  | **Our categories:**  |
| **Deodorants, Oral Care** <br>**and Skin Cleansing** | **Deodorants, Oral Care** <br>**and Skin Cleansing** |
| **Our Power Brands:**  | **Our Power Brands:**  |
| **Axe**<br>**Closeup**<br>**Dove**<br>**Lifebuoy**<br>| **Lux**<br>**Pepsodent**<br>**Rexona**<br>|

---

---

| | |
|:---|:---|
| **PERFORMANCE HIGHLIGHTS** | **PERFORMANCE HIGHLIGHTS** |
| **TURNOVER**  | **TURNOVER**  |
| **2025:** |  |
| €13.2bn | €13.2bn |
| 2024: €13.6bn | 2023: €13.8bn |

---

---

| | |
|:---|:---|
| **TURNOVER GROWTH** | **TURNOVER GROWTH** |
| **2025** | **(3.4%)** |
| 2024 | (1.5%) |
| 2023 | 1.4% |
| '0% |  |

---

![](ul-20251231_g16.gif)

---

| | | | |
|:---|:---|:---|:---|
| **UNDERLYING SALES GROWTH** | **UNDERLYING SALES GROWTH** |  |  |
|  | **USG** | **UVG** | **UPG** |
| **2025** | **4.7%** | **1.1%** | **3.6%** |
| 2024 | 5.2% | 3.1% | 2.1% |
| 2023 | 8.9% | 3.2% | 5.5% |
| 0% |  |  |  |

---

![](ul-20251231_g16.gif)

---

| | |
|:---|:---|
| **OPERATING MARGIN** | **OPERATING MARGIN** |
| **2025** | **20.5%** |
| 2024 | 20.1% |
| 2023 | 21.4% |

---

---

| | |
|:---|:---|
| **UNDERLYING OPERATING MARGIN** | **UNDERLYING OPERATING MARGIN** |
| **2025** | **22.6%** |
| 2024 | 22.1% |
| 2023 | 20.2% |

---

![49](ul-20251231_g35.gif)

Pages 1 to 46 use GAAP and non-GAAP measures to explain the performance of <br>our business. See pages 40 to 46 for further information.<br>

---

| | | |
|:---|:---|:---|
| 22 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

**PERFORMANCE SUMMARY** 

In 2025, we delivered turnover of €13.2 billion, a decrease of (3.4)%

compared to the prior year, primarily due to the impact of adverse

currency movements and disposals. This was offset by a 4.7%

increase in underlying sales growth, driven by 1.1% volume growth

and supported mainly by premium innovation, particularly in Dove and

North America. Growth was led by our Power Brands, which accounted

for 90% of turnover.

Deodorants grew low single-digit, with positive volume and price, led

by strong growth in Dove. The continued success of whole-body

deodorants fuelled growth, offset by a volume decline in Latin America

amid softer market conditions.

Across our other categories, Skin Cleansing grew mid-single digit,

driven by price and premiumisation. Dove delivered mid-single-digit

growth, while Lifebuoy was flat as volume was impacted by

commodity-driven pricing. Oral Care also grew mid-single digit,

supported by strong momentum in Closeup and Pepsodent following

premium innovations in teeth whitening and naturals.

Operating profit decreased by (1.4)% to €2.7 billion driven by adverse

currency and disposals. Underlying operating profit also decreased by

(1.4)% to €3.0 billion, while underlying operating margin increased by

50bps to 22.6%. This was driven by improvements in gross margin and

overheads, partially offset by a step-up in brand investment,

particularly in the US and premium segments.

**STRATEGIC PRIORITIES** 

Our Personal Care business is transforming to meet changing

consumer expectations, moving beyond hygiene to offer premium,

benefit-led experiences. Our strategy focuses on multi-year, multi-

market innovations, supported by deep insights and cutting-edge

science.

We are strengthening our brands through scientific expertise

and cultural relevance, bolstered by large-scale partnerships and a

social-first marketing model. To capture new opportunities, we are also

reshaping our portfolio and expanding through acquisitions like Dr.

Squatch and Wild, reinforcing our premiumisation and social-first

approach.

**INNOVATION-LED PREMIUMISATION** 

Consumers are increasingly seeking products that offer superior

benefits and indulgent self-care experiences. We are investing in our

Power Brands to elevate everyday routines through advanced

formulations and sensorial appeal.

In Skin Cleansing, Dove's Serum Shower Collection combines active

skincare ingredients with MicroMoisture™ technology. First launched in

2024, it has delivered strong results in North America and expanded

into India at the end of 2025, one of our biggest Personal Care

markets.

In Deodorants, we have strengthened our category leadership with

whole-body formats. Introduced in the US in 2024 under Dove and

Dove Men+Care, this year we scaled the technology across Rexona

and Axe, with whole-body deodorants now in 15 markets.

We expanded our premium offer in Oral Care, launching

Closeup White Now across Asia, offering teeth whitening solutions

key markets.

Innovation in fragrance continues to enhance the sensorial appeal of

our brands. Axe launched new gourmand-inspired variants and limited

editions, like Cherry Spritz and Sunset Fresh, featuring notes such as

key lime, sage and apple. These ranges are increasingly popular with

Gen Z, with many choosing scents based on their mood. Following

Unilever's announcement in 2024 of a €100 million investment in

developing our fragrance capabilities, this year we launched Dove's

limited-edition Garden Tea Party range in the US, featuring the first

fragrance crafted by our in-house team.

**FRONTLINE EXECUTION**

We connect with people through culturally relevant moments – sport,

music and entertainment – to deepen brand engagement. Women's

football remains a significant opportunity to reach a global audience.

As Official Sponsors of UEFA Women's EURO 2025™, we launched a

multi-brand campaign with Dove, Rexona and Axe activating across

Europe, featuring 360° touchpoints.

We are also transforming how we create and deliver content to

consumers. Rexona piloted 'The Locker Room', a social hub using real-

time listening and content generation, significantly increasing online

engagement and laying the foundation for expansion ahead of the FIFA

World Cup 2026™, where Unilever is the Official Personal Care

Sponsor.

Beyond sport, we are reaching new audiences through brand

collaborations. The Dove x Crumbl partnership in the US drove strong

engagement and rapid sales, with over half of consumers being first-

time Dove buyers. This limited-edition range is available in over 4,000

Walmart locations in North America, and was supported by in-store

activations at launch. Dove also introduced its first creator-led initiative,

#ShareTheFirst, challenging the pressure of digital perfection and built

entirely on unfiltered user-generated content.

We continued to advance our digital content supply chain with the

launch of our Personal Care AI Studio. By harnessing integrated digital

and automation tools, the Studio is significantly improving the speed of

asset creation through more efficient production processes. Now live in

four markets, it will continue to scale, with further roll-outs planned for

2026. **PRODUCTIVITY AND SIMPLIFICATION** 

To support a more premium, higher-margin portfolio, we have stepped

up investment in capacity and capabilities across our supply chain. Our

product mix is now significantly simplified, more global, and centred on

our Power Brands. We have streamlined our brands and, since 2022,

reduced our number of SKUs by over 20%, unlocking operational

efficiency.

Beyond our portfolio, we are embedding AI-powered tools to drive

productivity and simplification. Over the past year, we have deployed a

range of digital solutions across our value chain, delivering greater

speed and precision. For example, in R&D,

AI-powered simulations have eliminated the need for multiple physical

trials, accelerating innovation timescales.

![rectangle image Whole body Deo.jpg](ul-20251231_g36.jpg)

**We are strengthening our deodorant category leadership with** 

**whole-body formats, scaling the technology in 2025.** 

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 23 |

---

![BG hero image pages_HC.jpg](ul-20251231_g37.jpg)

Home

Care

We are shaping the future of home care through

science-led innovation and sensorial experiences,

to make everyday household chores easier and

more enjoyable.

---

| | | |
|:---|:---|:---|
| 24 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

![BG backgrounds_HC_Eduardo chart_long.jpg](ul-20251231_g38.jpg)

![25](ul-20251231_g39.gif)

**A brighter way** 

**to clean**

While we accelerated volume

growth in challenging market

conditions, we continue to focus

![49](ul-20251231_g40.gif)

on stepping up performance in

some of our key countries.

**Eduardo Campanella**

Business Group President, Home Care

![61](ul-20251231_g41.gif)

**ABOUT HOME CARE**

---

| | |
|:---|:---|
| **Our categories:**  | **Our categories:**  |
| **Fabric Cleaning, Fabric Enhancers** <br>**and Home & Hygiene** | **Fabric Cleaning, Fabric Enhancers** <br>**and Home & Hygiene** |
| **Our Power Brands:**  | **Our Power Brands:**  |
| **Cif**<br>**Comfort**<br>**Dirt Is Good**<br>**Domestos**<br>| **Radiant**<br>**Sunlight**<br>**Surf**<br>|

---

---

| | |
|:---|:---|
| **PERFORMANCE HIGHLIGHTS** | **PERFORMANCE HIGHLIGHTS** |
| **TURNOVER** | **TURNOVER** |
| **2025:** |  |
| €11.6bn | €11.6bn |
| 2024: €12.3bn | 2023: €12.2bn |

---

---

| | |
|:---|:---|
| **TURNOVER GROWTH** | **TURNOVER GROWTH** |
| **2025** | **(6.4%)** |
| 2024 | 1.4% |
| 2023 | (1.8)% |
| '0% |  |

---

![](ul-20251231_g16.gif)

---

| | | | |
|:---|:---|:---|:---|
| **UNDERLYING SALES GROWTH** | **UNDERLYING SALES GROWTH** |  |  |
|  | **USG** | **UVG** | **UPG** |
| **2025** | **2.6%** | **2.2%** | **0.4%** |
| 2024 | 2.9% | 4.0% | (1.1)% |
| 2023 | 5.9% | (0.9)% | 6.8% |
| '0% |  |  |  |

---

![](ul-20251231_g16.gif)

---

| | |
|:---|:---|
| **OPERATING MARGIN** | **OPERATING MARGIN** |
| **2025** | **13.1%** |
| 2024 | 12.3% |
| 2023 | 11.6% |

---

![37](ul-20251231_g42.gif)

---

| | |
|:---|:---|
| **UNDERLYING OPERATING MARGIN** | **UNDERLYING OPERATING MARGIN** |
| **2025** | **14.9%** |
| 2024 | 14.5% |
| 2023 | 12.3% |

---

Pages 1 to 46 use GAAP and non-GAAP measures to explain the performance of <br>our business. See pages 40 to 46 for further information.<br>

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 25 |

---

REVIEW OF THE YEAR<br>

**PERFORMANCE SUMMARY**

In 2025, we delivered turnover of €11.6 billion, driven by strong execution

across key regions and the continued scaling of our multi-year innovations.

Turnover was impacted by adverse currency movements of (7.1)% and

disposals, meaning a decline of (6.4)%. On an underlying basis, our sales

growth was 2.6%, driven by strong volume growth of 2.2%, which

accelerated to 4.0% in the fourth quarter. Performance was led by our

Power Brands, accounting for 82% of turnover.

Europe delivered another strong year supported by premium innovations

and excellent in-store execution. In emerging markets, performance

stepped up sequentially throughout the year, with Indonesia and Vietnam

returning to growth in the second half. Brazil faced a challenging year amid

softer market conditions and price corrections, but returned to growth in the

fourth quarter. South Africa delivered a weaker performance amid a

competitive market environment.

In our largest category, Fabric Cleaning, we continued to shift our portfolio

to future formats such as liquid detergents, delivering double-digit growth.

Wonder Wash maintained its strong momentum and scaled to 22

additional markets. Overall, the category was flat, with volume impacted by

declines in our powders portfolio in Brazil and South Africa. Home &

Hygiene grew mid-single digit, led by Domestos and Cif, supported by

premium innovations such as Infinite Clean. Fabric Enhancers grew high

single-digit, led by volume, with Comfort benefiting from premium formats

and fragrance-led innovations such as boosters.

Operating profit decreased by (0.6)% to €1.5 billion, due to an underlying

operating profit decrease of (3.8%), offset in part by lower non-underlying

items compared to the prior year. Underlying operating margin increased

by 40bps to 14.9%, driven by improved overheads and disciplined brand

and marketing investment, partly offset by a modest decline in gross

margin.

**STRATEGIC PRIORITIES**

Our strategy is focused on product innovations that deliver

superior performance, create new experiences and offer greater

convenience for consumers, particularly in high-growth categories such as

liquid detergents and household cleaning.

Our multi-year innovations are informed by deep consumer insights into

household cleaning trends and unmet needs. This approach is opening up

new category opportunities, accelerating the pace of major launches and

delivering sustained growth for Unilever.

**INNOVATION-LED PREMIUMISATION**

We use our science-based expertise to launch and scale innovations that

shape our categories. By introducing smarter ingredients, improved

packaging and premium fragrances, we are creating a more rewarding

experience for consumers.

In response to shifting laundry habits, we introduced Wonder Wash under

Dirt Is Good in 2024, designed for short, cold cycles to meet evolving

consumer needs. This category-defining innovation has now been scaled

to 30 markets, including two of our largest, India and Brazil.

To address rising consumer demand for convenient and longer-lasting

cleaning solutions, we launched Cif Infinite Clean in 2025. This multi-

purpose, reloadable spray uses probiotic technology to break down dirt,

with probiotics remaining effective for up to 72 hours after application. To

support the formulation's performance, Cif Infinite Clean's premium

packaging features mist technology for even surface coverage. So far, we

have rolled out the product across five European markets, including France

and the UK, with strong early results. Our investment in probiotic cleaning

technology extends beyond Cif, with Wipol in Indonesia, Sunlight in

Vietnam and Vim in India now offering the technology in various products.

**FRONTLINE EXECUTION**

By leveraging sports partnerships, our brands continue to show up where

performance meets culture, enabling us to tap into wide-reaching,

authentic consumer conversations. In 2025, we continued working with,

among others, Usain Bolt, the Argentinian Football Association and Arsenal

Football Club – boosting brand relevancy and deepening consumer

connection.

This approach led to successful brand campaigns such as "It's Part of the

Game" with Arsenal Women's team and Dirt Is Good helping to break the

stigma around period blood in sport. Surf Excel also partnered with the ICC

Women's Cricket World Cup, creating a viral moment when Jemimah

Rodrigues' dirt-stained jersey became a celebration of its "Dirt Is Good"

philosophy, with the suggestion: "Don't clean it. Frame it."

These campaigns are executed through a social-first marketing approach

that prioritises real-time engagement, creator-led content and cultural

connection. To accelerate this, we are embedding AI-powered design

capabilities into brand teams via Sketch Pro – our in-house studio that

speeds up asset production and enables storytelling designed for social

platforms.

We continue to deliver executional excellence offline. We have stepped up

partnerships with our customers to drive growth through category-

expanding innovations and large-scale brand activations. As a result, we

were recognised in 81% of our markets as best-in-class by the 2025

Advantage Group Survey, driven by strong in-store execution, joint

business planning and category growth.

**PRODUCTIVITY AND SIMPLIFICATION**

Our Home Care supply chain continues to undergo a major transformation

to deliver cost savings. This is supported by initiatives such as a €150

million investment across Europe. Launched in 2023 and continuing

through 2026, the programme is focused on driving efficiencies and

unlocking growth. In emerging markets such as Brazil and India, we are

investing in enhanced production for our future growth formats, including

liquid detergents.

To advance this transformation, we are leveraging AI to innovate faster and

accelerate our speed to market. These include predictive maintenance,

real-time demand planning, intelligent mixing systems and energy

optimisation. We are also growing our Home Care sites that are part of

Unilever's digital twin network, a replica of our factories that enables

continuous production monitoring, analysis and simulation of changes

before implementation. At our Haldia site in India, for example, this is

helping to optimise processes and deliver cost and energy savings.

Another area of focus is vertical integration and direct-to-customer dispatch

models. For example, by producing key materials like surfactants and

designing fragrances in-house, we are improving supply resilience and

securing long-term cost benefits. We are also co-locating distribution centres

with factories, enabling faster, more direct deliveries to customers. This year,

we opened a new distribution site in China and plan to open more in

Thailand and the UK in 2026.

![rectangle images Persil advert_cropped.jpg](ul-20251231_g43.jpg)

**We use our science-based expertise to launch and scale** 

**category-shaping innovations, such as Wonder Wash.** 

---

| | | |
|:---|:---|:---|
| 26 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

![BG hero image pages_Foods.jpg](ul-20251231_g44.jpg)

Foods

We are bringing on-trend products, premium

innovations and new tastes to both home and

professional chefs around the world.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 27 |

---

REVIEW OF THE YEAR<br>

![BG backgrounds_Heiko_Foods chart_long.jpg](ul-20251231_g45.jpg)

![61](ul-20251231_g46.gif)

**On the frontier** 

**of flavour** 

We delivered a solid performance

despite slow markets, driven by

innovation in our Power Brands

![49](ul-20251231_g47.gif)

and by stepping up gross margin

through a simplified and

sharpened portfolio.

**Heiko Schipper**

Business Group President, Foods

![25](ul-20251231_g48.gif)

**ABOUT FOODS**

---

| |
|:---|
| **Our categories:**  |
| **Condiments, Cooking Aids & Mini** <br>**Meals, and Unilever Food Solutions** |
| **Our Power Brands:**  |
| **Hellmann's**<br>**Horlicks**<br>**Knorr**<br>|

---

---

| | |
|:---|:---|
| **PERFORMANCE HIGHLIGHTS** | **PERFORMANCE HIGHLIGHTS** |
| **TURNOVER** | **TURNOVER** |
| **2025:** |  |
| €12.9bn | €12.9bn |
| **2024: €13.4bn** | **2023: €13.2bn** |

---

---

| | |
|:---|:---|
| **TURNOVER GROWTH** | **TURNOVER GROWTH** |
| **2025** | **(3.2%)** |
| 2024 | 1.1% |
| 2023 | (5.0%) |
| '0% |  |

---

![](ul-20251231_g16.gif)

---

| | | | |
|:---|:---|:---|:---|
| **UNDERLYING SALES GROWTH** | **UNDERLYING SALES GROWTH** |  |  |
|  | **USG** | **UVG** | **UPG** |
| **2025** | **2.5%** | **0.8%** | **1.7%** |
| 2024 | 2.6% | 0.2% | 2.4% |
| 2023 | 7.7% | (2.2)% | 10.1% |
| '0% |  |  |  |

---

![](ul-20251231_g16.gif)

---

| | |
|:---|:---|
| **OPERATING MARGIN** | **OPERATING MARGIN** |
| **2025** | **21.3%** |
| 2024 | 19.5% |
| 2023 | 18.3% |

---

![37](ul-20251231_g49.gif)

---

| | |
|:---|:---|
| **UNDERLYING OPERATING MARGIN** | **UNDERLYING OPERATING MARGIN** |
| **2025** | **22.6%** |
| 2024 | 21.3% |
| 2023 | 18.6% |

---

Pages 1 to 46 use GAAP and non-GAAP measures to explain the performance of <br>our business. See pages 40 to 46 for further information.<br>

---

| | | |
|:---|:---|:---|
| 28 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

**PERFORMANCE SUMMARY** 

In 2025, our turnover was €12.9 billion, decreasing by (3.2)% compared to

the prior year, impacted by adverse currency movements and partially

offset by 2.5% underlying sales growth. This consistent and competitive

underlying performance was led by emerging markets. North America grew

in line with the total Business Group, while Europe remained suppressed

amid softer consumer demand. Encouragingly, underlying volume growth

improved to 0.8%, reflecting our disciplined execution in a slower market

environment.

Cooking Aids grew low single-digit, driven primarily by price. Knorr's softer

performance in developed markets was offset by positive volume and price

in emerging markets. Condiments delivered

mid-single-digit growth, with balanced volume and price, led by Hellmann's

continued momentum. The brand benefited from strong demand for its

flavoured mayo range, now present in over 30 markets, and particularly

good growth in emerging markets.

Unilever Food Solutions was flat, with positive volume growth in North

America. This was partially offset by declines in China, its biggest market,

and Europe, reflecting weaker out-of-home consumption and ongoing

macroeconomic pressures.

Operating profit increased by 5.7% to €2.7 billion, due to reduced

restructuring costs compared to the prior year and an underlying operating

profit increase of 2.7%. Underlying operating margin increased by 130bps

to 22.6%. This was driven by improvements in gross margin and

overheads, alongside disciplined brand investment as we continue to

execute our focused Foods strategy.

**STRATEGIC PRIORITIES**

Our key focus is to continue delivering consistent growth with strong profit

and cash generation. We have introduced a new Foods strategy which,

now in its second year, supports this. We are streamlining and optimising

our portfolio and accelerating science-led innovation built around products

rooted in great taste. At the same time, we are sharpening execution

across our strategic partnerships, strengthening consumer engagement

and driving operational excellence.

**INNOVATION-LED PREMIUMISATION** 

Innovation remains our primary driver of volume growth, and in 2025, we

turned consumer trends into scalable, multi-year product offerings. We are

embracing the appetite for new flavours and cuisines, the desire for

convenient and solo cooking, and the rise of time-saving methods such as

air frying.

Knorr continues to evolve its portfolio through innovation and product

superiority. This approach in bouillons and seasonings fuelled particularly

strong growth in the Philippines, Indonesia and the US. In addition, Knorr

tapped into the growing demand for smart cooking and eating, expanding

mini-meals with ready-to-heat pots inspired by trending global cuisines. In

the UK and Germany, it introduced new cooking pastes – such as Sundried

Tomato & Herbs and Smoked Chilli & Lime – designed for air fryer use.

We continued to invest in the fast-growing flavour space, with our flavoured

mayo range reaching €100 million across 35 markets, supported by

Hellmann's launches like Ranch in the UK and Flamin' Hot in Mexico.

Our approach to innovation has evolved too. We accelerated our latest

product development through an AI formulation tool, significantly reducing

time to market.

**FRONTLINE EXECUTION** 

Our brands are embracing a social-first approach to connect with people in

authentic, locally relevant ways. Knorr delivered its biggest social-first

campaign, #UnlockYourGreenFlag, positioning cooking as a universal

'green flag' in the dating world. Partnering with the world's most

downloaded dating app and influencers across 29 markets, the campaign

delivered content that resonated with Gen Z, driving a measurable uplift

in brand preference.

Connecting with consumers at the right moments is central to our strategy.

In the US – a key market for Hellmann's – the brand continues to leverage

major sporting events as a repeatable model, celebrating the football

season with its fifth Big Game activation, generating over 40 billion earned

media impressions. This multi-channel campaign combined Unilever's

'Perfect Store' execution across online platforms and in-store activations

with bold creative designed to spark conversation ahead of the event.

Beyond in-market activations, strategic partnerships help us reach new

audiences and build excitement for our brands. In Brazil, one of Hellmann's

biggest markets, the brand extended its collaboration with the National

Basketball Association (NBA). The collaboration combined cultural

engagement with consumer activation and product innovation, introducing

new flavours such as Barbecue, Bacon and Garlic in our convenient

squeeze format. These initiatives delivered high penetration in the squeeze

segment and significant sales growth among younger consumers.

We also continued to innovate at scale in the professional space through

Unilever Food Solutions (UFS). In China, its largest market, UFS launched

chefs-for-chefs innovations such as Knorr Professional Seasoned Soy

Sauce to meet rising demand for richer umami and more intense soy

flavours. This marks the brand's first premium variant developed

specifically for culinary professionals. Through its Future Menus initiative,

UFS works with chefs in over 50 markets to shape global food trends. This

year's focus on Asian and South American cuisines was supported by

signature products such as Hellmann's Spicy Mayo and Ancho Chipotle

Sauce, helping chefs create popular dishes like tacos and dumplings.

**PRODUCTIVITY AND SIMPLIFICATION**

We are transforming our factory performance by harnessing advanced

technology to optimise operations and improve efficiency. At the same time,

we are investing in our people – equipping factory teams with technical and

soft skills to innovate and respond to market needs.

To meet growing demand, we established a new soy sauce plant in

Greater China. The facility evolved from a pilot plant to full-scale production

and incorporates advanced controls to enable breakthroughs in

fermentation. Significant design changes from conventional soy sauce

plants have helped to optimise capital expenditure and improve volume.

Alongside operational improvements, we further simplified our Foods

portfolio this year, sharpening our focus on Power Brands and global

categories. This included the sale of Conimex and The Vegetarian Butcher,

with binding offers for the sale of Graze, as well as Unox and Zwan, which

are both pending the usual closing conditions and regulatory approvals.

Since 2019, we have removed more than 25% of SKUs, reduced

ingredients by 20% and streamlined formulations by nearly a third.

![rectangle images Knorr powder.jpg](ul-20251231_g50.jpg)

**Knorr continues to focus on product superiority and unlocking** 

**convenience in bouillons and seasonings.**

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 29 |

---

REVIEW OF THE YEAR<br>

**Sustainability** 

**Review**

**Michael Stewart**

Chief Corporate Affairs and Communications Officer

**PROGRESS AND IMPACT**

Rapid changes in societal expectations, consumer preferences

and regulation underline the continued importance of Unilever's

sustainability agenda. Our work protects and enhances the value of our

business through innovation, operational efficiency and supply chain

resilience. Our sustainability goals play a critical role in future-proofing our

business, ensuring focus and urgency in the areas where we can deliver

the most impact. Some of our sustainability goals include our commitment

to respect human rights across our operations, value chain, affected

communities and consumers, respecting the dignity of our workforce and

the right of employees to freedom of association and collective bargaining,

and promoting responsible business partnerships that meet the

requirements of our Responsible Partner Policy (RPP). Following the

demerger of the Ice Cream business, in 2026 we will review the scope and

baselines of our sustainability goals.

The Corporate Sustainability Reporting Directive (CSRD) requires

large companies operating in the European Union to report on their

sustainability performance in accordance with the European

Sustainability Reporting Standards (ESRS). To comply with laws of

local jurisdictions, we have have prepared a sustainability statement

for Unilever PLC and its subsidiaries (Unilever) in accordance with the

ESRS, as issued by Delegated Regulation (EU) 2023/2772 on 31 July

2023 (the "Sustainability Statement"). The Sustainability Statement

incorporates requirements for non-financial and sustainability reporting

including sections 414CA and 414CB of the Companies Act 2006, our

UK Streamlined Energy and Carbon Reporting disclosure, the ESRS

and our Climate Transition Action Plan progress report.

The Sustainability Statement is available on the Group's website. The

contents of the Sustainability Statement and our website are not

incorporated by reference into this Annual Report on Form 20-F and

any reference to the Sustainability Statement is intended to be an

inactive textual reference only.

**CLIMATE**

This year, we reduced emissions in our operations through

efficiency improvements, implementation of power purchase

agreements (PPAs), and installation of industrial-scale heat pumps

and electric boilers at additional sites. Our scope 3 decarbonisation

efforts continue to prioritise supplier engagement, such as our

Supplier Climate Programme, which now includes almost 200

suppliers and 40% of raw material scope 3 emissions.

We expect progress against our scope 3 targets to be challenging given

the significant contribution from the petrochemicals sector and end-of-life

emissions from surfactants. This primarily impacts our Home Care

Business Group. However, we are making progress to develop and scale

lower-GHG alternatives for these chemicals in our laundry and cleaning

products, as well as engaging with governments to accelerate the transition

to sustainable chemicals. We are also reformulating products using lower-

GHG ingredients, such as our Lux and Lifebuoy soap bars in India and

Indonesia. A key part of our forest, land and agriculture (FLAG) emissions

reduction relates to maintaining the sourcing of deforestation-free

volumes of five key commodities, including palm oil. This year, we

increased our direct sourcing of palm feedstocks, improving traceability and

supporting our work to maintain no deforestation.

We continue to work with trade associations to improve alignment with

our climate targets, supported by our second Climate Policy

Engagement Review.

**NATURE** 

Our regenerative agriculture projects aim to address the most material

environmental impacts faced by farmers, including those related to

climate, soil and biodiversity. In 2025, we implemented 12 new

regenerative agriculture projects, bringing our total to 34 active projects

across 17 countries. This includes a new canola programme in Canada

and a soy programme in Brazil. Our projects on protection and restoration

prioritise landscapes based on our commodity footprint and operational

presence. In Indonesia, for example, we have long-term, multi-stakeholder

partnerships located across three provinces that supply our palm

oil processing facility in North Sumatra. We also continue to expand

our work in partnership with the Rimba Collective, which provides

conservation finance and project implementation.

This year, our advocacy focused on regional policies to enable farmers

to adopt and sustain regenerative practices. Alongside this, in Brazil, we

are working with peers through the World Business Council for Sustainable

Development (WBCSD)'s Landscape Accelerator to align on policy and

finance solutions to support the regenerative transformation of the Cerrado

region – a key sourcing area for our soybean oil.

**PLASTICS** 

We increased our use of post-consumer recycled (PCR) plastic this year,

achieving our goal of 25% PCR by 2025.<sup>(a)</sup> Key projects included the roll-

out of Wonder Wash laundry detergent bottles in Europe and Hellmann's

squeeze bottles in Brazil, with up to 100% recycled plastic. We also

reduced our use of virgin plastics, primarily through expanding our PCR

adoption. These, alongside lightweighting innovations and alternative

formats that remove plastic from our packaging, remain critical levers in

reducing virgin plastic. We also achieved our goal to collect and process

more plastic than we sold by 2025. From 2026, we will increase our focus

on transitioning to paper-based flexible packaging. This will be supported

by the inclusion of an associated target in the Sustainability Progress Index

(SPI) component of the 2026-2028 Performance Share Plan (PSP)

– see pages 99 to 100 for more detail. We remain focused on developing

next-generation packaging solutions that are reusable, recyclable or

compostable. This year in the UK, Cif launched a reusable trigger spray

that reduces plastic waste by 50%.

Despite limited progress at the Global Plastics Treaty negotiations, we

remain committed to supporting governments to develop harmonised

regulatory frameworks across markets that drive investment and innovation

– such as effective, locally tailored extended producer responsibility (EPR)

programmes. Voluntary industry-wide action also remains a key lever. This

year, we signed the Ellen MacArthur Foundation's Global Commitment

2030, which encourages cross-industry collaboration to accelerate

progress.

**LIVELIHOODS** 

Our multi-year projects with smallholder farmers in key commodity sourcing

regions continued to focus on improving farming practices through

certification schemes, access to income growth and regenerative

agriculture programmes. In our retail value chain, we are supporting small-

scale retailers primarily in markets such as India and Indonesia, through

our AI-powered digital ordering platforms, alongside financial services and

training. Our ongoing supplier engagement increased the proportion of our

procurement spend with suppliers who have signed the Living Wage

Promise. We continue to equip these suppliers with the tools, knowledge

and resources to start measuring their living wage gaps. Alongside

partners like UN Global Compact, International Labour Organization, IDH

and World Benchmarking Alliance, we successfully advocated for living

wage to be highlighted in the Doha Political Declaration as a key focus

area for government policy aiming to advance social development.

(a)Having reached our 2025 milestone (excluding Ice Cream), PCR will remain an important

lever to deliver our virgin plastic reduction goals.

---

| | | |
|:---|:---|:---|
| 30 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

REVIEW OF THE YEAR<br>

**Non-Financial Performance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Climate**  | **Goal** | **Unilever** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** |
| **Climate**  | **Goal** | **2025** | 2025 | 2024 | 2023 |
| **Reduce absolute operational GHG emissions (Scope 1 & 2)** <br>**by 100% by 2030 from a 2015 baseline**<sup>(a)(b)</sup><br>| (100)% | **(77)%** | (77)% | (72)% | (70)% |
| **Reduce absolute Scope 3 energy and industrial (E&I) GHG** <br>**emissions by 42% by 2030 from a 2021 baseline**<sup>(b)(c)(d)</sup><br>| (42.0)% | **(11)%** | (11)% | (7)% | – |
| **Reduce absolute Scope 3 forest, land and agriculture (FLAG)** <br>**GHG emissions by 30.3% by 2030 from a 2021 baseline**<sup>(b)(c)(d)</sup><br>| (30.3)% | **(17)%** | (17)% | (12)% | – |
| **Nature** | **Goal** | **Unilever** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** |
| **Nature** | **Goal** | **2025** | 2025 | 2024 | 2023 |
| **Implement regenerative agriculture practices on 1 million** <br>**hectares of agricultural land by 2030**<br>| 1m | **0.25m** | 0.26m | 0.13m | 0.06m |
| **Help protect and restore 1 million hectares of natural** <br>**ecosystems by 2030**<br>| 1m | **0.66m** | 0.67m | 0.43m | 0.29m |
| **95% volume of key crops to be verified as sustainably** <br>**sourced by 2030**<br>| 95% | **81%** | 80% | 79% | 79% |
| **Maintain no deforestation across our primary deforestation-**<br>**linked commodities**<sup>(e)</sup><br>| 95% | **97%** | 96% | 97% | 98% |
| **Implement water stewardship programmes in 100 locations** <br>**in water-stressed areas by 2030**<br>| 100 | **29** | 30 | 21 | 13 |
| **Plastics** | **Goal** | **Unilever** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** |
| **Plastics** | **Goal** | **2025** | 2025 | 2024 | 2023 |
| **Reduce our virgin plastic footprint – by 30% by 2026,** <br>**and 40% by 2028, from a 2019 baseline**<sup>(f)</sup><br>| (30)% | **(29)%** | (29)% | (23)% | (21)% |
| **100% of our plastic packaging to be reusable,** <br>**recyclable or compostable**<sup>(a)(f)</sup><br>| 100% | **57%** | 57% | 57% | 53% |
| by 2030 (for rigids) | 100% | **75%** | 75% | 76% |  |
| by 2035 (for flexibles) | 100% | **15%** | 15% | 13% |  |
| **Use 25% recycled plastic in our packaging by 2025**<sup>(f)</sup> | 25% | **25%** | 24% | 21% | 20% |
| **Collect and process more plastic packaging than** <br>**we sell by 2025**<sup>(f)</sup><br>| 100% | **111%** | 111% | 93% | 68% |
| **Livelihoods** | **Goal** | **Unilever** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** | **Unilever (including Ice Cream)** |
| **Livelihoods** | **Goal** | **2025** | 2025 | 2024 | 2023 |
| **Suppliers representing 50% of our procurement spend** <br>**to sign the Living Wage Promise by 2026**<br>| 50% | **43%** | 41% | 32% | – |
| **Help 250,000 smallholder farmers in our supply chain** <br>**access livelihoods programmes by 2026**<br>| 0.25m | **0.17m** | 0.21m | 0.08m | – |
| **Help 2.5 million SMEs in our retail value chain grow their** <br>**business by 2026**<sup>(g)</sup><br>| 2.5m | **2.12m** | 2.36m | 2.58m | 1.91m |

---

(a)2023 performance measured for 12-month period ended 30 September.

(b)Baseline period measured for 12-month period ended 30 September.

(c)2024 performance restated due to change in measurement methodology and correction of an error in logistics third-party emission factors (E&I only).

(d)Unilever 2025 performance measured including Ice Cream.

(e)2023 performance measured for all commodity volumes ordered for three-month period October to December, except for palm oil in India measured only for December.

(f)The scope of our plastic packaging targets includes plastic packaging in 26 countries, which account for approximately 82% of Unilever's sales.

(g)2023 performance measured for three-month period October to December.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 31 |

---

**Our Principal Risks**

**OUR RISK APPETITE AND APPROACH** 

**TO RISK MANAGEMENT**

Risk management is integral to Unilever's strategy and

the achievement of our long-term goals. Our success

as an organisation depends on our ability to identify and exploit the

opportunities generated by our business and in our markets. In doing

this, we take an embedded approach to risk management, which puts

risk at the core of the Board agenda, where we believe it should be.

Unilever's appetite for risk is driven by the following:

■Our growth should be consistent, competitive,

profitable and responsible.

■Our actions on issues such as climate, nature, plastics

and livelihoods must reflect their urgency, and not be constrained by

the uncertainty of potential impacts.

■Our behaviours must be in line with our Code of Business Principles

(COBP) and Code Policies.

■Our ambition to continuously improve our operational efficiency and

effectiveness.

■Our aim to maintain a minimum A/A2 credit rating on

a long-term basis.

Our approach to risk management is designed to provide reasonable,

but not absolute, assurance that our assets are safeguarded, the risks

facing the business are being assessed and mitigated, and all

information that may be required to be disclosed is reported to

Unilever's senior management including, where appropriate, the CEO

and CFO.

**ORGANISATION**

The Board has overall accountability for the management of risks and

opportunities and reviewing the effectiveness of Unilever's risk

management and internal control systems. The Board has established

a clear organisational structure with well- defined accountabilities for

the principal risks that Unilever faces in the short, medium and long

term. In this structure, the Board has delegated the overall

accountability for risk management to both the CEO and CFO. The

distribution of accountabilities and responsibilities ensures that every

segment (either Business Group or country) through which we operate

has specific resources and processes for risk reviews and risk

mitigation. This is supported by the ULE, which takes active

responsibility for focusing on the principal areas of risk to Unilever,

including any emerging areas of risk. The Board regularly reviews

these risk areas, including consideration of environmental, social and

governance matters, and retains responsibility for determining the

nature and extent of the significant risks that Unilever is prepared to

take to achieve its strategic objectives.

**FOUNDATION AND PRINCIPLES**

Our strategy and growth priorities are set out on pages 4 and 5. In

support of these, our Code of Business Principles (COBP) and a

framework of Code Policies set out the standards of behaviour

that we expect all employees to adhere to. The day-to-day

responsibility for ensuring these principles are applied rests with senior

management across Business Groups, geographies and functions.

They are supported by Business Integrity Officers and Committees

who communicate the Code, deliver training, maintain processes and

procedures (including support lines) to report and respond to alleged

breaches, and to capture and communicate learnings.

For each of our principal risks, we have a risk management framework

detailing the controls in place and who is responsible for managing

both the overall risk and the individual controls mitigating that risk.

Unilever's functional standards define mandatory requirements across

a range of specialist areas such as product safety and cyber security,

which are key controls in mitigating these risks.

Our assessment considers short-, medium- and long-term risks,

including how they are changing, together with emerging risk areas.

These are reviewed on an ongoing basis, and formally by senior

management and the Board at least once a year.

**PROCESSES**

Unilever operates a wide range of processes and activities across its

operations, covering strategy, planning, execution and performance

management. Risk management is integrated into every stage. For the

purposes of compliance with the European Union Corporate

Sustainability Reporting Directive, Unilever completed a double

materiality assessment (DMA) to identify material sustainability

matters. The outcome of the DMA has been reviewed by management

to ensure that these matters are aligned with the principal risks.

**ASSURANCE AND RE-ASSURANCE**

Assurance on compliance with the COBP and our Code Policies

is obtained annually from Unilever management via a formal Code

declaration. In addition, specialist awareness and training programmes

run throughout the year and vary depending on the business priorities.

An integrated assurance map is maintained across the principal risks

to confirm the mitigation in place through the three lines of defence.

Our Corporate Audit function plays a vital role in providing both

management and the Board with an objective and independent review

of the effectiveness of risk management and internal control systems

throughout Unilever.

**BOARD ASSESSMENT OF COMPLIANCE WITH THE** 

**RISK MANAGEMENT FRAMEWORKS** 

The Board, advised by its committees and subcommittees where

appropriate, regularly reviews the significant risks and decisions that

could have a material impact on Unilever. These reviews consider the

level of risk that Unilever is prepared to take in pursuit of the business

strategy and the effectiveness of the management controls in place to

mitigate the risk exposure.

The Board, through the Audit Committee, has reviewed the

assessment of risks, internal controls and disclosure controls, and

procedures in operation within Unilever. It has also considered the

effectiveness of any remedial actions taken for the year covered by this

Annual Report on Form 20-F, and up to the date of its approval by the

Board.

Details of the Audit Committee's activities in relation to this can be

found in the Report of the Audit Committee on pages [70](#idd497fffd94048748ee00e72dade0edb_130) to [74](#id3cc7198a2d14e66b3f5370d4d1bd0a7_26043).

Further statements on compliance with the specific risk management

and control requirements in the UK Corporate Governance Code

(2024), the US Securities Exchange Act (1934) and the US Sarbanes-

Oxley Act (2002) are on page 64.

---

| | | |
|:---|:---|:---|
| 32 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PRINCIPAL RISKS<br>

**Principal Risks**

Our business is subject to risks and uncertainties. On the following pages, we have identified the risks and opportunities that we regard as the

most material to Unilever's business and performance at this time.

Our principal risks include those that could impact our business in the short term (the next two years), medium term (the next three to ten years)

or over the longer term (beyond ten years). As part of our process to review our principal risks, we also consider any additional risks that could

emerge in the future.

Our principal risks have been reviewed and updated as appropriate to reflect the current and relevant risks and opportunities. The key changes

are summarised below:

■Consumer Preference risk and Customer and Channel risk have been merged into one principal risk: Consumer and Channel. Both risks are

driven by changing consumer behaviours influenced by lifestyle changes, economic pressures, and digital adoption. Given their combined

impact on portfolio and resource allocation, and integrated management by the Business Groups, this consolidation supports streamlined

oversight and disclosures.

■Ethical risk and Legal and Regulatory risk have been merged into one principal risk: Legal and Compliance. Legal and Regulatory compliance

refers to compliance with external laws, while ethical compliance relates to compliance with internal policies. In both cases, the risk lies in the

consequences of non-compliance in terms of penalties, fines and reputational damage.

■Treasury and Tax risk has reduced and is no longer considered a principal risk, reflecting the strength of our processes, operations, controls

and our widespread geographical footprint.

We also reflect on whether the level of risk associated with each of our principal risks is increasing or decreasing. There are three principal risks

where we believe there is an increased level of risk compared with last year:

■Information and Cyber Security: the risk continues to rise for consumer goods companies due to increasingly sophisticated ransomware and

phishing attacks, amplified by AI-driven threats that enable hyper-personalised scams.

■Economic and Geopolitical: escalating inter-state armed conflicts, rising protectionism and tariffs, and heightened political instability following

global elections pose increased risk to business operations.

■Portfolio Management: shifting consumer preferences, evolving channel dynamics, heightened economic and political uncertainty, and

strategic portfolio choices have increased complexity and execution challenges.

The rapid advancements in generative AI capabilities heightens the risk of misuse, leading to loss of trust and credibility, as well as the risk of

legal liability. We also continue to monitor emerging risk areas within our existing principal risks, such as geopolitical tensions, ongoing

macroeconomic challenges and changes in consumer demand.

If the circumstances in these risks occur or are not successfully mitigated, our cash flow, operating results, financial position, business and

reputation could be materially adversely affected. In addition, risks and uncertainties could cause actual results to vary from those described,

which may include forward-looking statements, or could impact our ability to meet our targets or be detrimental to our profitability or reputation.

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Consumer and** <br>**Channel**<br>| **Our success depends on the value and** <br>**relevance of our brands and products to** <br>**consumers around the world, and on our** <br>**ability to innovate and remain competitive.**<br>Consumer behaviours are evolving rapidly, driven <br>by lifestyle shifts, economic pressures and <br>increasing digital adoption. These changes <br>influence brand preferences, shopping habits and <br>channel dynamics, including the accelerated growth <br>of digital commerce and new retail formats.<br>Technological disruption continues to reshape how <br>we engage consumers and customers, challenging <br>traditional communication and distribution models. <br>Our ability to develop and deploy the right <br>communication, both in terms of messaging content <br>and medium, is critical to the continued strength of <br>our brands. Failure to anticipate and respond to <br>these shifts could impact brand equity, portfolio <br>competitiveness and, ultimately, impact market <br>share.<br>To remain competitive, we must deliver innovation <br>at speed, adapt marketing strategies to digital <br>platforms and maintain strong partnerships.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|

---

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 33 |

---

OUR PRINCIPAL RISKS<br>

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Portfolio** <br>**Management**<br>| **Unilever's strategic investment choices will** <br>**affect the long-term growth and profitability of** <br>**our business.**<br>Our future growth and profitability are shaped by <br>strategic investment decisions across our <br>Business Groups, key markets and channels. Sub-<br>optimal choices in portfolio allocation may result in <br>missed opportunities to strengthen margins or <br>accelerate growth. Maintaining a balanced and <br>forward-looking portfolio is critical to delivering <br>long-term value.<br>| Increase<br>![NEW_arrow icons-01.jpg](ul-20251231_g52.jpg)<br>|
| **Climate and** <br>**Nature**<br>| **Tackling climate change-related physical** <br>**and transitional risks and loss of nature is** <br>**important to increase our resilience and future-**<br>**proof our business.**<br>Climate change and nature loss are inextricably <br>linked. Climate change is a key driver of <br>biodiversity loss, and nature is a key tool in <br>combating rising global temperatures and climate <br>change impacts. The risks from climate and <br>nature have the potential to affect supply security, <br>cost structures and consumer demand, requiring <br>continued investment in resilience and <br>sustainable practices.<br>Physical risks from climate change, such as more <br>frequent and severe extreme weather events, may <br>disrupt our supply chain, manufacturing sites and <br>distribution networks. Transition risks, including <br>carbon pricing, <br>land-use restrictions and regulations on <br>GHG-intensive ingredients, could increase costs <br>and limit operational flexibility.<br>Climate change, intensive agriculture and <br>land conversion are accelerating ecosystem <br>degradation, reducing crop yields and driving up <br>raw material costs. Water is essential across our <br>value chain. Limited availability or declining quality <br>could constrain operations and reduce demand for <br>water-dependent products.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|

---

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| | | |
|:---|:---|:---|
| 34 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PRINCIPAL RISKS<br>

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Plastic** <br>**Packaging**<br>| **We use plastic to package our products, which** <br>**is why tackling plastic pollution is a priority.** <br>**Reducing virgin plastic and improving** <br>**packaging circularity are key methods for** <br>**continued progress towards our sustainability** <br>**goals.**<br>Consumers and regulators increasingly <br>expect sustainable packaging solutions <br>and packaging transformation. We are also <br>dependent on the work of our industry partners <br>and development of waste management <br>infrastructure, which poses a risk to achieving <br>systemic change.<br>The transition to sustainable packaging requires <br>new materials, product formats and business <br>models. Besides the overarching risk of consumer <br>and customer acceptance, there is a need to <br>ensure these alternatives do not compromise <br>functionality, performance or safety, or undermine <br>product quality and compliance.<br>Emerging regulations, such as extended producer <br>responsibility (EPR) schemes, also expose us to <br>increasing costs, reporting obligations and <br>compliance requirements. For instance, policies <br>like bans require significant innovation and <br>collaboration to scale alternatives and remain in <br>the market.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|
| **Talent** | **The delivery of our growth ambition depends** <br>**on a future-fit workforce and a high-performing** <br>**culture.**<br>As we embed our new operating model and <br>leadership structure, there is a risk that we are <br>unable to attract talent with skills that match the <br>demands of a fast-changing market, and that we <br>are unable to retain the right talent and capabilities <br>to deliver our business goals. There is also a risk <br>that not all leadership and employees will adapt to <br>embed a high-performance culture across <br>the organisation. If these changes are not <br>implemented and adopted at pace, it could affect <br>our ability to compete, innovate and deliver <br>sustained business results.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|
| **Business** <br>**Operations**<br>| **Our business depends on the purchase of** <br>**materials, efficient manufacturing and** <br>**the timely distribution of products to** <br>**our customers.**<br>Our supply chain network is exposed to potentially <br>adverse events such as geopolitical tensions, <br>physical disruptions, trade restrictions and tariffs, <br>or issues at a key supplier, which could impact our <br>ability to deliver orders to customers.<br>The cost of our products is affected by the cost of <br>the underlying commodities and materials from <br>which they are made. Fluctuations in these costs <br>cannot always be passed on to the consumer <br>through pricing and will need to be carefully <br>managed.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|

---

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 35 |

---

OUR PRINCIPAL RISKS<br>

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Safe and** <br>**high-quality** <br>**products**<br>| **The safety and quality of our products are** <br>**of paramount importance for our brands** <br>**and our reputation.**<br>Evolving laws and regulations concerning product <br>formulation, nutritional standards and the use of <br>ingredients of concern may restrict the sale of our <br>products in specific markets, which can impact <br>financial performance and reputation.<br>The risk that raw materials are accidentally <br>or maliciously contaminated throughout the supply <br>chain or that product defects occur due to human <br>error, equipment failure or other factors cannot be <br>excluded.<br>Labelling errors can have potentially serious <br>consequences for both consumer safety and brand <br>reputation. Therefore, on-pack labelling needs to <br>provide clear and accurate ingredient information <br>in order that consumers can make informed <br>decisions regarding the products they buy.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|
| **Information and** <br>**Cyber Security**<br>| **Unilever's operations are reliant on robust** <br>**IT systems and the effective protection and** <br>**management of data to ensure confidentiality,** <br>**integrity and availability of information.**<br>The cyber risk landscape continues to evolve. <br>There is increasing complexity due to the growing <br>digital footprint of our business, including reliance <br>on third parties, and the evolving cyber regulatory <br>landscape. Threat actors have heightened <br>capabilities, in part through the use of AI to <br>automate phishing, exploit vulnerabilities <br>and conduct deepfake-enabled social engineering. <br>As digital interactions with customers, suppliers <br>and consumers increase, the need for secure <br>and resilient IT systems becomes critical in <br>ensuring data privacy. <br>While we have been subject to cyber-attacks in the <br>past, none have resulted in a material impact. <br>However, we recognise that a significant cyber <br>incident has the potential to affect our core <br>operations, including sales, supply chain and cash <br>flow, as well as impact financial performance, <br>reputation and regulatory compliance.<br>| Increase<br>![NEW_arrow icons-01.jpg](ul-20251231_g53.jpg)<br>|

---

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|:---|:---|:---|
| 36 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PRINCIPAL RISKS<br>

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Business** <br>**Transformation**<br>| **Successful execution of transformation** <br>**projects is key to delivering their intended** <br>**benefits and avoiding disruption to** <br>**other business activities.**<br>In December 2025, we successfully completed <br>the demerger of our Ice Cream business and <br>continue to deliver against our company-wide <br>productivity programme. These initiatives <br>represent a significant transformation of our <br>operating model. <br>Advancements in AI, particularly the evolution <br>of generative AI, present significant opportunities <br>to enhance efficiency and effectiveness across <br>consumer insights, demand creation, customer <br>and channel management, and operations.<br>We see these as opportunities to step up growth, <br>unlock productivity and accelerate cultural <br>transformation. Increased use of AI poses <br>operational, reputational and compliance risks <br>that need to be managed while optimising the <br>opportunity.<br>Unilever is embarking on a major transformation <br>to simplify and harmonise core business <br>processes, modernise our digital foundations and <br>leverage AI for future growth. As the programme <br>progresses through its design phase, insufficiently <br>robust planning or design choices could embed <br>future complexity, constrain efficiency gains and <br>lead to higher long-term costs.<br>| Decrease<br>![Workiva Decrease Arrow.jpg](ul-20251231_g54.jpg)<br>|
| **Economic** <br>**and Geopolitical**<br>| **Adverse economic conditions may affect** <br>**one or more countries, regions or may** <br>**extend globally.** <br>Economic and political instability impacts <br>consumer demand for our products, disrupts sales <br>and/or impacts the profitability of our operations.<br>**Unilever has more than half of its turnover** <br>**in emerging markets, which exposes us to** <br>**related economic and political volatility, such** <br>**as foreign exchange or price controls**. These <br>economic and geopolitical factors can also <br>influence the financial markets in which we <br>operate. A material shortfall in our cash flow could <br>undermine Unilever's credit rating, impair investor <br>confidence and restrict our ability to raise funds. In <br>periods of heightened economic stress or financial <br>crisis, there is an additional risk that market <br>illiquidity may limit our access to funding.<br>| Increase<br>![Workiva Increase Arrow.jpg](ul-20251231_g52.jpg)<br>|

---

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| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 37 |

---

OUR PRINCIPAL RISKS<br>

---

| | | |
|:---|:---|:---|
| **Risk** | **Risk description** | **Level of risk** |
| **Legal and** <br>**Compliance**<br>| **Compliance with laws, regulations, and our** <br>**Code of Business Principles and Code** <br>**Policies, by our own employees and our** <br>**business partners, is an essential part of** <br>**Unilever's operations.**<br>Unilever is subject to laws and regulations <br>in diverse areas, including product and ingredient <br>safety, intellectual property, competition, anti-<br>bribery and corruption, economic sanctions, data <br>privacy, environmental reporting and human rights <br>due diligence. Failure to comply may result in <br>financial penalties, fines or other regulatory <br>sanctions and, in certain circumstances, may lead <br>to civil or criminal enforcement actions or litigation, <br>with potential adverse effects on our reputation.<br>Acting in an ethical manner, consistent with <br>the expectations of customers, consumers <br>and other stakeholders, is essential for the <br>protection of the reputation of Unilever <br>and its brands. Failure to meet these high <br>standards could impact our reputation <br>and business results.<br>| No change<br>![NEW_arrow icons-04.jpg](ul-20251231_g51.jpg)<br>|

---

---

| | | |
|:---|:---|:---|
| 38 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PRINCIPAL RISKS<br>

**Viability Statement**

The Directors have reviewed the long-term prospects of the Group in

order to assess its viability. This review incorporated the activities and

key risks of the Group, together with the factors likely to affect the

Group's future development, performance, financial position, cash

flows, liquidity position and borrowing facilities, as described on pages

1 to 29. In addition, we describe in notes 15 to 18, on pages [161](#idd497fffd94048748ee00e72dade0edb_247) to

[176](#i4e94d96a296047ab8de6c84dd6fe7971_4955), the Group's objectives, policies and processes for managing

its capital, its financial risk management objectives, details of its

financial instruments and hedging activities, and its exposures to credit

and liquidity risk. Unilever announced the demerger of the Ice Cream

business, which completed in December 2025. The Directors have

considered the ability of the remaining Group to continue in its current

form to remain viable.

**ASSESSMENT**

In order to report on the long-term viability of the Group, the Directors

reviewed the overall funding capacity and headroom available to

withstand severe events and carried out a robust assessment of the

principal risks facing the Group,

including those that would threaten its business model, future

performance, solvency or liquidity. This includes consideration

of external factors such as the impact of climate change, changing

consumer preferences and a slowdown in economic growth.

We have also reviewed the mitigating factors in respect of each

principal risk. The risks and mitigating factors are summarised on

pages [32](#idd497fffd94048748ee00e72dade0edb_91) to [37](#i4d8a0ac02dc9461ab7ab3a902587faf1_3571).

The viability assessment has three parts:

■First, the Directors considered the period over which they have a

reasonable expectation that the Group will continue to operate and

meet its liabilities;

■Second, they considered the current debt facilities and debt

headroom over the viability period, assuming that any debt maturing

can be re-financed at commercially acceptable terms; and

■Third, they considered the potential impact of severe but plausible

scenarios over this period:

**■**assessing scenarios for each individual principal risk, and their

impact on profits and cash; and

**■**assessing scenarios that involve more than one principal risk,

including the following multi-risk scenarios:

---

| | | |
|:---|:---|:---|
| **Multi-risk scenarios modelled** | **Level of severity reviewed** | **Link to principal risk** |
| Contamination issue with one of our largest <br>brands caused by regulated ingredients and <br>the temporary closure of three of our largest <br>factories.<br>| Significant reduction in sales for some of our Business <br>Groups, along with a percolating impact on other <br>brands and the closure of three of our largest factories <br>for a period of six months.<br>| ■Safe and high-quality products<br>■Legal and compliance<br>■Business operations<br>|
| Increasing geopolitical tensions leading <br>to subdued macroeconomic scenario and <br>impacting consumer demand, coupled with <br>failure to find alternatives to plastic packaging, <br>resulting in both consumers moving away and <br>higher costs.<br>| Loss of turnover due to shifting consumer preferences <br>and rising costs linked to plastic-related taxes and <br>levies.<br>| ■Economic and geopolitical<br>■Plastic packaging<br>|
| Climate change-related extreme weather <br>events impacting crop yield and failure <br>to capitalise on changing consumer <br>perceptions and demands. <br>| Severe weather conditions impacting agricultural <br>output and crop yields, driving up raw materials costs <br>and limiting product availability, resulting in loss of <br>turnover and missed opportunities.<br>| ■Climate and nature<br>■Business operations<br>■Consumer and channel<br>|
| A cyber-attack causing a sustained shutdown of <br>manufacturing systems, coupled with related <br>non-compliance with laws and regulations.<br>| Disruptions to operations resulting in loss of turnover <br>for two months, coupled with recovery costs of cyber-<br>attack and compliance costs.<br>| ■Information and cyber security<br>■Legal and compliance<br>|

---

**FINDINGS**

■Firstly, a three-year period is considered appropriate for this viability

assessment because it is the period covered by the strategic plan,

and it enables a high level of confidence in assessing viability, even

in extreme adverse events, due to factors such as:

**■**the Group has considerable financial resources, together with

established business relationships with many customers and

suppliers in countries throughout the world;

**■**high cash generation by the Group's operations and access to the

external debt markets;

**■**flexibility of cash outflow with respect to significant marketing

programmes and capital expenditure projects, which usually have

a two- to three-year horizon; and

**■**the Group's diverse product and geographical activities, which are

impacted by continuously evolving technology and innovation.

■Secondly, the Group's debt headroom and funding profile

was assessed. None of the future outlooks considered resulted in

significant liquidity headroom issues, primarily because:

**■**the Group has a healthy balance of short-term and long-term debt

programmes, with repayment profiles ensuring short-term

commercial paper maturities do not exceed €0.5 billion in any

given week and long-term debt maturities do not exceed €4.0

billion in any given calendar year; and

**■**the Group has the equivalent of €7.0 billion in committed credit

facilities with a maturity of 364 days, which provide a back-up for

our commercial paper programmes.

■Thirdly, for each of our 11 principal risks, worst-case plausible

scenarios have been assessed together with multi-risk scenarios.

None of the scenarios reviewed would cause Unilever to cease to be

viable.

**CONCLUSION**

On the basis described above, the Directors have a reasonable

expectation that the Group will be able to continue in operation and

meet its liabilities as they fall due over the three-year period of their

assessment.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 39 |

---

OUR PERFORMANCE<br>

**Additional Financial Disclosures**

**CASH FLOW**

Cash flow from operating activities decreased by €0.1 billion, mainly due

to €0.4 billion in productivity-related settlements during the year linked to

the programme announced in 2024, creating a category-focused

business model. This was partly offset by a €0.3 billion improvement in

working capital.

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> |
| **Operating profit** | **9037** | 8829 |
| Depreciation, amortisation and impairment | **1353** | 1370 |
| Changes in working capital | **116** | (188) |
| Pensions and similar obligations less payments | **(74)** | (54) |
| Provisions less payments | **(130)** | 289 |
| Elimination of losses/(profits) on disposals | **58** | 259 |
| Non-cash charge for share-based compensation | **255** | 292 |
| Other adjustments | **157** | 116 |
| **Cash flow from operating activities** | **10772** | 10913 |
| Income tax paid | **(2720)** | (2452) |
| Net capital expenditure | **(1465)** | (1599) |
| Net interest paid | **(666)** | (559) |
| **Free cash flow\*** | **5921** | 6304 |
| **Net cash flow (used in)/from investing activities** | **(2394)** | (423) |
| **Net cash flow used in financing activities** | **(9884)** | (6829) |

---

(a)2024 comparatives have been re-presented to reflect the demerger of our Ice Cream

business.

Income tax paid increased by €0.3 billion versus the prior year,

reflecting taxes on the Ice Cream business separation.

Net cash flow from investing activities was €(2.4) billion, a significant

decrease from €(0.4) billion in the prior year. This change was mainly

attributable to the acquisitions of Dr. Squatch, Minimalist and Wild. It

also reflected reduced sales of investments in financial assets,

particularly in India, coupled with lower proceeds from the sale of

businesses in 2025. In contrast, 2024 saw higher proceeds from

disposals, including Elida Beauty, the Russian business, Pureit and

Truliva.

**BALANCE SHEET**

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024 |
| Goodwill and intangible assets | **34764** | 40901 |
| Other non-current assets | **18641** | 19655 |
| Current assets | **17066** | 19194 |
| **Total assets** | **70471** | 79750 |
| Current liabilities | **21662** | 25234 |
| Non-current liabilities | **31222** | 31961 |
| **Total liabilities** | **52884** | 57195 |
| Shareholders' equity | **15529** | 19990 |
| Non-controlling interest | **2057** | 2565 |
| **Total equity** | **17587** | 22555 |
| **Total liabilities and equity** | **70471** | 79750 |

---

Goodwill and intangible assets were €34.8 billion, a decrease of €(6.1)

billion compared to the prior year. This was primarily driven by the

disposal of Ice Cream-related goodwill and intangibles of €(4.0) billion.

It also reflected an adverse currency retranslation impact of €(3.7)

billion, due to strengthening of the euro versus other currencies

including the US dollar and the Indian rupee. These impacts were

partially offset by goodwill and intangibles arising from recent

acquisitions. See note 9 on pages 152 to 154 and note 22 on pages

180 to 181 for more.

Other non-current assets decreased by €(1.0) billion, driven

by derecognition of property plant and equipment in relation to the

demerger of our Ice Cream business of €(2.2) billion, depreciation of

€(1.4) billion and adverse currency retranslation impact of (€1.3 billion).

This was partially offset by net additions to property, plant and

equipment of €1.9 billion, recognition of the retained stake in TMICC of

€1.7 billion, and pension-funded schemes in surplus, driven by strong

performance of equity and other growth assets.

Current assets decreased by €(2.1) billion, led by cash and

cash equivalents of €(1.7) billion, inventory of €(0.6) billion and

a currency impact of €(1.9) billion. This was partially offset by an

increase in trade and other receivables of €2.0 billion.

Non-controlling interest decreased by €(0.5) billion, as profits for the

period were more than offset by adverse foreign currency translation

effects and dividend distributions.

**Net debt\***

Closing net debt was €23.1 billion, compared to €24.5 billion at

31 December 2024. This translated into a net debt/underlying EBITDA

ratio of 2.0x. The decrease in net debt was primarily driven by free

cash flow and a €2.7 billion payment by TMICC to Unilever ahead of

the demerger, as TMICC raised separate debt facilities as a

standalone entity. This was partially offset by dividends paid,

acquisitions and the €1.5 billion share buyback programme executed

during the first half of 2025.

**Movement in net pension liability/asset**

The table below shows the movement in net pension liability/asset

during the year. Pension assets net of liabilities were in surplus of €3.5

billion at the end of 2025, compared with a surplus of €3.0 billion at the

end of 2024. Higher discount rates led to a decrease in liabilities, and

growth assets delivered positive returns.

---

| | |
|:---|:---|
| **€ million** | **2025** |
| 1 January | **2970** |
| Gross service cost | **(162)** |
| Employee contributions | **33** |
| Actual return on plan assets (excluding interest) | **(174)** |
| Net interest income/(cost) | **114** |
| Actuarial gain/(loss) | **481** |
| Employer contributions | **208** |
| Currency retranslation | **36** |
| Other movements<sup>(a)</sup> | **12** |
| 31 December | **3518** |

---

(a)Other movements relate to special termination benefits, changes in asset ceiling, past

service costs including losses/(gains) on curtailment, settlements and other immaterial

movements. For more details, see note 4B on pages [141](#idd497fffd94048748ee00e72dade0edb_196) to [146](#i023742627b984b5fb33d7e5aa84e6b73_14892).

(\*) Certain measures used in our reporting are not defined under IFRS. For further

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;information about these measures, please refer to the commentary on non-GAAP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;measures on pages 40 to 46.

All figures are presented on a continuing operations basis. For Unilever, this comprises of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods.

---

| | | |
|:---|:---|:---|
| 40 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PERFORMANCE<br>

**Finance and liquidity**

Approximately €0.6 billion (or 15%) of the Group's cash and

cash equivalents is held in central finance companies for

maximum flexibility. These companies provide loans to our subsidiaries

that are also funded through retained earnings and third-party borrowings.

We maintain access to global debt markets through an infrastructure of

short- and long-term debt programmes. We make use of plain vanilla

derivatives, such as interest rate swaps and foreign exchange contracts,

to help mitigate risks. More detail is provided in notes 16, 16A, 16B and

16C on pages [166](#idd497fffd94048748ee00e72dade0edb_259) to [172](#i96b3f06d42954f6f8d8088f2a373c797_4-0-1-1-1079200). The remaining €3.3 billion (or 85%) of the

Group's cash and cash equivalents is held in foreign subsidiaries, which

repatriate distributable reserves on a regular basis. For most countries, this

is done through dividends, which in some cases are subject to withholding

or distribution tax. This balance includes €160 million (2024: €176 million,

2023: €98 million) of cash held in a few countries where we face cross-

border foreign exchange controls and/or other legal restrictions that inhibit

our ability to make these balances available in any means for general use

by the wider business. The cash will generally be invested or held in the

relevant country and, given the other capital resources available to the

Group, does not significantly affect the ability of the Group to meet its cash

obligations. We closely monitor all our exposures and counterparty limits.

Unilever has committed credit facilities in place for general corporate

purposes. The undrawn bilateral committed credit facilities in place on 31

December 2025 were $5,200 million and €2,600 million. Further

information on liquidity management is set out in note 16A to the

consolidated financial statements.

**Material cash commitments from contractual and** 

**other obligations**

The following table shows the amount of our contractual and other

obligations as at 31 December 2025. The material cash commitments from

contractual and other obligations arise from our borrowings, which include

bonds, commercial paper, bank and other loans, interest on these

borrowings, and trade payables and accruals.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **€ million** | **2025** | Due <br>within 1 <br>year<br>| Due in<br>1-3 years<br>| Due in<br>3-5 years<br>| Due in <br>over 5 <br>years<br>|
| Bonds | **26462** | 1925 | 7003 | 5087 | 12447 |
| Commercial paper, <br>bank and other loans<br>| **264** | 257 | 4 | 2 | 1 |
| Interest on financial <br>liabilities<br>| **4994** | 764 | 1249 | 958 | 2023 |
| Trade payables, <br>accruals and other <br>liabilities<br>| **16415** | 16297 | 67 | 27 | 24 |
| Lease liabilities | **1630** | 343 | 506 | 292 | 489 |
| Other lease <br>commitments<br>| **206** | 83 | 54 | 26 | 43 |
| Purchase <br>obligations<sup>(a)</sup> and <br>other long-term <br>commitments<br>| **2641** | 949 | 954 | 471 | 267 |
| Others<sup>(b)</sup> | **280** | 104 | 174 | 2 | – |
| Total | **52892** | 20722 | 10011 | 6865 | 15294 |

---

(a)For raw and packaging materials and finished goods.

(b)Includes other financial liabilities and deferred consideration for acquisitions.

Further details are set out in the following notes to the consolidated

financial statements: note 10 on pages [155](#idd497fffd94048748ee00e72dade0edb_226) to [157](#i84bb96a084f44479905a3a5689c39f6f_608), note 15C on pages [164](#idd497fffd94048748ee00e72dade0edb_256)

to [165](#i99359a0167bb4ccfbe79562b07dcdea2_64-0-1-1-1079200), and note 20 on pages [177](#idd497fffd94048748ee00e72dade0edb_286) and [178](#i671454f6e5d24ac8ae2f3657c0273e62_3085). We are satisfied that our

financing arrangements are adequate to meet our short-term and long-term

cash requirements. In relation to the facilities available to the Group,

borrowing requirements do not fluctuate materially during the year and

are not seasonal.

**Guaranteed US debt securities**

At 31 December 2025, the Group had in issue US$10.1 billion (2024:

US$11.0 billion; 2023: US$11.2 billion) bonds in connection with a US shelf

registration. See page [212](#i88d98fbf062043adb94ca73d0db8b2b5_62287) for more information on these bonds and

related commentary on guarantor information.

**NON-GAAP MEASURES**

Certain discussions and analyses set out in this Annual Report and

Accounts (and the Additional Information for US Listing Purposes) include

measures that are not defined by generally accepted accounting principles

(GAAP) such as IFRS. We believe this information, along with comparable

GAAP measurements, is useful to investors because it provides a basis for

measuring our operating performance, and our ability to retire debt and

invest in new business opportunities. Our management uses these

financial measures, along with the most directly comparable GAAP

financial measures, in evaluating our operating performance and value

creation. Non-GAAP financial measures should not be considered in

isolation from, or as a substitute for, financial information presented in

compliance with GAAP. Wherever appropriate and practical, we provide

reconciliation to relevant GAAP measures.

Unless specifically mentioned, our non-GAAP measures for 2025 and

comparative periods are presented on a continuing operations basis.

**EXPLANATION AND RECONCILIATION OF** 

**NON-GAAP MEASURES**

Unilever uses 'constant rate' and 'underlying' measures primarily

for internal performance analysis and targeting purposes. We present

certain items, percentages and movements, using constant exchange

rates, which exclude the impact of fluctuations in foreign currency

exchange rates. We calculate constant currency values by translating both

the current and the prior period local currency amounts using the prior-year

average exchange rates into euros, except for the local currency of entities

that operate in hyperinflationary economies. These currencies are

translated into euros using the prior-year closing exchange rate before the

application of IAS 29.

The table below shows exchange rate movements in our key markets.

---

| | | |
|:---|:---|:---|
| | **Annual average** <br>**rate in 2025**<br>| Annual average rate <br>in 2024<br>|
| Brazilian real (€1 = BRL) | **6.297** | 5.761 |
| Chinese yuan (€1 = CNY) | **8.092** | 7.751 |
| Indian rupee (€1 = INR) | **97.630** | 90.652 |
| Indonesia rupiah (€1 = IDR) | **18481** | 17177 |
| Mexican peso (€1 = MXN) | **21.710** | 19.589 |
| Philippine peso (€1 = PHP) | **64.488** | 62.055 |
| Turkish lira (€1 = TRY) | **49.277** | 36.671 |
| UK pound sterling (€1 = GBP) | **0.855** | 0.848 |
| US dollar (€1 = US$) | **1.124** | 1.085 |

---

In the following sections, we set out our definitions of the following non-

GAAP measures and provide reconciliation to relevant GAAP measures:

■underlying sales growth;

■underlying volume growth;

■underlying price growth;

■non-underlying items;

■underlying operating profit and underlying operating margin;

■underlying effective tax rate;

■underlying earnings per share;

■net debt;

■underlying earnings before interest, taxation, depreciation

and amortisation;

■free cash flow;

■cash conversion;

■underlying return on invested capital; and

■underlying return on assets.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 41 |

---

OUR PERFORMANCE<br>

**UNDERLYING SALES GROWTH**

Underlying sales growth (USG) refers to the increase in turnover for the period, excluding any change in turnover resulting from acquisitions,

disposals, changes in currency and price growth in excess of 26% in hyperinflationary economies. Inflation of 26% per year compounded over

three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. We believe this measure

provides valuable additional information on the underlying sales performance of the business and is a key measure used internally. The impact of

acquisitions and disposals is excluded from USG for a period of 12 calendar months from the applicable closing date. Turnover from acquired

brands that are launched in countries where they were not previously sold is included in USG, as such turnover is more attributable to our

existing sales and distribution network than the acquisition itself.

The reconciliation of changes in the GAAP measure of turnover to USG is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Beauty &** <br>**Wellbeing**<br>| **Personal Care** | **Home Care** | **Foods** | **Group** |
| **2025 vs 2024** | | | | | |
| Turnover (€ million) |  |  |  |  |  |
| 2024 | **13157** | **13618** | **12352** | **13352** | **52479** |
| 2025 | **12848** | **13161** | **11565** | **12929** | **50503** |
| Turnover growth<sup>(a)</sup> (%) | **(2.3)** | **(3.4)** | **(6.4)** | **(3.2)** | **(3.8)** |
| Effect of acquisitions (%) | **0.4** | **1.9** | **–** | **–** | **0.6** |
| Effect of disposals (%) | **(1.0)** | **(3.6)** | **(1.7)** | **(0.8)** | **(1.8)** |
| Effect of currency-related items, (%) | **(5.8)** | **(6.0)** | **(7.1)** | **(4.7)** | **(5.9)** |
| of which: |  |  |  |  |  |
| Exchange rate changes (%) | **(6.2)** | **(6.5)** | **(7.7)** | **(5.1)** | **(6.3)** |
| Extreme price growth in hyperinflationary markets<sup>(b)</sup> (%) | **0.4** | **0.5** | **0.6** | **0.4** | **0.5** |
| Underlying sales growth<sup>(b)</sup> (%) | **4.3** | **4.7** | **2.6** | **2.5** | **3.5** |
| **2024 vs 2023** |  |  |  |  |  |
| Turnover (€ million) |  |  |  |  |  |
| 2023 | 12466 | 13829 | 12181 | 13204 | 51680 |
| 2024 | 13157 | 13618 | 12352 | 13352 | 52479 |
| Turnover growth<sup>(a)</sup> (%) | 5.5 | (1.5) | 1.4 | 1.1 | 1.5 |
| Effect of acquisitions (%) | 0.9 | – | – | – | 0.2 |
| Effect of disposals (%) | (1.2) | (5.3) | (0.9) | (0.5) | (2.1) |
| Effect of currency-related items, (%) | (0.6) | (1.1) | (0.5) | (1.0) | (0.8) |
| of which: |  |  |  |  |  |
| Exchange rate changes (%) | (2.2) | (3.0) | (3.6) | (2.8) | (2.9) |
| Extreme price growth in hyperinflationary markets<sup>(b)</sup> (%) | 1.6 | 1.9 | 3.2 | 1.9 | 2.1 |
| Underlying sales growth<sup>(b)</sup> (%) | 6.5 | 5.2 | 2.9 | 2.6 | 4.3 |
| **2023 vs 2022** |  |  |  |  |  |
| Turnover (€ million) |  |  |  |  |  |
| 2022 | 12250 | 13636 | 12401 | 13898 | 52185 |
| 2023 | 12466 | 13829 | 12181 | 13204 | 51680 |
| Turnover growth<sup>(a)</sup> (%) | 1.8 | 1.4 | (1.8) | (5.0) | (1.0) |
| Effect of acquisitions (%) | 1.9 | – | – |  | 0.4 |
| Effect of disposals (%) | (1.7) | (0.9) | – | (6.9) | (2.5) |
| Effect of currency-related items, (%) | (6.2) | (6.1) | (7.2) | (5.2) | (6.1) |
| of which: |  |  |  |  |  |
| Exchange rate changes (%) | (7.5) | (8.0) | (10.3) | (6.8) | (8.1) |
| Extreme price growth in hyperinflationary markets<sup>(b)</sup> (%) | 1.5 | 2.1 | 3.4 | 1.7 | 2.2 |
| Underlying sales growth<sup>(b)</sup> (%) | 8.3 | 8.9 | 5.9 | 7.7 | 7.7 |

---

(a)Turnover growth is made up of distinct individual growth components, namely underlying sales, currency impact, acquisitions and disposals. Turnover growth is arrived at by multiplying

these individual components on a compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is more than just the sum of the

individual components.

(b)Underlying price growth in excess of 26% per year in hyperinflationary economies has been excluded when calculating the underlying sales growth in the tables above, and an equal and

opposite amount is shown as extreme price growth in hyperinflationary markets.

**UNDERLYING VOLUME GROWTH**

Underlying volume growth (UVG) is part of USG and means, for the applicable period, the increase in turnover in such period calculated as the

sum of: (i) the increase in turnover attributable to the volume of products sold; and (ii) the increase in turnover attributable to the composition of

products sold during such period. UVG therefore excludes any impact on USG due to changes in prices.

---

| | | |
|:---|:---|:---|
| 42 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PERFORMANCE<br>

**UNDERLYING PRICE GROWTH**

Underlying price growth (UPG) is part of USG and means, for the applicable period, the increase in turnover attributable to changes in prices

during the period. UPG therefore excludes the impact to USG due to (i) the volume of products sold; and (ii) the composition of products sold

during the period. In determining changes in price, we exclude the impact of price growth in excess of 26% per year in hyperinflationary

economies as explained in USG on the previous page.

The relationship between USG, UVG and UPG is set out below:

---

| | | | |
|:---|:---|:---|:---|
| | **2025 vs 2024** | 2024 vs 2023 | 2023 vs 2022 |
| Underlying volume growth (%) | **1.5** | 3.1 | 1.1 |
| Underlying price growth (%) | **2.0** | 1.2 | 6.5 |
| Underlying sales growth (%) | **3.5** | 4.3 | 7.7 |

---

**NON-UNDERLYING ITEMS**

Some of our non-GAAP measures are adjusted to exclude items defined as non-underlying. Management considers non-underlying items to be

significant, unusual or non-recurring in nature and so believes that separately identifying them helps users better understand the financial

performance of the Group from period to period.

■**Non-underlying items within operating profit** are gains or losses on business disposals, acquisition and disposal-related costs,

restructuring costs, impairments and other approved one-off items within operating profit classified here due to their nature and frequency.

■**Non-underlying items not in operating profit but within net profit** are net monetary gains/(losses) arising from hyperinflationary economies

and significant and unusual items in net finance cost, share of profit/(loss) of joint ventures and associates and taxation.

■**Non-underlying items after tax** are calculated as non-underlying items within operating profit after tax plus non-underlying items not in

operating profit but within net profit after tax.

Consequently, within underlying operating profit we exclude the following items:

■**Restructuring costs** are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a

strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the

business is conducted.

■**Acquisition and disposal-related costs** are costs that are directly attributable to a business acquisition or disposal project.

■**Impairment of assets** including goodwill, intangible assets, and property, plant and equipment.

■**Gains or losses from the disposal of group companies** which arise from business disposal projects.

■**Other approved one-off items** are those additional matters considered by management to be significant and outside the course of normal

operations.

The breakdown of non-underlying items is shown below:

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(g)</sup><br>| € million<br>2023<sup>(g)</sup><br>|
| Non-underlying items within operating profit before tax | **(1047)** | (1369) | (81) |
| Acquisition and disposal-related costs<sup>(a)</sup> | **(288)** | (293) | (222) |
| (Loss)/gain disposal of group companies<sup>(b)</sup> | **(36)** | (229) | 491 |
| Restructuring costs<sup>(c)</sup> | **(599)** | (710) | (425) |
| Impairments<sup>(d)</sup> | **(43)** | (134) | – |
| Other<sup>(e)</sup> | **(81)** | (3) | 75 |
| Tax on non-underlying items within operating profit | **7** | 88 | 188 |
| Non-underlying items within operating profit after tax | **(1040)** | (1281) | 107 |
| Non-underlying items not in operating profit but within net profit before tax | **(34)** | (167) | (179) |
| Interest related to non-underlying items<sup>(f)</sup> | **34** | 35 | (10) |
| Net monetary gain arising from hyperinflationary economies | **(68)** | (201) | (169) |
| Tax impact of non-underlying items not in operating profit but within net profit, including non-underlying <br>tax items<br>| **(39)** | 85 | (1) |
| Non-underlying items not in operating profit but within net profit after tax | **(73)** | (82) | (180) |
| Non-underlying items after tax | **(1113)** | (1363) | (73) |
| Attributable to: |  |  |  |
| Non-controlling interest | **(34)** | 22 | (6) |
| Shareholders' equity | **(1079)** | (1385) | (67) |

---

(a)2025 includes a charge of €98 million (2024: €225 million, 2023: €104 million) relating to the revaluation of the minority interest liability of Nutrafol and OZiva, and €91 million related to the

Ice Cream separation.

(b)2025 net loss arises from the disposals of The Vegetarian Butcher and Kate Somerville, partially offset by a gain on Conimex disposal. 2024 net loss related to the disposals of our

Russian business, Elida Beauty, Pureit and Qinyuan. 2023 includes a gain of €497 million related to the disposal of Suave.

(c)In 2024, we announced the launch of a company-wide productivity programme to support margin improvement through specific interventions. The majority of the costs incurred in both

2024 and 2025 that relate to the productivity programme were for redundancy and are recognised as restructuring in line with our policy. The remaining costs comprise technology and

supply chain projects.

(d)2025 includes an impairment charge of €42 million relating to REN. 2024 includes an impairment charge of €127 million relating to Blueair, an air purification business.

(e)2025 includes a charge for the settlement of cases reached during the year with plaintiff law firms, and an estimated amount for potential future claims relating to litigation arising from

products which are no longer manufactured and sold by the Group.

(f)2025 includes an impact of Elida Beauty seller note settlement. 2024 and 2023 impact was driven by interest related to UK tax audit of intangible income and centralised services.

(g)2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice Cream business.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 43 |

---

OUR PERFORMANCE<br>

**UNDERLYING OPERATING PROFIT AND** 

**UNDERLYING OPERATING MARGIN**

Underlying operating profit and underlying operating margin mean

operating profit and operating margin before the impact of non-

underlying items within operating profit. Underlying operating profit

represents our measure of segment profit or loss, as it is the primary

measure used for making decisions about allocating resources and

assessing performance of the segments.

The Group reconciliation of operating profit to underlying operating

profit is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> | 2023<sup>(a)</sup> |
| Operating profit | **9037** | 8829 | 8998 |
| Non-underlying items within operating profit | **1047** | 1369 | 81 |
| **Underlying operating profit** | **10084** | 10198 | 9079 |
| Turnover | **50503** | 52479 | 51680 |
| Operating margin (%) | **17.9** | 16.8 | 17.4 |
| Underlying operating margin (%) | **20.0** | 19.4 | 17.6 |

---

(a)2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice

Cream business.

Further details on non-underlying items can be found on page [42](#i18c864bc01464f0fb57217901946559d_1-0-1-1-1079200) of the

consolidated financial statements.

Refer to note 2 on page [137](#i378227dece7b48a3b11b1e3107161951_0-0-1-1-1079200) for the reconciliation of operating profit to

underlying operating profit by division. For each division, operating

margin is computed as operating profit divided by turnover and

underlying operating margin is computed as underlying operating profit

divided by turnover.

**UNDERLYING EFFECTIVE TAX RATE**

The underlying effective tax rate is calculated by dividing taxation,

excluding the tax impact of non-underlying items, by profit before tax,

excluding the impact of non-underlying items and the share of net

profit/(loss) of joint ventures and associates.

This measure reflects the underlying tax rate in relation to profit before

tax, excluding non-underlying items before tax and the share of net

(profit)/loss of joint ventures and associates.

Tax impact on non-underlying items within operating profit is the sum of

the tax on each non-underlying item, based on the applicable country

tax rates and tax treatment.

This is shown in the table:

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(b)</sup> |
| Taxation | **2481** | 2332 |
| Tax impact of: |  |  |
| Non-underlying items within operating profit | **7** | 88 |
| Non-underlying items not in operating profit but within <br>net profit<sup>(a)</sup><br>| **(39)** | 85 |
| **Taxation before tax impact of non-underlying items** | **2449** | 2505 |
| Profit before taxation from continuing operations | **8693** | 8371 |
| Share of net (profit)/loss of joint ventures and associates | **(245)** | (250) |
| Profit before tax excluding share of net profit/(loss) of <br>joint ventures and associates<br>| **8448** | 8121 |
| Non-underlying items within operating profit before tax<sup>(a)</sup> | **1047** | 1369 |
| **Non-underlying items not in operating profit but** <br>**within net profit before tax**<br>| **34** | 167 |
| Profit before tax excluding non-underlying items before <br>tax and share of net profit/(loss) of joint ventures and <br>associates<br>| **9529** | 9657 |
| Effective tax rate (%) | **29.4** | 28.7 |
| Underlying effective tax rate (%) | **25.7** | 25.9 |

---

(a)See page [42](#i18c864bc01464f0fb57217901946559d_1-0-1-1-1079200) for further details.

(b)2024 comparatives have been re-presented to reflect the demerger of our Ice Cream

business.

**UNDERLYING EARNINGS PER SHARE**

Underlying earnings per share (underlying EPS) is calculated

as underlying profit attributable to shareholders' equity divided by the

diluted average number of ordinary shares. For 2025 and 2024, the

number of shares used in the calculation has been adjusted for the

impact of the share consolidation as if it took place at the start of each

period presented. In calculating underlying profit attributable to

shareholders' equity, net profit attributable to shareholders' equity is

adjusted to eliminate the post-tax impact of non-underlying items. This

measure reflects the underlying earnings for each share unit of the

Group.

The reconciliation of net profit attributable to shareholders' equity to

underlying profit attributable to shareholders' equity is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> | 2023<sup>(a)</sup> |
| Net profit from continuing operations | **6213** | 6039 | 6637 |
| Non-controlling interests | **(531)** | (609) | (635) |
| Net profit attributable to shareholders' equity <br>– used for basic and diluted earnings per <br>share<br>| **5682** | 5430 | 6002 |
| Post-tax impact of non-underlying items | **1079** | 1385 | 67 |
| Underlying profit attributable to shareholders' <br>equity – used for underlying earnings per <br>share<br>| **6761** | 6816 | 6069 |
| Diluted average number of shares (millions <br>of share units) <br>| **2195.3** | 2228.5 | 2251.0 |
| Diluted EPS (€) | **2.59** | 2.44 | 2.67 |
| Underlying EPS – diluted (€) | **3.08** | 3.06 | 2.70 |

---

(a)2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice

Cream business.

**NET DEBT**

Net debt is a measure that provides valuable additional information on

the summary presentation of the Group's net financial liabilities and is

a measure in common use elsewhere.

Net debt is defined as the excess of total financial liabilities, excluding

trade payables and other current liabilities, over cash, cash equivalents

and other current financial assets, excluding trade and other current

receivables, and non-current financial asset derivatives that relate to

financial liabilities. Net debt for 2024 is not re-presented and is based

on the reported balance sheet as at 31 December 2024.

The reconciliation of total financial liabilities to net debt is as follows:

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024 |
| **Total financial liabilities** | **(28278)** | (32053) |
| Current financial liabilities | **(2582)** | (6987) |
| Non-current financial liabilities | **(25696)** | (25066) |
| **Cash and cash equivalents as per** <br>**balance sheet**<br>| **3941** | 6136 |
| Cash and cash equivalents as per cash <br>flow statement<br>| **3870** | 5950 |
| Add: bank overdrafts deducted therein | **65** | 180 |
| Less: cash and cash equivalents held <br>for sale<br>| **6** | 6 |
| **Other current financial assets** | **1121** | 1330 |
| Non-current financial assets derivatives <br>that relate to financial liabilities<br>| **140** | 68 |
| **Net debt** | **(23076)** | (24519) |

---

---

| | | |
|:---|:---|:---|
| 44 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PERFORMANCE<br>

**UNDERLYING EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION AND AMORTISATION (UEBITDA)**

Underlying earnings before interest, taxation, depreciation and amortisation means operating profit before the impact of depreciation,

amortisation and non-underlying items within operating profit. We use UEBITDA in assessing our leverage level, which is expressed as net debt/

UEBITDA. UEBITDA for 2024 is presented on a continuing results basis and therefore will show a different leverage level compared to what has

been previously reported. The reconciliation of operating profit to UEBITDA is as follows:

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> |
| **Net profit from continuing operations** | **6213** | 6039 |
| Net finance costs | **503** | 520 |
| Net monetary loss arising from hyperinflationary economies | **68** | 201 |
| Share of net profit of joint ventures and associates | **(245)** | (250) |
| Other income/(loss) from non-current investments and associates | **17** | (13) |
| Taxation | **2481** | 2332 |
| **Operating profit** | **9037** | 8829 |
| Depreciation and amortisation | **1310** | 1236 |
| **Earnings before interest, taxation, depreciation and amortisation (EBITDA)** | **10347** | 10065 |
| Non-underlying items within operating profit | **1047** | 1369 |
| **Underlying earnings before interest, taxation, depreciation and amortisation (UEBITDA)** | **11394** | 11434 |

---

(a)2024 comparatives have been re-presented to reflect the demerger of our Ice Cream business.

**FREE CASH FLOW**

Free cash flow (FCF) is defined as cash flow from operating activities, less income taxes paid, net capital expenditure and net interest payments.

It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed

is not deducted from FCF. FCF reflects an additional way of viewing our liquidity that we believe is useful to investors because it represents cash

flows that could be used for distribution of dividends, repayment of debt or to fund our strategic initiatives, including acquisitions, if any.

The reconciliation of cash flow from operating activities to FCF is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> | 2023<sup>(a)</sup> |
| **Cash flow from operating activities** | **10772** | 10913 | 10326 |
| Income tax paid | **(2720)** | (2452) | (1933) |
| Net capital expenditure | **(1465)** | (1599) | (1420) |
| Net interest payments | **(666)** | (559) | (528) |
| **Free cash flow** | **5921** | 6304 | 6445 |
| Net cash flow (used in)/from investing activities | **(2394)** | (423) | (1411) |
| **Net cash flow (used in)/from financing activities** | **(9884)** | (6829) | (7084) |

---

(a)2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice Cream business.

**CASH CONVERSION**

Unilever defines cash conversion as free cash flow, excluding tax on disposal, as a proportion of net profit, excluding P&L on disposal and

income from joint ventures (JV), associates and non-current investments (NCI). This reflects our ability to convert profit to cash.

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(a)</sup> |
| **Net profit from continuing operations** | **6213** | 6039 |
| Loss/(gain) on disposal of group companies | **36** | 229 |
| Share of net profit of joint ventures and associates | **(245)** | (250) |
| Other (income)/loss from non-current investments and associates | **17** | (13) |
| Tax on gain on disposal of group companies | **239** | 140 |
| **Net profit excluding P&L on disposals, JV, associates, NCI** | **6260** | 6145 |
| Cash flow from operating activities | **10772** | 10913 |
| **Free cash flow** | **5921** | 6304 |
| Cash impact of tax on disposal | **328** | 111 |
| **Free cash flow excluding cash impact of tax on disposal** | **6249** | 6415 |
| **Cash conversion from operating activities (%)** | **173** | 181 |
| **Cash conversion (%)** | **100** | 104 |

---

(a)2024 comparatives have been re-presented to reflect the demerger of our Ice Cream business.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 45 |

---

OUR PERFORMANCE<br>

**UNDERLYING RETURN ON INVESTED CAPITAL**

Underlying return on invested capital (ROIC) is a measure of the return generated on capital invested by the Group. The measure provides a

guide rail for long-term value creation and encourages compounding reinvestment within the business, as well as discipline around acquisitions

with low returns and long payback. Underlying ROIC is calculated as underlying operating profit after tax divided by the annual average of:

goodwill, intangible assets, property, plant and equipment, net assets held for sale, inventories, trade and other current receivables, and trade

payables and other current liabilities.

To present a comparable underlying ROIC for 2024, previously reported 2024 assets and liabilities have been re-presented to exclude those

relating to the Ice Cream business.

---

| | | |
|:---|:---|:---|
| **€ million** | **2025** | 2024<sup>(c)</sup> |
| Operating profit | **9037** | 8829 |
| Tax on operating profit<sup>(a)</sup> | **(2657)** | (2534) |
| **Operating profit after tax** | **6380** | 6295 |
| Operating profit | **9037** | 8829 |
| Non-underlying items within operating profit | **1047** | 1369 |
| Underlying operating profit before tax | **10084** | 10198 |
| Tax on underlying operating profit<sup>(b)</sup> | **(2592)** | (2645) |
| **Underlying operating profit after tax** | **7492** | 7553 |
| Goodwill | **17709** | 22311 |
| Intangible assets | **17055** | 18590 |
| Property, plant and equipment | **8992** | 11669 |
| Net assets held for sale<sup>(d)</sup> | **93** | 119 |
| Inventories | **4043** | 5177 |
| Trade and other current receivables | **7346** | 6011 |
| Trade payables and other current liabilities | **(16939)** | (16690) |
| Period-end invested capital | **38298** | 47187 |
| Adjustment to 2024 period end balance for Ice Cream demerger<sup>(e)</sup> | **—** | (6481) |
| Adjusted period end invested capital | **38298** | 40706 |
| **Average invested capital for the period**<sup>(f)</sup> | **39502** | 39559 |
| **Return on invested capital (%)** | **16.2** | 15.9 |
| **Underlying return on invested capital (%)** | **19.0** | 19.1 |

---

(a)Tax on operating profit is calculated as operating profit before tax multiplied by the effective tax rate of 29.4% (2024: 28.7%), which is shown on page [43](#ib44ae2492b764128ad781451ed73f492_0-0-1-1-1079200).

(b)Tax on underlying operating profit is calculated as underlying operating profit before tax multiplied by underlying effective tax rate of 25.7% (2024: 25.9%), which is shown on page [43](#ib44ae2492b764128ad781451ed73f492_0-0-1-1-1079200).

(c)2024 comparatives have been re-presented to reflect the demerger of our Ice Cream business.

(d)2025 excludes €80 million relating to the India Ice Cream business, which is classified as a discontinued operation.

(e)The significant items adjusted are €3.6 billion of goodwill, €2.4 billion of property, plant and equipment, €0.8 billion of intangible assets and €0.3 billion of net working capital.

(f)In order to compute the average invested capital for 2024, we have adjusted the 2023 closing assets balance to also remove the Ice Cream assets and liabilities.

**UNDERLYING RETURN ON ASSETS**

Underlying return on assets is a measure of the return generated on assets for each Business Group. This measure provides additional insight

into the performance of the Business Groups and assists in formulating long-term strategies with respect to allocation of capital across Business

Groups. Business Group underlying return on assets is calculated as underlying operating profit after tax for the Business Group divided by the

annual average of: property, plant and equipment, net assets held for sale (excluding goodwill and intangibles), inventories, trade and other

current receivables, and trade payables and other current liabilities for each Business Group. The annual average is computed by adding the

amounts at the beginning and end of the calendar year and dividing by two. Where possible, balances are specifically attributed to each

Business Group. For trade and other current receivables, balances are allocated to Business Groups in the ratio of annual Business Group

turnover to total Unilever turnover. For trade and other payables, balances are allocated to Business Groups in the ratio of annual Business

Group cost of sales to total Unilever cost of sales.

---

| | | |
|:---|:---|:---|
| 46 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PERFORMANCE<br>

**UNDERLYING RETURN ON ASSETS continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **€ million** | **Beauty &** <br>**Wellbeing**<br>| **Personal** <br>**Care**<br>| **Home Care** | **Foods** | **Total** |
| **2025** |  |  |  |  |  |
| Operating profit | **2077** | **2700** | **1512** | **2748** | **9037** |
| Tax on operating profit | **(611)** | **(794)** | **(444)** | **(808)** | **(2657)** |
| **Operating profit after tax** | **1466** | **1906** | **1068** | **1940** | **6380** |
| Operating profit | **2077** | **2700** | **1512** | **2748** | **9037** |
| Non-underlying items within operating profit | **(394)** | **(273)** | **(206)** | **(174)** | **(1047)** |
| Underlying operating profit before tax | **2471** | **2973** | **1718** | **2922** | **10084** |
| Tax on underlying operating profit | **(635)** | **(764)** | **(442)** | **(751)** | **(2592)** |
| Underlying operating profit after tax | **1836** | **2209** | **1276** | **2171** | **7492** |
| Property, plant and equipment | **1978** | **2750** | **1975** | **2289** | **8992** |
| Net assets held for sale<sup>(a)</sup> | **–** | **(7)** | **16** | **11** | **20** |
| Inventories | **1150** | **1173** | **717** | **1003** | **4043** |
| Trade and other receivables | **1869** | **1914** | **1682** | **1881** | **7346** |
| Trade payables and other current liabilities | **(4349)** | **(4270)** | **(4127)** | **(4193)** | **(16939)** |
| Period-end assets (net) | **648** | **1560** | **263** | **991** | **3462** |
| Average assets for the period (net) | **728** | **1607** | **355** | **1084** | **3774** |
| Return on assets (%) | **201** | **119** | **301** | **179** | **169** |
| Underlying return on assets (%) | **252** | **137** | **359** | **200** | **199** |

---

(a)2025 excludes €80 million relating to the India Ice Cream business, which is classified as a discontinued operation.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **€ million** | **Beauty &** <br>**Wellbeing**<br>| **Personal** <br>**Care**<br>| **Home Care** | **Foods** | **Ice Cream**<sup>(b)</sup> | **Total** |
| **2024** |  |  |  |  |  |  |
| Operating profit | 1970 | 2739 | 1521 | 2599 | n/a | 8829 |
| Tax on operating profit | (566) | (787) | (437) | (746) | n/a | (2536) |
| **Operating profit after tax** | 1404 | 1952 | 1084 | 1853 | n/a | 6293 |
| Operating profit | 1970 | 2739 | 1521 | 2599 | n/a | 8829 |
| Non-underlying items within operating profit | (582) | (275) | (264) | (248) | n/a | (1369) |
| Underlying operating profit before tax | 2552 | 3014 | 1785 | 2847 | n/a | 10198 |
| Tax on underlying operating profit | (662) | (782) | (463) | (738) | n/a | (2645) |
| Underlying operating profit after tax | 1890 | 2232 | 1322 | 2109 | n/a | 7553 |
| Property, plant and equipment | 1942 | 2817 | 2134 | 2392 | 2384 | 11669 |
| Net assets held for sale | – | (7) | 19 | 13 |  | 25 |
| Inventories | 1241 | 1171 | 737 | 1093 | 935 | 5177 |
| Trade and other receivables | 1344 | 1391 | 1262 | 1364 | 650 | 6011 |
| Trade payables and other current liabilities | (3719) | (3718) | (3706) | (3684) | (1863) | (16690) |
| Period-end assets (net) | 808 | 1654 | 446 | 1178 | 2106 | 6192 |
| Adjustment to 2024 period-end balance for Ice Cream demerger |  |  |  |  | (2106) | (2106) |
| Adjusted period-end assets (net) | 808 | 1654 | 446 | 1178 |  | 4086 |
| Average assets for the period (net) | 767 | 1354 | 386 | 951 | n/a | 3458 |
| Return on assets (%) | 183 | 144 | 281 | 195 | n/a | 182 |
| Underlying return on assets (%) | 246 | 165 | 342 | 222 | n/a | 218 |

---

(b)The 2024 Ice Cream figures are re-presented following the demerger – the 2024 operating profit numbers are not shown because they are presented as discontinued operations in 2025.

The balance sheet numbers are reallocated as a consequence of the demerger as set out above.

**OTHER INFORMATION**

**Accounting standards and critical accounting policies**

The consolidated financial statements have been prepared in accordance with IFRS as adopted by the UK and IFRS as issued by the

International Accounting Standards Board. The accounting policies are consistent with those applied in 2024 except for the recent accounting

developments as set out in note 1 on pages [133](#idd497fffd94048748ee00e72dade0edb_181) to [135](#ia0e548b43a20426c9e3f72e706caf374_18544). The critical accounting estimates and judgements and those that are most significant in

connection with our financial reporting are set out in note 1 on pages [133](#idd497fffd94048748ee00e72dade0edb_181) to [135](#ia0e548b43a20426c9e3f72e706caf374_18544).

**Auditor's report**

The Report of the Independent Registered Public Accounting Firm issued by KPMG LLP on the consolidated results of the Group, as set out in the

financial statements, was unqualified and contained no exceptions or emphasis of matter. See pages 111 to 127 for more details.

**2024 financial review**

The financial review for the year ended 31 December 2024 can be found on pages 58 to 64 of our Annual Report and Accounts on Form 20-F

filed with the United States Securities and Exchange Commission on 13 March 2025.

---

| | | |
|:---|:---|:---|
| Strategic Report | **Unilever** Annual Report on Form 20-F 2025 | 47 |

---

OUR PERFORMANCE<br>

**Additional Non-Financial Disclosures**

**SECTION 172 STATEMENT**

Under Section 172 of the UK Companies Act 2006 ('Section 172'), directors must act in the way that they consider, in good faith, would be most

likely to promote the success of their company. In doing so, our Directors must have regard to stakeholders and the other matters set out in

Section 172. Our Section 172 statement includes the information set out on pages [60](#i47f70f9a0f4f4802a347c8cf092d8c4a_22826) to 61 of the Governance Report. This identifies our key

stakeholders, provides examples of how the business engaged with them during 2025, and includes details on how our Directors have taken

steps to understand the needs and priorities of these stakeholders when setting Unilever's strategy and taking decisions concerning the business.

This may be by direct engagement or via their delegated committees and forums, and the relevance of each stakeholder group may vary depending

on the matter at hand. See the Review of the Year section on pages [6](#idd497fffd94048748ee00e72dade0edb_25) to [30](#idd497fffd94048748ee00e72dade0edb_85) for further details.

**EMPLOYEES** 

**Characteristics of the undertaking's employees**

**Employee headcount by geography and type**

---

| |
|:---|
| All Unilever employees are categorised into the following types, applying the following definitions in the absence of national law or practice: |
| ■Permanent employee: A full-time or part-time employee who works for and is paid directly by Unilever without a set end date of employment.<br>■Temporary employee: An employee who works for and is paid directly by Unilever for a defined period, i.e. is on the payroll. This includes temporary and fixed-<br>term workers, interns, apprentices, and seasonal or casual employees.<br>■Non-guaranteed hours employee: Those employed without a guarantee of a minimum or fixed number of working hours. Examples may include employees with <br>zero-hour contracts and on-call employees.<br>|
| The total headcount per country is compared to the total headcount of Unilever employees to identify any countries of significant employment (>50 employees that <br>represent more than 10% of headcount). <br>|

---

---

| | |
|:---|:---|
| **Movements in headcount** | **2025** |
| 1 January | 120040 |
| Hires and leavers | (4682) |
| Ice Cream | (19266) |
| **31 December** | **96092** |

---

The tables below show the breakdown of Unilever's employees by geography and type as at 31 December.

---

| | | |
|:---|:---|:---|
| **Employee headcount by geography** | **2025** | 2024 |
| Asia Pacific Africa | 49891 | 58026 |
| The Americas | 29315 | 37304 |
| Europe | 16886 | 24710 |
| **Total Headcount**<sup>(a)</sup> | **96092** | 120040 |

---

(a)Please refer to note 4 of the Financial Statements on page [140](#idd497fffd94048748ee00e72dade0edb_190) for equivalent headcount data.

---

| | | |
|:---|:---|:---|
| **Employee headcount by type** | **2025** | 2024 |
| Permanent | 93731 | 115964 |
| Temporary | 2359 | 3902 |
| Non-guaranteed hours | 2 | 174 |
| **Total Headcount** | **96092** | 120040 |

---

**Total employee turnover**

Employee start and exit dates are based on employment dates. Temporary employees (those working for a defined period) are excluded as they have come to the <br>end of their contract rather than leaving voluntarily or due to dismissal, retirement or death in service. <br>Average headcount is calculated as the sum of weighted monthly headcount from December of the previous reporting period to December of the current reporting <br>period, with the following weighting:<br>■January to November 2025: Weighting of 1<br>■December 2024 and December 2025: Weighting of 0.5<br>Employee turnover rate is calculated as a percentage of Unilever employees who have left in the reporting period over the average headcount.<br>

---

| | | |
|:---|:---|:---|
| **Employee turnover** | **2025** | 2024 |
| **Total turnover of employees in year (headcount)** | **16527** | 17334 |
| **Rate of employee turnover (%)** | **17.2%** | 14.5% |

---

The increase in employee turnover, seen between 2024 and 2025, is primarily due to the impact of Unilever's productivity programme.

---

| | | |
|:---|:---|:---|
| 48 | **Unilever** Annual Report on Form 20-F 2025 | Strategic Report |

---

OUR PERFORMANCE<br>

**Collective bargaining coverage and social dialogue**

Unilever does not have any EEA countries that meet the criteria of significant employment. Therefore we do not report (i) collective bargaining by region within the <br>EEA, or (ii) in relation to social dialogue, the percentage of employees covered at the establishment level by workers' representatives by country.<br>

---

| | | |
|:---|:---|:---|
| **Employees covered by collective bargaining agreements** | **2025** | 2024 |
| **Total percentage of employees covered by collective bargaining agreements** | **53.3%** | 54.6% |

---

**Percentage of Unilever employees covered by collective bargaining agreements by region**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of non-EEA countries** | **Number of non-EEA countries** |  |
| **Collective bargaining coverage rate** | **2025** | 2024 | **Non-EEA Countries** |
| 0-19% | **38** | 39 | Azerbaijan, Cambodia, Canada, China, Costa Rica, Dominican Republic, Ecuador, <br>Egypt, El Salvador, Ethiopia, Guatemala, Honduras, Hong Kong, Jordan, Kazakhstan, <br>Korea, Republic of, Laos, Lebanon, Malaysia, Myanmar, New Zealand, Nicaragua, <br>Panama, Paraguay, Peru, Puerto Rico, Qatar, Saudi Arabia, Serbia, Singapore, <br>Taiwan, Trinidad and Tobago, Uganda, Ukraine, United Arab Emirates, United States <br>of America, Uruguay, Zimbabwe<br>|
| 20-39% | **8** | 7 | Australia, Chile, Colombia, Ghana, Mexico, Philippines, Turkey, United Kingdom |
| 40-59% | **5** | 12 | Algeria, India, Pakistan, South Africa, Switzerland |
| 60-79% | **9** | 7 | Bangladesh, Bolivia, Israel, Kenya, Morocco, Nepal, Nigeria, Sri Lanka, Tunisia |
| 80-100% | **7** | 5 | Argentina, Brazil, Côte d'Ivoire, Indonesia, Japan, Thailand, Vietnam |

---

![Gov_Divider aurora.jpg](ul-20251231_g55.jpg)

![](ul-20251231_g56.gif)

---

| | |
|:---|:---|
| Governance Report | Governance Report |
| **[50](#ic9e3ceada7d24c348d3327828788e081_1795)** | **Governance Report Overview** |
| **[52](#idd497fffd94048748ee00e72dade0edb_115)** | **Board of Directors** |
| **[54](#id4b3897439b541bf8ab5afe11d4fe043_161)** | **Unilever Leadership Executive (ULE)** |
| **[56](#i47f70f9a0f4f4802a347c8cf092d8c4a_22828)** | **Operation of the Board** |
| **[62](#i841158d55f9249e287b0f9165d4fe80a_17965)** | **Additional Information** |
| **[65](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18071)** | **Report of the Nominating and Corporate** |
|  | **Governance Committee** |
| **[70](#id3cc7198a2d14e66b3f5370d4d1bd0a7_26042)** | **Report of the Audit Committee** |
| **[75](#i764adbecf8cf44b4a43648b2e59aa0f6_15889)** | **Report of the Corporate Responsibility Committee** |
| **[78](#idd497fffd94048748ee00e72dade0edb_136)** | **Directors' Remuneration Report** |

---

---

| | | |
|:---|:---|:---|
| 50 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

![D shape positional images_Ian Meakins.jpg](ul-20251231_g57.jpg)

**Governance** 

**Report Overview**

Our commitment to strong corporate

governance is the basis for our

leadership and values in changing

times and is a vital component of our

growth strategy. This Report provides

details of our governance structures,

our Board and Executive leadership,

and discusses key matters that arose

in the year.

**Ian Meakins**

Chair

**INTRODUCTION AND UNILEVER'S STRUCTURE** 

The corporate governance statement for Unilever PLC (Unilever or the

Company) is set out here. The following pages outline our governance

structure, introduce the members of our Board, and highlight

the Unilever Leadership Executive (ULE). We discuss the Board's

operations and key activities throughout the year as well as our

engagement with stakeholders. We also include the statutory

information required across the jurisdictions where Unilever is listed.

Unilever, incorporated in England and Wales in 1894, is the parent

company of the Unilever Group. Unilever's shares are traded through

its Equity Shares (Commercial Companies) category listing on the

London Stock Exchange (ULVR) and its listing on the Amsterdam

Exchange Index on Euronext (UNA). Unilever's shares are also traded

on the New York Stock Exchange (UL) in the form of American

Depositary Shares, with one American Depositary Share representing

one Unilever ordinary share. Unilever publishes financial information

on a quarterly basis and these reports are available at

www.unilever.com/investors. Details of the quarterly dividends for the

financial year ended 31 December 2025, and other shareholder

information, are included on pages 151 and 201. Unilever's significant

subsidiaries are set out in note 27 on page 183, and Unilever's

subsidiaries are detailed on pages 192 to 200, with branches also

listed on page 200.

---

| |
|:---|
| **The Board of Unilever has implemented** <br>**standards of corporate governance and** <br>**disclosure policies applicable to a UK** <br>**incorporated company, with listings in** <br>**London, New York and Amsterdam.**<br>|
| Application of the provisions of the 2024 UK <br>Corporate Governance Code (the 'Code')<br>|
| In respect of the year ended 31 December 2025, Unilever <br>was subject to the Code (available at www.frc.org.uk). The Board <br>is pleased to confirm that Unilever applied the principles and <br>complied with all the provisions of the Code throughout 2025. <br>Our Governance Framework, setting out the Board and Committee <br>responsibilities, is on page 51. The leadership role of our Board <br>and the ULE are explained in Operation of the Board on pages <br>56 and 57. The ways in which Unilever ensures compliance with <br>the Code can be found as follows:<br>|

---

---

| | |
|:---|:---|
| **Board leadership and Company purpose** | **page** |
| Long-term value and sustainability  | 72, 76-77 |
| Culture | 16, 59, 79 |
| Shareholder engagement | 58 |
| Stakeholder engagement and Principal <br>Board Decisions<br>| 60-61 |
| Conflicts of interest | 57 |
| Role of the Chair | 56 |
| **Division of responsibilities** |  |
| Non-Executive Directors | 56-57 |
| Independence | 57 |
| **Composition, succession and evaluation** |  |
| Appointments and succession planning | 66 |
| Skills, experience and knowledge | 68 |
| Length of service | 69 |
| Evaluation | 57 |
| Workforce engagement | 58 |
| **Audit, risk and internal control** |  |
| Committee | 70 |
| Integrity of financial statements | 71 |
| Fair, balanced and understandable | 72 |
| Risk management and internal controls | 72-73 |
| External auditors | 73-74 |
| Principal and emerging risks | 72-73 |
| **Remuneration** |  |
| Policies and practices | 78-108 |
| Link to strategy | 97 |
| Independent judgement and discretion | 79 |
| Unilever also complied with the Listing Standards of <br>the New York Stock Exchange applicable to foreign <br>private issuers.<br>See page 64 for further information.<br>|  |

---

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 51 |

---

GOVERNANCE REPORT OVERVIEW<br>

**UNILEVER'S GOVERNANCE STRUCTURE**

The Board has ultimate responsibility for the management, general

affairs, culture, direction, performance and long-term success

of Unilever. In particular, the Board has responsibility for the

development of strategy, material acquisitions and divestments, material

capital expenditure, the Company's capital structure and other financing

matters. It should ensure that Unilever has the necessary resources,

policies and practices in place to meet its objectives and to measure

performance against them.

The Board discharges some of its responsibilities directly and others

through four principal Committees: the Nominating and Corporate

Governance Committee, the Audit Committee, the Corporate

Responsibility Committee and the Remuneration Committee. The

Board is also supported by two management

committees: the Disclosure Committee and the Global Code and Policy

Committee. A summary of each Committee's remit is set out below,

with further details provided in the Governance of Unilever. The

Reports of each of the principal Committees are available on pages 65,

70, 75 and 78. The Report of the Audit Committee includes a

description of the risk management and internal control arrangements

for the Group. The Unilever Leadership Executive (ULE) supports the

CEO in his work, and members of the ULE attend Board meetings on

relevant items by invitation (see below and on page 56).

The formal powers of the Board are set out in the Articles of

Association of Unilever. The Articles of Association and the

Governance of Unilever are available at www.unilever.com/investors/

corporate-governance.

---

| | | | |
|:---|:---|:---|:---|
| **BOARD** <br>**The Board's primary role is to ensure the long-term success of Unilever**  | **BOARD** <br>**The Board's primary role is to ensure the long-term success of Unilever**  | **BOARD** <br>**The Board's primary role is to ensure the long-term success of Unilever**  | **BOARD** <br>**The Board's primary role is to ensure the long-term success of Unilever**  |
| **Board Committees provide independent oversight and rigorous challenge** | **Board Committees provide independent oversight and rigorous challenge** | **Board Committees provide independent oversight and rigorous challenge** | **Board Committees provide independent oversight and rigorous challenge** |
| **Nominating** <br>**and Corporate** <br>**Governance Committee** <br>**(NCGC)**<br>Reviews the composition of <br>the Board and Committees <br>and makes recommendations <br>to the Board on suitable <br>candidates for appointment <br>to the Board and <br>Committees.<br>Assists the Board on Board <br>and senior management <br>succession planning, <br>including appointments to the <br>ULE, conflicts of interest and <br>independence.<br>| **Audit**<br>**Committee (AC)**<br>Monitors the integrity of <br>Unilever's financial <br>statements and sustainability <br>reporting. Ensures the <br>effectiveness of the internal <br>audit function, internal <br>controls and risk <br>management processes, and <br>manages the relationship <br>with the external auditor.  | **Corporate** <br>**Responsibility** <br>**Committee (CRC)**<br>Considers policies for <br>Unilever's conduct as a <br>responsible and ethical <br>global business. Reviews <br>sustainability-related risks <br>and reputational matters, and <br>provides guidance and <br>recommendations <br>to the Board on <br>sustainability and <br>reputational matters.<br>| **Remuneration** <br>**Committee (RC)**<br>Determines the remuneration <br>framework/policy for <br>the Executive Directors and <br>the ULE. Considers <br>alignment with regulation, <br>market practice and <br>principles <br>of good governance, and <br>ensures remuneration is <br>linked to corporate and <br>individual performance. <br>Reviews remuneration-<br>related workforce policies <br>and practices. |
| **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  |
| **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  | **CEO & ULE** <br>**The CEO, supported by the ULE, is responsible for ensuring delivery of the Group's strategy,** <br>**business plans and financial performance.**  |
| **Disclosure Committee** <br>Responsible for overseeing the accuracy, materiality and <br>timeliness of disclosure of financial, non-financial and other <br>public announcements. Also evaluates and oversees the <br>adequacy of Unilever's disclosure controls and procedures. | **Disclosure Committee** <br>Responsible for overseeing the accuracy, materiality and <br>timeliness of disclosure of financial, non-financial and other <br>public announcements. Also evaluates and oversees the <br>adequacy of Unilever's disclosure controls and procedures. | **Global Code and Policy Committee**<br>Responsible for ensuring that all Unilever employees, <br>as well as third parties working with or on behalf of Unilever, <br>do so in compliance with the requirements <br>of Unilever's Code of Business Principles. | **Global Code and Policy Committee**<br>Responsible for ensuring that all Unilever employees, <br>as well as third parties working with or on behalf of Unilever, <br>do so in compliance with the requirements <br>of Unilever's Code of Business Principles. |

---

---

| | |
|:---|:---|
| Unilever PLC's Articles of Association, <br>its principal constitutional document, <br>were adopted on 21 October 2025. The Articles <br>may only be amended by a special <br>resolution of shareholders. | The Governance of Unilever, dated 1 January <br>2026, sets out a comprehensive summary of how the <br>Board operates and the terms of reference for the <br>Committees. The Governance of Unilever is reviewed <br>and updated regularly by Board resolution. |
| Unilever PLC's Articles of Association, <br>its principal constitutional document, <br>were adopted on 21 October 2025. The Articles <br>may only be amended by a special <br>resolution of shareholders. | The Governance of Unilever, dated 1 January <br>2026, sets out a comprehensive summary of how the <br>Board operates and the terms of reference for the <br>Committees. The Governance of Unilever is reviewed <br>and updated regularly by Board resolution. |
| Unilever PLC's Articles of Association, <br>its principal constitutional document, <br>were adopted on 21 October 2025. The Articles <br>may only be amended by a special <br>resolution of shareholders. | The Governance of Unilever, dated 1 January <br>2026, sets out a comprehensive summary of how the <br>Board operates and the terms of reference for the <br>Committees. The Governance of Unilever is reviewed <br>and updated regularly by Board resolution. |
| Unilever PLC's Articles of Association, <br>its principal constitutional document, <br>were adopted on 21 October 2025. The Articles <br>may only be amended by a special <br>resolution of shareholders. | The Governance of Unilever, dated 1 January <br>2026, sets out a comprehensive summary of how the <br>Board operates and the terms of reference for the <br>Committees. The Governance of Unilever is reviewed <br>and updated regularly by Board resolution. |
| Unilever PLC's Articles of Association, <br>its principal constitutional document, <br>were adopted on 21 October 2025. The Articles <br>may only be amended by a special <br>resolution of shareholders. | The Governance of Unilever, dated 1 January <br>2026, sets out a comprehensive summary of how the <br>Board operates and the terms of reference for the <br>Committees. The Governance of Unilever is reviewed <br>and updated regularly by Board resolution. |

---

---

| | | |
|:---|:---|:---|
| 52 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

**Board of Directors**

The Board has ultimate responsibility for the management, general affairs,

culture, direction, performance and long-term success of Unilever.

---

| | | | |
|:---|:---|:---|:---|
| ![Ian Meakins_NEW photo leaf_.jpg](ul-20251231_g58.jpg) | **Ian Meakins**<br>Chair and Non-Executive Director<br>Nationality British Age 69<br>Appointed 1 September 2023<br>Appointed Chair 1 December 2023 <br>Chair of NCGC<br>Current external appointments<br>Compass Group plc (Chair).<br>Previous experience<br>Rexel SA (Chair); Ferguson plc <br>(CEO); Travelex Holdings Ltd <br>(CEO); Alliance UniChem (CEO).<br>| ![BoD leaf shapes2.jpg](ul-20251231_g59.jpg) | **Fernando Fernandez** <br>Chief Executive Officer<br>Nationality Argentinian Age 59<br>Appointed 1 January 2024<br>Appointed CEO 1 March 2025<br>Current external appointments<br>None.<br>Previous experience<br>Unilever PLC (CFO); Beauty & <br>Wellbeing (President); Latin America <br>(EVP); Brazil (EVP); Philippines <br>(SVP); Global Hair Care (SVP).<br>|
| ![ULE leaf shapes6.jpg](ul-20251231_g60.jpg) | **Srinivas Phatak**<br>Chief Financial Officer<br>Nationality Indian Age 54 <br>Appointed CFO 16 September 2025<br>Current external appointments<br>Coats Group plc (NED).<br>Previous experience<br>Unilever PLC (Acting CFO); Unilever <br>PLC (Deputy CFO and Group <br>Controller); Hindustan Unilever Ltd <br>(CFO); VP Finance Supply Chain <br>Americas; UniOps (Head <br>of Financial Services).<br>| ![Adrian Henna_BoD leaf_.jpg](ul-20251231_g61.jpg) | **Adrian Hennah** <br>Non-Executive Director<br>Nationality British Age 68 <br>Appointed November 2021<br>Chair of AC and member of NCGC<br>Current external appointments<br>J Sainsbury plc (NED); Oxford <br>Nanopore Technologies plc (NED); <br>Council of Imperial College, London <br>(Independent Member of Council).<br>Previous experience<br>Reckitt Benckiser Group plc <br>(Executive Director & CFO); <br>RELX plc (NED).<br>|
| ![susan kilsby_BoD leaf_.jpg](ul-20251231_g62.jpg) | **Susan Kilsby** <br>Vice Chair/Senior Independent<br>Director<br>Nationality American/British <br>Age 66<br>Appointed August 2019<br>Chair of RC and member of AC<br>Current external appointments<br>COFRA Holding AG (NED); Fortune <br>Brands Innovations (Chair); Diageo <br>plc (SID); UK Takeover Panel.<br>Previous experience<br>NHS England (NED); BBA Aviation <br>(SID); BHP plc (SID); L'Occitane <br>International (NED); Keurig Green <br>Mountain (NED); Coca-Cola <br>HBC AG (NED); Goldman Sachs <br>International (NED); Shire plc <br>(Chair); Credit Suisse, Mergers <br>& Acquisitions, EMEA (Chair).<br>|  |  |

---

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| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 53 |

---

BOARD OF DIRECTORS<br>

---

| | | | |
|:---|:---|:---|:---|
| ![BoD leaf shapes6.jpg](ul-20251231_g63.jpg) | **Ruby Lu**<br>Non-Executive Director<br>Nationality Chinese Age 55 <br>Appointed November 2021<br>Member of AC and CRC<br>Current external appointments<br>Yum China Holdings, Inc. (NED); <br>Volvo Car AB (Board member); <br>Kuaishou Technology (NED).<br>Previous experience<br>iKang Healthcare Group (NED); <br>BlueCity Holdings Limited (NED); <br>UniChem (CEO).<br>| ![BoD leaf shapes7.jpg](ul-20251231_g64.jpg) | **Judith McKenna** <br>Non-Executive Director<br>Nationality American/British <br>Age 59 <br>Appointed March 2024<br>Chair of CRC and member of RC<br>Current external appointments<br>Delta Air Lines, Inc. (NED).<br>Previous experience<br>Walmart International (President <br>& CEO); Walmart US (EVP & COO); <br>Walmex (Chair); Flipkart (Director <br>& Compensation Committee Chair); <br>PhonePe (Director & Compensation <br>Committee Chair).<br>|
| ![BoD leaf shapes8.jpg](ul-20251231_g65.jpg) | **Nelson Peltz** <br>Non-Executive Director<br>Nationality American Age 83 <br>Appointed July 2022<br>Member of RC<br>Current external appointments<br>Madison Square Garden Sports <br>Corp. (NED); Trian Fund <br>Management L.P. (CEO & Founding <br>Partner).<br>Previous experience<br>The Wendy's Company (Non-<br>Executive Chair); Legg Mason, Inc. <br>(NED); Janus Henderson Group plc <br>(NED); Invesco Ltd (NED); The <br>Procter & Gamble Company (NED); <br>Sysco Corporation (NED); Ingersoll <br>Rand plc (NED); H.J. Heinz <br>Company (NED); Triarc Companies, <br>Inc. (CEO & Chair).<br>| ![BoD leaf shapes9.jpg](ul-20251231_g66.jpg) | **Benoît Potier**<br>Non-Executive Director<br>Nationality French Age 68 <br>Appointed January 2025<br>Member of AC and CRC<br>Current external appointments<br>Air Liquide (Chair of the Board); <br>Siemens AG (NED, Supervisory <br>Board).<br>Previous experience<br>Air Liquide (CEO); Danone (NED); <br>Michelin (NED).<br>|
| ![BoD leaf shapes10.jpg](ul-20251231_g67.jpg) | **Zoe Yujnovich**<br>Non-Executive Director<br>Nationality Australian/British <br>Age 51 <br>Appointed March 2025<br>Member of NCGC and CRC<br>Current external appointments<br>National Grid plc (CEO).<br>Previous experience<br>Shell plc (Integrated Gas and <br>Upstream Director); Rio Tinto <br>(President & CEO of the Iron Ore <br>Company of Canada).<br>| **Appointment to the Board**<br>On 7 October 2025, we announced that Belén Garijo López would be <br>appointed to the Board. Please see page 65 for further details.<br>**Key**<br>**NCGC** is the Nominating and Corporate Governance Committee<br>**AC** is the Audit Committee<br>**RC** is the Remuneration Committee<br>**CRC** is the Corporate Responsibility Committee<br>**NED** is Non-Executive Director | **Appointment to the Board**<br>On 7 October 2025, we announced that Belén Garijo López would be <br>appointed to the Board. Please see page 65 for further details.<br>**Key**<br>**NCGC** is the Nominating and Corporate Governance Committee<br>**AC** is the Audit Committee<br>**RC** is the Remuneration Committee<br>**CRC** is the Corporate Responsibility Committee<br>**NED** is Non-Executive Director |

---

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| | | |
|:---|:---|:---|
| 54 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

**Unilever Leadership Executive (ULE)**

The ULE is responsible for execution of strategy and day-to-day

management of Unilever. The ULE comprises:

---

| | |
|:---|:---|
| ![BoD leaf shapes2.jpg](ul-20251231_g59.jpg) | **Fernando Fernandez** <br>Chief Executive Officer<br>Nationality Argentinian Age 59 <br>Joined ULE April 2022<br>Joined Unilever 1988<br>Appointed CFO 1 January 2024<br>Appointed CEO 1 March 2025<br>Current external appointments<br>None.<br>Previous experience<br>Unilever PLC (CFO); Beauty & <br>Wellbeing (President); Latin America <br>(EVP); Brazil (EVP); Philippines <br>(SVP); Global Hair Care (SVP).<br>|
| ![Eduardo_ULE leaf_.jpg](ul-20251231_g68.jpg) | **Eduardo Campanella** <br>Business Group President, <br>Home Care<br>Nationality Brazilian Age 45 <br>Joined ULE January 2024<br>Joined Unilever 2003<br>Current external appointments<br>None.<br>Previous experience<br>Home Care (Chief Marketing Officer); <br>Home Care Latin America & Brazil <br>(VP); Personal Care (VP and Digital <br>Champion Mexico & Caribbean); <br>Personal Care (Marketing Director <br>and Digital Champion Brazil); Ice <br>Cream (Regional Marketing <br>Director); Hair Care (Marketing <br>Manager); Spreads (Regional <br>Marketing Manager).<br>|
| ![ULE leaf shapes4.jpg](ul-20251231_g69.jpg) | **Fabian Garcia** <br>Business Group President,<br>Personal Care<br>Nationality American Age 66 <br>Joined ULE January 2020<br>Joined Unilever 2020<br>Current external appointments<br>Wells Fargo Corporation (Board <br>member); Council on Foreign <br>Relations in the US (Member).<br>Previous experience<br>Unilever North America (President); <br>Revlon (President & CEO); Colgate-<br>Palmolive (COO, President of Asia/<br>Pacific Division, EVP Latin America); <br>P&G (President of Asia Pacific <br>Fragrance & Beauty Category, <br>General Manager of Taiwan, General <br>Manager of Max Factor, Japan); <br>Kimberly-Clark Corporation (NED); <br>Arrow Electronics (NED).<br>|

---

---

| | |
|:---|:---|
| ![ULE leaf shapes6.jpg](ul-20251231_g60.jpg) | **Srinivas Phatak**<br>Chief Financial Officer<br>Nationality Indian Age 54 <br>Joined ULE September 2025<br>Joined Unilever 1999<br>Appointed CFO 16 September 2025<br>Current external appointments<br>Coats Group plc (NED).<br>Previous experience<br>Unilever PLC (Acting CFO); <br>Unilever (Deputy CFO and Group <br>Controller); Hindustan Unilever Ltd <br>(CFO); VP Finance Supply Chain <br>Americas; UniOps (Head of Financial <br>Services).<br>|
| ![ULE leaf shapes3.jpg](ul-20251231_g70.jpg) | **Reginaldo Ecclissato** <br>President, 1 Unilever Markets<br>Nationality Brazilian/Italian Age 57<br>Joined ULE January 2022<br>Joined Unilever 1991<br>Current external appointments<br>The Magnum Ice Cream Company <br>(NED); Unilever Fima, Lda. (Board <br>member); Gallo Worldwide, Lda. <br>(Board member).<br>Previous experience<br>IDH (Supervisory Board Member); <br>Unilever (Chief Business Operations <br>& Supply Chain Officer); Mexico, <br>Caribbean & Central America (EVP); <br>North America & Latin America (EVP <br>Supply Chain); Home Care for the <br>Americas (VP Supply Chain).<br>|
| ![PK_ULE leaf_.jpg](ul-20251231_g71.jpg) | **Prakash Kakkad** <br>Chief Legal Officer & Group <br>Company Secretary<br>Nationality British Age 39 <br>Joined ULE March 2026<br>Joined Unilever 2023<br>Current external appointments<br>Pre-Emption Group Independent <br>Member (Financial Reporting <br>Council), Non-Council Member <br>– Company Law Committee <br>(The Law Society).<br>Previous experience<br>Unilever (General Counsel, Corporate <br>and Deputy Group Secretary); BHP <br>Group (Head of Group Governance, <br>Global); Barclays plc (VP, Corporate <br>Legal); Herbert Smith <br>Freehills Kramer (Senior Associate, <br>Corporate).<br>|

---

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| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 55 |

---

UNILEVER LEADERSHIP EXECUTIVE (ULE)<br>

---

| | |
|:---|:---|
| ![Priya Nair Jan 26_RGB_retouche grey bg.jpg](ul-20251231_g72.jpg) | **Priya Nair**<br>CEO & Managing Director, Hindustan <br>Unilever Limited<br>Nationality Indian Age 53 <br>Joined ULE January 2024<br>Joined Unilever 1995<br>Current external appointments<br>None.<br>Previous experience<br>Business Group President, Beauty <br>& Wellbeing; Unilever Beauty & <br>Wellbeing (Global CMO); Beauty <br>& Personal Care (EVP South Asia); <br>Home Care (Director & CCVP South <br>Asia).<br>|
| ![ULE leaf shapes10.jpg](ul-20251231_g73.jpg) | **Heiko Schipper** <br>Business Group President, Foods<br>Nationality Dutch Age 56 <br>Joined ULE May 2024<br>Joined Unilever 2024<br>Current external appointments<br>None.<br>Previous experience<br>Bayer (Member of Board <br>of Management & President, <br>Consumer Health Division); Nestlé <br>(Member of Group Executive Board <br>& CEO Nestlé Nutrition).<br>|
| ![Willem_ULE leaf_.jpg](ul-20251231_g74.jpg) | **Willem Uijen**<br>Chief Supply Chain and Operations <br>Officer<br>Nationality Dutch Age 50 <br>Joined ULE January 2025<br>Joined Unilever 1999<br>Current external appointments<br>IDH (Member of the Supervisory <br>Board); Zero 100 (Member of the <br>Advisory Board).<br>Previous experience<br>Unilever (Chief Procurement Officer); <br>Hindustan Unilever (Executive <br>Director of Supply Chain); South <br>Asia, South East Asia & Australasia <br>(Head of Supply Chain); Home Care <br>(VP Supply Chain); Home Care, <br>Latin America (VP Supply Chain); <br>Mexico & Caribbean (VP Supply <br>Chain).<br>|

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| | |
|:---|:---|
| ![ULE leaf shapes8.jpg](ul-20251231_g75.jpg) | **Mairéad Nayager**<br>Chief People Officer<br>Nationality Irish Age 51 <br>Joined ULE June 2024<br>Joined Unilever 2024<br>Current external appointments<br>None.<br>Previous experience<br>Haleon plc (Chief HR Officer); <br>Diageo plc (Chief HR Officer).<br>|
| ![ULE leaf shapes9.jpg](ul-20251231_g76.jpg) | **Richard Slater**<br>Chief R&D Officer<br>Nationality British Age 48 <br>Joined ULE April 2019<br>Joined Unilever 2019<br>Current external appointments<br>Future Origins, Inc. (NED); Prime <br>Minister's Council for Science <br>& Technology (Member); Leverhulme <br>Trust (Board member).<br>Previous experience<br>GSK plc (Head of R&D, Consumer <br>Healthcare, now Haleon plc); Reckitt <br>Benckiser Group plc (Head of R&D, <br>Health, Personal Care and <br>Wellbeing); Reckitt Benckiser Group <br>plc (senior R&D roles across Health, <br>Personal Care and Home Care); The <br>Boots Company plc (various R&D <br>and Supply roles).<br>|
| **Beauty & Wellbeing Business Group**<br>Following the appointment of Priya Nair as Chief Executive Officer & <br>Managing Director of Hindustan Unilever Limited, <br>oversight of the Beauty & Wellbeing Business Group has been led <br>by Fernando Fernandez.<br>**Changes since 2025 year-end**<br>Esi Eggleston Bracey left her role as Chief Growth and Marketing <br>Officer of Unilever on 31 January 2026.<br>Leandro Barreto has been appointed as Chief Marketing Officer, <br>Unilever, and Beauty & Wellbeing. He is not a member of the <br>Unilever Leadership Executive.<br>Maria Varsellona left her role as Chief Legal Officer and Group <br>Secretary of Unilever on 28 February 2026.<br>Prakash Kakkad was appointed Chief Legal Officer and Group <br>Company Secretary and a member of the Unilever Leadership <br>Executive with effect from 1 March 2026. | **Beauty & Wellbeing Business Group**<br>Following the appointment of Priya Nair as Chief Executive Officer & <br>Managing Director of Hindustan Unilever Limited, <br>oversight of the Beauty & Wellbeing Business Group has been led <br>by Fernando Fernandez.<br>**Changes since 2025 year-end**<br>Esi Eggleston Bracey left her role as Chief Growth and Marketing <br>Officer of Unilever on 31 January 2026.<br>Leandro Barreto has been appointed as Chief Marketing Officer, <br>Unilever, and Beauty & Wellbeing. He is not a member of the <br>Unilever Leadership Executive.<br>Maria Varsellona left her role as Chief Legal Officer and Group <br>Secretary of Unilever on 28 February 2026.<br>Prakash Kakkad was appointed Chief Legal Officer and Group <br>Company Secretary and a member of the Unilever Leadership <br>Executive with effect from 1 March 2026. |

---

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| | | |
|:---|:---|:---|
| 56 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

**Operation of the Board**

**ROLE OF THE CHAIR**

The Chair leads the Board and is responsible for its overall

effectiveness in directing the Unilever Group. The Chair sets the

Board's agenda, ensures the Directors receive accurate, timely and

clear information, promotes and facilitates constructive relationships

and effective contribution of all the Executive and Non-Executive

Directors, and fosters a culture of openness and debate.

**BOARD AND COMMITTEE MEETINGS**

There were six scheduled Board meetings in 2025. The meetings were

held in the UK or virtually.

When there is a Board meeting, the Non-Executive Directors usually

also meet without the Executive Directors present. The Chair, or in his

absence, the Senior Independent Director (SID), chairs such meetings.

The Group Company Secretary supports the Board to ensure it has the

policies, processes, information, time and resources to function

effectively and efficiently.

Attendance during the year at each of the Committee meetings is set

out below. Further information is provided in the relevant Committee

reports.

**RELATIONSHIP WITH UNILEVER LEADERSHIP** 

**EXECUTIVE**

The Board delegates day-to-day management of Unilever to the Chief

Executive Officer. The Chief Executive Officer leads the Unilever

Leadership Executive (ULE) in carrying out the strategy determined by

the Board. The roles of the ULE members are set out on pages [54](#id4b3897439b541bf8ab5afe11d4fe043_161) and

[55](#id4b3897439b541bf8ab5afe11d4fe043_162). The ULE meets regularly to discuss all aspects of the business,

including strategy, the allocation of resources, investment, M&A

opportunities, culture, financial performance and non-financial

performance. Members of the ULE are regularly required to attend

Board meetings to update the Board on performance and other

matters. There is an annual Board meeting to discuss strategy and

there are regular updates at Board meetings between these times.

The Board has also delegated certain finance matters to both the Chief

Executive Officer and the Chief Financial Officer in order to facilitate

the efficient conduct of such matters.

**BOARD AND COMMITTEE ATTENDANCE** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Position** | **Board**  | **NCGC**  | **AC**  | **CRC**  | **RC**  |
| **Chair** |  |  |  |  |  |
| Ian Meakins | 6/6 | 5/5 | – | – | 5/5 |
| **Non-Executive Directors** |  |  |  |  |  |
| Adrian Hennah | 6/6 | 5/5 | 9/9 | – | – |
| Susan Kilsby | 6/6 | – | 9/9 | 3/3 | 2/2 |
| Ruby Lu | 6/6 | – | 9/9 | 5/5 | – |
| Judith McKenna | 5/6 | – | – | 4/5 | 5/5 |
| Nelson Peltz | 5/6 | – | – | – | 5/5 |
| Benoît Potier<sup>1</sup> | 6/6 | – | 8/9 | 4/5 | – |
| Zoe Yujnovich<sup>2</sup> | 5/5 | 4/4 | – | 4/4 | – |
| **Executive Directors** |  |  |  |  |  |
| Fernando Fernandez | 6/6 | – | – | – | – |
| Srinivas Phatak<sup>3</sup> | 2/2 | – | – | – | – |
| **Former Directors** |  |  |  |  |  |
| Andrea Jung<sup>4</sup> | 2/2 | 2/3 | – | – | 3/3 |
| Hein Schumacher<sup>5</sup> | 1/1 | – | – | – | – |
| 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. | 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. | 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. | 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. | 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. | 1.Joined the Board as a Non-Executive Director on 1 January 2025 and was appointed to the AC and the CRC.<br>2.Joined the Board as a Non-Executive Director on 1 March 2025 and was appointed to the NCGC and CRC.<br>3.Appointed as CFO on 16 September 2025.<br>4.Stepped down as a Non-Executive Director on 30 April 2025.<br>5.Stepped down as a Director on 1 March 2025. |

---

**NON-EXECUTIVE DIRECTORS' ROLE** 

The Non-Executive Directors exercise objective judgement in respect

of Board decisions, providing scrutiny and challenge to hold

management to account. Non-Executive Directors offer strategic

guidance and specialist advice based on the breadth of experience

and knowledge they bring to the Board.

Non-Executive Directors are required to have sufficient time available

to discharge their responsibilities effectively and to continuously

develop their knowledge of the business. Their role incorporates the

review of information in advance of Board meetings to ensure that

thorough preparation for, and debate at, Board meetings is possible.

On appointment, the Non-Executive Directors complete an induction

process, which includes meetings with the ULE, senior members of

management, advisers, and the internal and external auditors. These

include understanding key risk areas in the business and providing

insight into the culture of the organisation.

Non-Executive Directors have full access to senior management and

take opportunities to meet them on a regular basis. There is also

an opportunity to visit Unilever's operations in person, which gives

Non-Executive Directors the ability to meet members of the workforce

from different levels of the organisation. This is regularly supplemented

throughout each year with ongoing updates and information on key

matters relating to the business, including governance, sustainability,

risk management and regulatory issues, as well as updates on the

business itself. In 2025, the Board considered presentations on

developments in relation to safety, R&D, cyber security and human

rights.

All Directors are expected to attend each Board meeting and each

Committee meeting of which they are members, unless there are

exceptional reasons preventing them from participating. Only members

of the Committees are entitled to attend Committee meetings, but

others may attend at the Committee Chair's discretion. Executive

Directors attend Committee meetings by invitation only.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 57 |

---

OPERATION OF THE BOARD<br>

If Directors are unable to attend a Board or Committee meeting, they

have the opportunity beforehand to discuss any agenda items with the

Chair or the relevant Committee Chair.

**BOARD APPOINTMENT**

The report of the Nominating and Corporate Governance Committee

on pages [65](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18073) to [69](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18075) describes the work of the Committee, including in

relation to Board appointments and recommendations for re-election.

The procedure for the nomination and appointment of Directors is also

contained within the document entitled 'Appointment procedure for

PLC Directors', which is available on our website at unilever.com.

Directors may be appointed by a simple majority vote of shareholders

at a general meeting, or on an interim basis by the Board (in which

case they will offer themselves for election at the next AGM).

**COMPOSITION, BALANCE AND INDEPENDENCE** 

**OF THE BOARD**

As at 31 December 2025, the Unilever Board comprised ten Directors:

the Chair, two Executive Directors and seven independent Non-

Executive Directors.

The balance of Directors on the Board ensures that no individual

or small group of Directors can dominate the decision-making process.

The biographies on pages [52](#if0632308ee614bcc9f4304c07bdce9c4_180) and [53](#if0632308ee614bcc9f4304c07bdce9c4_179), and the table on page [68](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18070) in the

Nominating and Corporate Governance Committee Report,

demonstrate a Board with a broad range of sector experience, skills

and knowledge. All Non-Executive Directors are considered to have

the appropriate skills, knowledge, experience and character to bring

objective and constructive judgement and valuable insights to the

Board's deliberations.

The Chair carries out an annual review of the performance of

the Directors, which is facilitated externally every three years. This is

in addition to a thorough review of the Non-Executive Directors' and their

related or connected persons' relevant relationships in line with best

practice guidelines in the UK

and US.

The Board has determined that all the Non-Executive Directors were

independent in accordance with the applicable corporate governance

requirements during the period covered by this report.

The Chair was considered to be independent on appointment and is

committed to ensuring that the Board continues to comprise a majority

of independent Non-Executive Directors.

**BOARD SUSTAINABILITY PROCESSES AND SKILLS**

Sustainability is important for our consumers and our wider stakeholder

base, including suppliers, customers and employees. The Board and

the Unilever Leadership Executive provide leadership on sustainability

as part of the Company's strategic focus. All Directors are engaged in

sustainability matters.

The areas considered by the Board in 2025 are set out in the

Stakeholder Engagement section on pages [60](#i47f70f9a0f4f4802a347c8cf092d8c4a_22823) and [61](#i47f70f9a0f4f4802a347c8cf092d8c4a_22824).

The governance of sustainability, covering social, human rights,

business conduct and environmental matters, is detailed in

the Sustainability Statement and this Governance Report.

The Corporate Responsibility Committee, under the Board's

governance, primarily handles these issues. The Chief Corporate

Affairs and Communications Officer attends all Corporate

Responsibility Committee meetings, ensuring external expertise is

included as needed. The Committee Chair ensures that the Board

receives relevant information in the form of briefing materials and

access to external expertise, in particular when specific matters are

under consideration for Board approval. The Chair reports the

Committee's considerations to the Board, which are then discussed in

Board meetings.

The Chief Corporate Affairs and Communications Officer reports to the

CEO on all sustainability matters relating to our four priority areas:

climate, nature, plastics and livelihoods. The Chief Supply Chain and

Operations Officer, who is responsible for key social and environmental

issues within Unilever's Supply Chain, reports to the CFO. This

ensures that both executive directors are closely involved in assessing

the impacts, risks and opportunities related to social and sustainability

matters.

The CEO and CFO have a wide range of knowledge and skills

on sustainability topics from previous leadership roles.

The Non-Executive Directors bring significant experience in social and

sustainability issues from various industries, including retail, energy,

technology, financial, and other industrial sectors. The recruitment of

new Non-Executive Directors focuses on their skills and experience as

set out in the matrix on page [68](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18070), which encompasses sustainability to

ensure a diverse range of views.

**CONFLICTS OF INTEREST**

Directors have a statutory duty to avoid actual or potential conflicts of

interest. Under Articles 88 to 92 of the Articles of Association of the

Company, there are procedures in place to identify and, if applicable,

authorise any conflicts of interest. Unless authorised by the Board,

together with compliance with any restrictions that have been required

of such a Director, a Director may not take part in the decision-taking

process of the Board in respect of any situation in which he or she has

a conflict of interest.

The interests of new Directors are reviewed during the recruitment

process and authorised (if appropriate) by the Board at the time of their

appointment. Directors have a continuing duty to update the Board on

any changes to their external appointments, which are also reviewed by

the Board on a regular basis.

Unilever recognises that the Executive Directors acting as directors of

other companies is beneficial from a personal development

perspective and, therefore, also beneficial to the Group. The number of

external directorships of listed companies is generally limited to one

per Executive Director to reduce the risk of excessive commitment,

and prior approval is required from the Chair.

**BOARD EVALUATION**

Each year, the Board formally assesses its own performance, including

with respect to its composition and how effectively its members work

together to achieve objectives. In 2025, an external evaluation of the

effectiveness of the Board and its Committees was conducted by the

consultancy firm No 4. There is no other connection between No 4

and Unilever PLC or any of the Directors of Unilever PLC.

The evaluation was informed by independent feedback from each of the

Directors, as well as observation through No 4's attendance at a Board

meeting in October 2025. The effectiveness of the Board and each

Committee, including their key strengths and areas for development,

were assessed. The overall findings for the Board were positive, with a

strong level of satisfaction reported among Board members. The

resulting priorities for future focus, compiled by No 4, have been

communicated to the Board.

The outcomes of such evaluations are taken into consideration when

assessing Directors for proposed re-election, as well as in relation to

Board composition.

The outcome of the evaluation of the Board's Committees is referred to

in each Committee Report.

---

| | | |
|:---|:---|:---|
| 58 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

OPERATION OF THE BOARD<br>

**WORKFORCE ENGAGEMENT**

The Board believes that taking into account feedback from

the workforce widens the range of its views when making business

decisions. Given Unilever's global footprint and scope of operations,

the Board believes that the most effective way of organising its

engagement with employees is to share the responsibility among all

Non-Executive Directors. This enables all Directors to participate and

provides employees with access to a broad range of Board members.

Unilever's Workforce Engagement Policy provides for workforce

engagement in a variety of ways, both face-to-face and virtually,

through sessions with Non-Executive Directors, engaging with

employee representatives, site visits, and employee surveys such as

UniVoice (see below for further information). These engagement

activities cover the entire workforce demographic in terms of

geography, Business Groups, length of service, work level/seniority,

and both supply chain and office staff.

In 2025, the Non-Executive Directors participated in four workforce

engagement events held virtually. A wide range of topics was

discussed, including those that are personal to the workforce and

those of a more business and strategic nature. Topics included: reward

and executive pay, safety, cultural transformation, and the Beauty &

Wellbeing business.

Employee survey results from 2025 showed that engagement

improved further, remaining over industry benchmarks. However,

challenges were identified in relation to employees being able to

manage competing business priorities in the most effective way and,

within a complex organisation, the efficiency of some processes could

be improved. In 2026, the ULE will implement a top-down programme

to address these issues and assist employees to maximise the use of

their time.

The Board evaluates the effectiveness of workforce engagement on an

annual basis, and feedback is also sought from employees who take

part in workforce engagement sessions, thereby creating a feedback

loop between the Board and employees.

There were no representatives of Unilever's employees or other

workers serving on the Board or the ULE.

**SHAREHOLDER ENGAGEMENT**

The Board values open and meaningful discussions with our

shareholders on all matters.

The CFO has lead responsibility for shareholder engagement, with

active involvement from the CEO and supported by the Investor

Relations department.

The CEO and CFO regularly meet with investors. In 2025, the

CEO and CFO held roadshows after Unilever's quarterly, half-year and

full-year results, with meetings across the US, the UK, several other

European countries and Asia. In addition, the CEO and CFO attended

a number of investor conferences in the UK, the US and France, which

included meetings and discussions with over 100 investors and

counterparties.

Additionally, the Chair met with the majority of our top 50 shareholders in

February and March regarding the announcement on 25 February 2025

to appoint Fernando Fernandez as CEO.

The Board receives regular briefings on investor reactions to Unilever's

quarterly, half-year and full-year results announcements, and on any

issues raised by shareholders that are relevant to their responsibilities. We

maintain a frequent dialogue with our principal institutional shareholders

and regularly collect feedback.

Private shareholders are encouraged to give feedback via

shareholder.services@unilever.com. Our shareholders are

also welcome to raise any issues directly with the Chair or the SID.

The Chair, the Executive Directors and other Directors are available to

answer questions from the shareholders at the AGM each year.

**GENERAL MEETINGS**

At the AGM, the Chair and the CEO give their thoughts on governance

aspects of the preceding year and on the Group's strategy, together with a

review of the performance of the Group over the last year.

General meetings are called by notice in writing to shareholders.

Where shareholders hold shares through a nominee, the notice

is provided to them by the nominee. ADS holders receive notice

through Deutsche Bank, the Company's US listing agent. The AGM is

called on no less than 21 clear days' notice and general meetings are

called on no less than 14 clear days' notice. All shareholders are

entitled to attend general meetings of the Company, subject to

compliance with any reasonable safety and security precautions which

may be put in place, and (where shareholders hold through a nominee)

the correct appointment documentation. Details of how to appoint a

proxy and how to vote by proxy are included in the notice of meeting.

At the 2025 AGM, all resolutions were put to a poll. With the exception

of the vote on the Directors' Remuneration Report, all resolutions were

passed with in excess of 80% of votes cast in favour. With respect to

the Directors' Remuneration Report, 72.29% of votes were cast in

favour of Resolution 2 to receive and adopt the Directors'

Remuneration Report. As required by the UK Corporate Governance

Code, Unilever published a statement on 30 October 2025 in relation

to this vote.

Following the AGM, we contacted our largest shareholders,

representing 46.3% of the share register, as well as other shareholders

that voted against the Directors' Remuneration Report and several

proxy agencies. In total, 22 meetings were held to gain insight into

shareholder views and concerns regarding Directors' remuneration.

Shareholders who opposed the Directors' Remuneration Report at the

2025 AGM consistently cited two key concerns. Firstly, the

disapplication of time pro-ration on three outstanding long-term

incentive awards for the former CEO, Alan Jope, and the former CFO,

Graeme Pitkethly, who retired from Unilever PLC in 2022 and 2023

respectively. Secondly, the approach taken to setting fixed pay for

Fernando Fernandez on his appointment as CEO.

The Board acknowledges that the disapplication of time pro-ration on

three awards for the former CEO and former CFO were exceptional

decisions taken in order to mitigate the impact of disruption to the

business at a time of significant change and uncertainty. Unilever has

publicly confirmed that it will apply time pro-ration to outstanding

awards for future Director exits, in accordance with market practice

and the remuneration policy. This was demonstrated by the treatment

of outstanding long-term incentive awards for the former CEO, Hein

Schumacher, where time pro-ration was applied to all unvested awards

when Hein left Unilever in March 2025. In dialogue with shareholders

and proxies, it has been understood and recognised that the

non-pro-ration of awards to former Directors is a legacy decision and

not an ongoing issue.

On the approach to setting pay on appointment, it is understood that

some shareholders prefer to see phased progression over time as

opposed to a more significant salary uplift from the outset. The Board

took this feedback into account when determining fixed pay for Srinivas

Phatak on his appointment as CFO in September 2025. His salary has

been set at a lower level than the previous CFO's salary. Unilever

intends to gradually move pay to the appropriate position relative to the

market over the next two to three years, subject to performance and

the wider external and internal context.

Unilever will continue to meet with shareholders regularly on

remuneration-related matters.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 59 |

---

OPERATION OF THE BOARD<br>

**BOARD FOCUS**

During the year, the Board considered a comprehensive programme of

regular matters drawn from the schedule of matters reserved for the

Board and the immediate and prospective operating environment.

The Board also conducted a two-day Strategy Review exercise

in October 2025, including presentations and engagement sessions

with ULE members and other senior management. This focused in

particular on:

■the macro environment and opportunities for growth;

■the continued development of Unilever's go-to-market operations in

key markets;

■Unilever's financial growth model and delivery (see page 4 for more

information); and

■a review of Desire at Scale in respect of each of our four Business

Groups (see also pages [2](#if5dab8b444194334b192744d3eee7fb0_501) to 4 for Unilever's strategy).

In addition to the Board's principal decisions in 2025, considered

on pages 60 and 61, the list of matters set out below is indicative of the

oversight provided by the Board:

**Strategy and business plan**

■approved the demerger of The Magnum Ice Cream Company;

■approved the cancellation of treasury shares;

■approved the consolidation (or the subdivision and consolidation) of

ordinary shares in Unilever in connection with the demerger of The

Magnum Ice Cream Company;

■approved the acquisition of the Dr. Squatch premium personal care

brand;

■reviewed Unilever's strategy at Business Group level; and

■reviewed the R&D strategy, including the Group's innovation

pipeline.

**Operational performance and financial management** 

■regularly reviewed Unilever Group operational and financial

performance and delivery against strategic objectives, business

plans (including budget and forecast), financial and non-financial

KPIs, and against analysts' consensus and market guidance;

■considered and approved quarterly dividends;

■approved a share buyback in 2025 totalling €1.5 billion; and

■considered and approved the issuance of new shares to be used to

settle the vesting of share awards granted to employees under

various employee share plans.

**Governance and external reporting**

■considered feedback from the Audit Committee in relation to

significant judgements, the fair, balanced and understandable

assessment, going concern basis of preparation, the viability

statement, and the reporting of non-financial KPIs with respect

to sustainability reporting;

■approved each of the quarterly results and the Annual Report and

Accounts and Form 20-F;

■approved the notice of meeting for the AGM;

■oversaw consultation and communication with shareholders

on executive pay; and

■considered the work of the Nominating and Corporate Governance

Committee on Board composition and approved the appointments of

directors (see also page 66).

**Culture and stakeholders** 

■reviewed the 2025 workforce engagement programme covering both

employees and employee representatives, and considered feedback

from the sessions; and

■regularly reviewed investor feedback reports and analysts' reports.

**Sustainability**

■reviewed the sustainability strategy and performance, including

regulatory developments in sustainability reporting requirements.

**Political and regulatory environment**

■received updates on emerging legislation and regulation.

**Risk and internal controls**

■considered feedback from the Audit Committee on its assessment of

the ongoing effectiveness of the Group's internal controls; and

■reviewed findings from the assessment of the Group's register of

principal risks and focus risks and approved the related risk

management plans.

---

| | | |
|:---|:---|:---|
| 60 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

OPERATION OF THE BOARD<br>

**Stakeholder engagement and Principal Board Decisions**

**SECTION 172: COMPANY AND BOARD ENGAGEMENT WITH STAKEHOLDERS**

The information set out below explains how the Board and the wider Company consider and engage with stakeholders. This forms our Section

172 statement under the UK Companies Act 2006. Unilever at a glance on page 3 details the six stakeholder groups we have identified as critical

to our future success: shareholders, our people, consumers, customers, suppliers & business partners, and planet & society. Throughout the

Strategic Report, we have provided examples of how we engage with, and create value for, our stakeholders. Where relevant, the principle

decisions of the Board are also set out below, and the Directors confirm that the deliberations of the Board incorporated appropriate

consideration of the matters detailed in Section 172 of the Companies Act 2006.

---

| | | |
|:---|:---|:---|
| **Unilever stakeholders** | **How Unilever engages with stakeholders** | **How the Board interacts on** <br>**stakeholder issues**<br>|
| **Shareholders**<br>We aim to deliver top-third <br>total shareholder return <br>with market-making <br>SASSY brands. <br>See pages 58 and 81<br>| ■Quarterly results broadcasts.<br>■Conference presentations.<br>■Meetings and calls about aspects of business performance, <br>consumer trends and sustainability issues.<br>■Senior leaders and our Board speak directly to shareholders on <br>a broad range of issues. For example, in 2025, we discussed our <br>Directors' Remuneration Report for 2024 and our proposed new <br>Directors' Remuneration Policy with investors.<br>| ■AGM.<br>■Meetings with shareholders on <br>performance and key issues.<br>■The Board approve all quarterly results <br>announcements and dividends.<br>■Unilever Investor Relations provide <br>analysts' reports and investor feedback <br>to the Board.<br>|
| **2025 Board engagement**<br>The Board considered all aspects of the demerger of The Magnum Ice Cream Company (TMICC) and provided approval for the demerger. The <br>demerger was considered to be in the best interests of shareholders and completed on 6 December 2025. The Board also considered and <br>approved the appointments of the Chair and Chief Executive Officer on the board of directors of TMICC. Further details of the demerger are <br>provided on pages 12 and 13.<br>The Board, working closely with the Nominating and Corporate Governance Committee, approved the appointments of the new Chief Executive <br>Officer who was appointed with effect from 1 March 2025 and the new Chief Financial Officer who was appointed on 16 September 2025. <br>Further details are given in the report of the Nominating and Corporate Governance Committee.<br>The Board also considered the vote in relation to the Directors' Remuneration Report at the 2025 Annual General Meeting, which had a 72% <br>vote in favour. Further details are on page 58 of this Governance Report. In addition, the Board considered the new Directors' Remuneration <br>Policy, which is being put to shareholders for approval at the 2026 Annual General Meeting. Investor feedback was sought and considered in <br>relation to the new Directors' Remuneration Policy. | **2025 Board engagement**<br>The Board considered all aspects of the demerger of The Magnum Ice Cream Company (TMICC) and provided approval for the demerger. The <br>demerger was considered to be in the best interests of shareholders and completed on 6 December 2025. The Board also considered and <br>approved the appointments of the Chair and Chief Executive Officer on the board of directors of TMICC. Further details of the demerger are <br>provided on pages 12 and 13.<br>The Board, working closely with the Nominating and Corporate Governance Committee, approved the appointments of the new Chief Executive <br>Officer who was appointed with effect from 1 March 2025 and the new Chief Financial Officer who was appointed on 16 September 2025. <br>Further details are given in the report of the Nominating and Corporate Governance Committee.<br>The Board also considered the vote in relation to the Directors' Remuneration Report at the 2025 Annual General Meeting, which had a 72% <br>vote in favour. Further details are on page 58 of this Governance Report. In addition, the Board considered the new Directors' Remuneration <br>Policy, which is being put to shareholders for approval at the 2026 Annual General Meeting. Investor feedback was sought and considered in <br>relation to the new Directors' Remuneration Policy. | **2025 Board engagement**<br>The Board considered all aspects of the demerger of The Magnum Ice Cream Company (TMICC) and provided approval for the demerger. The <br>demerger was considered to be in the best interests of shareholders and completed on 6 December 2025. The Board also considered and <br>approved the appointments of the Chair and Chief Executive Officer on the board of directors of TMICC. Further details of the demerger are <br>provided on pages 12 and 13.<br>The Board, working closely with the Nominating and Corporate Governance Committee, approved the appointments of the new Chief Executive <br>Officer who was appointed with effect from 1 March 2025 and the new Chief Financial Officer who was appointed on 16 September 2025. <br>Further details are given in the report of the Nominating and Corporate Governance Committee.<br>The Board also considered the vote in relation to the Directors' Remuneration Report at the 2025 Annual General Meeting, which had a 72% <br>vote in favour. Further details are on page 58 of this Governance Report. In addition, the Board considered the new Directors' Remuneration <br>Policy, which is being put to shareholders for approval at the 2026 Annual General Meeting. Investor feedback was sought and considered in <br>relation to the new Directors' Remuneration Policy. |
| **Our People**<br>96,000 talented people <br>give their skills and time in <br>Unilever offices, factories <br>and R&D laboratories.<br>See page [16](#i5773215ac2bf4509adf1152ac531cd78_4239)<br>| ■Through our UniVoice survey, we engaged with around 73,000 <br>office- and factory-based employees in 2025 on topics such as <br>culture, engagement, strategy, safety, careers and sustainability. <br>■We continued our sessions with the CEO and ULE members <br>to provide our workforce with regular information on the Company <br>and decisions made by the leadership team, such as financial <br>performance, strategy and reward. This helps ensure that <br>employees are aligned with the Company's financial performance <br>and strategy.<br>■At a market level, we held regular, leader-led virtual town hall <br>meetings to engage employees on locally relevant topics and <br>issues. <br>| ■Review of UniVoice survey 2025 results <br>and feedback to ULE on key issues.<br>■The CEO, together with other senior <br>members of management including <br>the CFO and ULE members, provide <br>direct answers on the 'Unilever Live' <br>open Q&A sessions, including <br>the quarterly results briefings and <br>performance updates.<br>|
| **2025 Board engagement**<br>The Board members participated in workforce engagement sessions, further details of which are provided on page 58. Together with the <br>UniVoice survey, these sessions informed a cascade for employees on prioritisation and efficiency. | **2025 Board engagement**<br>The Board members participated in workforce engagement sessions, further details of which are provided on page 58. Together with the <br>UniVoice survey, these sessions informed a cascade for employees on prioritisation and efficiency. | **2025 Board engagement**<br>The Board members participated in workforce engagement sessions, further details of which are provided on page 58. Together with the <br>UniVoice survey, these sessions informed a cascade for employees on prioritisation and efficiency. |
| **Consumers**<br>We aim to create Desire at <br>Scale by elevating brands <br>through science, <br>aesthetics, sensorials, <br>being shared by others, <br>young-spirited and relevant <br>in culture (SASSY brands).<br>See pages [17](#i3852f9eac8dc4cd693c96bcba9dba86d_197) to [28](#id16a8b042c3a42c2adb050b1d4eebcaa_6788)<br>| ■We use consumer research from marketing research partners, <br>engaging them through regular surveys and panels as well as ad <br>hoc research.<br>■We engage with our consumers and end-users through a range of <br>communications channels on a continuous basis, reaching over 3 <br>million consumer contacts in 2025 through our various platforms.<br>| ■Board papers and presentations <br>capturing consumer trends.<br>■Regular updates from Business Groups <br>on opportunities and portfolio choices in <br>line with consumer trends.<br>|
| **2025 Board engagement**<br>The strategy for Desire at Scale was reviewed by the Board in conjunction with reviews of the Business Groups. Consumer research supported <br>this strategy. The Board approved the continued roll-out of this strategy to generate growth by creating Desire at Scale through SASSY brands. <br>The Board also approved the people elements of this, through a winning culture and attracting the best talent, and the organisational elements <br>through AI and technology, together with productivity and simplicity.  | **2025 Board engagement**<br>The strategy for Desire at Scale was reviewed by the Board in conjunction with reviews of the Business Groups. Consumer research supported <br>this strategy. The Board approved the continued roll-out of this strategy to generate growth by creating Desire at Scale through SASSY brands. <br>The Board also approved the people elements of this, through a winning culture and attracting the best talent, and the organisational elements <br>through AI and technology, together with productivity and simplicity.  | **2025 Board engagement**<br>The strategy for Desire at Scale was reviewed by the Board in conjunction with reviews of the Business Groups. Consumer research supported <br>this strategy. The Board approved the continued roll-out of this strategy to generate growth by creating Desire at Scale through SASSY brands. <br>The Board also approved the people elements of this, through a winning culture and attracting the best talent, and the organisational elements <br>through AI and technology, together with productivity and simplicity.  |

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|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 61 |

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OPERATION OF THE BOARD<br>

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| | | |
|:---|:---|:---|
| **Unilever stakeholders** | **How Unilever engages with stakeholders** | **How the Board interacts on** <br>**stakeholder issues**<br>|
| **Customers**<br>We partner with large and <br>small retailers across <br>different trading <br>environments around the <br>world to grow categories.<br>See pages 19, 22, 25 <br>and 28<br>| ■We use the Advantage Group Survey across global markets to <br>help us understand how we can improve our customers' <br>experience of working with Unilever. <br>■Our customers across different channels and trading environments <br>partner with our customer development teams to grow categories, <br>connecting regularly to turn consumer and shopper insights into <br>growth plans. We create Joint Business Plans with key customers <br>for mutual benefit.<br>| ■Business Groups provide feedback <br>to the Board on customer landscape <br>and priorities.<br>■Direct engagement with key customers <br>during region and market visits by Board <br>members.<br>|
| **2025 Board engagement**<br>There is regular, ongoing investment in all aspects of Unilever's supply chain capabilities for customers globally, supporting delivery excellence <br>and product availability. The Board undertook a review of customer service levels across all channels, including in particular digital capabilities. <br>Unilever continued to achieve increasing levels of customer service and satisfaction, and the Board supported ongoing investment and <br>capabilities in this area. The stakeholder engagement reinforced the Company's approach in relation to customers. | **2025 Board engagement**<br>There is regular, ongoing investment in all aspects of Unilever's supply chain capabilities for customers globally, supporting delivery excellence <br>and product availability. The Board undertook a review of customer service levels across all channels, including in particular digital capabilities. <br>Unilever continued to achieve increasing levels of customer service and satisfaction, and the Board supported ongoing investment and <br>capabilities in this area. The stakeholder engagement reinforced the Company's approach in relation to customers. | **2025 Board engagement**<br>There is regular, ongoing investment in all aspects of Unilever's supply chain capabilities for customers globally, supporting delivery excellence <br>and product availability. The Board undertook a review of customer service levels across all channels, including in particular digital capabilities. <br>Unilever continued to achieve increasing levels of customer service and satisfaction, and the Board supported ongoing investment and <br>capabilities in this area. The stakeholder engagement reinforced the Company's approach in relation to customers. |
| **Suppliers & Business** <br>**Partners** <br>We collaborate with <br>suppliers worldwide <br>to source essential <br>materials and secure <br>critical services.<br>See pages 19, 22, 25 <br>and 28<br>| ■Our Supply Chain and Procurement teams maintain frequent and <br>transparent communication with suppliers and business partners, <br>fostering strong and reliable relationships. <br>■Each year, we conduct the annual Partner to Win survey to gain <br>insights into our suppliers' experiences and identify areas for <br>improvement.<br>■We uphold a Responsible Partner Policy, which sets out <br>mandatory requirements that all supply chain partners must meet.<br>| ■The Board receives regular reports <br>in relation to supply chain matters, <br>ensuring robust governance and <br>continuous improvement across <br>our operations. <br>|
| **2025 Board engagement**<br>**The Board reviewed and approved the 2025 Modern Slavery Act Statement, which is available on unilever.com. The Corporate** <br>**Responsibility Committee also reviewed the Company's approach to Human Rights. Both the Modern Slavery Act Statement and the** <br>**work we do on Human Rights support our committed supplier base, as they reinforce the commitment of Unilever and its suppliers to** <br>**our Code of Business Principles, which can be found on unilever.com. The Board reviewed ongoing investment in the supply chain,** <br>**particularly in technology and simplification. Together with the processes detailed above, these initiatives strengthen our supply** <br>**chain resilience and reinforce our commitment to responsible and sustainable business practices.** | **2025 Board engagement**<br>**The Board reviewed and approved the 2025 Modern Slavery Act Statement, which is available on unilever.com. The Corporate** <br>**Responsibility Committee also reviewed the Company's approach to Human Rights. Both the Modern Slavery Act Statement and the** <br>**work we do on Human Rights support our committed supplier base, as they reinforce the commitment of Unilever and its suppliers to** <br>**our Code of Business Principles, which can be found on unilever.com. The Board reviewed ongoing investment in the supply chain,** <br>**particularly in technology and simplification. Together with the processes detailed above, these initiatives strengthen our supply** <br>**chain resilience and reinforce our commitment to responsible and sustainable business practices.** | **2025 Board engagement**<br>**The Board reviewed and approved the 2025 Modern Slavery Act Statement, which is available on unilever.com. The Corporate** <br>**Responsibility Committee also reviewed the Company's approach to Human Rights. Both the Modern Slavery Act Statement and the** <br>**work we do on Human Rights support our committed supplier base, as they reinforce the commitment of Unilever and its suppliers to** <br>**our Code of Business Principles, which can be found on unilever.com. The Board reviewed ongoing investment in the supply chain,** <br>**particularly in technology and simplification. Together with the processes detailed above, these initiatives strengthen our supply** <br>**chain resilience and reinforce our commitment to responsible and sustainable business practices.** |
| **Planet & Society**<br>We are taking more <br>focused, urgent and <br>systemic action in four <br>priority areas: climate, <br>nature, plastics and <br>livelihoods.<br>See page 29<br>| ■As part of our sustainability double materiality assessment in the <br>Sustainability Statement of Unilever PLC (referred to below), we <br>analyse insights from our key stakeholders to make sure we are <br>focusing on the most important impacts, risks and opportunities. <br>These insights inform our approach and reporting. <br>■Throughout the year, we continued our partnerships with other <br>businesses, advocating for policy change on a range of social and <br>environmental issues, including increased levels of national <br>climate ambition and a Global Plastics Treaty. <br>| ■Our Chief Corporate Affairs and <br>Communications Officer provides reports <br>to the Board.<br>■The Board reviews updates to the <br>Climate Transition Action Plan and <br>progress with respect to it, based <br>on reports provided by the Chair of the <br>Corporate Responsibility Committee.<br>■Senior representatives of Unilever's <br>corporate sustainability team attended <br>key policy milestones to advance our <br>sustainability priorities.<br>|
| **2025 Board engagement**<br>During the year, the Audit Committee and the Board reviewed and approved the first Sustainability Statement of Unilever PLC, included in the <br>Annual Report and Accounts 2024. The Board has approved an updated Sustainability Statement to be included in its Annual Report and <br>Accounts for 2025, which is not incorporated by reference into this Annual report on Form 20-F.<br>The Corporate Responsibility Committee reviewed the Company's strategy to invest in reducing the use of plastics. Following this review, and <br>discussion at Board level, the Company continues to invest in research and development in this area in support of its ambitious targets to <br>reduce plastic waste. Further details are in the Sustainability Statement which is available on our website www.unilever.com/sustainability/<br>responsible-business/.  | **2025 Board engagement**<br>During the year, the Audit Committee and the Board reviewed and approved the first Sustainability Statement of Unilever PLC, included in the <br>Annual Report and Accounts 2024. The Board has approved an updated Sustainability Statement to be included in its Annual Report and <br>Accounts for 2025, which is not incorporated by reference into this Annual report on Form 20-F.<br>The Corporate Responsibility Committee reviewed the Company's strategy to invest in reducing the use of plastics. Following this review, and <br>discussion at Board level, the Company continues to invest in research and development in this area in support of its ambitious targets to <br>reduce plastic waste. Further details are in the Sustainability Statement which is available on our website www.unilever.com/sustainability/<br>responsible-business/.  | **2025 Board engagement**<br>During the year, the Audit Committee and the Board reviewed and approved the first Sustainability Statement of Unilever PLC, included in the <br>Annual Report and Accounts 2024. The Board has approved an updated Sustainability Statement to be included in its Annual Report and <br>Accounts for 2025, which is not incorporated by reference into this Annual report on Form 20-F.<br>The Corporate Responsibility Committee reviewed the Company's strategy to invest in reducing the use of plastics. Following this review, and <br>discussion at Board level, the Company continues to invest in research and development in this area in support of its ambitious targets to <br>reduce plastic waste. Further details are in the Sustainability Statement which is available on our website www.unilever.com/sustainability/<br>responsible-business/.  |

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|:---|:---|:---|
| 62 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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**Additional Information**

**Additional disclosures**

The following disclosures are made in compliance with the Financial Conduct Authority's UK Listing Rule 6.6.1:

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| | | | |
|:---|:---|:---|:---|
| **UK Listing Rule 6.6.1** | | | |
| Interest capitalised by the Group during the year |  | Details of where a shareholder has <br>agreed to waive future dividends | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Publication of unaudited financial information, profit <br>forecast or profit estimate<br>| Not applicable | Details of where a shareholder has <br>agreed to waive future dividends | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Details of any long-term incentive schemes under <br>Listing Rule 9.3.2R(2)<br>| Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Director waiver of emoluments | Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Director waiver of future emoluments | Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Allotments for cash of equity securities made during <br>the year<br>|  |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Allotments for cash of equity securities made <br>by a major unlisted subsidiary during the year<br>| Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Details of participation of parent undertaking in any <br>placing made during the year<br>| Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Details of relevant material contracts in which <br>a Director or controlling shareholder was interested <br>during the year<br>| Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Contracts for the provision of services by a controlling <br>shareholder during the year<br>| Not applicable |  | As at 2 March 2026, Fidelity held 256,281 <br>ordinary shares of 3<sup>1</sup>/2p of Unilever PLC on behalf <br>of the Company to be used in satisfaction of <br>employee share scheme ('ESS') obligations. <br>Fidelity has agreed to waive, on an ongoing <br>basis, any dividends payable in respect of such <br>shares. As at 2 March 2026, the Trustee of the <br>Company's Employee Benefit Trust ('EBT') held <br>1,062,865 ordinary shares of 3<sup>1</sup>/2p of Unilever <br>PLC. The Trustee of the EBT has agreed to <br>waive, on an ongoing basis, any dividends <br>payable on shares it holds in trust for use under <br>the Company's ESS. The practice of Fidelity and <br>the Trustee of the EBT is to abstain from voting <br>on the shares that they hold. Details of the <br>employee share schemes can be found on pages <br>79, 99 to 101 and 104. |
| Statements relating to controlling shareholders and <br>ensuring company independence<br>| Not applicable | Details of where a shareholder has <br>agreed to waive future dividends<br>| See above |

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**FUTURE DEVELOPMENTS, RESEARCH AND** 

**DEVELOPMENT AND IMPORTANT EVENTS** 

Certain information required to be included in the Directors' Report has

been included in the Strategic Report given its strategic importance to

Unilever. This includes information in respect of important events that

have occurred since the end of the financial year (page 183), an

indication of likely future developments in the business of the Group

(pages 19, 22, 25 and 28), and an indication of activities of the Group

in the field of research and development (page [206](#i88d98fbf062043adb94ca73d0db8b2b5_62315)).

**DISCLOSURE OF INFORMATION TO THE** 

**EXTERNAL AUDITOR**

Each of the Directors who held office at the date of approval of this

report confirms that, to the best of each of the Directors' knowledge

and belief, and having made appropriate enquiries, all information

relevant to enabling the auditors to provide their opinions on the

Company's consolidated and parent company accounts has been

provided. Furthermore, each of the Directors has taken all reasonable

steps to ensure their awareness of any relevant audit information and

to establish that the Company's auditors are aware of any such

information. This confirmation is given and should be interpreted in

accordance with the provisions of Section 418 of the Companies Act

2006. **DIRECTORS' SHARE INTERESTS**

Details of the Directors' interests in shares can be found in the

Directors' Remuneration Report on pages 100 to 101 and 103.

**CONTRACTS OF SIGNIFICANCE**

During the year, no Director had any interest in any shares

or debentures in the Company's subsidiaries, or any material interest

in any contract with the Company or a subsidiary being a contract of

significance in relation to the Company's business. No member of the

Group is party to any significant agreement that takes effect, alters or

terminates upon a change of control or following a takeover of Unilever

PLC. In addition, there are no agreements providing for compensation

for loss of office or employment as the result of a takeover of Unilever

PLC. There are no controlling shareholders of Unilever PLC.

**APPOINTMENT OF DIRECTORS**

The rules governing the appointment and retirement of directors are

set out in the appointment procedure for PLC Directors, available on

our website, and are summarised in the report of the Nominating and

Corporate Governance Committee.

**POWERS OF THE DIRECTORS**

The Board of Directors is responsible for the management of

the business of the Company and may exercise all powers of

the Company, subject to applicable legislation and regulation and

the Company's Articles. See page 51 for further details.

**STAKEHOLDER ENGAGEMENT**

Details of the Company's engagement with stakeholders are given on

pages 60 and 61.

**DIRECTORS' INDEMNITIES AND DIRECTORS'** 

**AND OFFICERS' INSURANCE**

The power to indemnify Directors, together with former Directors, the

Group Company Secretary and the directors of subsidiary companies, is

provided for in the Company's Articles of Association.

Unilever maintains appropriate D&O insurance to the extent permitted

by law. In addition, Unilever has granted indemnities to each Director

and the Group Company Secretary, together with former Directors and

Company Secretaries of Unilever and the directors of subsidiary

companies, whereby the Company indemnifies these individuals in

respect of any proceedings brought by third parties against them

personally in their capacity as Directors or Officers of the Company or

any Group company. These "qualifying third-party indemnity

provisions" were in force during the course of the financial year ended

31 December 2025

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| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 63 |

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ADDITIONAL INFORMATION<br>

and remained in force at the date of this report. The Company would

also fund ongoing costs in defending a legal action as they are

incurred rather than after judgement has been given. In the event of an

unsuccessful defence in an action against them, individual Directors

would be liable to repay the Company for any damages and to repay

defence costs to the extent funded by the Company. Neither the

indemnity nor the D&O insurance cover provides cover in the event a

Director or Officer is proved to have acted fraudulently or dishonestly.

In addition, the Company provides indemnities (including, where

applicable, a qualifying pension scheme indemnity provision) to the

Directors of three subsidiaries, each of which acts or acted as trustee

of a Unilever UK pension fund. Appropriate trustee liability insurance is

also in place. As above, these indemnities were in force during the

course of the financial year ended 31 December 2025 and remained

in place at the date of this report.

**POLITICAL DONATIONS**

At the 2025 AGM, shareholders passed a resolution to authorise the

Company and its subsidiaries to make political donations to political

parties or independent election candidates, to other political

organisations, or to incur political expenditure (in each case as defined

in the Companies Act 2006). As the authority granted at the 2025 AGM

will expire, renewal of this authority will be sought at this year's AGM.

Further details are available in the Notice of AGM on the Company's

website.

It is the policy of the Company not to make such political donations or

to incur political expenditure (within the ordinary meaning of those

words), and the Directors have no intention of changing that policy.

However, as the definitions used in the Companies Act 2006 are broad,

it is possible that normal business activities, which might not be

thought to be political donations or expenditure in the usual sense,

could be caught. On that basis, the authority is sought purely as a

precaution.

The Board members have each confirmed compliance with Unilever's

Code of Business Principles, as is required on an annual basis, and

that there has been no political activity or payments by the Unilever

Group.

**SHARES**

**Share capital**

Unilever's issued share capital on 31 December 2025 was made up of

£76,335,183 split in to 2,181,005,247 ordinary shares of 3<sup>1</sup>/2p each

and each carrying one vote. There were no securities in issuance that

carry special rights with regard to the control of Unilever.

**Share issues, purchase of shares and share capital** 

**consolidation**

Unilever's issued share capital on 1 January 2025 was made

up of £78,446,584, split in to 2,521,497,338 ordinary shares of

3<sup>1</sup>/9p each, and each carrying one vote. A total of 43,550,481 Unilever

ordinary shares were held in treasury at 1 January 2025, representing

1.73% of Unilever's issued share capital.

At the 2025 AGM held on 30 April 2025, Unilever's Directors

were authorised to:

■issue new shares, up to a maximum of £25,666,666 nominal value

(which at the time represented approximately 33% of Unilever's

issued ordinary share capital);

■disapply pre-emption rights up to a maximum of £3,850,000 nominal

value (which at the time represented approximately 5% of Unilever's

issued ordinary share capital) for general corporate purposes and an

additional 5% authority in connection with an acquisition or specified

capital investment; and

■make market purchases of its ordinary shares, up to a maximum

of 247,500,000 ordinary shares (which at the time represented just

under 10% of PLC's issued ordinary share capital) and within the price

limits prescribed in the resolution.

Unilever undertook a €1.5 billion share buyback programme in 2025.

The purpose of the share buyback programme was to reduce the

capital of Unilever, and Unilever bought back 27,815,955 Unilever

ordinary shares of 3<sup>1</sup>/9p each, with an aggregate market value

equivalent of €1,499,999,964, which are held in treasury. The shares

repurchased in 2025 comprised 1.10% of Unilever's issued share

capital as at 30 November 2025. Outside of this share buyback

programme, no other company within the Group purchased any

Unilever ordinary shares or American Depositary Shares during 2025.

During 2025, there were 3,500,000 Unilever ordinary shares of 3<sup>1</sup>/9p

each issued in satisfaction of employee share scheme awards.

As at 30 November 2025, Unilever's share capital was

made up of 2,524,997,338 ordinary shares of 3<sup>1</sup>/9p each.

A total of 71,366,436 were held as treasury shares as at this

date, representing 2.83% of Unilever's issued share capital.

On 3 December 2025, Unilever cancelled 13,288,138 treasury shares.

As part of the demerger of TMICC, shareholders approved a share

consolidation of the ordinary shares of Unilever PLC at the

Extraordinary General Meeting of the Company held on 21 October

2025. The demerger subsequently took effect on 6 December 2025.

Following the demerger, on 9 December 2025, the ordinary shares of

3<sup>1</sup>/9p of Unilever PLC were consolidated in the ratio of 8 new Unilever

shares of 3<sup>1</sup>/2p each for every 9 existing ordinary shares. As a result,

as at 9 December 2025, the ordinary share capital of Unilever PLC

was £78,142,064, comprising 2,232,630,400 ordinary shares of

Unilever PLC of 3<sup>1</sup>/2p each, and of which 51,625,153 were held in

treasury.

On 10 December 2025, Unilever cancelled the remaining 51,625,153

treasury shares.

**Right to hold and transfer ordinary shares or** 

**exercise voting rights**

Unilever's constitutional documents place no limitations on the right to

hold or transfer Unilever ordinary shares. There are no limitations on

the right to hold or exercise voting rights on the ordinary shares of

Unilever imposed by English law. Unilever is not aware of any

agreements between holders of securities that may result in

restrictions on transfer or voting rights. Please also see page 211.

**SIGNIFICANT SHAREHOLDERS OF UNILEVER**

As far as Unilever is aware, the only holders of more than 3% of, or 3%

of voting rights attributable to, Unilever's ordinary share capital

('Disclosable Interests') on 31 December 2025, were BlackRock, Inc.

with a shareholding of 8.5%, The Vanguard Group, Inc. with a

shareholding of 5.4% and Wellington Management Company LLP with

a shareholding of 3.1%.

No Disclosable Interests have been notified to Unilever between

1 January 2026 and 2 March 2026 (being a date not more than one

month prior to the date of the Company's Notice of Annual General

Meeting). As far as Unilever is aware, between 1 January 2023 and 2

March 2026, only The Vanguard Group, Inc., BlackRock, Inc., and

Wellington Management Company LLP have held more than 3% of, or

3% of voting rights attributable to, Unilever's ordinary shares.

**ACCOUNTING POLICIES, FINANCIAL** 

**INSTRUMENTS AND RISK**

Details of the Group's accounting policies, together with post-balance

sheet events and details of financial instruments and risk (including the

Group's objectives, policies and processes for managing its capital; its

financial risk management objectives; details of its financial

instruments and hedging activities; and its exposures to price, credit

liquidity and cash flow risk), are provided in notes 1, 16, 18 and 26 on

pages 134, 166, 175 and 183 respectively to the Financial Statements.

---

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|:---|:---|:---|
| 64 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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ADDITIONAL INFORMATION<br>

**EMPLOYMENT OF DISABLED PEOPLE**

Unilever has a range of employment policies that clearly detail the

standards, processes, expectations and responsibilities of its people

and the organisation. These policies are designed to ensure that

everyone – including those with existing or new disabilities and people

of all backgrounds – is treated equally throughout the recruiting

process and during their career at Unilever. This includes access

to appropriate training, development opportunities or job progression.

**EMPLOYMENT SHARE PLANS**

The Company operates a number of employee share plans, details of

which are set out in note 4C to the Financial Statements on page 147

and in the Directors' Remuneration Report on pages 97 to 98 and 99 to

101. **RELATED PARTY TRANSACTIONS**

Transactions with related parties are conducted in accordance with

agreed transfer pricing policies and include sales to joint ventures and

associates. Other than those disclosed in note 23 to the consolidated

financial statements (and incorporated herein as above), there were no

related party transactions that were material to the Group or to the

related parties concerned that are required to be reported in 2025, or

in 2026 up to 2 March 2026 (the latest practicable date for inclusion in

this report).

**CORPORATE GOVERNANCE COMPLIANCE**

We conduct our operations in accordance with internationally accepted

principles of good governance and best practice, while ensuring

compliance with the corporate governance requirements applicable in

the countries in which we operate. Unilever is subject to corporate

governance requirements (legislation, codes and/or standards) in the

UK and the US, and in this section, we report on our compliance

against these.

**United Kingdom**

In 2025, Unilever has applied the principles and complied with

the provisions of the UK Corporate Governance Code. Further

information on how Unilever has applied the five overarching

categories of principles can be found on the following pages – (i) Board

Leadership: pages 56 to 61; (ii) Division of Responsibilities: pages 56

and 57; (iii) Composition, Succession and Evaluation: pages 57 to 59;

(iv) Audit, Risk and Internal Controls: pages 71 to 73; and

(v) Remuneration: pages 78 to 108. The UK Corporate Governance

Code is available on the Financial Reporting Council's (FRC) website.

**Risk management and control** 

Our approach to risk management and systems of internal control is in

line with the recommendations in the FRC's revised guidance, 'Risk

management, internal control and related financial and business

reporting' (the Risk Guidance). It is Unilever's practice to review

acquired companies' governance procedures and align them to the

Group's governance procedures as soon as is practicable.

**Employee involvement and communication** 

Unilever's UK companies maintain formal processes to inform, consult

and involve employees and their representatives.

A National Consultative Forum, comprising employees and

management representatives from key locations, meets regularly to

discuss issues relating to Unilever sites in the UK. We recognise

collective bargaining at a number of sites and engage with employees

via the Sourcing Unit Forum, which includes national officer

representation from the three recognised trade unions.

A European Works Council, embracing employee and management

representatives from countries within Europe, has been in existence for

several years and provides a forum for discussing issues that extend

across national boundaries. See page 58 for further details on how the

Board has engaged with the workforce.

**Equal opportunities** 

Consistent with our Code of Business Principles, Unilever ensures that

all applications for employment are given full and fair consideration,

and that everyone is given access to training, development and career

opportunities. Every effort is made to re-skill and support employees

who become disabled while working within the Group.

**United States**

Unilever is listed on the New York Stock Exchange (NYSE). As such,

Unilever must comply with the requirements of US legislation,

regulations enacted under US securities laws, and the Listing

Standards of the NYSE that are applicable to foreign private issuers,

copies of which are available on their websites.

We comply with the Listing Standards of the NYSE applicable

to foreign private issuers. We are required to disclose any significant

ways in which our corporate governance practices differ from those

required of US domestic companies listed on the NYSE. Our corporate

governance practices are primarily based on the requirements of the

UK Listing Rules and the UK Corporate Governance Code but

substantially conform to those required of US domestic companies

listed on the NYSE. The only significant way in which our corporate

governance practices differ from those required of US domestic

companies under Section 303A Corporate Governance Standards of

the NYSE is that the NYSE rules require that shareholders must be

given the opportunity to vote on all equity compensation plans and

material revisions thereto, with certain limited exemptions. The UK

Listing Rules require shareholder approval of equity compensation

plans only if new or treasury shares are issued for the purpose of

satisfying obligations under the plan, or if the plan is a long-term

incentive plan in which a director may participate. Amendments to

plans approved by shareholders generally only require approval if they

are to the advantage of the plan participants.

For the year ended 31 December 2025, and for the current year up to

2 March 2026, there was no erroneously awarded compensation to the

directors of Unilever.

All senior executives and senior financial officers have declared their

understanding of and compliance with Unilever's Code of Business

Principles and the related Code Policies. No waiver from any provision

of the Code of Business Principles (published on our website) or Code

Policies was granted in 2025 to any of the persons falling within the

scope of the Securities and Exchange Commission (SEC)

requirements.

**Risk management and control** 

Following a review by the Disclosure Committee, Audit Committee and

the Board, the CEO and CFO concluded that the design and operation

of the Group's disclosure controls and procedures, including those

defined in the US Securities Exchange Act of 1934 – Rule 13a – 15(e),

as at 31 December 2025, were effective. Unilever is required by

Section 404 of the US Sarbanes-Oxley Act of 2002 to report on the

effectiveness of its internal control over financial reporting. This

requirement is reported on in the 'Management's Report on Internal

Control over Financial Reporting' section on page 212.

The Directors' Report has been approved by the Board, and signed on

its behalf by Prakash Kakkad, Chief Legal Officer and Group Company

Secretary.

---

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| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 65 |

---

![D shape positional images_Ian Meakins.jpg](ul-20251231_g57.jpg)

**Report of the** 

**Nominating** 

**and Corporate** 

**Governance** 

## Committee
The Committee was engaged

in two Non-Executive Director

appointments, the appointments

of the new Chief Executive Officer

and the new Chief Financial Officer,

and changes to the Unilever

Leadership Executive.

**Ian Meakins**

Chair of the Nominating and Corporate

Governance Committee

I am pleased to present the report of the Nominating and Corporate

Governance Committee for the year ended 31 December 2025.

Andrea Jung, a Non-Executive Director who was also our Vice Chair

and Senior Independent Director, retired from the Board at the

conclusion of the AGM of the Company held on 30 April 2025. Susan

Kilsby was appointed as Vice Chair and Senior Independent Director in

her place with immediate effect at that time. We give our thanks to

Andrea for her service to Unilever.

The Committee had reviewed the requirements for Non-Executive

Directors in 2024, and two further Non-Executive Directors, Benoît

Potier and Zoe Yujnovich, joined on 1 January 2025 and 1 March 2025

respectively. Their appointments were confirmed by shareholders at

the 2025 AGM.

Hein Schumacher stepped down as Chief Executive Officer and as a

Board Director on 1 March 2025 and left the Company on 31 May

2025. As mentioned in my Chair's statement:

■Fernando Fernandez was appointed Chief Executive Officer with

effect from 1 March 2025;

■Srinivas Phatak, who had been Unilever's Acting CFO, became

Chief Financial Officer on 16 September 2025; and

■On 7 October 2025, we announced that Belén Garijo López would

be appointed to the Board. This appointment is expected to take

effect during 2027.

The Committee considers that the Board's current size,

with the additional Board members appointed or announced in 2025,

and its collective experience are effective for the running

of the Company. The Committee will maintain the size and experience

of the Board under review on a continuous basis.

The Committee has also been involved in the consideration of

positions on the Unilever Leadership Executive (ULE) during the year.

At the end of July 2025, Rohit Jawa, Chief Executive Officer and

Managing Director of Hindustan Unilever Limited, stood down. Priya

Nair took on the role of Chief Executive Officer and Managing Director

of Hindustan Unilever Limited with effect from 1 August 2025. We are

currently in the process of a search to find a successor to Priya Nair for

the role of Business Group President, Beauty & Wellbeing.

With effect from 31 December 2025, Esi Eggleston Bracey stood down

from her role as Chief Growth and Marketing Officer and left the

Company on 31 January 2026. The role of Chief Marketing Officer,

Unilever, and Beauty & Wellbeing is now undertaken by Leandro

Barreto.

In addition, Maria Varsellona stood down from the role of Chief Legal

Officer and Group Secretary and left the Company on 28 February 2026.

With effect from 1 March 2026, the role of Chief Legal Officer and Group

Company Secretary is now undertaken by Prakash Kakkad.

The Committee reviewed and approved the nature of the workforce

engagement activities that the Board undertook in the year, and details

of these are set out on page 58.

In 2026, the Committee will look at Board composition in the context of

the ongoing transformation of the Company and, in conjunction with

this, it will also continue to review the long-term succession plans for

the Board and the ULE.

I would like to thank the members of the Committee for their

commitment and contribution throughout the year.

**Ian Meakins**

Chair of the Nominating and Corporate

Governance Committee

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| 66 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE<br>

**COMMITTEE MEMBERS AND ATTENDANCE**

---

| | |
|:---|:---|
| | **Attendance** |
| **Ian Meakins** Chair | 5/5 |
| **Adrian Hennah** | 5/5 |
| **Andrea Jung**<br>(member until 30 April 2025)<br>| 2/3 |
| **Zoe Yujnovich**<br>(member from 1 May 2025)<br>| 4/4 |

---

The Chair of the Board, Ian Meakins, chairs the Nominating

and Corporate Governance Committee. Adrian Hennah and

Zoe Yujnovich are independent Non-Executive Directors and members

of the Committee. The Chief Legal Officer and Group Company

Secretary is secretary to the Committee. The CEO and the Chief

People Officer regularly attend meetings and other members of senior

management attend the meetings when invited to do so.

There were five meetings of the Committee in 2025, and the table

above shows attendance at meetings of the Committee in the year.

Andrea Jung stepped down from the Committee in April 2025. Given

the changes in the Committee membership this year, attendance is

expressed as the number of meetings attended out of the total number

each Director was eligible to attend during their respective tenure on

the Committee.

**ROLE OF THE COMMITTEE**

The Nominating and Corporate Governance Committee is primarily

responsible for:

■periodically assessing the structure, size and composition of the

Board;

■evaluating the balance of skills, experience, independence and

knowledge of the Board;

■ongoing succession planning (including the development

of a diverse pipeline for succession);

■drawing up selection criteria and appointment procedures

for Directors;

■reviewing the feedback in respect of the role and functioning of the

Board Committees arising from Board and Board Committee

evaluations;

■periodically reviewing and assessing Unilever's practices and

procedures in relation to workforce engagement; and

■considering current and developing corporate governance matters,

which it brings to the attention of the Board where deemed

necessary.

The Committee's terms of reference are set out in the Governance of

Unilever, which can be found on the Company's website.

**ACTIVITIES OF THE COMMITTEE** 

During the year, the Committee:

■recommended the election and re-election of Directors at the 2025

AGM, following a review of their performance and, where relevant,

their independence;

■reviewed the composition of the Board and its Committees, taking

into account the experience, skills, knowledge and attributes of the

Directors and the length of tenure of the

Non-Executive Directors, resulting in changes to the Committee

memberships;

■appointed Egon Zehnder to support the Committee in the search for

new Non-Executive Directors, culminating in the appointment of

Belén Garijo López. Egon Zehnder is an independent search firm

that has undertaken several non-executive searches for Unilever.

Egon Zehnder does not have any connection to the Directors or

Unilever except for normal course recruitment processes;

■appointed Spencer Stuart to support the Committee in the search for

a new Chief Financial Officer. Spencer Stuart is an independent

search firm that has undertaken a number of executive and senior

management searches for Unilever. Spencer Stuart does not have

any connection to the Directors or Unilever except for normal course

recruitment purposes;

■kept under review best practice guidelines and preferences

of certain institutional investors in relation to overboarding to ensure

continued compliance;

■reviewed the ULE succession plan and talent pipeline;

■conducted a review of workforce engagement activities in the year and

the plan for the following year, as well as the terms of reference for the

Committee and the annual work plan for the Committee;

■considered the process and timetable for the Board evaluation and

maintained oversight of the process (see page 57 for further

information);

■received updates on current and emerging corporate governance

legislation, regulation and best practice guidelines, including in

relation to directors' duties; and

■considered the Committee's report for inclusion in the 2024 Annual

Report and Accounts.

**APPOINTMENT AND REAPPOINTMENT OF** 

**DIRECTORS TO THE BOARD**

All Directors (unless they are retiring) are nominated by the Board for

election or re-election at the AGM each year on the recommendation of

the Committee. The Committee takes into consideration the outcomes

of the Chair's discussions with each Director on individual performance

and the evaluation of the Board and its Committees. Non-Executive

Directors normally serve for a period of up to nine years.

The Board appointed Benoît Potier as an independent Non-Executive

Director with effect from 1 January 2025. He was therefore put forward

for election by shareholders for the first time at the 2025 AGM.

The Board also appointed Zoe Yujnovich as an independent

Non-Executive Director with effect from 1 March 2025. She was

therefore put forward for election by shareholders for the first time at

the 2025 AGM.

The Committee proposed the election or re-election of all Directors,

other than those retiring, at the 2025 AGM.

All the Directors proposed were appointed by shareholders by a simple

majority vote at the 2025 AGM.

The Committee reviews the composition of the Board Committees. The

Committee recommended in April 2025 that Zoe Yujnovich be appointed

a member of the Nominating and Corporate Governance Committee,

that Benoît Potier be appointed a member of the Audit Committee, that

Benoît Potier and Zoe Yujnovich be appointed members of the

Corporate Responsibility Committee and that Susan Kilsby be appointed

as Chair of the Remuneration Committee. The Board also appointed

Susan Kilsby as Vice Chair of the Board and Senior Independent

Director.

In February 2025, we also announced that, with effect from

1 March 2025, Hein Schumacher would step down as CEO and as a

director and Hein left the Company on 31 May 2025. Fernando

Fernandez was appointed CEO with effect from 1 March 2025.

On 16 September 2025, we announced that Srinivas Phatak was

appointed by the Board as Chief Financial Officer. Srinivas's

appointment as a director will be put to shareholders at the AGM in

2026. **OVERBOARDING**

As part of the annual evaluation process for each Director,

full consideration was given to the number of external positions held to

ensure that the time commitment required did not compromise the

Director's commitment to Unilever. The views of various investor

bodies and the approach of certain institutional investors with respect

to overboarding were taken into account.

The Committee did not identify any instances of overboarding. The full

list of external appointments held by our Directors can

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| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 67 |

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REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE<br>

be found in their biographies on pages [52](#if0632308ee614bcc9f4304c07bdce9c4_180) and [53](#if0632308ee614bcc9f4304c07bdce9c4_179). The CEO currently

has no external appointments and the CFO is a Non-Executive

Director of one external company. The Committee considers that the

appointments of the Non-Executive Directors and the broad range of

experience from these appointments benefit Unilever.

The Committee concluded that all individual Directors had sufficient

time to commit to their appointment as a Director of Unilever and did

so.

**BOARD DIVERSITY POLICY**

Unilever's Board Diversity Policy, which is reviewed by the Committee

each year, is available on the Company's website. This commitment is

in line with Unilever's Code of Business Principles, and in compliance

with the 2024 UK Corporate Governance Code and the Companies Act

2006, and is embedded in the way we do business and conduct

ourselves at all levels of the organisation. The objective of the policy is

to provide guidance on how the Board relates to the size and

geographical spread of Unilever, its portfolio, culture and status as a

listed company. The Board Diversity Policy is taken into account when

making appointments to the Board and its committees and developing

a succession plan by assessing candidates on merit, considering their

wide-ranging experience, skills, knowledge and insight, all pursuant to

factors outlined in applicable regulations, guidance, and industry and

government best practices.

**WORKFORCE ENGAGEMENT POLICY**

There were no changes to the Workforce Engagement Policy in the

year.

**SUCCESSION PLANNING**

**Board**

The Committee reviews the adequacy and effectiveness of succession

planning processes, and the Board reviews the succession plan in

conjunction with the Committee.

The succession plan is based on merit and objective criteria.

The Board should comprise a majority of Non-Executive Directors who

are independent of Unilever, free from any conflicts of interest and able

to allocate sufficient time to carry out their responsibilities effectively.

With respect to composition, regard is given to the Board Diversity

Policy and the Board should also have sufficient understanding of the

markets and business where Unilever is active in order to understand

any relevant key trends and developments.

The Board has had regard to the skills and experience matrix

(see following page) in making appointments to the Board in 2025 as

well as the tenure of the existing Board members. Given the changes

to the Company's portfolio and management structures, recent Board

appointments have had particular focus on transformation, sector

experience and current or recent executive experience. All Board

appointments consider the relevance of the experience of the Board

member to a consumer goods business and to wider stakeholder

interests including sustainability matters. The Board believes that a

Board with a range of skills, experience, independence and knowledge

of the Unilever Group enhances decision-making, which is beneficial to

Unilever's long-term success and is in the interests of its stakeholders.

The Board also considers personal attributes such as critical

assessment, judgement, honesty and the ability to develop trust and

forge relationships.

As can be seen in the biographies on pages 52 and 53, and the tables

on page 68, the Board meets this overall profile.

**ULE**

In conjunction with the Committee, the Board reviews the succession

plan for the ULE. In line with the Board succession plan approach, the

succession plan for the ULE is also based on merit and objective

criteria.

Developing an internal talent pipeline for senior leadership roles is

important for Unilever and, alongside this, external recruitment of

senior management is key to develop capabilities and broaden

management experience.

With respect to internal succession, the plan identifies potential

successors who are considered able to fulfil the roles in the short term

and those in the longer term. Development initiatives for senior

executives are put in place and usually include executive mentoring

and coaching. Senior managers and executives are encouraged to

take on a non-executive directorship role as part of their

personal development.

---

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|:---|:---|:---|
| 68 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE<br>

**Skills and experience matrix** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Fernando <br>Fernandez<br>| Adrian <br>Hennah<br>| Susan <br>Kilsby<br>| Ruby <br>Lu<br>| Judith<br>McKenna<br>| Ian<br>Meakins<br>| Nelson <br>Peltz<br>| Srinivas <br>Phatak<br>| Benoît<br>Potier<br>| Zoe<br>Yujnovich<br>|
| Business growth and leadership of <br>large global corporations<br>| **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |
| Strategy, corporate transactions and <br>transformation<br>| **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |
| International experience (including <br>emerging markets)<br>| **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |
| Financial expertise | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |
| FMCG and consumer insights | **■**  | **■**  | **■**  |  | **■**  | **■**  | **■**  | **■**  |  |  |
| Technology, digital and innovation |  |  |  | **■**  |  |  |  | **■**  | **■**  | **■**  |
| Marketing and sales channels | **■**  |  |  |  | **■**  | **■**  | **■**  |  |  |  |
| Risk management and operational <br>excellence (including sustainability <br>and community)<br>| **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |
| Society, politics and geopolitics | **■**  | **■**  | **■**  |  |  | **■**  | **■**  |  |  | **■**  |
| Science and innovation |  |  | **■**  | **■**  |  | **■**  |  |  | **■**  | **■**  |
| People, culture and reward |  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |  | **■**  | **■**  |
| Corporate governance | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  | **■**  |

---

As required by the UK FCA Listing Rules, Unilever provides the

following statistical information. Unilever complies with the laws for

each jurisdiction in which Unilever operates in and shall not implement

any policy in any jurisdiction in which Unilever operates to the extent

the policy itself or actions taken under it would, in the good faith

judgement of Unilever, violate the laws of such jurisdictions. The tables

below show that as at 31 December 2025, we had 40% female Board

members (including Executive Directors) against the target of 40%.

The position of Senior Independent Director is held by a female, and

two Board members are from a minority ethnic background. As at the

same date, there was a 12-member ULE, including Executive

Directors, of which four (33%) were women.

We collect both gender and ethnicity data directly from Board and ULE

members annually on a self-identifying basis in a questionnaire. This

data is used for statistical reporting purposes and provided with

consent. Board members are asked to identify their gender and

ethnicity based on the categories set out in the tables below.

**Gender representation on the Board and ULE as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of**<br> **Board members**<br>| **Percentage of the** <br>**Board**<br>| **Board (CEO, CFO,**<br>**SID and Chair)**<br>| **Number of ULE** <br>**members**<br>| **Percentage** <br>**of the ULE**<br>|
| Men | 6 | 60 | 3 | 8 | 67 |
| Women | 4 | 40 | 1 | 4 | 33 |
| Other  | – | – | – | – | – |
| Not specified/prefer not to say | – | – | – | – | – |

---

**Ethnicity representation on the Board and ULE as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of**<br> **Board members**<br>| **Percentage of the** <br>**Board**<br>| **Board (CEO, CFO,**<br>**SID and Chair)**<br>| **Number of ULE** <br>**members**<br>| **Percentage** <br>**of the ULE**<br>|
| White British or other White (including <br>minority-white groups)<br>| 7 | 70 | 2 | 4 | 33 |
| Mixed/Multiple Ethnic Groups | – | – | – | 2 | 17 |
| Asian/Asian British | 2 | 20 | 1 | 2 | 17 |
| Black/African/Caribbean/Black British | – | – | – | 1 | 8 |
| Other ethnic group, including Arab | 1 | 10 | 1 | 3 | 25 |
| Not specified/prefer not to say | – | – | – | – | – |

---

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 69 |

---

REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE<br>

**Board tenure as at 31 December 2025**

![13](ul-20251231_g77.gif)

• • \*Srinivas Phatak joined the Board on 16 September 2025.

• ![1](ul-20251231_g78.gif)

**Board independence as at 31 December 2025**

The Non-Executive Directors (including the Chair) comprised 80% of

the Board of Directors as at 31 December 2025.

**COMMITTEE EVALUATION** 

The Committee carried out an evaluation of its activities which was

facilitated by the consultancy firm No 4.

The results of this evaluation were discussed by the Committee

in January 2026. Feedback was also provided to the Board with

respect to this evaluation of the Committee. The Committee concluded

that it had operated effectively, in particular in relation to Board and

ULE appointments. The Committee would continue to focus on this key

area, as well as its other responsibilities for corporate governance.

**Ian Meakins**

Chair of the Nominating and Corporate

Governance Committee

**Adrian Hennah**

**Zoe Yujnovich**

---

| | | |
|:---|:---|:---|
| 70 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

![Adrian hennah_4RB4909 extend bg copy.jpg](ul-20251231_g79.jpg)

**Report of the Audit** 

**Committee**

We focused this year on the

demerger of our Ice Cream business,

share capital consolidation, cyber

security and ESRS reporting, in

addition to our usual reporting

and control responsibilities.

**Adrian Hennah**

Chair of the Audit Committee

On behalf of the Audit Committee, I am pleased to present

the Committee's report for the year ended 31 December 2025.

In 2025, the Committee consisted of four members: Susan Kilsby, Ruby

Lu, Benoît Potier (appointed in January 2025), and me as Chair.

The Committee believes it has carried out its duties effectively

throughout the year and maintained a high standard of independent

oversight. It has had good support and collaboration from management,

the Internal Audit team and the external auditors, KPMG.

2025 marked another year of change for the company,

with in particular the implementation of a global productivity

programme and completion of the demerger of our Ice Cream business

on 6 December 2025. The Committee's primary focus has been to

maintain the integrity of Unilever's financial and

non-financial reporting and ensure the adequacy of its internal controls.

We also sought reassurance from management on the Company's

principal and emerging risks, including risk appetite and associated

mitigation.

This year, we continued to focus on topics that are subject

to regulatory change, including the European Sustainability Reporting

Standards (ESRS), the International Sustainability Standards Board

(ISSB) and Corporate Governance Reform. In preparation for

compliance with provision 29 of the revised UK Corporate Governance

Code, applicable from 1 January 2026, the Committee discussed with

management the identification and assurance of material controls, as

well as reviewing the nature and number of principal risks, which have

now been approved by the Board (see pages 32 to 37).

The Committee also allocated considerable time to other risk

management topics, including cyber security and demerger of our Ice

Cream business, as well as discussing developments in international

taxation, pensions and treasury.

In addition to the formal meetings, Committee members visited the

R&D facility at Port Sunlight, UK, and the US Prestige business,

Paula's Choice, in Seattle.

In September 2025, the Board appointed a new Chief Financial Officer,

Srinivas Phatak, after an extensive internal and external search. The

Audit Committee was involved in advising the Nominating and

Corporate Governance Committee and the Board on the selection of

the CFO, as well as the appointment of a new Chief Auditor, Pamela

Dickson, who joined in June 2025 with over 30 years of Unilever

operational experience.

As part of the standard five-year rotation for external audit partners as

required by UK regulation, Jonathan Downer has been appointed to

succeed Jonathan Mills as lead engagement partner following

completion of the 2025 audit. On behalf of the Committee, I would like

to thank Jon Mills and look forward to Jonathan bringing a fresh

perspective to our audit process from the 2026 financial year.

**Adrian Hennah**

Chair of the Audit Committee

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 71 |

---

REPORT OF THE AUDIT COMMITTEE <br>

**COMMITTEE MEMBERSHIP AND ATTENDANCE**

---

| | |
|:---|:---|
| | **Attendance** |
| **Adrian Hennah** Chair | 9/9 |
| **Susan Kilsby** | 9/9 |
| **Ruby Lu**  | 9/9 |
| **Benoît Potier**  | 8/9 |

---

The Audit Committee is comprised only of independent Non-Executive

Directors, with a quorum requirement of two such members. The Audit

Committee was chaired by Adrian Hennah. The other members are

Susan Kilsby, Ruby Lu and Benoît Potier.

The Board is satisfied that the Audit Committee members are

competent in financial matters and have recent, relevant experience.

For the purposes of the US Sarbanes-Oxley Act of 2002, Adrian

Hennah is the Committee's financial expert.

Other attendees at Committee meetings included the Chief Financial

Officer (CFO), Chief Auditor, Group Controller, General Counsel

Corporate and Deputy Group Company Secretary, and the external

auditors, KPMG. Throughout the year, Committee members met

periodically without others present and offered separate private

sessions with the CFO, Chief Auditor and the external auditors to

discuss issues in greater detail.

There were nine scheduled Committee meetings during the

year. Attendance at these meetings is shown above.

**CODE OF BUSINESS PRINCIPLES**

All actions by Executive Directors, Non-Executive Directors or any

Unilever employees are required to comply with the Code of Business

Principles. This includes, in accordance with the US Sarbanes-Oxley

Act of 2002 and the SEC requirements, the relevant provisions in

relation to a code of ethics for Senior Financial Officers. No waivers

have been requested or granted for this.

**ROLE OF THE COMMITTEE**

The role and responsibilities of the Audit Committee are set out

in written terms of reference, which the Committee reviews annually,

considering relevant legislation and recommended good practice. The

terms of reference are contained within 'The Governance of Unilever,'

available on our website.

The Committee's responsibilities include, but are not limited to, the

following matters:

■oversight of the integrity of Unilever's financial statements;

■review of Unilever's half-yearly and annual financial statements

(including clarity and completeness of disclosure) and trading

statements for quarter 1 and quarter 3;

■review of Unilever's non-financial statements and the Sustainability

Statement;

■oversight of risk management and internal control arrangements;

■oversight of compliance with legal and regulatory requirements;

■oversight of external auditors' performance, objectivity, qualifications

and independence;

■approval process of non-audit services;

■recommendation to the Board of the external auditors' nomination

for shareholder approval, and approval of their fees, see note 25 on

page 182; and

■performance of the internal audit function.

All relevant matters arising are brought to the attention of the Board.

**Committee Reviews**

To help the Committee meet its oversight responsibilities, focused

knowledge sessions are organised throughout the year. In 2025, these

included the demerger of our Ice Cream business, cyber security,

sustainability reporting and Global Business Services, which provide

financial control automation and process centralisation.

In addition, Committee members visited the Port Sunlight R&D facility

and the US Prestige business, Paula's Choice, gaining insights into

advancements in our manufacturing and product development,

premium market challenges, and risk and control management for

recently acquired businesses.

The Committee also received presentations from management and

discussed risk management activities, preparation of the financial

statements, the overall control environment, and operation of financial

reporting controls.

Special focus has been given to:

■the separation and demerger of our Ice Cream business:

The Committee was actively involved in providing oversight on the

separation process. This included financial and non-financial

reporting impacts, presentation in the Annual Report and Accounts

and historical financial information audits. The Committee also

considered the nature of the separation, key risks, and the potential

areas where the separated Ice Cream business and the retained

Unilever company could hold different views. To support its

assessment and recommendations to the Board, the Committee was

supported by management and external financial and legal experts.

■Cyber Security: The Committee was provided with updates on the

Cyber Security Programme including compliance with evolving

legislation. The Company's cyber security posture, considering the

changing threat environment, was assessed and challenged by the

Committee against the National Institute of Standards and

Technology (NIST) framework. Any cyber security operational

incidents and threats were highlighted and discussed. For further

details, please refer to our cyber security governance and processes

on page 207.

■Treasury & Tax Update: Management provided an update on Group

Treasury priorities, including the impact of the demerger of the Ice

Cream business, notably the share consolidation and share

cancellations, as well as developments in economically volatile

markets. The Committee also reviewed ongoing developments in

international tax, and management of tax risks and compliance.

In addition, the Committee discussed the control environment

of acquired businesses such as Liquid I.V. and Nutrafol, which are not

integrated into the main legacy Enterprise Resource Planning (ERP)

systems, as well as the work done in tax, treasury and pension

matters.

**REPORTING AND FINANCIAL STATEMENTS**

The Committee reviewed, prior to publication, quarterly financial press

releases together with the associated internal quarterly reports from

the CFO and the Disclosure Committee and, with respect to the full-

year results, the Report of Independent Registered Public Accounting

Firm. It also reviewed the Annual Report and Accounts and the Annual

Report on Form 20-F 2025. These reviews incorporated the accounting

policies, significant judgements and estimates underpinning the

financial statements as disclosed in note 1 on page 133.

---

| | | |
|:---|:---|:---|
| 72 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

REPORT OF THE AUDIT COMMITTEE <br>

Particular attention was paid to the following significant matters in

relation to the financial statements:

■Demerger of our Ice Cream business: The Committee discussed the

approach and impact of the separation and ultimate demerger of our

Ice Cream business on the discontinued operations disclosure.

■UK Corporate Governance Code: Published on 22 January 2024,

the Code introduced a limited set of changes, most notably relating

to a material controls declaration, which will be required for reporting

years commencing 1 January 2026. Unilever will adopt these

changes for the 2026 financial year when they come into effect.

During 2025, the Committee approved management's approach to

the identification of material controls. Management has reviewed this

extensively and discussed learnings with the Committee to establish

the approach that will be followed in 2026.

■Presentation of non-underlying items: The Committee considered

management's responses to its review and observations made by

the external auditor. There were no comments from the SEC.

■Indirect tax provisions and contingent liabilities: Refer to notes 19

and 20 on pages 177 and 178. The Committee agreed that the tax

provisions and judgements around the likelihood, as well as the

disclosures, are appropriate in the Annual Report and Accounts

2025 and the Annual Report on Form 20-F 2025.

■Revenue recognition: The Committee reviewed the adequacy of the

policy around the cut-off and appropriateness of rebate accruals.

For each of the above areas, the Committee considered the key facts

and judgements outlined by management. Members of management

attended the applicable section of the Committee meeting to answer

questions or challenges posed by the Committee. The Committee's

feedback has been incorporated into the final approach. These matters

were also discussed with the external auditors. See pages 111 to 112

for further information.

The Committee specifically discussed with the external auditor how

management's judgement and assertions were challenged and how

professional scepticism was demonstrated during the audit of these

areas. This included the disclosures for each matter noted above. The

Committee is satisfied that the relevant accounting policies are in place

in relation to these significant matters and that management

has correctly applied these policies.

In addition to the matters noted above, our external auditors,

as required by auditing standards, also consider the risk of

management override of controls. Nothing has come to our or their

attention to suggest any material misstatement with respect to

suspected or actual fraud.

At the request of the Board, the Committee undertook to:

■review the appropriateness of adopting the going concern basis of

accounting in preparing the annual and half-yearly financial

statements;

■assess whether the business was viable in accordance with the UK

Corporate Governance Code. The assessment included a review of

the principal and emerging risks facing Unilever, their potential

impact and how they were being managed, together with a

discussion as to the appropriate period for the assessment. The

Committee recommended to the Board that there is a reasonable

expectation the Group will be able to continue in operation and meet

its liabilities as they fall due over the three-year period (consistent

with the period of the strategic plan for Unilever PLC) of the

assessment; and

■consider whether the Unilever Annual Report and Accounts 2025

was fair, balanced and understandable, and whether it provided the

necessary information for shareholders to assess the Group's year-

end position and performance, business model and strategy. To

make this assessment, the Committee reviewed drafts of the Annual

Report and financial statements to ensure key messages were

aligned with the Company's position, performance and strategy. The

Committee also reviewed the processes and controls that are the

basis for its preparation. The Committee was satisfied that, taken as

a whole, the Unilever Annual Report and Accounts 2025 is fair,

balanced and understandable.

**Regulator Correspondence**

During the year, the UK Financial Reporting Council (FRC) reviewed

the Company's Annual Report and Accounts for the year ended 31

December 2024 in accordance with the FRC's Operating Procedures

for Corporate Reporting Review. The FRC conducted a limited scope

review of the supplier finance arrangements disclosure in the annual

accounts and did not raise any questions. The FRC published this on

its website in December 2025, noting that it did not enter into

substantive correspondence with Unilever. In 2025, Unilever did not

receive any formal notifications or communications from the US

Securities Exchange Commission.

**SUSTAINABILITY**

The CSRD require large companies operating in the European Union

to report on their sustainability performance in accordance with the

ESRS. The CSRD sets out the requirements, while the ESRS provides

detailed standards for reporting on a range of environmental, social

and governance matters.

During 2025, the Committee received quarterly updates on assurance

planning, benchmarking and key regulatory developments. These

updates included information on planned simplifications under the EU

Omnibus, which impact the CSRD, Corporate Sustainability Due

Diligence Directive (CSDDD) and EU Taxonomy. A more substantial

review of the scope of reporting is planned for 2026. In 2025, the

Committee reviewed proposals relating to the presentation of the

demerger of our Ice Cream business given its significance and limited

reporting precedence or guidance. In 2026, we will review the impact

of the demerger on the double materiality assessment (DMA), targets

and baseline values.

The Committee approved the output of the 2025 DMA in October and

was satisfied it continues to reflect Unilever's material impacts, risks

and opportunities relating to sustainability matters. The Committee also

reviewed the non-financial disclosures, including ESRS disclosures in

this Annual Report and Accounts.

During the year, the Climate Action 100+ Group discussed how to

accelerate the sustainability agenda. In future years, we expect further

mandatory non-financial reporting standards applicable to the Group,

including the EU Omnibus and international sustainability standards

being developed by the ISSB.

**RISK MANAGEMENT & INTERNAL CONTROLS** 

**(ASSURANCE)**

The Committee reviewed Unilever's overall approach to risk

management, risk appetite and control, and its processes, outcomes

and disclosure. The assessment was undertaken through a review of:

■the yearly report detailing the risk identification and assessment

process, together with risk areas identified by management;

■reports from senior management on risk areas for which

the Committee had oversight responsibilities: treasury, tax

and pensions, information security, data privacy, legal and regulatory

compliance, and the project management of business

transformation;

■the Quarterly Risk and Control Status Reports, including Code of

Business Principles cases relating to fraud and financial crimes;

■a summary of control deficiencies identified through controls testing

activities together with action plans to address underlying causes;

■management's improvements to reporting through further

automation and centralisation; and

■the annual financial plan and Unilever's dividend policy and dividend

proposals.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 73 |

---

REPORT OF THE AUDIT COMMITTEE <br>

The Committee reviewed the application of the requirements under

Section 404 of the US Sarbanes-Oxley Act of 2002 with respect to

internal controls over financial reporting. In fulfilling its responsibilities

in relation to risk management and internal controls, the Committee

met regularly with senior members of management and is satisfied with

the key judgements made.

The Committee has completed its 2025 review on both risk

management and internal controls and was satisfied that the process

was effective. Where specific areas for improvement were identified,

adequate mitigating controls were in place, and sustainable process

improvements were underway. Where controls have been impacted by

ongoing transformation, such as the demerger of our Ice Cream

business, actions have been taken to ensure these are appropriately

designed and implemented. The Committee will continue to ensure

that appropriate procedures are in place for detecting and

preventing fraud.

**INTERNAL AUDIT**

The Committee reviewed Internal Audit's plan, which focused

on Unilever's risk areas, including cyber security, financial

control processes, and product safety and quality, and ensured the

necessary resources were in place to complete the plan effectively.

The Internal Audit team is compliant with the new Global Internal Audit

Standards (GIAS), which came into effect in January 2025. The team

has taken steps to prepare for the incoming 'topical requirements' in

2026 on cyber security and third parties. The use of data and analytics

continues to enable the team to deliver audits efficiently and with

impact.

The Committee reviewed quarterly and year-end summary reports,

including the results of audit activities and the completion status of

agreed actions. During the year, the Chief Auditor and her leadership

team visited several of the audited markets. Most audits have taken a

hybrid approach of both virtual and physical presence.

Every five years, the Committee engages an independent third party to

perform an effectiveness review of the function. This was last

completed in 2022 and is planned for 2027. In 2025, the Committee

evaluated Internal Audit's performance and confirmed its effectiveness.

During the year, the Chief Auditor had multiple interactions with

Committee members as part of Committee preparation and

onboarding.

**AUDIT OF THE ANNUAL ACCOUNTS**

KPMG, Unilever's external auditors and an independent registered

public accounting firm, reported in depth to the Committee on the

scope and outcome of the annual audit. This included their audit of

internal controls over financial reporting as required by Section 404 of

the US Sarbanes-Oxley Act of 2002. Their reports included audit and

accounting matters, governance and control, and accounting

developments.

The Committee held independent meetings with the external auditors

during the year and reviewed, agreed, discussed and challenged their

audit plan. This included the materiality applied, and the scope and

assessment of the Group's financial reporting risk profile.

The Committee discussed the views and conclusions of KPMG

regarding management's treatment of significant transactions and

areas of judgement during the year. The Committee considered these

and is satisfied with the treatment in the financial statements.

**EXTERNAL AUDITORS**

KPMG have been the Group's auditors since 2014, and shareholders

approved their reappointment as the Group's external auditors at the

2025 AGM.

The Committee confirms that the Group is in compliance with

The Statutory Audit Services for Large Companies Market Investigation

(Mandatory Use of Competitive Tender Processes and Audit

Committee Responsibilities) Order 2014, which requires Unilever to

tender the audit every ten years.

The last tender for the audit of the Annual Report and Accounts was

performed in 2022, during which the decision to reappoint KPMG was

unanimously recommended by the Committee and approved by the

Board of Unilever PLC. At present, we are satisfied with the

effectiveness of our current auditors and have no plans to re-tender

before 2032. This position is re-evaluated each year.

Both Unilever and KPMG have safeguards to protect auditor

independence and objectivity, such as audit partner rotation and the

restriction on non-audit services as described below. KPMG issued a

formal letter to the Committee outlining the general procedures to

safeguard independence and objectivity, disclosing all relationships

with the Company, and confirming their audit independence.

Each year, the Committee assesses the effectiveness of the external

audit process, which includes discussing feedback from Committee

members and stakeholders at all levels across Unilever. Interviews are

also held with key senior management within Unilever and KPMG.

The Committee also reviewed the statutory audit, other audit and non-

audit services provided by KPMG and compliance with Unilever's

documented approach, which prescribes in detail the types of

engagements listed below, for which the external auditors can be used:

■statutory audit services, including audit of subsidiaries;

■other audit services – audits not required by law or regulation;

■non-audit services – work that our external auditors are best placed

to undertake, which may include;

**■**services required by law or regulation to be performed by the

audit firm; and

**■**services where knowledge obtained during the audit is relevant to

the service, such as bond issue comfort letters.

Unilever has for many years maintained a policy that prescribes in

detail the types of engagements for which the external auditors can be

used, with all other engagements being prohibited. The policy is

aligned with both UK and SEC regulations and is updated as

necessary.

---

| | | |
|:---|:---|:---|
| 74 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

REPORT OF THE AUDIT COMMITTEE <br>

**Audit Fees**

All non-audit services are pre-approved by the Audit Committee in line

with the non-audit service policy. The Committee further reviews all

non-audit services on a quarterly basis to ensure the scope of service

aligns with the list of pre-approved services included in the policy and

that the fees are deemed appropriate, as authorised by Group

management in line with the table of authorities. These authorities are

reviewed regularly and updated as necessary.

The Company has taken appropriate steps to ensure that KPMG LLP

is independent of the Company and has obtained written confirmation

that it complies with guidelines on independence issued by the relevant

accountancy and auditing bodies. Although, during the year, the

Company engaged KPMG LLP for certain audit-related, non-audit

services, the Committee concluded that KPMG LLP remains

independent to provide objectivity in the conduct of the current audit.

**Use of auditors for non-audit work**

The Committee recognises that the use of audit firms for non-audit

services can potentially give rise to conflicts of interest. The Group has

a formal policy regarding its use of audit firms for non-audit services.

The Committee, in addition to being responsible for the oversight of our

auditor on behalf of the Board, also has the responsibility for

monitoring how the policy is implemented.

In 2025, approved non-audit fees were around 84% of the annual

statutory audit fees. The increase (FY24: 52%) was primarily driven by

the work undertaken in respect of the demerger of our Ice Cream

business. The Committee concluded that provision of these services

by KPMG would not compromise audit quality or threaten auditor

independence and is in accordance with standard practice. KPMG also

sought and received approval from the UK FRC to be engaged for

these same services, as it was likely that for FY25, the non-audit fees

subject to the FRC fee cap requirements, would exceed 70% of the

average statutory audit fee for the previous three years. The

Committee is satisfied that the overall levels of audit-related and non-

audit fees, and the nature of services provided, are such that they will

not compromise the objectivity and independence of our auditor.

Further details are given in note 25 to the financial statements on page

182. **EVALUATION OF THE COMMITTEE**

The Committee carried out an assessment of its effectiveness and

performance in the year, facilitated by the consultancy firm No 4.

The Committee considered the output from that process at its meeting

in January 2026. Feedback was also provided to the Board as part of

its overall Board evaluation. The Committee concluded that it is

performing effectively and will remain focused on internal control

and external reporting. The area of evolving sustainability reporting

requirements and cyber security will continue to receive attention by

the Committee.

**Adrian Hennah**

Chair of the Audit Committee

**Susan Kilsby**

**Ruby Lu**

**Benoît Potier**

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 75 |

---

![Judith mcKenna_ D shape.jpg](ul-20251231_g80.jpg)

**Report of the** 

**Corporate** 

**Responsibility** 

**Committee**

Beyond our reporting and control

responsibilities, we focused this

year on key areas of corporate

and reputational risk, including

litigation, sustainability, business

integrity, and health, safety

and wellbeing.

**Judith McKenna**

Chair of the Corporate Responsibility Committee

On behalf of the Corporate Responsibility Committee, I am pleased to

present our report for 2025.

During the year, the Committee continued to provide rigorous

governance and oversight of Unilever's most material corporate

responsibility issues, at a time of increasing scrutiny from consumers,

regulators and wider stakeholders. We worked closely with

management and the Board to oversee key areas of reputational risk

and business integrity, including litigation and sustainability. In addition,

the health, safety and wellbeing of employees is fundamental to

everything we do. We ensured these matters were appropriately

considered and resourced within Unilever's broader risk management

and decision-making frameworks.

As part of our mandate to support responsible and sustainable

business practices, the Committee reviewed developments

in emerging regulation, human rights, social-first marketing, cyber

security and geopolitics. Our discussions focused on how effectively

Unilever's policies, controls and governance arrangements remain fit

for purpose. We also addressed strengthening the organisation's ability

to manage risk while responding to changing stakeholder expectations

and market dynamics.

Unilever has long been recognised for its work in sustainable business,

and in 2025 our focus remained on four priority areas of climate, nature,

plastics and livelihoods. The Committee monitored progress against

these priorities, tested the robustness of management's plans and the

focus of the innovation pipeline, and supported the disciplined execution

of Unilever's sustainability strategy and targets. We recognised both the

opportunities and trade-offs involved in delivering long-term value in a

rapidly evolving regulatory and stakeholder environment.

In July 2025, I assumed the role of Chair following the retirement of

Susan Kilsby from the Committee. On behalf of the Committee, I would

like to thank Susan for her exceptional leadership and contribution.

The Committee is well positioned to continue its work with clarity of

purpose and strong governance foundations. I would also like

to express our appreciation to Unilever's management team for its

ongoing commitment and constructive engagement on the issues

within our remit.

The Committee enters 2026 with strengthened governance practices,

clear business and sustainability priorities, and a sharpened focus on

areas of reputational risk and resilience. These foundations position

Unilever well to navigate an increasingly complex external

environment, and I look forward to working closely with my fellow

Committee members and management in the year ahead.

**Judith McKenna**

Chair of the Corporate Responsibility Committee

---

| | | |
|:---|:---|:---|
| 76 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE<br>

**COMMITTEE MEMBERS AND ATTENDANCE**

---

| | |
|:---|:---|
| | **Attendance** |
| **Judith McKenna** Chair<br>(Chair from 1 May 2025)<br>| 4/5 |
| **Susan Kilsby** Former Chair<br>(member until 30 April 2025)<br>| 3/3 |
| **Ruby Lu** | 5/5 |
| **Benoît Potier** | 4/5 |
| **Zoe Yujnovich** <br>(member from 1 May 2025)<br>| 4/4 |

---

This table shows the membership of the Committee together with their

attendance. If Directors are unable to attend a meeting, they have the

opportunity to discuss any agenda items beforehand with the

Committee Chair. Attendance is expressed as the number of meetings

attended out of the number eligible to be attended.

The Corporate Responsibility Committee comprises four

Non-Executive Directors: Judith McKenna (Chair), Ruby Lu,

Benoît Potier and Zoe Yujnovich. Susan Kilsby (Former Chair) retired

from the Committee in April 2025.

The Chief R&D Officer and the Chief Corporate Affairs and

Sustainability Officer attend the Committee meetings. The Board Chair,

the Chief Legal Officer and Group Company Secretary, and subject

matter experts from litigation, business integrity, safety, health

and wellbeing, and supply chain may also join the Committee's

discussions. Other members of management may join at the Chair's

invitation.

**ROLE OF THE COMMITTEE**

The Corporate Responsibility Committee oversees Unilever's conduct

as a responsible global business. A core part of its remit

is its governance and oversight on key areas of corporate reputation

and risk management.

Part of this responsibility is reviewing and managing sustainability-

related risks, opportunities and trends that are material to Unilever. The

Committee also reviews and provides recommendations to the Board

about the Climate Transition Action Plan (CTAP), which sets out the

actions Unilever intends to take to reduce the business's direct and

indirect emissions and make progress on our net zero goal by 2039.

The Committee oversees business integrity, health, safety

and wellbeing, as well as significant litigation matters with potential

reputational risk for the Company. The Committee also has oversight

of Unilever's conduct regarding corporate and societal obligations, and

its reputation as a responsible company. This includes Unilever's Code

of Business Principles and third-party compliance with our Responsible

Partner Policy.

The Committee considers the Company's influence and impact on

stakeholders. Central to this is the identification of external

developments and risks that are likely to impact Unilever's corporate

reputation and to ensure that appropriate and effective policies and

practices are in place, ensuring that both Unilever's direct employees

and those working within the Company's value chain comply with the

expected standards of conduct.

The Committee's discussions are informed by the experience of the

Unilever Leadership Executive, which is accountable for driving

responsible and sustainable growth through Unilever's operations,

Business Groups, value chain and brands. The Chief R&D Officer

leads on behalf of management, with further senior leaders invited to

the Committee as relevant to share their perspectives and insights on

key issues, challenges and external developments.

The Committee's terms of reference are set out at: www.unilever.com/

investors/corporate-governance.

**HOW THE COMMITTEE HAS DISCHARGED ITS** 

**RESPONSIBILITIES** 

In 2025, the Committee's principal activities were as follows:

**Navigating a changing external landscape** 

As a business, we continue to navigate growing economic,

environmental and social challenges. Many of the challenges, such as

climate change, nature degradation and plastic pollution, are

compounded by growing geopolitical divides and economic difficulties. At

the same time, there is an increase in the nature and complexity of

litigation matters requiring the utmost diligence and awareness of

emerging risks, and capacity to respond.

**Overseeing Code of Business Principles compliance**

Our consumers trust us to do business with integrity. Maintaining our

reputation and continued business success requires the highest

standards of behaviour and compliance. The Code and associated

Code Policies set out the ethical standards of conduct expected of all

Unilever employees. Any breach is classified as a legal and

compliance risk to the business (see page 37).

The Corporate Responsibility Committee oversees the Code and Code

Policies, including those related to anti-corruption and bribery, ensuring

they remain fit for purpose and are appropriately applied, including the

mechanisms for implementing the Code and Code Policies.

In 2025, the Committee approved updates to our Code of Business

Principles to improve clarity, make it easier for employees to raise

concerns, and strengthen controls for sourcing, quality and

recordkeeping. Three additional policies were also updated to address

AI-related risks in intellectual property, data privacy and marketing.

The Committee actively reviews an analysis of investigations into non-

compliance with the Code and Code Policies, including those related to

anti-corruption and bribery, and discusses any trends or learnings

arising from these investigations. The Committee noted the significant

improvement in investigation process and case closure times. There

were no material matters in the context of the Unilever Group.

This year, the Committee acknowledged the continued progress in

employees being able to raise concerns and the strong recognition of

Business Integrity in the UniVoice survey.

**Responsible Partner Policy (RPP) compliance**

Extending Unilever's business principles to suppliers and distributors is

essential if Unilever is to do business with integrity, demonstrate high

standards and fight corruption in all forms. The Responsible Partner

Policy (RPP) sets out Unilever's requirements that third parties conduct

business with integrity and with respect for human rights and core labour

principles. Breaches of third-party compliance can pose a risk to the

business.

The Committee rigorously examines Unilever's compliance processes

and programmes, and management of the risk of external business

partnerships. In addition, the Committee tracks compliance with

Unilever's RPP to identify any trends or process improvements. This

year, the Committee focused on the new compliance system,

strengthening governance, extending coverage to suppliers of non-

integrated spends, as well as sharpening audits and enhanced

anti-bribery and sanctions screening.

**Promoting safety and security**

Safety, Health and Environment (SHE) remain fundamental to Unilever.

Unilever is focused on promoting a safety-first culture, and "Unilever is

committed to my safety" was the top-rated question in our UniVoice

survey.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 77 |

---

REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE<br>

The Committee oversees Unilever's approach to safety. It reviewed

performance, including the Total Recordable Frequency Rate (TRFR),

as reported under one of the Health and Safety Metrics. The

Committee noted continued reductions in injuries, fatalities and risk

exposure, driven by data-led prioritisation, strengthened road safety

and process safety programmes, and enhanced digital and cultural

interventions.

Global security risks remained manageable amid rising youth-led

activism, persistent (though regionally shifting) theft patterns, and

strengthened capabilities across site security, investigations, partner

oversight and field operations. Looking ahead, focused resilience

planning and enhanced readiness measures will support continuity

through major upcoming events and heightened geopolitical volatility,

including contentious election cycles in key markets.

**Improving the health and wellbeing of employees**

The Committee holds responsibility for the health and wellbeing of

Unilever employees, and protection from hazards. In a time of public

health threats, natural disasters, geopolitical conflicts and increasing

global burden of chronic health conditions, proactive and focused

management is essential to optimise employee wellbeing.

This year, the Committee commended the meaningful improvements in

the health and wellbeing of employees, reflecting the impact of

Unilever's long-term commitment to prevention-led programmes.

Unilever's global Healthier U initiative now reaches more than 59,000

employees across 56 countries and is delivering independently

validated gains in overall health, quality of life and reduced time away

from work. These outcomes underscore the strong foundations

Unilever has built to support a resilient, high-performing workforce.

The Committee will support management in continued prioritisation,

embedding a culture of psychological safety and constructive

challenge, and sustaining investment in prevention-led approaches

that help every colleague thrive.

**Respecting and promoting human rights** 

Respect for human rights remains a foundation of Unilever's business,

serving to reduce risk, enhance reputation and support brand growth.

While we acknowledge that business can contribute to positive human

rights outcomes, we must ensure that we are first addressing any harm

and the ongoing human rights challenges that continue to be found in

every global value chain.

The Committee evaluated the Human Rights strategy, governance and

accountability, focusing on priorities and potential risks to ensure clarity

and alignment with our ambition and legal obligations, including

conducting heightened human rights due diligence, proportionate to

the potential risks.

The Committee also reviewed Unilever's 2025 Modern Slavery

Statement. The statement is part of Unilever's legislative requirement

to annually publish a statement describing the steps taken to prevent

modern slavery in the business and supply chain. In 2024, the

Statement focused on the continued implementation of our forced

labour action plan, engagement with rightsholders and programme

evaluation.

**Delivering ambitious new sustainability goals**

Unilever's sustainability strategy focuses on four priorities: climate,

nature, plastics and livelihoods. These priorities are of material

importance to the business, and where we have the potential to make

the biggest impact.

The Committee discussed operational delivery and performance

management, as well as opportunities to leverage Unilever's brands to

drive retailer activation and consumer preference for sustainability. The

Committee also discussed material sustainability-related risks and

opportunities for the business.

**Sustainability Reporting Risks**

This year, the Committee discussed the new reporting requirements

under the European Sustainability Reporting Standards (ESRS) and

the proposed approach, including consolidating existing reporting

requirements on Task Force on Climate-related Financial Disclosures

and the Climate Transition Action Plan.

The Committee provided guidance on potential reputational risks that

may arise from the ESRS sustainability statement.

**Sustainability Progress Index (SPI)**

Unilever's Reward Framework includes a Performance Share Plan

(PSP). This long-term incentive plan is linked to financial performance,

as well as performance against sustainability goals (see pages 99 to

100).

To come to a view on Unilever's performance on its sustainability goals

for the purposes of reward, the Committee and the Remuneration

Committee (RC) jointly evaluate performance against a Sustainability

Progress Index (SPI).

**2025 SPI outcome** 

SPI performance is determined by four equally weighted KPIs and

targets – one for each of Unilever's sustainability pillars. In making

their assessment, the Committee and the RC review quantitative and

qualitative progress across the sustainability pillar and delivery against

the respective sustainability targets.

The Committee considers the performance outcome of SPI and

provides relevant input and guidance to the RC in relation to the

recommendation on SPI outcome. This joint assessment forms part of

the RC's overall recommendation on the SPI outcome (see page 97).

**Sustainability Progress Index 2026–2028**

As agreed in 2023 during the Directors' Remuneration Policy review,

from SPI 2024–2026 onwards, the SPI will be assessed using four

metrics aligned with Unilever's sustainability focus areas. Each target

will have a numeric performance range (threshold and maximum) that

will drive the outcome, and the target will be disclosed prospectively for

a three-year period.

The Committee and the RC reviewed and approved the targets for

2028, as they relate to PSP 2026–2028, including the shift on plastics

to focus on paper-based flexible packaging.

**EVALUATION OF THE CORPORATE** 

**RESPONSIBILITY COMMITTEE**

As part of Unilever's governance, Unilever undertakes an evaluation of

its Committees every year. In 2025, the evaluation was conducted by

the consultancy firm No 4 and was overseen by the Chair of the

Company and the Chief Legal Officer and Group Company Secretary.

Feedback was provided to the Board, including Committee members,

as part of its evaluation of the overall effectiveness of the Board. It was

concluded that the Committee is performing effectively.

**Judith McKenna**

Chair of the Corporate Responsibility Committee

**Ruby Lu**

**Benoît Potier** 

**Zoe Yujnovich** 

---

| | | |
|:---|:---|:---|
| 78 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

![D shape positional images_susan.jpg](ul-20251231_g81.jpg)

**Directors'** 

**Remuneration** 

**Report**

We believe our new Policy will equip

us with the right remuneration tools to

serve our global business effectively,

incentivise the delivery of our strategic

objectives and drive top-third

shareholder returns.

**Susan Kilsby**

Chair of the Remuneration Committee

---

| | |
|:---|:---|
| **CONTENTS** | **page** |
| 2025 remuneration at a glance | [84](#if17cb8f88c8a42c0b1dd49b5d9cab10f_8306) |
| 2026 remuneration at a glance | [86](#if17cb8f88c8a42c0b1dd49b5d9cab10f_8304) |
| Remuneration Policy 2026  | [87](#ic94644a8f2ec43789b40fe914bc2d395_16979) |
| Single figure of total remuneration for 2025 | [96](#i061872ba0edc4c4b918c91e4489bb507_38844) |
| 2025 annual bonus outcome | [97](#i061872ba0edc4c4b918c91e4489bb507_38852) |
| 2023-2025 PSP outcome | [97](#i061872ba0edc4c4b918c91e4489bb507_38853) |
| 2026-2028 PSP targets | [99](#i061872ba0edc4c4b918c91e4489bb507_38839) |
| Shareholding requirement & share interests  | [100](#i061872ba0edc4c4b918c91e4489bb507_38840) |
| Payments to former Directors | [101](#i061872ba0edc4c4b918c91e4489bb507_38847) |
| Non-Executive Directors | [102](#i061872ba0edc4c4b918c91e4489bb507_38848) |
| CEO pay ratios  | [105](#i061872ba0edc4c4b918c91e4489bb507_38851) |
| CEO total remuneration ten-year history | [107](#i061872ba0edc4c4b918c91e4489bb507_38838) |

---

On behalf of the Remuneration Committee, I am pleased to present

Unilever's Directors' Remuneration Report for the financial year ended

31 December 2025. It describes the 2025 remuneration outcomes under

the current Directors' Remuneration Policy, as well as outlining our

proposals for a new Policy, for which we are seeking shareholder

approval at the 2026 AGM.

Unilever remains committed to ongoing shareholder dialogue. At the

AGM on 30 April 2025, 72.29% of votes were cast in favour of the

Directors' Remuneration Report. Following the AGM, the Company

engaged with shareholders to gain deeper insight into views on our

approach to remuneration. This consultation included our largest

shareholders – representing 46.3% of the share register – as well as

other shareholders who voted against the Remuneration Report and

several proxy agencies. Further detail is set out on page 108.

We would like to thank all of the shareholders and proxy agencies for

their valuable feedback, which was taken into account when

considering our approach to remuneration policy and practice. Further

details on the outcome of this consultation, as well as how it impacted

our approach, are set out on page <u>[81](#i0f05ffd1f6244864875e66376701f5b9_27716)</u>.

**EXECUTIVE DIRECTOR CHANGES**

Hein Schumacher stepped down as CEO and as a Board Director with

effect from 1 March 2025 by mutual agreement and left the Company

on 31 May 2025. Fernando Fernandez was appointed CEO on 1

March 2025, having served as CFO since 1 January 2024.

The remuneration package for Fernando Fernandez on appointment

and departure terms for Hein Schumacher were disclosed last year in

the 2024 Directors' Remuneration Report. See pages 96 and 109 of that

report respectively for further details.

Srinivas Phatak was appointed to the Board and Unilever Leadership

Executive as CFO on 16 September 2025, following a thorough

internal and external search process. His remuneration on appointment

comprised fixed pay of €1,175,000, maximum annual bonus

opportunity of 180% of fixed pay and maximum Performance Share

Plan (PSP) opportunity of 320% of fixed pay, all in line with the current

Directors' Remuneration Policy. The fixed pay for Srinivas Phatak has

been set at a lower level than the previous CFO's salary.

The Committee took into account previous shareholder feedback in

determining the departure terms for Hein Schumacher and in setting

remuneration for the appointment of Srinivas Phatak. More details are

set out on page [108](#i061872ba0edc4c4b918c91e4489bb507_38846).

**BUSINESS AND PERFORMANCE CONTEXT**

We have outperformed markets and achieved progress on many fronts

during 2025. We delivered broad-based underlying sales growth (USG)

and volume growth (UVG) despite relatively subdued markets, with

growth accelerating during the year. Operating profit growth was

comfortably above the top third of peers, and flat on prior year despite

material currency headwinds. We focused our portfolio on higher-growth

categories, accelerated our global marketing shift to drive Desire at Scale

and delivered on our commitment to drive volume growth, positive mix

and strong gross margin. We also landed a strong innovation plan, drove

improvements in key emerging markets and successfully completed the

demerger of our Ice Cream business.

We come from a position of strength, with sharper focus and

disciplined execution, and we believe with the right structure we can

drive higher performance. The actions taken by Fernando since his

appointment in March 2025 have strengthened the foundations for

improved performance in the years ahead. We are confident

in his ability to deliver Unilever's financial ambitions and deliver top-

third total shareholder returns.

**2025 INCENTIVE OUTCOMES** 

**2025 annual bonus** 

Despite strong performance as outlined above, the formulaic outcome

under the 2025 annual bonus plan was determined as 70% of

target opportunity for the Executive Directors, which highlights the

stretching targets we have set for ourselves. Cash performance

was ahead of target, with cash conversion at around 100%. While

the USG and underlying operating profit (UOP) outcomes scored

below our stretching target, the Committee believes that performance

has been strong in light of market factors. In particular, USG of 3.6% and

UVG of 1.6% are in the top third of our peers and there has been

improvement in turnover-weighted market share compared to the prior

year.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 79 |

---

DIRECTORS' REMUNERATION REPORT<br>

The UOP outcome has been negatively impacted by the exceptional

devaluation of the dollar against the euro in 2025. On a constant currency

basis, UOP was up 8.7% in the year, with overheads and productivity

delivery ahead of plan, restructuring costs below budget and an increase in

brand and marketing investment. While the Committee believes the

formulaic score does not fully reflect the strong performance delivery, it is

committed to measuring UOP based on actual currency outcomes and has

therefore not made any adjustment to the formulaic bonus outcome for

Executive Directors.

**2023–2025 Performance Share Plan (PSP)**

The formulaic outcome under the 2023–2025 PSP was determined

at 135% of target opportunity. This was driven by strong ROIC

performance at 19.0%, ahead of the maximum of the target range.

Cumulative free cash flow of €20.1bn was also delivered above target.

There was significant over-delivery against the sustainability targets in

2025 which produced an above-target outcome across the three-year

performance period. Against the Competitiveness measure, the three-year

outcome was below target but performance has improved each year and

for 2025, 58% of the business won market share, ahead of the three-year

target. The Committee reviewed the overall PSP outcome within the

broader performance context and determined that the vesting outcome of

135% of target was appropriate.

**REMUNERATION POLICY REVIEW**

We are reviewing our Remuneration Policy a year earlier than the usual

three-year timeframe, which is a reflection of our desire to act decisively

and at pace to set the organisation up for success. We have consulted

extensively with our largest shareholders, key institutional investors and

proxy advisers to understand their views on our remuneration structures

and challenges, as well as the wider market context. We received support

for our proposals from the majority of those consulted. More details are set

out later in my letter on how we engaged shareholders and how their views

helped to shape the new Remuneration Policy.

We strongly believe this is the right time to review the Policy to ensure that

it best supports our strategy, with the ultimate goal to deliver top-third

shareholder returns. Further context is set out below.

**Delivering shareholder value through a high-**

**performance culture**

Following the appointment of Fernando Fernandez as CEO in March 2025,

the strategy has been redefined to ensure that leaders and teams are fully

focused on our core business priorities. These priorities are designed to

deliver market outperformance through volume growth and gross margin

expansion. Our agenda is clear: desirable and superior brands, flawless

execution and a company fully aligned on how we win – in every category,

every geography, every day.

Fernando is committed to being a frontline CEO and, throughout 2025, has

focused much of his time on market agendas to reinforce the strategy and

stay connected to innovation and execution on the ground. This also

reflects our Play to Win cultural transformation that we have been

implementing throughout the business, sharpening focus on individual and

collective performance, productivity improvements and outperforming

competitors. We have used the productivity programme as an opportunity

to further streamline our organisation model and ways of working at a

market level, giving more direct accountability to sales and marketing

teams for swift customer and consumer-facing decisions. We have also

implemented a new global performance management process linked to

significantly more differentiated bonus outcomes – nearly half of

participants in the most recent cycle received an individual performance

rating materially above or below target compared to only 1 in 6 people in

previous cycles.

To achieve our ambition of sustainable growth, we need the

right remuneration tools to continue to attract the best people across all

regions, with differentiated reward for high performance.

**Uncompromising on talent in a highly competitive** 

**global market** 

We also need to address the increasing challenges we face in attracting

high-calibre talent across all regions in a very competitive global market.

We need the best people in the top roles in order to drive growth.

The changes we have made to support our strategic direction, particularly

in the US and other priority growth areas, require us to build our talent base

and structure reward appropriately within that global context. The US is a

critical growth engine, having delivered 12 consecutive quarters of volume

growth and five consecutive quarters above 4%. Beauty & Wellbeing,

which is another strategic focus for Unilever, is also primarily driven out of

the US. The US (together with India) comprises 32% of total Unilever

turnover, and in the medium term is expected to grow to 45% of total

Unilever turnover, which would require revenue growth to significantly

outstrip competitors in these geographies. To support this ambition, it is

essential that we are able to attract the best talent in these growth markets

and with the industry and local knowledge required for the roles. It will

therefore be of increasing importance that we can compete effectively in

the US talent market.

We currently have no US-based individuals on the top executive team and

only 7% of the next level of leadership are US-based. This is a reflection of

the challenges we are having in attracting senior US talent into Unilever, in

a competitive market with a limited number of potential candidates. To

achieve our stated ambition, we believe we will need 20 to 30 new hires in

the US across the top three tiers of Unilever. Achieving this will require

competitive compensation aligned with market expectations.

The structure and quantum of remuneration at Executive Director level

effectively sets a ceiling on pay for other senior talent. Given that the

governance and pay environment is considerably more restrictive in the UK

than elsewhere, our current remuneration structure does not allow us to

compete effectively for the best talent globally. Particularly for US-based

roles, when benchmarking against general industry survey data and

disclosed US executive pay, there is a significant gap in long-term incentive

opportunity and total compensation. We have been in the market over the

past year and have seen live examples of US candidates whose current

pay packages are unaffordable without creating significant relativity or pay

compression issues. In addition, these candidates often have less

restrictive pay structures (e.g. no bonus deferral and less onerous

shareholding requirements). Below are just three examples of a wider pool

of external US candidates, whose compensation packages were

unaffordable in our current remuneration structure.

**Candidate 1:** With only a modest uplift, the package would have

been close to Unilever's CFO pay. Our bonus deferral structure and post-

vesting retention period on PSP would have also necessitated substantial

one-off payments to bridge the cash flow impact.

**Candidate 2:** The candidate's current pay was higher than our CFO and

close to our CEO's total pay. The candidate also received significant

housing and schooling support. Target long-term incentive (restricted stock,

matching shares and performance shares) was 66% higher than Unilever's

and target bonus was 40% higher. Substantial one-off payments would

also have been required to offset the loss of expatriate benefits and bridge

the cash flow impact of bonus deferral and retention periods.

**Candidate 3:** Significantly higher target remuneration, with share options

and performance shares, as well as significantly higher benefits. With our

current levels of incentive opportunities, a fixed pay package well in excess

of our current CEO's pay would have been required just to match the

candidate's current package.

The current limits on incentive structures at Unilever are a competitive

disadvantage as we work to attract strong succession candidates for the

top jobs. We also wish to avoid paying more than is necessary in fixed,

non-performance-based pay to match a candidate's total pay package,

purely as a result of the current limitations we have on incentive

opportunities.

---

| | | |
|:---|:---|:---|
| 80 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**Global pay benchmarking peer group**

We are not proposing any changes to our pay benchmarking group,

which was set in 2024 and supported by 97.7% of shareholders at our

2024 AGM. This peer group comprises 20 talent competitors from

across the sector. It is well balanced, with only one-third from the US

and the rest being UK and European companies. There were no Asian

or Latin American listed companies that met the size and sector

criteria.

We recently reviewed our pay benchmarking peer group to assess the

impact of the demerger of our Ice Cream business. The peer group

remains appropriate as Unilever is still above median on market

capitalisation and above upper quartile on revenue. This peer group is

used by the Committee to evaluate the market competitiveness of total

remuneration.

The table below shows that Unilever is one of the largest companies in

the peer group in terms of market capitalisation, revenue, headcount

and geographical complexity.

![13](ul-20251231_g82.gif)

![25](ul-20251231_g83.gif)

![37](ul-20251231_g84.gif)

![49](ul-20251231_g85.gif)

Global pay benchmarking peer group – Unilever ranks at upper quartile for size and complexity

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Revenue (€m)** | **Market Cap (€m)** | **Employees** | **Countries with product sales** |
| Nestlé |  |  |  |  |
| PepsiCo |  |  |  |  |
| LVMH |  |  |  |  |
| Procter & Gamble |  |  |  |  |
| **Unilever** |  |  |  |  |
| AB InBev |  |  |  |  |
| Coca-Cola |  |  |  |  |
| L'Oréal |  |  |  |  |
| Mondelēz |  |  |  |  |
| British American Tobacco plc |  |  |  |  |
| Heineken |  |  |  |  |
| **Median** |  |  |  |  |
| Danone |  |  |  |  |
| Kraft Heinz |  |  |  |  |
| Henkel |  |  |  |  |
| Colgate-Palmolive |  |  |  |  |
| Kimberly-Clark |  |  |  |  |
| Diageo |  |  |  |  |
| Reckitt Benckiser |  |  |  |  |
| Haleon |  |  |  |  |
| Pernod-Ricard |  |  |  |  |
| Beiersdorf |  |  |  |  |
| **Unilever rank** | **5th of 21** | **7th of 21** | **5th of 21** | **5th of 21** |

---

**Ensuring pay levels are commensurate with** 

**Unilever's size and complexity**

For a number of years, total pay levels for our Executive Directors

have been materially below market levels. Our current Policy states

that our intention is to pay 'at or around median' of our global peer

group. We have not achieved this due to our incentive levels being

materially below those of our peers.

We believe that Executive Directors at Unilever should be paid at least

at the median of our global peer group, given the size and complexity

of our business and the highly competitive market in which we operate.

Unilever is the 5th largest company by revenue out of 21 global peers

(including Unilever). Our Policy proposals re-position the CEO and

CFO's total target compensation opportunity at market median,

delivered through

higher long-term incentives that will only pay out if stretching

performance conditions are met.

The Committee also considered our proposals versus the FTSE 10, as

a secondary reference point to ensure we are within typical UK norms.

Unilever is currently the 4th largest company listed in the UK by market

capitalisation and the proposed total opportunity for the CEO is ranked

around the upper quartile of this group, noting that there is only a 2%

gap between the median and upper quartile. We are also aware that a

number of these companies are also seeking shareholder approval for

a new Policy which may reduce our competitiveness further.

Proposed total target compensation for the CEO is illustrated below at

median versus our global peer group.

**GLOBAL PAY BENCHMARKING PEER GROUP – CEO TARGET COMPENSATION OPPORTUNITY**

**30**

**25**

**20**

**15**

**10**

**5**

**0**

**€m**

![15671](ul-20251231_g86.gif)

**PROPOSED**

**CURRENT**

---

| | |
|:---|:---|
| Fixed Pay | Target Total Compensation |
| Fixed Pay | Target Total Compensation |

---

\* Long-term incentives at these peer companies include restricted shares and/or share options.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 81 |

---

DIRECTORS' REMUNERATION REPORT<br>

**TSR peer group**

A different peer group is used to measure Unilever's relative TSR

performance. This comprises 18 international companies in the

consumer goods/staples sector with whom Unilever competes for

market share. There is significant crossover with the global pay

benchmarking peer group, except that it includes more US-listed

businesses and does not include alcohol/tobacco/luxury companies

that are subject to different market forces.

The TSR peer group for 2026 is unchanged and consists of:

Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone,

Estée Lauder, General Mills, Haleon, Henkel, Kenvue, Kimberly-Clark,

Kraft Heinz, L'Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble,

and Reckitt Benckiser.

Note that the global pay benchmarking peer group provides a more

conservative median total target remuneration number (~15% lower)

than the TSR peer group.

---

| |
|:---|
| **Key changes proposed under the new Policy**<br>We are re-committing to our Performance Share Plan as the most <br>effective long-term incentive to drive a high-performance culture and <br>long-term growth for shareholders. We are not changing any of the <br>performance measures or weightings under the incentive plans. We <br>are also retaining the same global pay benchmarking peer group. <br>Our proposed Policy changes result in total target remuneration <br>positioned at the median of our global benchmarking peer group. This <br>is entirely consistent with the market positioning under our existing <br>Policy, previously agreed with shareholders, and is commensurate <br>with Unilever's size and complexity after accounting for the demerger <br>of our Ice Cream business. <br>We have designed the package to deliver median total target <br>remuneration through a lower headline salary and lower short-term <br>pay, but higher long-term incentives and more upside opportunity <br>for outperforming targets. This means that a greater proportion of <br>remuneration is variable (from 78% to 82% of total target <br>remuneration) and focused on driving long-term performance (from <br>44% to 57% of total target remuneration). <br>|
| ■**Base salary will be reduced and a pension allowance** <br>**introduced at 11% of base salary** (aligned with the rate <br>available to the wider workforce). Overall fixed pay will remain at <br>current levels but variable pay will be a multiple of base salary <br>rather than fixed pay previously.<br>|
| ■**No change to target bonus opportunity; maximum bonus** <br>**increased from 1.5x to 2x target** to align with typical <br>market practice and incentivise outperformance. <br>|
| ■**Short-term target compensation reduced by 6%,** with <br>incentives based on the lower salary after being decoupled from <br>fixed pay. <br>|
| ■**Target PSP increased from 200% of fixed pay to 350% of** <br>**base salary** (with maximum PSP increasing from 400% of fixed <br>pay to 700% of base salary) to provide a market-competitive <br>total remuneration opportunity, subject to delivering sustainable <br>long-term improvements in performance.<br>|
| ■**Shareholding requirement increased from 500% of fixed pay** <br>**to 700% of base salary (for the CEO)** to align with the <br>maximum PSP opportunity and ensure strong alignment of <br>executive and shareholder interests. These requirements <br>continue to apply in full for two years on cessation of <br>employment.<br>|
| ■**Bonus deferral removed once the shareholding requirement** <br>**is met,** as we believe the exceptionally high shareholding <br>requirement is the most appropriate tool to manage alignment <br>with shareholders' interests. <br>|
| ■**Malus and clawback provisions strengthened** to ensure <br>a robust approach to risk management and enforceability.<br>|

---

**Shareholder engagement**

We undertook comprehensive consultation with our largest

shareholders, key institutional investors and proxy advisers during the

second half of 2025 and early 2026 in respect of the review of the

Remuneration Policy. We had discussions with around 30

shareholders and proxy advisers during this time. Shareholder

feedback was broadly supportive of the policy proposals in principle.

These conversations reaffirmed the relevance and validity of the

current performance measures and the importance of a rigorous

approach to target setting to ensure sufficient levels of stretch given

the increased incentive opportunity. They also reaffirmed the policy's

emphasis on long-term variable pay through the existing Performance

Share Plan.

As a result of our constructive and largely supportive discussions with

shareholders, as well as some concerns about the impact of removing

bonus deferral on the Company's ability to apply clawback, the

Committee decided to undertake an external legal review of our malus

and clawback provisions to ensure adequate risk management. Under

the new policy, the malus triggers have been tightened and the

clawback triggers have been extended to match those for malus. In

addition, there has been a comprehensive review of supporting policy

and procedural documentation to ensure we have a robust position in

terms of our ability to enforce the policy in practice. The changes

include creating stronger employee awareness of the purpose and

operation of malus and clawback.

Shareholder feedback also led the Committee to increase the

shareholding requirement under the new Policy, to reflect the higher

maximum PSP opportunity and ensure even stronger alignment with

shareholder interests over the long term.

Finally, shareholder consultation provided the Committee with a clear

view on certain elements of disclosure that should be explained in

detail. These included the approach to target setting, the nature of the

challenge in relation to talent attraction and global competitiveness,

and the rationale for the global pay benchmarking peer group.

**Performance measures and target setting**

We are not proposing to make any changes to our performance

measures and weightings. We believe these measures remain well

aligned to our strategic aims and are the most critical drivers of

consistent and competitive growth. See page [99](#i061872ba0edc4c4b918c91e4489bb507_38839) for more detail on the

measures and how they link to strategy. Performance measures were

changed in 2024 to better align with shareholder feedback, including the

introduction of relative TSR and sales growth in the PSP and the

inclusion of restructuring costs in the profit measure under the bonus

plan. These changes have been well supported by our shareholders.

Our investment case sets out our commitment to deliver mid-single-digit

USG growth through a step-up in volumes at improved gross margins,

generating top-third shareholder returns (see the value creation plan on

page [13](#if90c1e5885214de4a9642bec7a19a0d9_7735)). Volume is incentivised through the USG measure, ensuring

the right balance of price and volume. Total category market share is

incentivised through the executive team's individual goals, which are

directly linked to bonus. Gross margin is incentivised through the UOP

measure, ensuring the right balance of growth and price.

The Committee carefully considers targets following consistent and

rigorous analysis of a number of factors:

■Historical position: targets compared to prior-year targets and past

outcomes;

■Future expectations: forecast performance and scenario testing of

upside opportunities and downside risk;

■Peer performance: historical and anticipated performance of peers

in the context of market and sector trends, as well as market

practice on ranges versus target; and

■Market perspective: analyst views on the forecast performance of

Unilever and peers.

Our bonus targets cascade to many thousands of employees, and the PSP

targets apply to nearly 400 senior leaders, and we ensure these targets act

as an effective incentive for all.

---

| | | |
|:---|:---|:---|
| 82 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

The financial targets for the 2026 bonus plan, based on USG growth, UOP

growth less restructuring, and free cash flow, will be disclosed in next year's

Directors' Remuneration Report.

The financial targets for 2026–2028 PSP awards are shown on page [99](#i061872ba0edc4c4b918c91e4489bb507_38839).

The Committee discussed and agreed targets over three separate

meetings, following the approach outlined above. We set the maximum of

target ranges for financial measures at or beyond the top end of our

reference set of market and peer data points, taking account of expectations

of performance in our peer group.

It should also be noted that 55% of the PSP award (based on USG and

TSR) has 25% of maximum vesting at threshold and 45% of the award

(based on ROIC and SPI) has zero vesting at threshold. In total, this means

13.75% of maximum vests for threshold performance, which is significantly

below typical market practice (20%-25% for the FTSE 30).

We are confident these targets provide significant levels of stretch for our

business and are ambitious relative to market conditions and comparable

peer performance, as set out below. As mentioned by our CEO during our

results presentation on 12 February 2026, in the context of slower markets,

we guided towards the bottom end of our USG range (between 4% and 6%)

for 2026, which highlights our belief that the environment for the next PSP

award is more challenging than the expectations we had when we set the

targets in 2025.

**USG** 

25% of the PSP award is based on USG performance.

Our USG target range has been set such that threshold vesting (50% of

target, or 25% of maximum) occurs for USG of 3% and maximum vesting

(200% of target) for USG of 6.3%.

This performance range is:

■Aligned and directly linked to the delivery of our stated value creation plan

to deliver mid-single-digit growth in USG, with the maximum set above

our guidance of 4–6%.

■Stretching versus consensus of ~4% (which would deliver a below target

outcome) and recent Unilever performance (3.6% in 2025 and 4.2% in

2024).

■Stretching versus global consumer peer companies' performance

– our USG threshold for 2026 is set above the level of the median actual

USG performance achieved by our peers in 2025. Our maximum of 6.3%

is in excess of the highest consensus forecast within our peer group

(average at 3%).

■Stretching versus known PSP ranges at UK-listed consumer peer

companies (noting that disclosure of prospective targets is weaker in

many geographies). Compared to FTSE consumer peers who provide

clear prospective disclosure, the maximum performance we require for

the PSP to fully vest is beyond the maximum of the equivalent ranges

disclosed for 2025 awards.

**ROIC** 

30% of the PSP award is based on ROIC performance.

The proposed targets for the 2026–2028 PSP are unchanged at 18.5%–

19.5%, fully in line with our stated ambition to deliver ROIC in the high

teens, as we continue to invest in line with our capital allocation policy.

These targets have been progressively stretched in each of our last three

PSP cycles. As a company, we are not targeting an ever-increasing ROIC,

as this would limit our investment opportunities and prevent us from

investing in value-accretive projects. We are comfortable that seeking to

maintain this strong and stretching ROIC goal, alongside growing USG and

shareholder value, is an effective incentive.

**TSR** 

30% of the PSP award is based on relative TSR performance.

The peer group used to measure our relative TSR performance

is unchanged from prior years (see previous section on peer groups). We

have reviewed the TSR peer group in the context of the demerger of our Ice

Cream business and are comfortable

this remains appropriate. For the relative TSR measure, threshold vesting

will remain at median versus the peer group and maximum at upper

quartile. This vesting schedule is in line with typical UK practice. However, it

is materially more challenging than many of our global peers (around half of

our peers set threshold below median, typically at lower quartile).

**Sustainability Progress Index (SPI)**

15% of the PSP award is based on SPI performance.

Rapid changes in societal expectations, consumer preferences

and regulation underline the continued importance of Unilever's

sustainability agenda – protecting and enhancing the value of our business

through innovation, operational efficiency and supply chain resilience.

Across the four key focus areas, we have set progressively more stretching

targets each year in service of our long-term sustainability strategy. In

setting these targets, we also consider the competitive context to ensure

that we are challenging ourselves appropriately compared to peers. More

detail on the 2026–2028 SPI targets is set out on pages [99](#i061872ba0edc4c4b918c91e4489bb507_38856) to 100.

**In summary**

We believe the proposed Policy delivers appropriate total compensation

commensurate with the size and complexity of our business, noting that our

market capitalisation is closer to the upper quartile of our peer group. In

accordance with the key principle of pay for performance, we have

rebalanced the package with a higher proportion of variable pay and long-

term performance than before, and a simpler and more transparent pay

structure that allows direct comparison with peers. The focus on

outperformance, with more upside pay opportunity in return for delivery

against ambitious targets, is consistent with our strategy. The intention is to

balance the realities of the global talent market while recognising the

corporate governance expectations of a FTSE-listed business.

We have made significant changes to Unilever over the past year:

the appointment of a new CEO and CFO, the sharpening of our strategy

and culture to include a stronger focus on the US market, the demerger of

our Ice Cream business, and responding to heightened global competition

for senior talent. This represents a natural and appropriate inflection point to

reset our remuneration framework to fully support the delivery of superior

performance.

We believe our new Policy will equip us with the right remuneration tools to

serve our global business effectively, incentivise the delivery of our strategic

objectives and drive top-third shareholder returns.

**NON-EXECUTIVE DIRECTOR FEES**

Following a detailed review, the Committee decided to increase the Chair

fee by 10% to £800,000 per year, effective 1 April 2026. This is market-

competitive versus the FTSE 30, recognising that the size of Unilever

is considerably above the upper quartile of this group.

Personally, and on behalf of the Committee and the entire Board, I would

like to thank all shareholders who shared their perspectives on our

proposals, as well as those who provided feedback on last year's Directors'

Remuneration Report and the subsequent vote. We have taken this

feedback into account in designing our Policy proposals and in the way pay

was implemented over the past year. We will continue to seek out and listen

to your views to help us shape what is right for the business, now and over

the long term.

Thank you for your valued input and support.

**Susan Kilsby**

Chair of the Remuneration Committee

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 83 |

---

DIRECTORS' REMUNERATION REPORT<br>

**Committee summary**

**COMMITTEE MEMBERS AND ATTENDANCE** 

---

| | |
|:---|:---|
| | **Attendance** |
| **Susan Kilsby** <br>(Chair from 1 May 2025)<br>| 2/2 |
| **Andrea Jung** <br>(Chair until 30 April 2025)<br>| 3/3 |
| **Judith McKenna** | 5/5 |
| **Ian Meakins** | 5/5 |
| **Nelson Peltz** | 5/5 |

---

This table shows the membership of the Remuneration Committee

together with their attendance at scheduled meetings during 2025.

Attendance is expressed as the number of meetings attended out of

the number eligible to attend.

The Committee is comprised of four Non-Executive Directors, including

Andrea Jung as Chair until 30 April 2025 and Susan Kilsby from 1 May

2025. Other attendees at Committee meetings in 2025 included the

Committee Secretary, Chief Executive Officer, Chief Financial Officer,

Chief People Officer, Interim Head of Reward, Chief Reward Officer,

EVP Strategy & Performance, Head of Executive Compensation, Chief

Corporate Affairs & Sustainability Officer, Chief R&D Officer, and

advisers to the Committee (see below).

No individual Executive Director was present when their own

remuneration was being determined, to ensure there was no conflict of

interest.

**ROLE OF THE COMMITTEE**

The Committee's remit is to determine the remuneration and benefits

of the Directors and other members of the Unilever Leadership

Executive. It also has responsibility for the design and terms of all-

employee share-based incentive plans and Executive cash- or share-

based incentive plans. Finally, it sets the Remuneration Policy for, and

is responsible for the performance evaluation of, the Unilever

Leadership Executive and Executive Directors.

The Committee's terms of reference are contained within

'The Governance of Unilever', which is available on our website.

As part of the independent Board evaluation carried out in 2025, the

performance of the Committee was assessed. Following this

evaluation, the Committee noted the positive development of

the Committee under its new Chair, including the improvements in

process and structure. Discussions in Committee meetings were

observed to be open and robust. Overall, the Committee members

concluded that the Committee is performing effectively, with the

opportunity for continuous improvement in the way in which

management papers are presented for consideration.

**ACTIVITIES OF THE COMMITTEE**

During 2025, the Committee met eight times and its activities included:

■determining the annual bonus outcome for 2024;

■determining the result of the 2022–2024 Performance Share Plan

(PSP) awards for the CFO, former Executive Directors, and the

Unilever Leadership Executive (ULE);

■assessing Sustainability Progress Index (SPI) performance

outcomes and setting measures and targets together with the

Corporate Responsibility Committee (CRC);

■determining the remuneration terms for the outgoing CEO and the

promotion of the CFO as his successor in March 2025;

■determining the remuneration terms for the appointment of the new

CFO in September 2025;

■reviewing the impact of the demerger of our Ice Cream business on

outstanding incentive awards and other remuneration matters;

■setting the 2026 annual bonus and 2026–2028 PSP performance

measures and targets;

■reviewing the Directors' Remuneration Policy; and

■reviewing the remuneration context for the wider workforce.

**ADVISERS**

While it is the Committee's responsibility to exercise independent

judgement, it requests advice from management and professional

advisers, as appropriate, to ensure its decisions are fully informed

given the internal and external environment.

PricewaterhouseCoopers LLP (PwC) was appointed by the Committee

to provide independent advice on various matters. During 2025, the

wider PwC network firms have also provided other tax and consultancy

services to Unilever, including tax compliance and other tax-related

services, cyber security and IT services, and merger and acquisition

and wider advisory support. PwC is a member of the Remuneration

Consultants Group and, as such, voluntarily operates under

the Remuneration Consultants Group's code of conduct in relation to

executive remuneration consulting in the UK, which is available at

www.remunerationconsultantsgroup.com.

Given that PwC operates under this code, the Committee is satisfied

that the advice of the PwC engagement partner and team was

objective and independent. They do not have connections with

Unilever that might impair their independence. The Committee

reviewed the potential for conflicts of interest and judged that there

were appropriate safeguards against such conflicts. In addition, the

Committee conducts annual reviews with each Executive Director and

member of the ULE to ensure there are no personal conflicts. The fees

paid to PwC in relation to advice provided to the Committee in the year

to 31 December 2025 were £209,700. This figure is calculated based

on time spent and expenses incurred for the majority of advice

provided, but on occasion, for specific projects, a fixed fee may be agreed.

---

| | | |
|:---|:---|:---|
| 84 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**2025 remuneration at a glance** 

**EXECUTIVE DIRECTOR REMUNERATION IN 2025**

Fernando Fernandez (CFO to 28 February 2025; CEO from 1 March 2025)

![25](ul-20251231_g87.gif)

Srinivas Phatak (CFO from 16 September 2025)

![311](ul-20251231_g88.gif)

All figures in the table are in €'000.

The CEO chart includes fixed pay and actual bonus paid to Fernando Fernandez for both his role as CFO (1 January 2025 to 28 February 2025) and as

CEO (from 1 March 2025). The actual PSP value relates to awards granted prior to his appointment to the Board.

The CFO chart includes fixed pay and actual bonus paid to Srinivas Phatak, pro-rated to reflect his time as CFO (from 16 September 2025). The

actual PSP value relates to awards granted prior to his appointment to the Board.

**2025 Annual Bonus Outcome**

Performance against the targets for each of the measures is set out below. All target ranges are structured on a linear basis between steps from

threshold up to maximum.

Threshold0

%

Target<sup>(b)</sup>

100%

Maximum

150%

Interval

50%

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance measure** | **Weighting** |  |  |  | **Outcome** <br>**% of target**<br>|
| Underlying sales growth at constant FX rates <br>(USG)<br>| 40% | 1.5% | 4.5% | 6.0% | 71% |
| Underlying operating profit growth less restructuring <br>costs at current FX rates (UOP)<sup>(a)</sup><br>| 30% | —% | 4.6% | 8.1% | 26% |
| Free cash flow (FCF) at current FX rates<sup>(c)</sup> | 30% | €5.3bn | €6.2bn | €6.7bn | 113% |
| **Formulaic outcome** |  |  |  |  | **70%** |

---

**Actual**<sup>(b)</sup>

![37](ul-20251231_g89.gif)

3.6%

![1](ul-20251231_g90.gif)

3.0%

0.7%

1.3%

€6.3bn

€5.7bn

**70%**

(a)UOP less restructuring refers to the measurement of profit incorporating restructuring investments, meaning that the level of restructuring spend directly impacts the performance

measurement of management.

(b)The impact of the demerger of our Ice Cream business on targets and actuals for 2025 has been set out on the next page.

(c)FCF targets and actuals exclude the impact of cash taxes paid on disposals and India GST payments and refunds.

**2023–2025 Performance Share Plan Outcome**

Performance against the targets for each of the measures is set out below. All target ranges are straight line between threshold and maximum.

Maximum

200%

Threshold

0%

Target<sup>(a)</sup>

100%

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Performance measure** | **Weighting** |  |  | **Outcome**<br>**% of target**<br>|
| Competitiveness: % business winning | 25% | 45% | 60% | 39% |
| Cumulative free cash flow (€bn) (current FX <br>rates excluding cash tax on disposal)<br>| 25% | €15.3bn | €21.3bn | 160% |
| Underlying return on invested capital (ROIC) <br>(exit year %)<br>| 25% | 14.8% | 18.8% | 200% |
| Sustainability Progress Index (Committee <br>assessment of SPI progress)<br>| 25% | —% | 200% | 140% |
| **Formulaic outcome** |  |  |  | **135%** |

---

**Actual**<sup>(a)</sup>

![155](ul-20251231_g91.gif)

48.0%

![13](ul-20251231_g92.gif)

€20.1bn

19.0%

140%

**135%**

(a)The impact of the demerger of our Ice Cream business on targets and actuals for 2025 has been set out on the next page.

Malus and clawback provisions were not applied to Executive Director remuneration during the year ended 31 December 2025.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 85 |

---

DIRECTORS' REMUNERATION REPORT<br>

**Impact of Ice Cream demerger**

Targets for 2026 incentive awards and beyond have been set based on the remaining Unilever business excluding Ice Cream, unless otherwise

stated.

For in-flight awards, targets have been adjusted to reflect the impact of the demerger of our Ice Cream business in a fair and proportionate way,

and to ensure targets retained an equivalent stretch as they did when originally set. This means that sales and profit measures include

Ice Cream to the point of separation and exclude thereafter to measure growth on a like-for-like basis, while for FCF and ROIC, Ice Cream has

been excluded from targets and actuals for 2025 to reflect the actual balance sheet position. It is the Committee's view that this approach is the

most appropriate way to assess performance on a like-for-like basis.

---

| | | |
|:---|:---|:---|
| | **Adjustment to targets** | **Treatment in actuals** |
| **2025 annual bonus** |  |  |
| Underlying sales growth at constant FX rates (USG) | No | Includes Ice Cream until November 2025; <br>2024 adjusted to remove December 2024 Ice Cream <br>result<br>|
| Underlying operating profit growth less restructuring <br>costs at current FX rates (UOP)<br>| No | Includes Ice Cream until November 2025; <br>2024 adjusted to remove December 2024 Ice Cream <br>result<br>|
| Free cash flow (FCF) at current FX rates | Yes – the target range was adjusted downwards by <br>€0.2bn to remove Ice Cream for 2025<br>| Excludes Ice Cream |
| **2023 – 2025 PSP** |  |  |
| Competitiveness: % business winning | No | Includes Ice Cream |
| Cumulative free cash flow (€bn) (current FX rates <br>excluding cash tax on disposal)<br>| Yes – the target range was adjusted downwards by <br>€0.2bn to remove Ice Cream for 2025<br>| Includes Ice Cream for 2023–2024; excludes <br>Ice Cream for 2025<br>|
| Underlying return on invested capital (ROIC) (exit <br>year %)<br>| Yes – each year after 2024 that was set including Ice <br>Cream was adjusted upward by 80bps to exclude Ice <br>Cream<br>| Excludes Ice Cream |
| Sustainability Progress Index (SPI) | No | Includes Ice Cream |
| **2024 – 2026 PSP** |  |  |
| Underlying return on invested capital (ROIC) average | Yes – each year after 2024 that was set including Ice <br>Cream was adjusted upward by 80bps to exclude Ice <br>Cream. The average of three years moves the target <br>range up by 50bps<br>| Excludes Ice Cream |
| **2025 – 2027 PSP** |  |  |
| Underlying return on invested capital (ROIC) average | Yes - each year after 2024 that was set including Ice <br>Cream was adjusted upward by 80bps to exclude Ice <br>Cream. The average of three years moves the target <br>range up by 30bps<br>| Excludes Ice Cream |

---

---

| | | |
|:---|:---|:---|
| 86 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**2026 remuneration at a glance**

**KEY CHANGES UNDER 2026 REMUNERATION POLICY**

■Fixed pay separated into base salary and pension allowance, with incentives calculated on base salary element only

■Annual bonus maximum opportunity set at 2x target

■Bonus deferral retained (50% of bonus deferred into shares for three years), but no deferral once shareholding requirement met

■Increase to target and maximum PSP opportunity; total target compensation positioned at the median of the global peer group

■Shareholding requirement increased to match higher maximum long-term incentive opportunity; removal of five-year deadline; all vested PSP

awards held until shareholding requirement met

■Malus triggers broadened and clawback triggers aligned to mirror the expanded malus triggers

**Implementation of the new Remuneration Policy for Executive Directors**

---

| | | |
|:---|:---|:---|
| **Elements of** <br>**remuneration**<br>| **Summary of Policy for Executive Directors** | **Implementation in 2026** |
| **Base salary** | ■Paid in cash  | Effective 1 January 2026:<br>■CEO (Fernando Fernandez): €1,621,622<br>■CFO (Srinivas Phatak): €1,058,559<br>|
| **Pension** | ■Eligible to participate in the Group's defined contribution plan or receive a cash allowance in lieu of pension | ■Eligible to participate in the Group's defined contribution plan or receive a cash allowance in lieu of pension |
| **Benefits** | ■Include death, disability and medical benefits, Directors' liability insurance and actual tax return preparation costs; Other benefits may be <br>provided in the future where it is considered necessary by the Committee and/or required by legislation | ■Include death, disability and medical benefits, Directors' liability insurance and actual tax return preparation costs; Other benefits may be <br>provided in the future where it is considered necessary by the Committee and/or required by legislation |
| **Annual bonus** | ■Maximum opportunity: 300% of base salary<br>■Business performance multiplier of between 0% and 200% <br>of target amount<br>■50% of net bonus deferred into shares for three years until the <br>shareholding requirement is met<br>■Dividend equivalents may be earned<br>■Subject to clawback, malus, recovery, ultimate remedy and <br>discretion provisions<br>| **Target/Maximum award:** <br>■CEO: 150%/300% of base salary<br>■CFO: 120%/240% of base salary<br>**Performance measures:**<br>■Underlying sales growth (USG) at constant FX: 40% <br>■Underlying operating profit (UOP) growth less restructuring costs at <br>current FX: 30%<br>■Free cash flow (FCF) at current FX: 30%<br>|
| **Performance Share** <br>**Plan (PSP)**<br>| ■Maximum opportunity: 700% of base salary<br>■50% of maximum vests at target<br>■Vests after three years, with additional two-year retention period<br>■Dividend equivalents may be earned to the extent that the award <br>vests, and in respect of the retention period<br>■Subject to clawback, malus, recovery, ultimate remedy and <br>discretion provisions<br>| **Target/Maximum award:**<br>■CEO: 350%/700% of base salary<br>■CFO: 300%/600% of base salary<br>**Performance measures:**<br>■Underlying sales growth (USG) at constant FX: 25% <br>■Relative total shareholder return (TSR) versus bespoke peer group: <br>30% <br>■Underlying return on invested capital (ROIC): 30%<br>■Sustainability Progress Index: 15%<br>|
| **Malus and** <br>**clawback** | Malus (adjustment before bonus is paid or share award vests) applies during the three-year deferral/vesting period for deferred bonuses/PSP <br>awards respectively. <br>Clawback (recovery of bonus already paid or share award already delivered) can be applied for up to three years from the bonus payment <br>date/deferred bonus share award, and up to two years from vesting or the start of any retention period (whichever is later) for PSP awards.<br>Malus and clawback triggers include: | Malus (adjustment before bonus is paid or share award vests) applies during the three-year deferral/vesting period for deferred bonuses/PSP <br>awards respectively. <br>Clawback (recovery of bonus already paid or share award already delivered) can be applied for up to three years from the bonus payment <br>date/deferred bonus share award, and up to two years from vesting or the start of any retention period (whichever is later) for PSP awards.<br>Malus and clawback triggers include: |
| **Malus and** <br>**clawback** | Downward restatement of results |  |
| **Malus and** <br>**clawback** | Error in calculation or misleading data or corporate failure |  |
| **Malus and** <br>**clawback** | Material failure of risk management resulting in financial loss |  |
|  | Gross misconduct/negligence |  |
|  | Material breach of Unilever's Code of Business Principles, any Unilever Code Policy, employee contract or expected standards | Material breach of Unilever's Code of Business Principles, any Unilever Code Policy, employee contract or expected standards |
|  | Breach of restrictive covenants |  |
|  | Conduct by the individual that results in significant losses or serious reputational damage to Unilever or materially adverse to the interests <br>of the Group | Conduct by the individual that results in significant losses or serious reputational damage to Unilever or materially adverse to the interests <br>of the Group |

---

**Illustration of remuneration delivery timeframes**

The timeframe for each element of remuneration is outlined below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Performance year** | **'+1 year** | **'+2 years** | **'+3 years** | **'+4 years** |
| **Base salary** |  |  |  |  |  |
| **Pension and benefits** |  |  |  |  |  |
| **Annual bonus** | **Performance** <br>**period**<br>| **Deferral period** | **Deferral period** | **Deferral period** |  |
| **PSP** | **Performance period** | **Performance period** | **Performance period** | **Retention period** | **Retention period** |
| **Malus & clawback** | **Malus & clawback period** | **Malus & clawback period** | **Malus & clawback period** | **Malus & clawback period** | **Malus & clawback period** |

---

![](ul-20251231_g93.gif)

![](ul-20251231_g94.gif)

50% of bonus paid in cash and 50% deferred into shares held for three years. 100% of bonus paid in cash once minimum shareholding requirement is achieved.

PSP vests after three years and is released after a further two-year retention period.

![](ul-20251231_g95.gif)

![](ul-20251231_g96.gif)

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 87 |

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DIRECTORS' REMUNERATION REPORT<br>

**Directors' Remuneration Policy 2026**

**POLICY REPORT**

The following sets out our new Directors' Remuneration Policy. It fundamentally continues our existing policy, with some key proposed updates to

how the policy is implemented, which are discussed below.

The new Remuneration Policy will be presented for approval by shareholders at the 2026 AGM and, if approved, will apply to payments made after

that date. It will replace the existing Remuneration Policy in its entirety. It is intended that the new Remuneration Policy will apply for three years,

although the Committee may seek approval for a new policy earlier if it is considered appropriate. The supporting information section provides the

rationale for updates to the existing Remuneration Policy, where appropriate, as well as some information as to any changes to our approach to

implementation. Remuneration payments and payments for loss of office to Directors can only be made if they are consistent with the approved

Remuneration Policy, or if an amendment to that Policy authorising the payment has been approved by shareholders.

**Legacy arrangements**

For the duration of this new Remuneration Policy, entitlements arising before its adoption will continue to be honoured in line with the approved

Remuneration Policy under which they were granted, or their contractual terms.

Awards granted under a previous Remuneration Policy will continue to operate under the terms of that policy and the relevant plan rules. Further

details of the terms of the awards made are included in the Directors' remuneration reports for their respective years. This provision will cease to

apply once all of these awards have vested, been exercised or been forfeited as appropriate, as per the relevant policy and plan rules. Additional

details are set out below. The Committee reserves the right to make any remuneration payments and payments for loss of office (including

exercising any relevant discretions), notwithstanding that they are not in line with the new Remuneration Policy. This applies where the terms of

the payment were agreed before the new Remuneration Policy came into effect, or at a time when the relevant individual was not a Director of

Unilever and, in the opinion of the Committee, the payment was not in consideration for the individual becoming a Director of Unilever. For these

purposes, 'payments' include the Committee satisfying awards of variable remuneration and, in relation to an award over shares, the terms of the

payment are 'agreed' at the time the award is granted.

---

| | |
|:---|:---|
| **Base salary** | |
| Purpose and link to strategy<br>Supports the recruitment and retention of Executive Directors of the <br>calibre required to implement our strategy. Reflects the individual's <br>skills, experience, performance and seniority within the Group, and the <br>size and complexity of the role.<br>Operation<br>Set by the Board on the recommendation of the Committee <br>and generally reviewed once a year, with any changes usually <br>effective from 1 January (although changes may be made at any other <br>time if the Committee considers that is appropriate). Base salary is <br>paid in cash and is generally paid monthly. Base salary is set at an <br>appropriate level to attract and retain Executive Directors of the <br>required calibre, taking into account:<br>■our policy generally to pay total compensation at around the median <br>of an appropriate peer group of other global consumer companies of <br>a similar financial size and complexity to Unilever;<sup>(a)</sup><br>■the individual's skills, experience and performance;<br>■the size and complexity of the role;<br>■the individual's time in role; and<br>■pay and conditions across the wider organisation.<br>| Performance measures<br>n/a<br>Opportunity<br>Any increases will normally be in line with, or below, the range <br>of increases awarded to other employees within the Group. Increases <br>may be above this level, or applied more frequently, in certain <br>circumstances, such as:<br>■where there is, in the Committee's opinion, a significant change in <br>an Executive Director's scope or role;<br>■where a new Executive Director has been appointed to the Board at <br>a rate lower than the typical market level and becomes established <br>in the role; and<br>■where it is considered necessary to reflect significant changes in <br>market practice.<br>The maximum aggregate increase for the current Executive Directors <br>during the time in which this policy applies will be no higher than 25% <br>for each Executive Director. <br>Supporting information<br>The only change to the previous Remuneration Policy is to split the <br>previous consolidated fixed pay element into separate base salary and <br>pension elements.<br>|

---

(a)The global pay benchmarking peer group includes Anheuser-Busch InBev, Beiersdorf, British American Tobacco, Coca-Cola, Colgate-Palmolive, Danone, Diageo, Haleon, Heineken,

Henkel, Kimberly-Clark, Kraft Heinz, L'Oréal, LVMH, Mondelēz, Nestlé, PepsiCo, Pernod Ricard, Procter & Gamble, and Reckitt Benckiser. The peer group used for pay benchmarking

purposes is reviewed regularly and companies are added and/or removed at the Committee's discretion to ensure that it remains appropriate. The peer group for 2026 remains unchanged

from previous years.

---

| | | |
|:---|:---|:---|
| 88 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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DIRECTORS' REMUNERATION REPORT<br>

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| | |
|:---|:---|
| **Pension** | |
| Purpose and link to strategy<br>Provides retirement benefits to Executive Directors.<br>Operation<br>Executive Directors are eligible to participate in the Group's defined <br>contribution plan or receive a cash allowance in lieu of employer's <br>pension contributions.<br>| Opportunity<br>The maximum pension opportunity for Executive Directors will be no <br>higher than the default employer pension contribution for all <br>employees in the location the Executive Director is based. For the UK, <br>this is currently 11% of base salary.<br>Performance measures<br>n/a<br>Supporting information<br>This is a new section compared to the previous Remuneration Policy. <br>Previously, a separate pension value was not provided because it was <br>incorporated within fixed pay. <br>|
| **Benefits** |  |
| Purpose and link to strategy<br>Provides certain benefits on a cost-effective basis to aid attraction and <br>retention of Executive Directors.<br>Operation<br>Benefits include provision of death, disability and medical benefits, <br>Directors' liability insurance and actual tax return preparation costs. <br>Other benefits may be provided in the future where it is considered <br>necessary by the Committee and/or required by legislation. In the <br>event that Unilever were to require an existing or new Executive <br>Director to relocate, Unilever may pay appropriate relocation <br>allowances for a specified time period of no more than three years. <br>This may cover costs such as (but not limited to) relocation, cost of <br>living, housing benefit, home leave, tax and social security equalisation <br>and education assistance. Executive Directors are entitled to <br>participate on the same terms as all UK employees in the Unilever <br>PLC ShareBuy Plan.<br>| Opportunity<br>Based on the cost to Unilever of providing the benefit and dependent <br>on individual circumstances. Relocation allowances <br>– the level of such benefits would be set at an appropriate level by the <br>Committee, taking into account the circumstances of the individual and <br>typical market practice. Awards under the all-employee Unilever PLC <br>ShareBuy Plan may be up to HMRC-approved limits. The only change <br>in the value of the current benefits (for single figure purposes) will <br>reflect changes in the costs of providing those benefits. <br>Performance measures<br>n/a<br>Supporting information<br>There are no changes relative to the previous Remuneration Policy.<br>|
| **Annual bonus** |  |
| Purpose and link to strategy<br>Incentivises year-on-year delivery of short-term financial, strategic and <br>operational objectives selected to support our annual business <br>strategy and the ongoing enhancement of shareholder value. The <br>ability to recognise performance through annual bonus enables us to <br>manage our cost base flexibly and react to events and market <br>circumstances.<br>Operation<br>Each year, the Executive Directors may have the opportunity <br>to participate in the annual bonus plan. The Executive Directors are <br>set a target opportunity that is assessed against the business <br>performance multiplier of up to 200% of target opportunity at the end of <br>the year. Executive Directors are required to defer 50% of their bonus <br>into shares or share awards for three years, until they have met the <br>shareholding requirement, after which point the annual bonus may be <br>paid fully in cash. Deferred bonus awards can earn dividends or <br>dividend equivalents during the vesting period and may be satisfied in <br>cash and/or shares. Deferral may be effected under the Unilever <br>Share Plan 2017, or by such other method as the Committee <br>determines. Recovery, discretion, ultimate remedy, malus and <br>clawback provisions apply (see details on page [89](#ic94644a8f2ec43789b40fe914bc2d395_16980)).<br>Opportunity<br>The maximum annual bonus opportunity under this Policy is 300% of <br>base salary. The normal target bonus opportunity is 50% of maximum. <br>Achievement of threshold performance normally results in a payout of <br>0% of the maximum opportunity.<br>| Performance measures<br>The business performance multiplier is based on a range of business <br>metrics set by the Committee on an annual basis to ensure they are <br>appropriately stretching for the delivery of threshold, target and <br>maximum performance. <br>These performance measures may include underlying sales growth <br>(USG), underlying operating profit (UOP) growth (less restructuring <br>costs) and free cash flow (FCF), along with any other measures <br>chosen by the Committee, as appropriate. The Committee also sets <br>the weightings of the respective metrics on an annual basis. <br>The Committee has discretion to adjust the formulaic outcome of the <br>business performance multiplier, if it believes this better reflects the <br>underlying performance of Unilever. In any event, the overall business <br>performance multiplier will not exceed 200% of target. The use of any <br>discretion will be fully disclosed in the Directors' Remuneration Report <br>for the year to which discretion relates. <br>The Committee may introduce non-financial measures in the future, <br>subject to a minimum of 70% of targets being financial in nature. <br>Performance is normally measured over the financial year. <br>Supporting information<br>The maximum opportunity has been increased to 300% of base salary, <br>with target opportunity as a % of salary remaining the same as under <br>the current Remuneration Policy. The target bonus opportunity has <br>been reduced from 67% to 50% of maximum, linked to base salary <br>instead of the higher fixed pay amount that applied under the previous <br>Remuneration Policy.<br>|

---

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| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 89 |

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DIRECTORS' REMUNERATION REPORT<br>

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| | |
|:---|:---|
| **Performance Share Plan (PSP)** | |
| Purpose and link to strategy<br>Incentivises delivery of long-term financial, strategic and operational <br>objectives of the Company and aligns the experience of shareholders <br>and the Executive Directors. Rewards performance of the Executive <br>Directors while controlling costs due to pre-determined performance <br>measures and a maximum outcome. Also acts as a retention tool given <br>PSP awards vest after three years.<br>Operation<br>Under the PSP, the Executive Directors are granted rights to receive <br>free shares on vesting (awards), which normally vest after three years, <br>to the extent performance conditions (see performance measures <br>section on the right) are achieved. Upon vesting, the Executive <br>Directors normally have an additional two-year retention period (during <br>which shares cannot be sold) such that there is a five-year duration <br>between the grant of the award and release of the shares. Clawback, <br>malus, recovery, ultimate remedy and discretion provisions apply (see <br>details below).<br>Opportunity<br>The maximum annual grant available under this Policy to each <br>Executive Director in any given year is 700% of base salary. At target, <br>50% of maximum vests. 0% of the award will vest for below threshold <br>performance. <br>The amount payable for threshold performance will be disclosed for <br>each metric in the relevant Directors' Remuneration Report. Dividend <br>equivalents may be earned (in cash or additional shares) on the award <br>when and to the extent that the award vests. Dividends or dividend <br>equivalents will also be payable in respect of dividends paid during the <br>retention period.<br>| Performance measures<br>The Committee sets performance measures for each PSP award. <br>These will be assessed over the three financial years starting with the <br>financial year in which the award is granted. <br>The performance measures for the PSP grants in 2026 will be: <br>■Underlying sales growth (USG) (25%)<br>■Relative total shareholder return (TSR) (30%)<br>■Average underlying return on invested capital (ROIC) (30%); and <br>■Sustainability Progress Index (SPI) (15%). <br>The Committee retains the discretion to change these measures and/<br>or weighting for future grants, based on strategic priorities for Unilever <br>at that time. The Committee will ensure that the targets set are <br>appropriately rigorous for the delivery of threshold, target and <br>maximum performance. <br>The Committee retains the discretion to adjust the formulaic outcome <br>of these performance measures to reflect its assessment of the <br>underlying long-term performance. The use of any discretion will be <br>fully disclosed and explained in the Directors' Remuneration Report for <br>the year to which discretion relates.<br>Supporting information<br>The maximum opportunity has been increased to 700% of base salary.<br>|

---

**Clawback, malus, recovery, ultimate remedy and discretion**

Clawback:

Clawback is the recovery of payments made under the annual bonus (including deferred bonus shares) or vested PSP awards. The Committee

may decide to apply clawback for up to three years from the bonus payment date/award of deferred bonus shares, and up to two years from

vesting or the start of any retention period (whichever is later) for PSP awards.

Clawback may apply to all or part of a participant's payment or award and may be effected, among other means, by reducing outstanding

awards, or requiring the return of the net value of vested awards/bonus to Unilever.

Malus:

Malus is the adjustment of bonus, unvested deferred bonus awards or unvested PSP awards. The Committee may apply malus to reduce an

award or determine that it will not vest or only vest in part.

Malus applies to deferred bonus awards during the three-year deferral period and to unvested PSP awards during the vesting period and

retention period. The annual bonus will also be subject to malus on the same grounds as apply for deferred bonus awards and unvested PSP

awards. This power is an addition to the normal discretion to adjust awards and the additional sustainability test outlined in the policy table.

Clawback and Malus triggers:

Clawback and malus may be applied in the event of any of the following:

■a significant downward restatement of the financial results of Unilever;

■error in calculation or misleading data or corporate failure;

■the Group suffering a material failure of risk management resulting in financial loss;

■gross misconduct or gross negligence;

■material breach of Unilever's Code of Business Principles, any of the Unilever Code Policies, the employee's contract or standards reasonably

expected of a person in their position;

■breach of restrictive covenants by which the individual has agreed to be bound, or conduct by the individual which results in significant losses

or serious reputation damage to Unilever or is materially adverse to the interests of the Group; and

■other exceptional circumstances which the Company considers justify and/or require the operation of malus and/or clawback.

Malus and clawback may be applied in respect of any variable remuneration at any time, even where the variable remuneration does not relate to

performance for the year in which the trigger event occurred or came to light. The malus and clawback periods are purposefully designed to align

with respective deferral, vesting and holding periods. These are considered appropriate timeframes to review whether any trigger events have

occurred under the malus and clawback provisions.

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| | | |
|:---|:---|:---|
| 90 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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DIRECTORS' REMUNERATION REPORT<br>

Recovery:

Recovery applies to payments of variable remuneration which have been made in error as a result of a required accounting restatement.

The Committee may require repayment of any amount of erroneously awarded variable remuneration in the event Unilever is required to prepare

an accounting restatement due to material non-compliance with a financial reporting requirement under securities law in the United States. Any

recovery will be in accordance with the Unilever Recovery Policy.

Ultimate remedy:

PSP awards are subject to ultimate remedy. Upon vesting of an award, the Committee shall have the discretionary power to adjust the value of the

award if the award, in the Committee's opinion taking all circumstances into account, produces an unfair result. In exercising this discretion, the

Committee may take into account Unilever's performance against non-financial measures.

These powers are in addition to the normal discretion to adjust awards.

Ultimate remedy, malus and clawback will not apply to an award which has been exchanged following a change of control, and clawback will not

apply where an award vests on a change of control.

Committee discretion to amend targets/measures:

For PSP awards and annual bonus, the Committee may change a performance measure or target (including replacing a measure) in accordance

with the award's terms or if anything happens which causes the Committee reasonably to consider it appropriate to do so. The Committee may

also adjust the number or class of shares subject to PSP and deferred bonus awards if certain corporate events (e.g. rights issues) occur.

The Committee will continue to review targets on all unvested awards in the event of any material acquisitions or disposals that were not included

in the financial plan, or were not anticipated at the time of target setting. The Committee may make adjustments if deemed appropriate to ensure

that all targets remain relevant and equally stretching in light of any M&A activity, other corporate events, or any other event the Committee

considers to be material, that was not foreseen at the time of target setting.

**Minimum shareholding requirement**

The remuneration arrangements applicable to our Executive Directors require them to build and retain a personal shareholding in Unilever to

align their interests with those of Unilever's long-term shareholders. The requirement under the new Remuneration Policy has been increased to

align with the maximum PSP opportunity at 700% of base salary for the CEO and 600% of base salary for the CFO.

All shares beneficially owned and any awards not subject to performance conditions (but, for example, subject to retention or deferral periods)

count towards the shareholding requirement (on an estimated net of tax basis if tax is expected to be payable). Executive Directors will be

required to retain all shares vesting from any share awards (net of any sales to cover tax) until their minimum shareholding requirements have

been met in full.

Any Executive Director who leaves employment is required to maintain 100% of their minimum shareholding requirement for two years after

leaving. These shares will be held in the Company nominee vested accounts. If the leaver has not yet met their shareholding requirements on

departure, they will be required to retain the shares they do own up to these limits. The Committee can waive this requirement in certain

exceptional personal circumstances (e.g. death, disability, ill health).

When calculating an Executive Director's personal shareholding, the following methodology is used:

■base salary at the date of measurement;

■shares in Unilever PLC will qualify provided they are personally owned by the Executive Director, by a member of their immediate family, or by

certain corporate bodies, trusts or partnerships, as required by law from time to time (each a 'connected person');

■shares or entitlements to shares that are subject only to the Executive Director remaining in employment will qualify on a net of tax basis

(including deferred bonus awards); and

■shares awarded on a conditional basis will not qualify until the moment of vesting (i.e. once the precise number of shares is fixed after the

vesting period has elapsed).

**Remuneration scenarios: our emphasis on performance-related pay**

As set out under the new Remuneration Policy, the total remuneration package for the Executive Directors should be competitive with other

global companies, and a significant proportion of pay should be at risk and subject to stretching performance conditions.

The Committee takes into account the impact of different performance scenarios when determining the remuneration opportunity and payouts for

Executive Directors, and believes the level of remuneration is appropriate for the level of performance delivered and the value that would be

delivered to shareholders.

The following charts show the hypothetical value of Executive Director remuneration in the first full year of the new Remuneration Policy,

assuming below threshold, target and maximum performance scenarios.

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| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 91 |

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DIRECTORS' REMUNERATION REPORT<br>

**CEO: FERNANDO FERNANDEZ**

![10881](ul-20251231_g97.gif)

100%

**€1.9m**

24%

19%

57%

**€10.0m**

10%

27%

63%

**€18.1m**

8%

20%

72%

**€23.8m**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **€0m** | **€2m** | **€4m** | **€6m** | **€8m** | **€10m** | **€12m** | **€14m** | **€16m** | **€18m** | **€20m** | **€22m** | **€24m** |

---

**CFO: SRINIVAS PHATAK**

![10904](ul-20251231_g98.gif)

100%

**€1.2m**

**€5.6m**

21%

23%

56%

**€10.1m**

12%

25%

63%

**€13.3m**

72%

9%

19%

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **€0m** | **€2m** | **€4m** | **€6m** | **€8m** | **€10m** | **€12m** | **€14m** | **€16m** |

---

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| | | |
|:---|:---|:---|
| **Details of fixed elements of remuneration for CEO and CFO and assumptions for scenario charts** | **Details of fixed elements of remuneration for CEO and CFO and assumptions for scenario charts** | **Details of fixed elements of remuneration for CEO and CFO and assumptions for scenario charts** |
| Fixed remuneration | Assumptions as follows (for actual Executive Director pay details, please see the Directors' Remuneration <br>Report below):<br>■Base salary for CEO effective from 1 January 2026 = €1,621,622.<br>■Base salary for CFO effective from 1 January 2026 = €1,058,559.<br>■Pension is 11% of base salary or €178,378 for the CEO and €116,441 for the CFO.<br>■Estimated benefits are €105,174 for CEO and €26,013 for the CFO based on the value reported for <br>2025, excluding one-off relocation or localisation costs, annualised for a full year.  | Assumptions as follows (for actual Executive Director pay details, please see the Directors' Remuneration <br>Report below):<br>■Base salary for CEO effective from 1 January 2026 = €1,621,622.<br>■Base salary for CFO effective from 1 January 2026 = €1,058,559.<br>■Pension is 11% of base salary or €178,378 for the CEO and €116,441 for the CFO.<br>■Estimated benefits are €105,174 for CEO and €26,013 for the CFO based on the value reported for <br>2025, excluding one-off relocation or localisation costs, annualised for a full year.  |
| Variable remuneration | Below threshold  | No 2026 annual bonus payout and no vesting under the PSP.  |
|  | On target | Target payout of the 2026 annual bonus (150% of base salary for the <br>CEO and 120% of base salary for the CFO). 50% of the bonus would be <br>deferred for three years (unless the minimum shareholding requirement <br>is achieved).<br>Target vesting of 2026 awards under the PSP (350% of base salary for <br>the CEO and 300% of base salary for the CFO).<br>|
|  | Maximum  | Maximum payout of the 2026 annual bonus (300% of base salary for <br>the CEO and 240% of base salary for the CFO). 50% of the bonus <br>would be deferred for three years (unless the minimum shareholding <br>requirement is achieved).<br>Maximum vesting under 2026 awards under the PSP (700% of <br>base salary for the CEO and 600% of base salary for the CFO).<br>|
|  | Maximum with 50% share price <br>increase<br>| As per maximum above, and in addition shows the impact of a share <br>price increase of 50% from the date of grant to the date of vesting of the <br>PSP award.<br>|
|  | Notes to variable remuneration | Dividends, dividend equivalents and (except as described above) share <br>price movements are ignored for the purposes of the illustrations above.<br>|

---

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| | | |
|:---|:---|:---|
| 92 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

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DIRECTORS' REMUNERATION REPORT<br>

**Approach to target setting**

Performance measures are selected to align with Unilever's short-term performance targets and long-term business strategy objectives. Unilever's

primary business objective is to create value in a sustainable way. Performance measures focus management on the delivery of top-line revenue

growth, bottom-line profit growth and commercially critical sustainability goals, which Unilever believes will build shareholder value over the longer

term and benefit all of our stakeholders. The measures chosen for the incentives will support the delivery of this objective, with distinct measures

for each of the short- and longer-term incentive programmes.

The Committee sets performance targets for incentive plans, taking into account internal budgets, business priorities and external forecasts so

that the targets are sufficiently stretching. Good performance results in target payout, while maximum payout is only achieved for delivering

exceptional performance. More detail on the approach to target setting and the targets determined for 2026 PSP awards is contained in the

Chair's letter on page [81](#i0f05ffd1f6244864875e66376701f5b9_27718) to 82.

---

| | |
|:---|:---|
| **REMUNERATION POLICY FOR NEW HIRES** | **REMUNERATION POLICY FOR NEW HIRES** |
| **Area** | **Policy and operation** |
| Overall | The Committee will pay new Executive Directors in accordance with the approved Remuneration Policy <br>and all its elements as set out above. The terms of service contracts will not be more generous overall <br>than those of the current CEO and CFO, summarised in the 'service contracts' paragraph below. The <br>ongoing annual remuneration arrangements for new Executive Directors will therefore comprise base <br>salary, pension, benefits, annual bonus and PSP. For internal promotions, any variable remuneration <br>element awarded in respect of a prior role may be paid out according to its original terms.<br>|
| Base salary | Base salary would be set at an appropriate level to attract and retain Executive Directors of the required <br>calibre, in line with our Remuneration Policy.<br>|
| Pension and benefits | Pension and benefits provision would be in line with the approved relevant Remuneration Policy. Where <br>appropriate, the Executive Director may also receive relocation benefits or other benefits reflective of <br>normal market practice in their employment location. In addition, the Committee may agree that Unilever <br>will pay certain allowances linked to repatriation on termination of employment.<br>|
| Incentive awards | Incentive awards would be made under the annual bonus and PSP, in line with the relevant Remuneration <br>Policy, and off-cycle PSP awards may be made on hiring for the year of appointment. All incentive awards <br>are subject to the normal maximum as set out in the relevant Remuneration Policy, excluding any buy-out <br>awards (see below).<br>|
| Buy-out awards | The Committee may grant awards to compensate Executive Directors hired from outside Unilever for any <br>bonus or awards they lose by leaving previous employers, broadly on a like-for-like basis. Incoming <br>Executive Directors will be required to retain all shares vesting from any share awards until their minimum <br>shareholding requirements have been met in full. If a buy-out award is required, the Committee would aim <br>to reflect the nature, timing and value of awards forgone in any replacement awards. Awards may be <br>made in cash, shares or any other method as deemed appropriate by the Committee. Where possible, <br>share awards will be replaced with share awards. Where performance measures applied to the forfeited <br>awards, performance measures will be applied to the replacement award, or the award size will be <br>discounted accordingly. In establishing the appropriate value of any buy-out, the Committee would also <br>take into account the value of the other elements of the new remuneration package. The Committee <br>would aim to minimise the cost to Unilever, although buy-out awards are not subject to a formal maximum. <br>Any awards would be broadly no more valuable than those being replaced.<br>|

---

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 93 |

---

DIRECTORS' REMUNERATION REPORT<br>

---

| | |
|:---|:---|
| **SERVICE CONTRACTS**<br>Policy in relation to Executive Director service contracts and payments in the event of loss of office | **SERVICE CONTRACTS**<br>Policy in relation to Executive Director service contracts and payments in the event of loss of office |
| Service contracts and notice <br>period<br>| Current Executive Directors' service contracts are not for a fixed duration but are terminable upon notice <br>(12 months' notice from Unilever, six months' notice from the Executive Director). <br>Starting dates of the service contracts for Executive Directors are:<br>■Fernando Fernandez (CEO): 1 March 2025 (signed on 24 October 2023 as CFO, amended <br>24 February 2025 to reflect CEO appointment from 1 March 2025);<br>■Srinivas Phatak (CFO): 16 September 2025 (signed 18 September 2025).<br>Service contracts are available for shareholders to view at the AGM or on request from the Group <br>Company Secretary. <br>|
| Termination payments | A payment in lieu of notice can be made, to the value of no more than 12 months' base salary, pension <br>and other benefits (unless dictated by applicable law).<br>|
| Other elements | ■The Executive Directors may, at the discretion of the Board, remain eligible to receive an annual bonus <br>for the financial year in which they cease employment. Such annual bonus will be determined by the <br>Committee taking into account time in employment and performance.<br>■Treatment of share awards is as set out in the section on leaver provisions below.<br>■Any outstanding all-employee share arrangements will be treated in accordance with HMRC-approved <br>terms.<br>■Other payments, such as legal or other professional fees, settlement of potential legal claims, <br>repatriation or relocation costs and/or outplacement fees, may be paid if it is considered appropriate. <br>Additional payments may be permitted at the proposal of the Committee if the Committee considers not <br>allowing such a payment would be manifestly unreasonable given the circumstances.<br>■The Committee reserves the discretion to approve gifts to Executive Directors who are retiring or who <br>are considered by the Board to be otherwise leaving in good standing (e.g. those leaving office for any <br>reason other than termination by Unilever or in the context of misconduct). If the value of any gift for <br>any one Executive Director exceeds £5,000, it will be disclosed in the relevant Directors' Remuneration <br>Report. Where a tax liability is incurred on any such gift, the Committee has the discretion to approve <br>the payment of such liability on behalf of the Executive Director in addition to the value of the gift.<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **LEAVER PROVISIONS IN SHARE PLAN RULES** | **LEAVER PROVISIONS IN SHARE PLAN RULES** | | |
|  | **'Good leavers' as determined by the Committee** <br>**in accordance with the plan rules\***<br>| **Leavers in other**<br>**circumstances**<br>| **Change of control** |
| PSP awards | Awards will normally vest following the end of the original <br>performance period, taking into account performance and <br>(unless the Board on the proposal of the Committee <br>determines otherwise) pro-rated for time in employment. <br>Alternatively, the Board may determine that awards shall <br>vest upon termination, based on performance at that time <br>and pro-rated for time in employment (unless the Board <br>on the proposal of the Committee determine otherwise). If <br>an Executive Director dies or leaves due to ill health, <br>injury or disability, awards will normally vest at the time of <br>death or leaving at the target level of vesting (in case of <br>death pro-rated for time in employment if the Executive <br>Director had previously left as a good leaver).<br>| Awards will normally lapse <br>upon termination.<br>| Awards will vest based on <br>performance at the time of <br>the change of control and the <br>Board, on the proposal of the <br>Committee, has the discretion <br>to pro-rate for time. <br>Alternatively, Executive <br>Directors may be required to <br>exchange the awards for <br>equivalent awards over <br>shares in the acquiring <br>company. The retention <br>period of a PSP award will <br>end on a change of control.<br>|
| Deferred bonus awards | Unvested deferred bonus awards will continue in effect <br>and vest on the normal timescale unless the Executive <br>Director is terminated for misconduct or breach of the <br>terms of their employment, unless the Committee decides <br>otherwise.<br>| | Unvested deferred bonus <br>awards vest in full.<br>|

---

\*An Executive Director will usually be treated as a good leaver if they leave due to ill health, injury or disability, retirement with Unilever's agreement, redundancy, or death in service. The

Board may decide to treat an Executive Director who leaves in other circumstances as a good leaver. An Executive Director will not be treated as a good leaver if they choose to leave for

another job elsewhere unless the Board determines otherwise or if they are summarily dismissed. In deciding whether or not to treat an Executive Director as a good leaver, the Board will

have regard to their performance in the role. If Unilever is affected by a demerger, special distribution or other transaction, which may affect the value of awards, the Committee may allow

PSP awards and/or deferred bonus awards to vest early over such number of shares as it shall determine (to the extent any performance measures have been met), and awards may be pro-

rated to reflect the acceleration of vesting at the Committee's discretion.

---

| | | |
|:---|:---|:---|
| 94 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

---

| | |
|:---|:---|
| **NON-EXECUTIVE DIRECTORS' POLICY**<br>Key aspects of Unilever's 2026 fee policy for Non-Executive Directors | **NON-EXECUTIVE DIRECTORS' POLICY**<br>Key aspects of Unilever's 2026 fee policy for Non-Executive Directors |
| Approach to setting fees | Non-Executive Directors receive annual fees from Unilever. The Board determines Non-Executive Director <br>fee levels, which are limited to the aggregate amount permitted by the Company's articles of association, <br>as approved by shareholders from time to time (which is currently €5 million per year). <br>Unilever's policy is to set fees at a level which is sufficient to attract, motivate and retain high-class talent <br>of the calibre required to direct the strategy of the business, without paying more than necessary. The fees <br>are set taking into account:<br>■the commitment and contribution expected by the Group; and<br>■fee levels paid in other global companies, including FTSE comparators and other non-UK-listed peers.<br>Additional allowances may be made available to the Non-Executive Directors where appropriate, to reflect <br>exceptional or one-off time commitment or duties. Any allowances would, when added to aggregate Non-<br>Executive Director fees for the relevant year, be made within the limit in the Company's articles of <br>association, as set out above.<br>|
| Operation | Unilever applies a modular fee structure for Non-Executive Directors to fairly reflect the roles and <br>responsibilities of the Chair and committee membership. Our basic philosophy is to pay the Chair an all-<br>inclusive fee. Other Board members receive a basic fee and additional fees for being Senior Independent <br>Director and for chairing or membership of various committees. Occasionally the Board may decide to pay <br>fees in other currencies, based on exchange rates it determines, provided total Non-Executive Director fees <br>stay within the shareholder-approved annual limits. Part of the fee may be delivered in Unilever shares <br>instead of cash. <br>The 2026 fee structure can be found in the Directors' Remuneration Report on page [102](#i061872ba0edc4c4b918c91e4489bb507_38849). The fee structure <br>may vary from year to year within the terms of this Policy. <br>Fees are normally reviewed annually but may be reviewed less frequently. <br>|
| Other items | Non-Executive Directors are encouraged to build up a personal shareholding of at least 100% of their total <br>annual fees over the five years from appointment. <br>Non-Executive Directors are not entitled to participate in any of the Group's incentive plans. <br>All reasonable travel and other expenses incurred by the Non-Executive Directors in the course of <br>performing their duties are considered to be business expenses and are reimbursed, together with any tax <br>payable. Expenses are also reimbursed for the attendance of a Non-Executive Directors' spouse or <br>partner when Unilever invites them. Other benefits or additional payments may be provided in the future if, <br>in the view of the Board, this is considered appropriate. Such benefits and/or payments would be within <br>the total annual limits as approved by shareholders as described above. <br>The Committee reserves the discretion to approve gifts to Non-Executive Directors who are retiring or are <br>considered by the Board to be otherwise leaving in good standing (e.g. those leaving office for any reason <br>other than termination by Unilever or in the context of misconduct). If the value of any gift for any one <br>Non-Executive Director exceeds £5,000, it will be disclosed in the relevant Directors' Remuneration <br>Report. Where a tax liability is incurred on any such gift, the Committee has the discretion to approve the <br>payment of such liability on behalf of the <br>Non-Executive Director in addition to the value of the gift.<br>|

---

**Non-Executive Director New Hires**

In the event of hiring a new Non-Executive Director, the Committee will align the remuneration package with the new Remuneration Policy as set

out above.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 95 |

---

DIRECTORS' REMUNERATION REPORT<br>

**Non-Executive Directors' Letters of Appointment**

The terms of engagement for Non-Executive Directors are set out in letters of appointment, which each Director signs upon appointment. Non-

Executive Directors are currently appointed for a one-year term. Reappointment is subject to satisfactory performance, re-nomination at the

Board's discretion (on the recommendation of the Nominating and Corporate Governance Committee), and re-election at annual shareholder

meetings. It is Unilever's expectation that all Non-Executive Directors serve for a minimum of three years.

The letters of appointment allow for Unilever to terminate a Non-Executive Director's appointment in cases of gross misconduct, failure to

perform their duties competently, conduct bringing Unilever into disrepute, bankruptcy or where the Non-Executive Director is prevented from

occupying such a position by law. The letters do not contain provision for notice periods or compensation if the Non-Executive Directors'

appointments are terminated by Unilever. The Non-Executive Directors may terminate their engagement upon three months' notice. Except in

exceptional circumstances, the Board will not propose Non-Executive Directors for re-nomination when nine years have elapsed since the date of

their appointment. Letters of appointment are available for inspection on request from the Group Company Secretary.

In considering appointments to the Board, the Directors and Unilever give due consideration to the time commitment required to fulfil the role

appropriately.

All Non-Executive Directors were reappointed to the Board at the 2025 AGM.<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
| **Non-Executive Director** | **Date first appointed to the Board** | **Effective date of current appointment**<sup>(b)</sup> |
| Adrian Hennah | **1 November 2021** | **1 May 2025** |
| Susan Kilsby | **1 August 2019** | **1 May 2025** |
| Ruby Lu | **1 November 2021** | **1 May 2025** |
| Judith McKenna | **1 March 2024** | **1 May 2025** |
| Ian Meakins | **1 September 2023** | **1 May 2025** |
| Nelson Peltz | **20 July 2022** | **1 May 2025** |
| Benoît Potier | **1 January 2025** | **1 May 2025** |
| Zoe Yujnovich | **1 March 2025** | **1 May 2025** |

---

(a)As noted on page [65](#icdf3d1c2d03c4168b4cd6b67d34a9f52_18073), Andrea Jung retired from the Board at the 2025 AGM. Benoît Potier was appointed to the Board with effect from 1 January 2025, and Zoe Yujnovich was appointed

to the Board with effect from 1 March 2025.

(b)The unexpired term for all Non-Executive Directors' letters of appointment is the period up to the 2026 AGM, as they all, unless they are retiring, submit themselves for annual

reappointment.

**ENGAGING WITH OUR COLLEAGUES**

The Committee is periodically updated on matters impacting the compensation of the workforce, including salary reviews and the operation of

annual bonus schemes. Particular topics of interest for the Committee include the living wage and the general alignment of incentives and

rewards with Unilever's culture.

Unilever takes the views of its employees seriously. On an ongoing basis, we conduct the 'Rate-My-Reward' satisfaction survey to gauge the

views of employees across all levels and locations around the world on the different parts of their reward package, which helps to identify

changes in sentiment over time and opportunities for local interventions. In addition, we ask employees to score the perceived fairness of their

reward package each year as part of the annual engagement survey. For 2025, our reward score on a global basis was in line with external

benchmarks.

**ENGAGING WITH OUR SHAREHOLDERS**

We maintain open and regular dialogue with our shareholders on remuneration matters, including with our largest investors and shareholder

representative bodies, when we are considering making material changes to our Remuneration Policy. Accordingly, shareholders have been

consulted extensively and their views have been influential in shaping this new Remuneration Policy. More detail on shareholder views on the

new Policy is included in the Committee Chair's letter on page [81](#i0f05ffd1f6244864875e66376701f5b9_27711). Their feedback informed our proposals on the level of shareholding

requirement relative to the new PSP maximum opportunity, as well as our decision to leave the fundamental structure, performance measures

and weightings under the bonus plan and PSP unchanged.

---

| | | |
|:---|:---|:---|
| 96 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**ANNUAL REPORT ON REMUNERATION**

This section, including the 'At a glance' on page [84](#if17cb8f88c8a42c0b1dd49b5d9cab10f_8306), sets out how the Remuneration Policy (approved by shareholders at the AGM on 1 May 2024

and available on our website) was implemented in 2025.

The Remuneration Policy operated as intended in 2025.

**IMPLEMENTATION OF 2024 POLICY DURING 2025** 

**Single figure of remuneration for 2025 for Executive Directors**

The table below sets out in a single figure the total amount of remuneration received by each Executive Director in the year ended 31 December

2025, compared to the prior year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fernando Fernandez** <br>**CEO/CFO (€'000)**<sup>(a)</sup><br>**2025** | Fernando Fernandez <br>CFO (€'000)<sup>(b)</sup><br>2024 | **Hein Schumacher** <br>**CEO (€'000)**<sup>(c)</sup><br>**2025** | Hein Schumacher <br>CEO (€'000)<br>2024 | **Srinivas Phatak**<br>**CFO (€'000)**<sup>(d)</sup><br>**2025** |
| (A) Total fixed pay | **1711** | 1175 | **308** | 1850 | **343** |
| (B) Other benefits<sup>(e)</sup> | **374** | 751 | **0** | 316 | **224** |
| **Fixed pay & benefits subtotal** | **2085** | 1926 | **308** | 2166 | **567** |
| (C) Annual bonus<sup>(f)</sup> | **1752** | 1720 | **324** | 3386 | **288** |
| (D) PSP<sup>(g)</sup> | **1791** | 1478 | **0** | 0 | **686** |
| **Variable Remuneration subtotal** | **3543** | 3198 | **324** | 3386 | **974** |
| **Total Remuneration (A+B+C+D)** | **5628** | 5124 | **632** | 5552 | **1541** |
| **Proportion fixed** | **37.0%** | 37.6% | **48.8%** | 39.0% | **36.8%** |
| **Proportion variable** | **63.0%** | 62.4% | **51.2%** | 61.0% | **63.2%** |

---

(a)Fernando Fernandez was CFO for the period 1 January 2025 to 28 February 2025 and appointed CEO effective 1 March 2025. The numbers reflect both roles on a pro-rated basis and

include fixed pay and benefits of €479,000 and variable pay of €177,000 in respect of his role as CFO.

(b)Fernando Fernandez was CFO in 2024. The numbers relate to his CFO service as disclosed in the 2024 Directors' Remuneration Report on page 103.

(c)Hein Schumacher stepped down as CEO with effect from 1 March 2025.

(d)Srinivas Phatak was appointed CFO effective 16 September 2025. The single figure of remuneration for 2025 reflects the period 16 September 2025 to 31 December 2025 and does not

include remuneration paid during his prior appointment as Interim CFO before he was appointed an Executive Director.

(e)Benefits include relocation costs for Fernando Fernandez and localisation support for Srinivas Phatak as set out below.

(f)In line with the 2025 Remuneration Policy, 50% of the 2025 net annual bonus will be deferred into shares that must be held for a period of three years.

(g)The 2025 data for Fernando Fernandez includes the vesting on 12 February 2026 of 17,327 shares of the 2023–2025 PSP (awarded on 10 March 2023 when not an Executive Director).

The data for Srinivas Phatak includes the vesting of 5,917 shares of the 2023–2025 PSP (awarded on 10 March 2023 when not an Executive Director). These values are calculated by

multiplying the number of shares granted (including additional shares in respect of accrued dividends to 31 December 2025) by the level of vesting (% of target award) and the closing

share price on 12 February 2026 (£53.55). Values have been translated into euros using the exchange rate at 12 February 2026 (€1 = £0.8709).

Unless stated otherwise, amounts for 2025 have been translated into euros using the average exchange rate over 2025 (€1 = £0.8547).

Amounts for 2024 have been translated into euros using the average exchange rate over 2024 (€1 = £0.8481).

We do not grant our Executive Directors any personal loans or guarantees.

**(A) Fixed pay**

Fixed pay set in euros and paid in 2025: Fernando Fernandez – €1,710,521 and Srinivas Phatak – €342,708.

**(B) Other benefits**

For 2025, this comprises:

---

| | | |
|:---|:---|:---|
| | **Fernando Fernandez**<br>**CEO(€)**<sup>(a)</sup><br>**2025** | **Srinivas Phatak**<br>**CFO(€)**<sup>(a)</sup><br>**2025** |
| Medical benefits and actual tax return preparation costs | **88694** | **4560** |
| Death and disability | **16480** | **3027** |
| Relocation/Localisation support<sup>(b)</sup> | **268354** | **216530** |
| **Total** | **373528** | **224117** |

---

(a)The numbers in this table are translated where necessary using the average exchange rate over 2025 of €1 = £0.8547.

(b)Relocation support relates to expenses incurred in 2025 in relation to Fernando Fernandez's move to the UK. For Srinivas Phatak, the cost of support provided to localise in the UK is

shown, following the end of his international assignment on appointment as CFO.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 97 |

---

DIRECTORS' REMUNERATION REPORT<br>

**(C) Annual bonus**

Performance outcomes for the 2025 annual bonus are shown in the 'At a glance' section on page [84](#if17cb8f88c8a42c0b1dd49b5d9cab10f_8306). Actual bonus outcomes are set out below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Target bonus % of** <br>**fixed pay**<br>| **Bonus outcome as %** <br>**of target**<br>| **Bonus outcome as %** <br>**of fixed pay**<br>| **Fixed pay (€'000)** | **Bonus outcome** <br>**(€'000)**<br>| **% Bonus deferred** <br>**into shares**<br>|
| Fernando Fernandez<sup>(a)</sup> | 146% | 70% | 102% | 1711 | 1752 | 50% |
| Srinivas Phatak<sup>(b)</sup> | 120% | 70% | 84% | 343 | 288 | 50% |

---

(a)Fernando Fernandez served as CFO (1 January 2025 to 28 February 2025) and CEO (from 1 March 2025). The target bonus % and bonus outcome reflect this on a pro-rated basis (i.e. 2

months of target bonus at 120% and 10 months at 150% applied to the relevant fixed pay number).

(b)Srinivas Phatak was appointed CFO on 16 September 2025. The bonus outcome reflects this on a pro-rated basis.

50% of the net annual bonus earned is deferred into shares (€464,237 for Fernando Fernandez and €76,287 for Srinivas Phatak). Shares are

deferred for three years and not subject to performance or service conditions, in line with the Remuneration Policy.

**(D) Long-term incentive 2023–2025 PSP**

This includes PSP shares (operated under the Unilever Share Plan 2017) granted to Fernando Fernandez and Srinivas Phatak on 10 March

2023. Performance outcomes for the 2023–2025 PSP are shown in the 'At a glance' section on page [84](#if17cb8f88c8a42c0b1dd49b5d9cab10f_8306). Further detail on the outcome for the SPI

measure is below.

**Outcome of SPI for 2023–2025 PSP:** 

The SPI is an assessment of the business's sustainability performance, made jointly by the Corporate Responsibility Committee (CRC) and the

Committee, that captures quantitative and qualitative elements. The SPI is assessed against four metrics aligned to priority areas. For 2025, the

CRC and the Committee agreed on an in-year SPI outcome taking into account performance in the areas of climate, nature, plastics and livelihoods.

For the 2023–2025 PSP, the SPI outcome is calculated by taking a simple average of the SPI outcomes across the three years of the performance

period. The in-year and 2023–2025 SPI outcomes are set out below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Priority** | **Anchor metric** | **Target** | **2025 actual**<sup>(a)</sup> | **Outcome**<sup>(b)</sup> |
| Climate<sup>(c)</sup> | The percentage change in greenhouse gas (GHG) emissions from energy and <br>refrigerant use in our operations in the given period in 2025, in comparison to the <br>same period in 2015. <br>| (76.0%) | **(76.6%)** | **above target** |
| Nature | The cumulative total hectares of land, forests and oceans (as measured by ocean <br>floor area) that Unilever programmes help protect and/or regenerate.<br>| 700k | **931k** | **significantly** <br>**above target**<br>|
| Plastics | The percentage change in the total tonnes of virgin plastics used in the packaging for <br>our products sold between 2019 (baseline) and 2025. <br>| (26.0%) | **(29.0%)** | **significantly** <br>**above target**<br>|
| Livelihoods | The percentage of our procurement spend in the financial year that is with suppliers <br>who have signed the Living Wage promise by the end of that financial year.<br>| 35.0% | **41%** | **significantly** <br>**above target**<br>|
| Annual SPI outcome |  |  |  | **190%** |
| Average SPI outcome <br>for 2023–2025 PSP<sup>(d)</sup><br>|  |  |  | **140%** |

---

(a)Includes Ice Cream for the full performance period.

(b)Assessed by the Remuneration Committee and the CRC. For the 2024-2026 and future PSP awards, formulaic target ranges have been set for each of the SPI measures. The 2023-2025

PSP was the final award for which SPI targets were set without an accompanying threshold and maximum range. In assessing the SPI outcome for 2023-2025, the Remuneration

Committee and CRC considered performance above/below target using the same width of ranges as applicable to the successive 2024-2026 PSP award. The formulaic performance

outcome against this range was then assessed and the Committee determined that this was a fair and appropriate outcome in the context of overall sustainability performance.

(c)Both target and 2025 actual GHG emissions are measured on a SBTi basis.

(d)SPI outcome for 2023–2025 PSP is a simple average of 190% for 2025, 115% for 2024 and 115% for 2023. SPI 2023 and 2024 outcomes can be found in the relevant Directors'

Remuneration Reports.

**Value of payout under PSP**

The table below shows the details of the 2023–2025 PSP vests:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Number of shares granted** | **Number of shares vested** | **Value of vested shares**<br> **(€'000)**<br>|
| Fernando Fernandez | Awarded 10 March 2023 | 11675 | 17327 | 1791 |
| Srinivas Phatak | Awarded 10 March 2023 | 3987 | 5917 | 686 |

---

The number of shares vested includes dividend equivalents accrued through to 31 December 2025.

The Unilever PLC share price used to calculate the value at vesting is at 12 February 2026 (£53.55), translated into euros using the exchange

rate for 12 February 2026 (€1 = £0.8709).

The estimated values attributable to share price growth since the awards were granted are €430,110 for Fernando Fernandez and €164,854 for

Srinivas Phatak.

---

| | | |
|:---|:---|:---|
| 98 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**SCHEME INTERESTS AWARDED DURING 2025**

---

| | | |
|:---|:---|:---|
| **PSP share awards made in 2025** | **PSP share awards made in 2025** | **PSP share awards made in 2025** |
| **Basis of award**<sup>(a)</sup> | The following numbers of performance shares were awarded on 7 March 2025 (vesting on or around 16 February 2028): | The following numbers of performance shares were awarded on 7 March 2025 (vesting on or around 16 February 2028): |
| **Basis of award**<sup>(a)</sup> | **CEO:** 65,573 | **CEO:** 65,573 |
| **Basis of award**<sup>(a)</sup> | Maximum vesting results in 200% of the awards vesting. Dividend equivalents may be earned (in cash or additional shares) on <br>the award when and to the extent that the award vests.  | Maximum vesting results in 200% of the awards vesting. Dividend equivalents may be earned (in cash or additional shares) on <br>the award when and to the extent that the award vests.  |
| **Maximum face value** <br>**of awards**<sup>(b)</sup><br>| **CEO:** €7,068,658 | **CEO:** €7,068,658 |
| **Threshold vesting** <br>**(% of target award)**<br>| 0% of the award vests for threshold performance for the ROIC and SPI measures. 50% of the award vests at threshold <br>performance against the USG and relative TSR measures. | 0% of the award vests for threshold performance for the ROIC and SPI measures. 50% of the award vests at threshold <br>performance against the USG and relative TSR measures. |
| **Performance period** | 1 January 2025–31 December 2027 (with a requirement to hold vested shares for a further two-year retention period) | 1 January 2025–31 December 2027 (with a requirement to hold vested shares for a further two-year retention period) |
| **Performance measures** | Performance measures, weightings and targets for the period 2025–2027 were disclosed in full in last year's Directors' <br>Remuneration Report and are summarised below (all measured on a straight-line basis between threshold and maximum): | Performance measures, weightings and targets for the period 2025–2027 were disclosed in full in last year's Directors' <br>Remuneration Report and are summarised below (all measured on a straight-line basis between threshold and maximum): |
|  | 25% on underlying sales growth (USG) average | Target range: 3.4%–6.0% |
|  | 30% on relative total shareholder return (TSR)<sup>(c)</sup> | Target range: median – upper quartile |
|  | 30% on underlying return on invested capital (ROIC) average<sup>(d)</sup> | Target range: 18.5%–19.5% |
|  | 15% on Sustainability Progress Index (SPI):<sup>(e)</sup> |  |
|  | ■Climate: percentage change in greenhouse gas emissions from energy <br>and refrigerant use in operations vs 2015 | ■Target range: -75% to -85% |
|  | ■Nature: cumulative total hectares of land, forests and oceans protected/<br>regenerated through Unilever programmes | ■Target range: 1m–1.5m hectares |
|  | ■Plastics: percentage change in total tonnes of virgin plastic used in our <br>product packaging vs 2019 | ■Target range: -30% to -40% |
|  | ■Livelihoods: percentage of our procurement spend with suppliers who <br>have signed the Living Wage Promise | ■Target range: 50%–60% |

---

(a)Award made on 7 March 2025. CEO award is based on 200% of fixed pay. As the CFO was appointed as Executive Director on 16 September 2025, there was no award in respect of his

Executive Director service.

(b)Face value is calculated by multiplying the number of shares granted on 7 March 2025 (including decimals) by the Unilever PLC share price on that day of (£46.07) by the maximum

vesting of 200%, and then translating into euros using an average exchange rate over 2025 of €1 = £0.8547 (rounded).

(c)The TSR peer group for 2025 consists of: Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone, Estée Lauder, General Mills, Haleon, Henkel, Kenvue, Kimberly-Clark,

Kraft Heinz, L'Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble, and Reckitt Benckiser.

(d)As noted on page 85, the ROIC target range for 2025–2027 has been adjusted upwards by 30bps to exclude Ice Cream.

(e)Performance against SPI targets is externally assured by an independent third party, though not audited. Scope 1 and 2 GHG target is SBTi validated.

---

| | |
|:---|:---|
| **Annual bonus deferral share awards made in 2025** | **Annual bonus deferral share awards made in 2025** |
| **Basis of award**<sup>(a)</sup> | The following numbers of annual bonus deferral shares were awarded on 24 March 2025: |
| **Basis of award**<sup>(a)</sup> | **CEO:** 8,490 |
| **Basis of award**<sup>(a)</sup> | Annual bonus deferral shares accrue dividends. |
| **Face value of awards**<sup>(b)</sup> | **CEO:** €446,879 |
| **Deferral period** | 24 March 2025–24 March 2028.  |
| **Performance measures** | No performance measures. |

---

(a)Deferral made on 24 March 2025. CEO deferral is based on 50% of the net bonus for 2024, as set out on page 104 of the 2024 Directors' Remuneration Report. The CFO was appointed

as Executive Director on 16 September 2025, and there was no deferral of bonus paid in 2025.

(b)Face values are calculated by multiplying the number of shares granted on 24 March 2025 (including decimals) by the Unilever PLC share price on that day of £44.99 and translating into

euros using an average exchange rate over 2025 of €1 = £0.8547 (rounded).

**IMPLEMENTATION OF NEW POLICY DURING 2026**

A summary of how the new Directors' Remuneration Policy is intended to be operated during 2026 is outlined below.

**Base salary**

As described in the Chair's letter on page [78](#i0f05ffd1f6244864875e66376701f5b9_27715) and in the Policy report on pages [87](#ic94644a8f2ec43789b40fe914bc2d395_16979) to [93](#ic94644a8f2ec43789b40fe914bc2d395_16978), the total remuneration package has been rebalanced

under the new Policy to put more emphasis on long-term variable pay. As a result, the previous fixed pay element has been separated into a

lower base salary element, on which short- and long-term incentives will be calculated, and a separate pension allowance.

No base salary increases are therefore proposed for 2026. The total amount of base salary and pension will be the same as the amount of fixed

pay that applied for 2025 for both Executive Directors.

The base salaries for 2026 are €1,621,622 for the CEO and €1,058,559 for the CFO.

**Pension**

The maximum pension opportunity for Executive Directors is 11% of base salary. This is in line with the default employer pension contribution for

employees who are in the Unilever defined contribution plan in the UK.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 99 |

---

DIRECTORS' REMUNERATION REPORT<br>

**Annual bonus** 

Target annual bonus opportunities for 2026 are 150% and 120% of base salary for the CEO and CFO respectively. The maximum annual bonus

opportunity is 200% of target.

The following sets out the performance measures and weightings for the 2026 annual bonus plan, as well as the business performance and the

behaviours that they drive.

---

| | | |
|:---|:---|:---|
| **Weighting** | **Performance measure** | **Link to strategy** |
| 40% | Underlying sales growth (USG) at constant FX rates  | Clear, simple and well-understood measure supporting the achievement of <br>Unilever's growth ambition.<br>|
| 30% | Underlying operating profit growth (UOP) at current FX rates <br>(less restructuring costs) <br>| Provides a focus on absolute profitability as an indicator of driving shareholder <br>value.<br>|
| 30% | Free cash flow (FCF) at current FX rates | Provides clear focus on the achievement of Unilever's cash generation ambition. |

---

The details of 2026 bonus targets have not been disclosed in this Directors' Remuneration Report as, in the opinion of the Committee, they are

commercially sensitive. However, full details on specific targets and the extent to which they have been met will be disclosed in next year's

Directors' Remuneration Report.

**Performance Share Plan (PSP)**

Target PSP grants for 2026 will be 350% and 300% of base salary for the CEO and CFO respectively. The maximum PSP opportunity is 200% of

target.

The following sets out the performance measures and weightings for the 2026 PSP, as well as the business performance and the behaviours that

they drive.

---

| | | |
|:---|:---|:---|
| **Weighting** | **Performance measure** | **Link to strategy** |
| 25% | Underlying sales growth (USG) <br>at constant FX rates<br>| The primary driver of value creation in our multi-year financial growth model. Delivering consistently higher <br>growth will be a key unlocker of shareholder value. While the USG measure in the annual bonus ensures focus <br>on in-year delivery, the PSP measure focuses on cumulative and sustained importance. <br>|
| 30% | Relative total shareholder return <br>(TSR) versus a bespoke peer <br>group<br>| Aligns remuneration with shareholders' experience and allows us to measure relative performance. <br>The proposed vesting schedule is in line with UK norms, with threshold vesting (50% of target) for median <br>performance (Unilever ranked 10th), rising to maximum vesting (200% of target) for upper quartile performance <br>(Unilever ranked 5th). <br>|
| 30% | Average underlying return on <br>invested capital (ROIC)<br>| Supports disciplined investment of capital within the business and encourages acquisitions that create long-term <br>value. This measure is especially relevant for members of the Unilever Leadership Executive (ULE) who make <br>investment decisions. <br>|
| 15% | Unilever Sustainability Progress <br>Index (SPI)<br>| Unilever's sustainability goals play a critical role in future-proofing our business, ensuring focus and urgency in the <br>areas where we can deliver the most impact. The Corporate Responsibility Committee and Remuneration <br>Committee agreed four SPI targets to assess progress towards a number of related sustainability goals (see page <br>30 for more details). These targets support Unilever's overall strategy (see page 5) and address principal risks such <br>as climate and nature, plastic packaging and business operations (see pages 33 to 34). SPI targets are set over a <br>three-year period and disclosed prospectively.<br>|

---

**2026–2028 PSP performance targets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Measure** | **Weighting** | **Vesting at** <br>**threshold** <br>**(% of target)**<br>| **Threshold** | **Maximum** <br>**(200% of target)**<br>|
| **Underlying sales growth (USG) at constant FX rates (average)** | **25%** | 50% | 3.0% | 6.3% |
| **Relative total shareholder return (TSR) versus a bespoke peer group**<sup>(a)</sup> | **30%** | 50% | 10th (median) | 1st - 5th (upper quartile) |
| **Average underlying return on invested capital (ROIC)** | **30%** | —% | 18.5% | 19.5% |
| **Unilever Sustainability Progress Index (SPI)**<sup>(b)</sup> | **15%** | —% |  |  |
| **Climate:** The percentage change in greenhouse gas (GHG) emissions from energy and refrigerant use in our operations <br>in the given period in the reporting year, in comparison to the same period in 2015.<sup>(c)</sup> | **Climate:** The percentage change in greenhouse gas (GHG) emissions from energy and refrigerant use in our operations <br>in the given period in the reporting year, in comparison to the same period in 2015.<sup>(c)</sup> | **Climate:** The percentage change in greenhouse gas (GHG) emissions from energy and refrigerant use in our operations <br>in the given period in the reporting year, in comparison to the same period in 2015.<sup>(c)</sup> | (80%) | (90%) |
| **Nature:** The total hectares of land where Unilever programmes help protect and restore natural ecosystems and help <br>implement regenerative agriculture practices from 1 January 2021 to 31 December of the reporting year. | **Nature:** The total hectares of land where Unilever programmes help protect and restore natural ecosystems and help <br>implement regenerative agriculture practices from 1 January 2021 to 31 December of the reporting year. | **Nature:** The total hectares of land where Unilever programmes help protect and restore natural ecosystems and help <br>implement regenerative agriculture practices from 1 January 2021 to 31 December of the reporting year. | 1.25m <br>hectares<br>| 1.75m hectares |
| **Plastics: kT of paper flexible packaging launched by 2028.** | **Plastics: kT of paper flexible packaging launched by 2028.** | **Plastics: kT of paper flexible packaging launched by 2028.** | 7.4kT | 13.7kT |
| **Livelihoods:** The total number of smallholder farmers in Unilever's supply chain who have received help from Unilever <br>to access livelihoods programmes since 1 January 2024, reported annually as a cumulative total as of 31 December of <br>the reporting year.  | **Livelihoods:** The total number of smallholder farmers in Unilever's supply chain who have received help from Unilever <br>to access livelihoods programmes since 1 January 2024, reported annually as a cumulative total as of 31 December of <br>the reporting year.  | **Livelihoods:** The total number of smallholder farmers in Unilever's supply chain who have received help from Unilever <br>to access livelihoods programmes since 1 January 2024, reported annually as a cumulative total as of 31 December of <br>the reporting year.  | 300000 | 320000 |

---

All measures are straight line between threshold and maximum.

(a)The TSR peer group for 2026 is unchanged and consists of: Beiersdorf, Church & Dwight, Coca-Cola, Colgate-Palmolive, Danone, Estée Lauder, General Mills, Haleon, Henkel, Kenvue,

Kimberly-Clark, Kraft Heinz, L'Oréal, Mondelēz, Nestlé, PepsiCo, Procter & Gamble, and Reckitt Benckiser.

(b)Performance against SPI targets are externally assured by an independent third party, though not audited.

(c)Scope 1 and 2 GHG target is SBTi validated.

---

| | | |
|:---|:---|:---|
| 100 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

The targets for the 2026-2028 PSP award represent significant levels of stretch. The rationale for the financial targets is set out in the

Remuneration Committee Chair's letter on page [82](#i0f05ffd1f6244864875e66376701f5b9_27722). The 2026-2028 SPI targets are evaluated via progress on material quantified targets, which

align with the four key sustainability priorities for Unilever: climate, nature, plastics and livelihoods.

**Rationale for SPI targets**

Climate (existing metric): We are aiming to reduce our operational Scope 1 and 2 GHG emissions by 80%–90% by 2028, compared to the 2015

baseline. This is a 5% step-up from the previous SPI target and maintains focus and momentum against our longer-term target to reduce

absolute operational GHG emissions (Scope 1 and 2) by 100% by 2030 from a 2015 baseline. No adjustments to our 2030 GHG targets or

baseline values were made for the demerger of our Ice Cream business, which remained part of the Group until 6 December 2025. This will be

assessed in 2026 following the demerger. As a result, our forward-looking GHG target may be adjusted following completion of this assessment.

Nature (existing metric): The 2026–2028 SPI target of 1.25m–1.75m hectares is a step-up from the prior SPI target of 1m–1.5m hectares,

compared to the 2021 baseline. This is an important milestone towards our 2030 Unilever goals to protect and regenerate 2m hectares by 2030,

covering approximately 50% of our land and key crop sourcing footprint.

Plastic (new metric): This is a new measure for 2026–2028 and is designed to accelerate our transition to paper-based packaging. Flexible

plastic packaging pollution, including sachets, is an industry-wide challenge and a priority for Unilever. Since 2021, Unilever has invested in a

dedicated R&D team to develop alternative materials for plastic flexibles. We will focus on new paper-based flexible packaging, targeting

between 7.4kT–13.7kT, to be launched by 2028.

Livelihoods (new metric): Our current SPI targets on living wage end in 2027. While we have made strong progress, we are currently reviewing

our strategy on how best to drive action on living wages with our suppliers and in the wider industry. This new SPI target is an extension of our

existing smallholder farmer Unilever goal and will focus on helping 300,000–320,000 smallholder farmers (covering around 95% of our footprint)

who grow our 12 priority crops (representing around 80% of our agricultural footprint) to increase their income through our livelihoods

programmes. This is a significant increase on the 170,000 smallholder farmers reported in 2025.

**MINIMUM SHAREHOLDING REQUIREMENT AND EXECUTIVE DIRECTOR SHARE INTERESTS**

Under the current Remuneration Policy, Executive Directors are required to build and retain a personal shareholding in Unilever within five years

of appointment to align their interests with those of Unilever's shareholders. Executive Directors are required to maintain at least 100% of their

minimum shareholding requirement for two years after leaving (or if less, their actual shareholding). ULE members are also required to build a

shareholding of 400% of fixed pay, and the requirement is 250% of fixed pay for the management layer below ULE.

Executive Directors will be required to retain all shares vesting from any awards made since their appointment (after deduction of tax) until their

minimum shareholding requirements have been met in full. If Executive Directors fail to achieve 100% of the shareholding requirement by the

relevant time, they are not permitted to sell any shares. Unilever retains the right to block the sale of their shares until the required level of

shareholding has been obtained.

Executive Directors' shareholdings are ring-fenced to ensure they meet the minimum shareholding requirement, including for two years after

leaving employment. This means that even if the shares are vested, they are blocked until the end of the minimum shareholding requirement

period (excluding any shares above the minimum shareholding requirement).

The share price for the relevant measurement date will be based on the average closing share prices and the euro/sterling/US dollar exchange

rates from the 61 calendar days prior to and including the measurement date.

The table below shows the Executive Directors' (and if applicable their 'connected persons') interest in Unilever PLC ordinary shares and share

ownership against the minimum shareholding requirements as at 31 December 2025. Note that, subject to the approval of the new Remuneration

Policy, these shareholding requirements will increase in 2026 to 700%/600% of base salary for the CEO and CFO respectively.

**Executive Directors' and their connected persons' interests in shares and share ownership** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Share ownership guideline as** <br>**a % of fixed pay (as at** <br>**31 December 2025)** | **Have guidelines been met (as** <br>**at 31 December 2025)** | **Actual share ownership** <br>**as a % of fixed pay (as at** <br>**31 December 2025)**<sup>(a)</sup> | | | | |
| | **Share ownership guideline as** <br>**a % of fixed pay (as at** <br>**31 December 2025)** | **Have guidelines been met (as** <br>**at 31 December 2025)** | **Actual share ownership** <br>**as a % of fixed pay (as at** <br>**31 December 2025)**<sup>(a)</sup> | Fernando Fernandez | 500% | Yes | 861% |
| Srinivas Phatak<sup>(b)</sup> | 400% | No | 231% |  |  |  |  |
| Hein Schumacher<sup>(c)</sup> | 500% | No | 74% |  |  |  |  |

---

(a)Calculated using the methodology set out on the previous page and the headline fixed pay as at 31 December 2025 or date of stepping down from the Board if earlier.

(b)Srinivas Phatak has five years from the date of his appointment to achieve his personal shareholding requirement.

(c)Hein Schumacher stepped down as CEO with effect from 1 March 2025. In accordance with the Remuneration Policy, he is required to retain all of his current shareholding for a period of

two years from the date of his departure.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 101 |

---

DIRECTORS' REMUNERATION REPORT<br>

**Executive Directors' share interests as at 31 December 2025**

The total interests of Executive Directors (including those of any connected persons) in Unilever PLC ordinary shares, or scheme interests in

relation to those shares were:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beneficially owned shares** | **Share awards with** <br>**performance conditions**<sup>(a)</sup> | **Shares awards without** <br>**performance conditions**<sup>(b)</sup> | **Total scheme interests**<sup>(c)</sup> | | | | | |
| | **Beneficially owned shares** | **Share awards with** <br>**performance conditions**<sup>(a)</sup> | **Shares awards without** <br>**performance conditions**<sup>(b)</sup> | **Total scheme interests**<sup>(c)</sup> | CEO: Fernando Fernandez | 283529 | 119141 | 23755 | 402670 |
| CFO: Srinivas Phatak | 49295 | 15842 | 0 | 65137 |  |  |  |  |  |
| Hein Schumacher<sup>(d)</sup> | 24811 | 150583 | 11036 | 175394 |  |  |  |  |  |

---

(a)Awards under the Performance Share Plan excluding dividend equivalents. Dividend equivalents are subject to the same underlying performance conditions as the original share awards.

(b)Awards under the annual bonus deferral scheme excluding any re-invested dividends. These are included in the beneficially owned total.

(c)The sum of beneficially owned shares and share awards with performance conditions.

(d)For Hein Schumacher, the values reflect the shareholdings at 1 March 2025, when he stepped down as CEO.

There are no awards of shares in the form of options.

During the period between 1 January and 2 March 2026, the following changes in interests have occurred:

■As detailed on page [97](#i061872ba0edc4c4b918c91e4489bb507_38855), on 12 February 2026, Fernando Fernandez acquired 17,327 shares and Srinivas Phatak acquired 5,917 shares

following the vests of their 2023–2025 PSP awards.

■On 12 February 2026, Fernando Fernandez sold 17,327 shares at a price of £52.50.

The voting rights of the Directors (Executive and Non-Executive) and ULE members who hold interests in the share capital of Unilever PLC are

the same as for other holders of the class of shares indicated. As at 2 March 2026, none of the Directors' (Executive and

Non-Executive) or other ULE members' shareholdings amounted to more than 1% of the issued shares in that class of share (except Nelson

Peltz, who owns 1.3% of the Unilever PLC issued share capital including via Trian Fund Management as a connected person). On page [63](#i841158d55f9249e287b0f9165d4fe80a_17964), the

full share capital of Unilever PLC has been described. Pages [146](#idd497fffd94048748ee00e72dade0edb_199) and [147](#i16e1499a83ed4dc7a98528c58f23a44d_6248) set out how many shares Unilever held to satisfy the awards under the

share plans.

**PAYMENTS TO FORMER DIRECTORS**

The table below shows the 2025 payments to former Directors as follows:

■To Alan Jope in accordance with arrangements as disclosed in the 2022 Directors' Remuneration Report;

■To Graeme Pitkethly in accordance with arrangements as disclosed in the 2023 Directors' Remuneration Report; and

■To Hein Schumacher in accordance with arrangements as disclosed in the 2024 Directors' Remuneration Report.

There have been no payments for loss of office during the year.

---

| | | | |
|:---|:---|:---|:---|
| | **Alan Jope (€'000)** | **Graeme Pitkethly (€'000)** | **Hein Schumacher** <br>**(€'000)**<br>|
| Fixed pay<sup>(a)</sup> | **0** | **0** | **1784** |
| Benefits<sup>(b)</sup> | **39** | **24** | **162** |
| Bonus<sup>(c)</sup> | **0** | **0** | **324** |
| PSP<sup>(d)</sup> | **0** | **0** | **0** |
| Total  | **39** | **24** | **2270** |

---

(a)As disclosed in the 2024 Directors' Remuneration Report, Hein Schumacher received fixed pay from 1 March 2025 to 31 May 2025, and pay in lieu of notice (PILON) for the period 1 June

2025 to 24 February 2026. Refer to the single figure table on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844) for the period 1 January 2025 to 28 February 2025.

(b)Includes tax preparation costs for Alan Jope and Graeme Pitkethly. For Hein Schumacher, this includes death, disability and medical benefits, tax preparation, legal costs and relocation

fees.

(c)As disclosed in the 2024 Directors' Remuneration Report, Hein Schumacher received a bonus pro-rated for the period 1 March 2025 to 30 April 2025, and the amount reflects the

performance outcome of 70%. Refer to the single figure table on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844) for the period 1 January 2025 to 28 February 2025. In line with the current Directors' Remuneration Policy, 50%

of the net annual bonus is deferred into shares and 17,340 bonus deferral shares were granted in March 2025.

(d)Details of the 2022-2024 PSP awards to Alan Jope and Graeme Pitkethly that vested in February 2025 were disclosed in the 2024 Directors' Remuneration Report. Hein Schumacher did

not have a 2022-2024 PSP award. The vesting of 2023-2025 PSP awards will be disclosed in the 2026 Directors' Remuneration Report.

---

| | | |
|:---|:---|:---|
| 102 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**IMPLEMENTATION OF THE POLICY FOR NON-EXECUTIVE DIRECTORS**

As disclosed in the 2024 Directors' Remuneration Report (Chair's letter on page 97), the Board increased the Chair fee to £725,000 per year,

effective 1 April 2025, and announced a review of fees for other Non-Executive Director roles. Following the review, effective 1 April 2025, the

basic Non-Executive Director fee was increased to £105,000 per year, and the Chair of the Remuneration Committee fee was increased to

£40,000 per year. As set out on page [82](#i0f05ffd1f6244864875e66376701f5b9_27719), effective 1 April 2026, the Chair fee will increase to £800,000 per year, the basic Non-Executive Director

fee will increase to £110,000 per year and the Chair of the Corporate Responsibility Committee fee will increase to £40,000 per year. All changes

are set out in the table below.

Non-Executive Director fees are set and paid in GBP. The table below outlines the current fee structure shown in our reporting currency of EUR

and GBP, using the average exchange rate over 2025 (£1 = €1.1699) (rounded).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2026** | **2026** | 2025 | 2025 |
| **Roles and responsibilities** | **Annual Fee €** | **Annual Fee £** | Annual Fee € | Annual Fee £ |
| Basic Non-Executive Director Fee<sup>(a)(b)</sup> | **128689** | **110000** | 122840 | 105000 |
| Chair (all-inclusive)<sup>(c)(d)</sup> | **935920** | **800000** | 848178 | 725000 |
| Vice Chair/Senior Independent Director (SID) | **46796** | **40000** | 46796 | 40000 |
| Chair of Audit Committee and Chair of Remuneration Committee<sup>(e)</sup> | **46796** | **40000** | 46796 | 40000 |
| Chair of Corporate Responsibility Committee<sup>(f)</sup> | **46796** | **40000** | 40947 | 35000 |
| Chair of Nominating and Corporate Governance Committee | **35097** | **30000** | 35097 | 30000 |
| Member of Audit Committee | **29248** | **25000** | 29248 | 25000 |
| Member of Corporate Responsibility Committee and Member of Remuneration Committee | **23398** | **20000** | 23398 | 20000 |
| Member of Nominating and Corporate Governance Committee | **17549** | **15000** | 17549 | 15000 |

---

(a)Increased from £95,000 to £105,000 per year, effective 1 April 2025. The pro-rated amount paid in 2025 was £102,500 (€119,915).

(b)To be increased from £105,000 to £110,000 per year, effective 1 April 2026. The pro-rated amount to be paid in 2026 is £108,750 (€127,227).

(c)Increased from £660,000 to £725,000 per year, effective 1 April 2025. The pro-rated amount paid in 2025 was £708,750 (€829,167).

(d)To be increased from £725,000 to £800,000 per year, effective 1 April 2026. The pro-rated amount to be paid in 2026 is £781,250 (€913,984).

(e)Increased from £35,000 to £40,000 per year, effective 1 April 2025. The pro-rated amount paid in 2025 was £38,750 (€45,334).

(f)To be increased from £35,000 to £40,000 per year, effective 1 April 2026. The pro-rated amount to be paid in 2026 is £38,750 (€45,334).

All reasonable travel and other expenses incurred by Non-Executive Directors in the course of performing their duties are considered to be

business expenses and so are reimbursed.

**SINGLE FIGURE OF REMUNERATION IN 2025 FOR NON-EXECUTIVE DIRECTORS**

The table below shows a single figure of remuneration for each of our Non-Executive Directors for the years 2024 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| **Non-Executive Director** | **Fees**<sup>(a)(b)</sup><br>**€'000**<br>| **Benefits**<sup>(a)(c)</sup><br>**€'000**<br>| **Total remuneration**<br>**€'000**<br>| Fees<sup>(a)</sup><br>€'000<br>| Benefits<sup>(a)(c)</sup><br>€'000<br>| Total remuneration<br>€'000<br>|
| **Adrian Hennah** | **184** | **–** | **184** | 171 | – | 171 |
| **Andrea Jung**<sup>(d)</sup> | **74** | **27** | **101** | 218 | – | 218 |
| **Susan Kilsby** | **225** | **75** | **300** | 169 | – | 169 |
| **Ruby Lu** | **173** | **70** | **243** | 157 | – | 157 |
| **Judith McKenna** | **178** | **119** | **297** | 125 | – | 125 |
| **Ian Meakins** | **829** | **10** | **839** | 778 | – | 778 |
| **Nelson Peltz** | **143** | **40** | **183** | 136 | – | 136 |
| **Benoît Potier** | **173** | **17** | **190** | – | – | – |
| **Zoe Yujnovich** | **136** | **1** | **137** | – | – | – |
| **Total** | **2115** | **359** | **2474** | 1754 | – | 1754 |

---

(a)Where relevant, amounts for 2024 have been translated into euros using the average exchange rate over 2024 (£1 = €1.1791). Amounts for 2025 have been translated into euros using

the average exchange rate over 2025 (£1 = €1.1699).

(b)All Non-Executive Directors serving after 1 April 2025 have received an increase to their basic Non-Executive Director fee as disclosed above. Current Committee Chair and membership

roles are set out on page [56](#i47f70f9a0f4f4802a347c8cf092d8c4a_22825).

(c)In accordance with the Remuneration Policy, benefits consist of expense reimbursements that are considered taxable benefits-in-kind in the UK, such as Non-Executive Directors' travel,

accommodation and subsistence expenses in connection with attendance at Board meetings, and the taxes paid thereon.

(d)Retired from the Board at the May 2025 AGM.

We do not grant our Non-Executive Directors any personal loans or guarantees or any variable remuneration, nor are they entitled to any

severance payments.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 103 |

---

DIRECTORS' REMUNERATION REPORT<br>

**PERCENTAGE CHANGE IN REMUNERATION OF NON-EXECUTIVE DIRECTORS**

The table below shows the five-year history of year-on-year percentage change for fees and other benefits for the Non-Executive Directors who

were Non-Executive Directors at any point during 2025. Please see page [106](#i061872ba0edc4c4b918c91e4489bb507_38854) for a comparison of the percentage change in remuneration of

Unilever PLC employees.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Remuneration**<sup>(a)</sup> | **Total Remuneration**<sup>(a)</sup> | **Total Remuneration**<sup>(a)</sup> | **Total Remuneration**<sup>(a)</sup> | **Total Remuneration**<sup>(a)</sup> |
| **Non-Executive Director** | **% change from** <br>**2024 to 2025**<br>| % change from <br>2023 to 2024<br>| % change from <br>2022 to 2023<br>| % change from <br>2021 to 2022<br>| % change from <br>2020 to 2021<br>|
| Adrian Hennah | **7.6** | (3.4) | 26.4 | 566.7 |  |
| Andrea Jung | **(53.7)** | 2.4 | 6.5 | 11.1 | 32.8 |
| Susan Kilsby | **77.5** | 20.7 | (9.1) | 22.2 | (3.0) |
| Ruby Lu | **54.8** | 10.6 | (7.8) | 569.6 |  |
| Judith McKenna | **137.6** |  |  |  |  |
| Ian Meakins | **7.8** | 755.0 |  |  |  |
| Nelson Peltz | **34.6** | 3.0 | 144.4 |  |  |
| Benoît Potier | **n/a** |  |  |  |  |
| Zoe Yujnovich | **n/a** |  |  |  |  |

---

(a)Non-Executive Directors receive an annual fixed fee and do not receive any Company performance-related payments. The year-on-year % changes are therefore due to changes in

Committee Chair or memberships, mid-year appointments or retirements, fee increases (in line with policy and as disclosed in applicable Directors' Remuneration Reports), travel costs

and changes in the average sterling-to-euro exchange rate.

**NON-EXECUTIVE DIRECTORS' INTERESTS IN SHARES**

Non-Executive Directors are encouraged to build up a personal shareholding of at least 100% of their annual fees over the five years from appointment.

The table below shows the interests in Unilever PLC ordinary shares as at 31 December 2025 of Non-Executive Directors and their connected persons.

This is set against the minimum shareholding recommendation.

There has been no change in these interests between 1 January 2026 and 2 March 2026.

---

| | | |
|:---|:---|:---|
| **Non-Executive Director** | **Shares held at**<br>**31 December 2025**<sup>(a)</sup><br>| **Actual share ownership as a % of** <br>**NED fees (as at 31 December 2025)**<br>|
| Adrian Hennah | **3555** | 107% |
| Andrea Jung | **4576** | 344% |
| Susan Kilsby | **2000** | 49% |
| Ruby Lu | **–** | —% |
| Judith McKenna | **–** | —% |
| Ian Meakins | **23143** | 154% |
| Nelson Peltz<sup>(b)</sup> | **28604168** | 1,103,049% |
| Benoît Potier | **–** | —% |
| Zoe Yujnovich | **2222** | 91% |

---

(a)Date of retirement from the Board if earlier than 31 December 2025.

(b)Share ownership also includes shares held by Trian Fund Management as a connected person.

**REMUNERATION IN THE WIDER CONTEXT**

The Committee upholds its obligation under Section 172 of the UK Companies Act 2006 (see pages [60](#i47f70f9a0f4f4802a347c8cf092d8c4a_22827) to [61](#ia1abdf32a5f14aa0afaf0eb3e80b5bf8_18-0-1-3-1079200)) to consider the impact of what we

do on our multiple stakeholders. These considerations shape the way the Committee looks at pay and sets pay rates for our Executive and Non-

Executive Directors relative to our wider workforce. We will continue to advance these initiatives over the years ahead to enhance the livelihoods

of all our employees. See www.unilever.com/sustainability for further details.

**Commitment to fair pay**

Fairness in the workplace is a core pillar of our Code of Business Principles. As part of our Framework for Fair Compensation, we are committed

to paying a fair wage to all direct employees, which we achieved in 2020. In 2021, we achieved our first global independent accreditation as a

living wage employer. In 2024, we were awarded our second global independent accreditation as a living wage employer. To maintain this

standard, Unilever annually reviews direct employees' pay and benefits against an independent living wage benchmark, with corrective action

being taken as necessary. The data disclosed includes all employees who are integrated into Unilever's global reward structure and human

resources information system.

Our Framework for Fair Compensation outlines the Company's position on wages for direct employees and includes principles such as fair and

liveable compensation, market-based compensation and non-discrimination in compensation. Accountability for implementation of this framework

sits with the Chief People Officer. The framework is publicly available and applied locally through compensation policies and procedures.

**Alignment of executive pay with the wider workforce**

Remuneration arrangements throughout the Group are based on the same principle: that reward should support our business strategy and be

sufficient to attract and retain high-performing individuals by paying competitively. As a global organisation with employees working at different

levels and in many countries, the way we apply this principle varies by geography and seniority.

---

| | | |
|:---|:---|:---|
| 104 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

---

| | | |
|:---|:---|:---|
| | **Executive Directors** | **Below the Board** |
| Base salary | When determining Executive Director pay, the <br>Committee considers Group-wide employee pay <br>arrangements, including the average global pay <br>review budget for management. Typically pay <br>increases are at or below the average percentage <br>increase for the wider UK population. <br>| The average salary increase for the wider workforce globally in 2025 was <br>6.54%. Salaries take account of local inflation and market <br>competitiveness.<br>|
| Benefits | Benefits are aligned to market practice. | Benefits are competitive and aligned to local market practice. There is <br>a focus on enabling employee choice wherever possible to ensure that <br>benefits cater for a wide range of needs and circumstances. <br>|
| Pension | Pension allowance of 11% of base salary (if <br>the new Remuneration Policy is approved), <br>aligned to the default employer contribution for UK <br>employees.<br>| Pension arrangements reflect local market practice. |
| Annual bonus | Executive Directors have a significant portion of <br>their total remuneration delivered in variable short- <br>and long-term incentives, reflecting their ability to <br>influence and deliver the strategic objectives of the <br>business. <br>The annual bonus is based on performance <br>against financial measures only (no individual <br>performance element).<br>50% of bonus is deferred into shares held for three <br>years (until the shareholding requirement is met, if <br>the new Remuneration Policy is approved).<br>| All managers participate in the same annual bonus scheme, with the <br>same performance measures, weightings and structure. The majority of <br>employees across the world are eligible to participate in some form of <br>short-term incentive (annual bonus, sales incentive or manufacturing <br>bonus). Under the annual bonus, a multiplier based on performance <br>against individual goals is applied to the business performance outcome, <br>to allow effective differentiation of high and low performance. <br>For the ULE, the individual performance element is based on business <br>or function-wide strategic objectives. For Business Group Presidents <br>on the ULE, the business performance element is based on 75% <br>Business Group performance and 25% Unilever Group performance, <br>whereas for Functional Heads, the business performance element is <br>based fully on Unilever Group.<br>|
| Long-term <br>incentives<br>| Executive Directors participate in the PSP. Awards <br>vest after three years, subject to stretching <br>performance conditions. <br>Executive Director awards are subject to a two-<br>year post-vesting retention period to further <br>strengthen alignment with shareholder interests.<br>Executive Directors must also retain a significant <br>shareholding in Unilever (including for two years <br>after leaving the Company), meaning they may not <br>sell shares realised under the PSP until they have <br>met this requirement.<br>| Senior managers participate in the PSP with the same performance <br>measures, weightings and targets as the Executive Directors. Lower <br>levels of management are eligible to receive an annual award of <br>restricted shares. Wherever possible, all other employees have the <br>opportunity to participate in the global share purchase plan called <br>SHARES, which is offered in more than 80 countries. Through these <br>initiatives, we continue to encourage our employees to adopt an owner's <br>mindset with the goal of achieving our growth ambition, so they can <br>share in the long-term success of Unilever.<br>|

---

**Other disclosures related to Directors' remuneration**

Unilever regularly looks at pay ratios throughout the Group, and between each work level (WL), and we have disclosed this for a number of

years. The following table provides a detailed breakdown of the fixed and variable pay elements for each of our UK work levels, showing how

each work level compares to the CEO in 2025 (with equivalent 2024 figures for comparison purposes).

For 2025, the CEO data used is the total of fixed and variable pay for Hein Schumacher (€632,000 for the period 1 January 2025 to 28 February

2025) and Fernando Fernandez (€4,972,000 for the period 1 March 2025 to 31 December 2025), as set out in the single figure table and

supporting notes on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844). The 2024 CEO data is the applicable data for Hein Schumacher from the single figure table for Executive Directors

on page 103 of the 2024 Directors' Remuneration Report.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 105 |

---

DIRECTORS' REMUNERATION REPORT<br>

**CEO Pay Ratio Comparison (split by fixed pay and benefits/variable pay)** 

CEO = 83.7 x WL1

![68](ul-20251231_g99.gif)

CEO = 74.7 x WL1

CEO = 44.9 x WL2

CEO = 41 x WL2

CEO = 20.5 x WL3

CEO = 18.9 x WL3

CEO = 9.7 x WL4

CEO = 9.1 x WL4

CEO = 4.1 x WL5

CEO = 4.2 x WL5

CEO = 1.8 x WL6

CEO = 1.7 x WL6

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| €0m | €1m | €2m | €3m | €4m | €5m | €6m | €7m |

---

---

| | | | |
|:---|:---|:---|:---|
| 2025 Fixed pay and benefits | 2025 Variable pay | 2024 Fixed pay and benefits | 2024 Variable pay |

---

The year-on-year comparison reflects a reduction in fixed pay and an increase in variable pay for the CEO for 2025. The 2025 bonus outcome was lower

than in 2024 but 2025 included a PSP vest whereas the prior CEO was ineligible to participate in the 2022–2024 PSP cycle. The CEO has a higher

weighting on performance-related pay compared to other employees. Across the organisation, total pay has slightly increased compared to 2024 for

lower work levels (up to WL4) and is broadly similar for higher work levels. The numbers are also impacted by fluctuations in the exchange rates

used to convert pay denominated in pounds sterling to euros for reporting purposes. Where relevant, amounts for 2024 have been translated

using the average exchange rate over 2024 (€1 = £0.8481), and amounts for 2025 have been translated using the average exchange rate over

2025 (€1 = £0.8547).

Annual bonus and PSP for UK employees were calculated using:

■Target annual bonus values considered for the respective year.

■PSP values calculated at target for the relevant employee work level, i.e. 50% of target bonus for WL2 and 100% of target bonus for WL3–6.

Fixed pay figures reflect all elements of pay (including allowances) and benefits paid in cash. The data disclosed excludes employees who are

not integrated into Unilever's global reward structure and human resources information system.

**CEO pay ratio comparison** 

The table below is included to meet UK requirements and shows how salary and pay and benefits for the CEO compares to UK employees at the

25th percentile, median and 75th percentile.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | | **25th percentile** | **Median percentile** | **75th percentile** |
| **Year ended 31 December 2025** | Salary: | **£44,762** | **£53,141** | **£74,984** |
|  | Pay and benefits: | **£62,794** | **£77,719** | **£119,448** |
|  | Pay ratio (Option A): | **76:1** | **62:1** | **40:1** |
| Year ended 31 December 2024 | Salary: | £39,179 | £47,699 | £66,057 |
|  | Pay and benefits: | £53,620 | £66,215 | £100,517 |
|  | Pay ratio (Option A): | 88:1 | 71:1 | 47:1 |
| Year ended 31 December 2023 | Salary: | £40,968 | £49,224 | £67,565 |
|  | Pay and benefits: | £52,551 | £65,305 | £103,527 |
|  | Pay ratio (Option A): | 100:1 | 81:1 | 51:1 |
| Year ended 31 December 2022 | Salary: | £36,802 | £44,478 | £60,788 |
|  | Pay and benefits: | £49,868 | £61,553 | £93,612 |
|  | Pay ratio (Option A): | 92:1 | 75:1 | 49:1 |
| Year ended 31 December 2021 | Salary: | £34,560 | £42,668 | £58,869 |
|  | Pay and benefits: | £48,229 | £60,306 | £90,335 |
|  | Pay ratio (Option A): | 87:1 | 70:1 | 47:1 |
| Year ended 31 December 2020 | Salary: | £34,298 | £41,010 | £55,000 |
|  | Pay and benefits: | £45,713 | £55,751 | £80,670 |
|  | Pay ratio (Option A): | 67:1 | 55:1 | 38:1 |
| Year ended 31 December 2019 | Salary: | £38,510 | £45,154 | £59,988 |
|  | Pay and benefits: | £50,689 | £61,086 | £87,982 |
|  | Pay ratio (Option A): | 83:1 | 69:1 | 48:1 |

---

---

| | | |
|:---|:---|:---|
| 106 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

Option A was used to calculate the pay and benefits of employees at the 25th percentile, median and 75th percentile. This is the most accurate

methodology, as it is based on the total full-time equivalent total reward for all UK employees of the Group for the relevant financial year. Figures

are calculated by reference to full-time equivalent employees as at 31 December 2025. The data disclosed excludes employees who are not

integrated into Unilever's global reward structure and human resources information system.

Benefits for UK employees include any pension arrangements, while Executive Directors are not entitled to pension benefits under the current

Remuneration Policy.

Variable pay figures for UK employees are calculated on the basis set out in the paragraph for other work levels below the 'CEO pay ratio

comparison' table on page [105](#i061872ba0edc4c4b918c91e4489bb507_38851). The reason for this is it would be unduly onerous to recalculate these figures when, based on a sample, the

impact of such recalculation is expected to be minimal.

The median pay ratio has decreased in 2025 compared to the prior year due to the change in CEO. Pay, reward and progression policies within

Unilever are consistent as the Remuneration Policy is applicable across our circa 12,500 managers throughout the business worldwide.

**Percentage change in remuneration of Executive Directors (CEO/CFO)** 

The table below shows the five-year history of year-on-year percentage change for fixed pay, other benefits (excluding pension), and bonus for

the CEO, CFO and Unilever PLC employees (based on total full-time equivalent total reward for the relevant financial year) pursuant to UK

requirements. The figures for the Executive Directors are based on the single figure table on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844). There is no data for Srinivas Phatak as he

was appointed CFO on 16 September 2025 and there is no prior-year comparator.

In accordance with the regulations, we are required to show the percentage change in pay for Directors compared to the pay of our Unilever PLC

entity employees only, which is a relatively small and unrepresentative proportion of our total UK workforce. We believe it is more meaningful to

consider the mandatory disclosure on pay ratios on page [105](#i061872ba0edc4c4b918c91e4489bb507_38843), which compares the CEO's pay to the pay of all of our UK employees, and also

the voluntary additional disclosure on pay ratios split by all UK work levels on page [105](#i061872ba0edc4c4b918c91e4489bb507_38851).

The respective changes in fees for our Non-Executive Directors are included in the table 'Percentage change in remuneration of

Non-Executive Directors' on page [103](#i061872ba0edc4c4b918c91e4489bb507_38850).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fixed pay** | **Other benefits**<br>**(not including** <br>**pension)**<br>| **Bonus** |
| **% change from 2024 to 2025**<sup>(a)</sup> | CEO: Hein Schumacher<sup>(b)</sup> | **(83.4%)** | **(100.0%)** | **(90.4%)** |
|  | CEO: Fernando Fernandez<sup>(c)</sup> | **45.6%** | **(50.2%)** | **1.9%** |
|  | CFO: Srinivas Phatak | **n/a** | **n/a** | **n/a** |
|  | Unilever PLC employees<sup>(d)</sup> | **(16.6%)** | **(9.4%)** | **(43.6%)** |
| **% change from 2023 to 2024** | CEO: Hein Schumacher | 71.5% | 1.6% | 81.8% |
|  | CFO: Fernando Fernandez | n/a | n/a | n/a |
|  | Unilever PLC employees | 12.2% | 26.8% | 20.3% |
| **% change from 2022 to 2023** | CEO: Alan Jope | (50.0%) | (56.9%) | (56.8%) |
|  | CEO: Hein Schumacher | 3480.6% | n/a | n/a |
|  | CFO | 6.0% | 31.3% | (8.3%) |
|  | Unilever PLC employees | 0.2% | (12.1%) | (19.2%) |
| **% change from 2021 to 2022** | CEO | 1.8% | 34.2% | 67.0% |
|  | CFO | 1.7% | 2.1% | 67.0% |
|  | Unilever PLC employees | (4.3%) | 7.4% | 57.0% |
| **% change from 2020 to 2021** | CEO | 1.7% | 35.7% | 71.6% |
|  | CFO | 1.8% | 23.7% | 71.7% |
|  | Unilever PLC employees | (19.3%) | (2.2%) | (10.6%) |

---

(a)All 2025 figures are based on the single figure table on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844). The figures for Fernando Fernandez reflect his service as CFO (from 1 January 2025 to 28 February 2025) and as CEO

(from 1 March 2025).

(b)The decrease in fixed pay and bonus for Hein Schumacher is because he stepped down as CEO with effect 1 March 2025 (bonus also reflects the lower outcome of 70% compared to

122% in 2024). No benefits are shown in the 2025 single figure table (please refer to page [101](#i061872ba0edc4c4b918c91e4489bb507_38847)).

(c)The increase in fixed pay and bonus for Fernando Fernandez is because he was promoted to CEO with effect from 1 March 2025 (bonus reflects the higher target for CEO but offset by

the lower outcome of 70% compared to 122% in 2024). Benefits have fallen due to lower relocation costs.

(d)For Unilever PLC employees, fixed pay numbers include cash-related benefits employees receive as part of their total compensation, to ensure we can accurately compare fixed pay for

them against that of the CEO and CFO. The reductions in fixed pay and benefits for 2025 compared to 2024 reflect changes to the number and grade profile of PLC employees (which is a

very small group of employees), and in addition the change in bonus reflects a lower outcome compared to 2024. Figures are also affected by changes in the average sterling-to-euro

exchange rate. The data disclosed excludes employees who are not integrated into Unilever's global reward structure and human resources information system.

---

| | | |
|:---|:---|:---|
| Governance Report | **Unilever** Annual Report on Form 20-F 2025 | 107 |

---

DIRECTORS' REMUNERATION REPORT<br>

**RELATIVE IMPORTANCE OF SPEND ON PAY**

The chart below shows the relative spend on pay compared with dividends paid to Unilever shareholders and underlying earnings. Underlying

earnings represents the underlying profit attributable to Unilever shareholders and provides a good reference point to compare spend on pay.

The chart shows the percentage of movement in underlying earnings, dividends and total staff costs versus the previous year.

![13](ul-20251231_g100.gif)

**(0.8%)**

Underlying

earnings<sup>(a)</sup>

**12.3%**

**2.3%**

Dividends and

buyback<sup>(b)</sup>

**(0.1%)**

**(6.9%)**

Total staff

costs<sup>(c)</sup>

**4.4%**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| €0m | €1,000m | €2,000m | €3,000m | €4,000m | €5,000m | €6,000m | €7,000m | €8,000m |
|  |  |  | 2025 |  | 2024 |  |  |  |

---

(a)In calculating underlying profit attributable to shareholders, net profit attributable to shareholders is adjusted to eliminate the post-tax impact of non-underlying items in operating profit and

any other significant unusual terms within net profit but not operating profit (see note 7 on page [151](#ifd478f9f29604581a85a3fcac6406174_98) for details). 2023 and 2024 comparators have been re-presented to reflect the

demerger of our Ice Cream business.

(b)Includes share buyback of €1,510 million in 2025 and €1,508 million in 2024. Includes dividends on ordinary share capital during the year and not the dividend in specie relating to the

demerger of our Ice Cream business.

(c)2023 and 2024 comparators have been re-presented to reflect the demerger of our Ice Cream business.

**CEO SINGLE FIGURE TEN-YEAR HISTORY** 

The table below shows the ten-year history of the CEO single figure of total remuneration.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | **2025** |
| CEO single figure of total remuneration (€'000)<sup>(a)</sup> | 8370 | 11661 | 11726 | 4894 | 3447 | 4890 | 5395 | 6070 | 5552 | **5604** |
| Annual bonus outcome (% maximum) | 92% | 100% | 51% | 55% | 32% | 54% | 89% | 77% | 81% | **47%** |
| GSIP performance shares vesting outcome <br>(% maximum)<sup>(b)</sup><br>| 35% | 74% | 66% | 60% | n/a | n/a | n/a | n/a | n/a | **n/a** |
| MCIP matching shares vesting outcome <br>(% maximum)<sup>(c)</sup><br>| 47% | 99% | 88% | n/a | 42% | 44% | 35% | 44% | n/a | **n/a** |
| PSP performance shares vesting outcome <br>(% maximum)<br>| n/a | n/a | n/a | n/a | n/a | n/a | n/a | 32% | n/a | **68%** |

---

(a)2023 figure is based on the combined single figure of remuneration for Alan Jope and Hein Schumacher, as set out on page 132 of the 2023 Directors' Remuneration Report. 2025 figure is

based on the combined single figure of remuneration for Hein Schumacher (€632,000 for the period 1 January 2025 to 28 February 2025) and Fernando Fernandez (€4,972,000 for the

period 1 March 2025 to 31 December 2025), as set out in the single figure table and supporting notes on page [96](#i061872ba0edc4c4b918c91e4489bb507_38844).

(b)Global Share Incentive Plan (GSIP). Last CEO award was for the performance period ended 2019.

(c)Management Co-Investment Plan (MCIP). Last performance period ended in 2023.

**Ten-year historical TSR performance**

The graph below includes growth in the value of a hypothetical £100 investment over ten years' FTSE 100 comparison, based on

30-trading-day average values. The FTSE 100 Index is the most relevant index in the UK and where we have our principal listing. Unilever is a

constituent of this index.

![1](ul-20251231_g101.gif)

Value of hypothetical £/€ holding

---

| | | |
|:---|:---|:---|
| 108 | **Unilever** Annual Report on Form 20-F 2025 | Governance Report |

---

DIRECTORS' REMUNERATION REPORT<br>

**SHAREHOLDER VOTING**

Unilever is committed to ongoing shareholder dialogue and takes an active interest in voting outcomes. In the event of a substantial vote against

a resolution in relation to Directors' remuneration, Unilever seeks to understand the reasons for any such vote.

Following the AGM on 30 April 2025, 72.29% of votes were cast in favour of the Directors' Remuneration Report. While the Board was pleased

that the resolution received majority support, the Company recognises the importance of understanding the reasons behind votes against.

Following the AGM, the Company contacted its largest shareholders – representing 46.3% of the share register – as well as other shareholders

who voted against the Remuneration Report and several proxy agencies. In total, we held 22 meetings to gain deeper insight into shareholder

views and concerns regarding Directors' remuneration.

Shareholders who opposed the 2024 Directors' Remuneration Report consistently cited two key concerns. Firstly, the disapplication of time pro-

ration on three outstanding long-term incentive awards for the former CEO, Alan Jope, and the former CFO, Graeme Pitkethly, who retired from

the Company in 2022 and 2023 respectively. Secondly, the approach taken to setting fixed pay for Fernando Fernandez on his appointment as

CEO.

The Company acknowledges that the disapplication of time pro-ration on three awards for the former CEO and former CFO were exceptional

decisions taken in order to mitigate the impact of the disruption to the business at a time of significant change and uncertainty. The Company has

publicly confirmed that it will apply time pro-ration to outstanding awards for future Director exits, in accordance with market practice and the

Remuneration Policy. This was demonstrated by the recent treatment of outstanding long-term incentive awards for the former CEO, Hein

Schumacher, where time pro-ration was applied to all unvested awards when Hein left the Company in March 2025. In dialogue with

shareholders and proxies, it has been understood and recognised that the non-pro-ration of awards to former Directors is a legacy decision and

not an ongoing issue.

On the approach to setting pay on appointment, the Company understands that some shareholders prefer to see phased progression over time

as opposed to a more significant salary uplift from the outset. The Board took this feedback into account when determining fixed pay for Srinivas

Phatak on his appointment as CFO in September 2025. His salary was set at a lower level than the previous CFO's salary, with the intention to

gradually move pay to the appropriate position relative to the market over the next two to three years, subject to performance and the wider

external and internal context.

We would like to thank all of the shareholders and proxy agencies who spent time engaging with us recently and those who continue to engage

with us over the coming months. The Company will continue to meet with shareholders regularly on remuneration-related matters and their

perspectives are critical inputs into the Board's discussions and decision-making.

The following table sets out the actual voting in respect of the 2024 Directors' Remuneration Report and 2023 Remuneration Policy.

---

| | | | |
|:---|:---|:---|:---|
| **Voting outcome** | **For** | Against | Withheld |
| **2024 Directors' Remuneration Report (2025 AGM)** | **72.29%** | 27.71% | 2222529 |
| **2024 Directors' Remuneration Policy (2024 AGM)** | **97.69%** | 2.31% | 2918626 |

---

The Directors' Remuneration Report has been approved by the Board, and signed on its behalf by Prakash Kakkad, Chief Legal Officer and

Group Company Secretary.

![Finance_Divider aurora.jpg](ul-20251231_g102.jpg)

![](ul-20251231_g103.gif)

---

| | |
|:---|:---|
| Financial Statements | Financial Statements |
| **[110](#idd497fffd94048748ee00e72dade0edb_151)** | **Statement of Directors' Responsibilities** |
| **111** | **Report of Independent Registered Public Accounting Firm** |
| **[128](#idd497fffd94048748ee00e72dade0edb_160)** | **Consolidated Financial Statements Unilever Group** |
| **[133](#idd497fffd94048748ee00e72dade0edb_181)** | **Notes to the Consolidated Financial Statements** |
| **[192](#idd497fffd94048748ee00e72dade0edb_397)** | **Group Companies** |
| **[201](#idd497fffd94048748ee00e72dade0edb_400)** | **Shareholder Information – Financial Calendar** |
| **[202](#idd497fffd94048748ee00e72dade0edb_403)** | **Additional Information for US Listing Purposes** |
| **Unilever Ice Cream Demerger**<br>All figures are presented on a continuing operations basis. For Unilever, this comprises <br>of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods.  | **Unilever Ice Cream Demerger**<br>All figures are presented on a continuing operations basis. For Unilever, this comprises <br>of four Business Groups: Beauty & Wellbeing, Personal Care, Home Care and Foods.  |

---

---

| | | |
|:---|:---|:---|
| 110 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

**Statement of Directors' Responsibilities**

**ANNUAL ACCOUNTS**

The Directors are responsible for preparing the Annual Report and Accounts in

accordance with applicable law and regulations. The Directors are also required

by the UK Companies Act 2006 to prepare accounts for each financial year that

give a true and fair view of the state of affairs of the Unilever Group and PLC as

at the end of the financial year, and of the profit or loss and cash flows for that

year.

The Directors consider that, in preparing the accounts, the Group and PLC have

used the most appropriate accounting policies, consistently applied and

supported by reasonable and prudent judgements and estimates. They also

confirm that all International Financial Reporting Standards (IFRS) as issued

by the International Accounting Standards Board (IASB), and UK-adopted

international accounting standards, which they consider to be applicable, have

been followed. In accordance with Disclosure Guidance and Transparency Rule

('DTR') 4.1.5R and 4.1.16R, the financial statements will form part of the annual

financial report prepared using the single electronic reporting format under DTR

4.1.17R and 4.1.18R. The auditor's report on these financial statements provides

no assurance over whether the annual financial report has been prepared in

accordance with those requirements. The Directors are also responsible for

preparing the Annual Report and Accounts, including the consolidated financial

statements, in the European single electronic format in accordance with the

requirements as set out in Commission Delegated Regulation (EU) 2019/815

with regard to regulatory technical standards on the specification of a single

electronic reporting format.

The Directors have responsibility for ensuring that PLC keeps accounting records

which disclose with reasonable accuracy their financial position, and which

enable the Directors to ensure that the accounts comply with all relevant

legislation. They are also responsible for such internal control as they determine

is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error, and have a general

responsibility for taking such steps as are reasonably open to them to safeguard

the assets of the Group, and to prevent and detect fraud and other irregularities.

This statement, which should be read in conjunction with the Report of

Independent Registered Public Accounting Firm, is made with a view to

distinguishing for shareholders the respective responsibilities of the Directors and

of the auditors in relation to the accounts.

A copy of the financial statements of the Unilever Group is available at

www.unilever.com/investors. The Directors are responsible for the maintenance

and integrity of the website, and the work carried out by the auditors does not

involve consideration of these matters. Accordingly, the auditors accept no

responsibility for any changes that may have occurred to the financial statements

since they were initially placed on the website. Legislation in the UK and the

Netherlands governing the preparation and dissemination of financial statements

may differ from legislation in other jurisdictions.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING** 

**FIRM** 

UK law sets out additional responsibilities for the Directors of PLC regarding

disclosure of information to auditors. To the best of each of the Directors'

knowledge and belief, and having made appropriate enquiries, all information

relevant to enabling the auditors to provide their opinions on PLC's consolidated

and parent company accounts has been provided. Each of the Directors has

taken all reasonable steps to ensure their awareness of any relevant audit

information and to establish that Unilever PLC's auditors are aware of any

such information.

**DIRECTORS' RESPONSIBILITY STATEMENT** 

Under company law, the directors must not approve the financial statements

unless they are satisfied that they give a true and fair view of the state of affairs

of the Group and parent company and of the Group's profit or loss for that period.

Under applicable law and regulations, the directors are also responsible for

preparing a Strategic Report, Directors' Report, Directors' Remuneration Report

and Corporate Governance Statement that complies with that law and those

regulations.

Each of the Directors confirms that, to the best of his or her knowledge:

■The Unilever Annual Report and Accounts 2025, taken as a whole, is fair,

balanced and understandable, and provides the information necessary for

shareholders to assess the Company's position and performance, business

model and strategy;

■The Financial Statements, which have been prepared in accordance

with International Financial Reporting Standards (IFRS) as issued by

the International Accounting Standards Board (IASB), and UK-adopted

international accounting standards, give a true and fair view of the assets,

liabilities, financial position and profit or loss of the Company and the

undertakings included in the consolidation taken as a whole; and

■The Management Report includes a fair review of the development

and performance of the business and the position of PLC and the

undertakings included in the consolidation taken as a whole, together with a

description of the principal risks and uncertainties that they face.

The Directors and their roles are listed on pages [52](#idd497fffd94048748ee00e72dade0edb_115) to [55](#id4b3897439b541bf8ab5afe11d4fe043_162).

**GOING CONCERN**

The activities of the Group, together with the factors likely to affect its future

development, performance, financial position, its cash flows, liquidity position and

borrowing facilities, are described on pages 1 to 46. In addition, we describe in

notes 15 to 18 on pages [161](#idd497fffd94048748ee00e72dade0edb_247) to [176](#i4e94d96a296047ab8de6c84dd6fe7971_4955) the Group's objectives, policies and

processes for managing its capital; its financial risk management objectives;

details of its financial instruments and hedging activities; and its exposures to

credit and liquidity risk. Although not assessed over the same period as going

concern, the viability of the Group has been assessed on page [38](#idd497fffd94048748ee00e72dade0edb_94).

The Group has considerable financial resources together with established

business relationships with many customers and suppliers in countries

throughout the world. As a consequence, the Directors believe that the Group is

well placed to manage its business risks successfully for at least 12 months from

the date of approval of the financial statements.

After making enquiries, the Directors consider it appropriate to adopt the going

concern basis of accounting in preparing this Annual Report and Accounts.

**INTERNAL AND DISCLOSURE CONTROLS AND** 

**PROCEDURES**

Please refer to pages [32](#idd497fffd94048748ee00e72dade0edb_91) to [37](#i4d8a0ac02dc9461ab7ab3a902587faf1_3571) for a discussion of Unilever's principal risk factors

and to pages [31](#idd497fffd94048748ee00e72dade0edb_88) to [38](#idd497fffd94048748ee00e72dade0edb_94) for commentary on the Group's approach to risk

management and control.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 111 |

---

**Report of Independent Registered Public** 

**Accounting Firm**

To the Shareholders and Board of Directors Unilever PLC:

**OPINIONS ON THE CONSOLIDATED FINANCIAL STATEMENTS AND INTERNAL CONTROL OVER** 

**FINANCIAL REPORTING**

We have audited the accompanying consolidated balance sheets of Unilever PLC and subsidiaries (the Company) as of December 31, 2025 and

2024, the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in

equity, and consolidated cash flow statements for each of the years in the three-year period ended December 31, 2025, and the related notes

(collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December

31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations

of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the

Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period

ended December 31, 2025, in conformity with International Financial Reporting Standards Accounting Standards as issued by the International

Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial

reporting as of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission.

The Company acquired Yeti Parent Holdings, LLC ("Dr. Squatch"), Uprising Science Private Limited ("Minimalist"), and Wild Cosmetics Limited

("Wild") during 2025, and management excluded from its assessment of the effectiveness of the Company's internal control over financial

reporting as of December 31, 2025, Dr. Squatch's, Minimalist's, and Wild's internal control over financial reporting associated with 3.0% of total

assets and 0.6% of total turnover included in the consolidated financial statements of the Company as of and for the year ended December 31,

2025. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial

reporting of Dr. Squatch, Minimalist, and Wild.

**BASIS FOR OPINIONS** 

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial

reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's

Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial

statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm

registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the

Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain

reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and

whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the

consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of

internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating

effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered

necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**DEFINITION AND LIMITATIONS OF INTERNAL CONTROL OVER FINANCIAL REPORTING** 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A

company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

---

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|:---|:---|:---|
| 112 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br>

**CRITICAL AUDIT MATTER**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was

communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the

consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical

audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating

the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Indirect tax contingent liabilities in Brazil related to a 2001 corporate reorganisation**

As discussed in note 20 to the consolidated financial statements, there are contingent liabilities reported for indirect taxes relating to disputes

with the Brazilian authorities related to a 2001 corporate reorganisation. The total amount of the tax assessments received in respect of this

matter is €3,557 million as of 31 December 2025. There also remains the possibility of further material tax assessments related to the same

matter for periods not yet assessed.

We identified the evaluation of the indirect tax contingent liabilities in Brazil related to a 2001 corporate reorganisation as a critical audit matter. In

Brazil, there is a high degree of complexity involved in the local indirect tax regimes (both state and federal) and jurisprudence. Due to these

complexities, there is a high degree of judgement applied by the Company with respect to the uncertainty of the outcome of this matter. Complex

auditor judgement and specialised skills were required in evaluating the possible future outcomes of investigations by the authorities for

assessments received to ascertain if a liability exists, and in evaluating if the exposure of possible material tax assessments related to the same

matter for periods not yet assessed can be estimated.

The following are the primary procedures we performed to address this critical audit matter.

■We evaluated the design and tested the operating effectiveness of certain internal controls related to the indirect tax process including controls

related to the assessment of the outcome of investigations if a liability exists, and around evaluating exposure to possible material tax

assessments for periods not yet assessed.

■We involved local indirect tax professionals with specialized skills and knowledge who assisted in:

**■**assessing the appropriateness of the classification as contingent liabilities compared to the nature of the exposures, applicable regulations,

and related correspondence with the tax authorities; and

**■**assessing the confirmations received from the Company's external lawyers, considering any impact of legal precedent, case law and any

historical and recent judgements passed by the court authorities which could impact likelihood of outflow of economic resources.

■We inspected assessments received from tax authorities and compared their consistency, occurrence and amounts retrospectively over time

to previous management estimates made in the periods this matter was not yet assessed.

**/s/ KPMG LLP**

We have served as the Company's auditor since 2014.

London, United Kingdom

March 4, 2026

---

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**Consolidated Financial Statements** 

**Unilever Group**

**Consolidated income statement**

for the year ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Notes | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| **Turnover** | 2 | **50503** | 52479 | 51680 |
| **Operating profit** | 2 | **9037** | 8829 | 8998 |
| of which: (loss)/gain on disposal of group companies<sup>(b)</sup> |  | **(36)** | (229) | 491 |
| Net finance costs | 5 | **(503)** | (520) | (409) |
| Pensions and similar obligations |  | **123** | 83 | 121 |
| Finance income |  | **398** | 391 | 393 |
| Finance costs |  | **(1024)** | (994) | (922) |
| Net monetary loss arising from hyperinflationary economies | 1 | **(68)** | (201) | (169) |
| Share of net profit of joint ventures and associates | 11 | **245** | 250 | 228 |
| Other income/(loss) from non-current investments and associates |  | **(17)** | 13 | (22) |
| **Profit before taxation from continuing operations** |  | **8693** | 8371 | 8627 |
| **Taxation** | 6A | **(2481)** | (2332) | (1990) |
| **Net profit from continuing operations** |  | **6213** | 6039 | 6637 |
| Profit after taxation from discontinued operations |  | **425** | 330 | 503 |
| Gain on disposal of discontinued operations | 21 | **3373** | – | – |
| Net profit from discontinued operations |  | **3798** | 330 | 503 |
| **Total net profit**  |  | **10011** | 6369 | 7140 |
| Attributable to: |  |  |  |  |
| Non-controlling interests |  | **542** | 625 | 653 |
| Shareholders' equity |  | **9469** | 5744 | 6487 |
| Total profit attributable to shareholders' equity arises from:  |  |  |  |  |
| Continuing operations  |  | **5682** | 5430 | 6002 |
| Discontinued operations  |  | **3787** | 314 | 485 |
| Total profit attributable to non-controlling interests arises from:  |  |  |  |  |
| Continuing operations  |  | **531** | 609 | 635 |
| Discontinued operations  |  | **11** | 16 | 18 |
| **Earnings per share** | 7 |  |  |  |
| Basic earnings per share (€) |  | **4.33** | 2.59 | 2.90 |
| Basic earnings per share (€) from continuing operations  |  | **2.60** | 2.45 | 2.68 |
| Basic earnings per share (€) from discontinued operations |  | **1.73** | 0.14 | 0.22 |
| **Diluted earnings per share (€)** |  | **4.32** | 2.58 | 2.89 |
| Diluted earnings per share (€) from continuing operations  |  | **2.59** | 2.44 | 2.67 |
| Diluted earnings per share (€) from discontinued operations |  | **1.73** | 0.14 | 0.22 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)2024 net loss arises from the disposals of our Russian business, Elida Beauty, Pureit and Qinyuan. 2023 includes a gain of €497 million related to the disposal of Suave.

Note references in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet and

consolidated cash flow statement relate to notes on pages [133](#ia0e548b43a20426c9e3f72e706caf374_18485) to [183](#ib0095ce7b13042759bf9aaa1fd334c83_553), which form an integral part of the consolidated financial statements.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 129 |

---

CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**Consolidated statement of comprehensive income**

for the year ended 31 December

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Net profit  | **10011** | 6369 | 7140 |
| **Other comprehensive income from continuing operations**<br> 6C |  |  |  |
| Items that will not be reclassified to profit or loss, net of tax: |  |  |  |
| Gains/(losses) on equity instruments measured at fair value through other comprehensive <br>income<br>| **(14)** | 60 | (28) |
| Remeasurement of defined benefit pension plans <br> 15B | **137** | 226 | (510) |
| Items that may be reclassified subsequently to profit or loss, net of tax: |  |  |  |
| Gains/(losses) on cash flow hedges | **(111)** | 122 | (29) |
| Currency retranslation gains/(losses)<br> 15B | **(2239)** | 1113 | (1316) |
| Other comprehensive income from continuing operations | **(2227)** | 1521 | (1883) |
| Other comprehensive income from discontinued operations | **508** | 402 | (143) |
| **Total comprehensive income** | **8292** | 8292 | 5114 |
| Attributable to: |  |  |  |
| Non-controlling interests | **187** | 712 | 524 |
| Shareholders' equity | **8105** | 7580 | 4590 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

Note references in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet and

consolidated cash flow statement relate to notes on pages [133](#ia0e548b43a20426c9e3f72e706caf374_18485) to [183](#ib0095ce7b13042759bf9aaa1fd334c83_553), which form an integral part of the consolidated financial statements.

---

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|:---|:---|:---|
| 130 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**Consolidated statement of changes in equity**

for the year ended 31 December

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **€ million** | **Called**<br>**up share**<br>**capital**<br>| **Share**<br>**premium**<br>**account**<br>| **Unification**<br>**reserve**<br>| **Other**<br>**reserves**<br>| **Retained**<br>**profit**<br>| **Total** | **Non-**<br>**controlling**<br>**interests**<br>| **Total**<br>**equity**<br>|
| **31 December 2022** | **92** | **52844** | **(73364)** | **(10804)** | **50253** | **19021** | **2680** | **21701** |
| Profit or loss for the period | – | – | – | – | 6487 | 6487 | 653 | 7140 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| Equity instruments gains/(losses) | – | – | – | (27) | – | (27) | (1) | (28) |
| Cash flow hedges gains/(losses) | – | – | – | (27) | – | (27) | – | (27) |
| Remeasurements of defined benefit pension plans  | – | – | – | – | (508) | (508) | (2) | (510) |
| Currency retranslation gains/(losses)<sup>(a)</sup> | – | – | – | (1629) | 294 | (1335) | (126) | (1461) |
| Total comprehensive income | – | – | – | (1683) | 6273 | 4590 | 524 | 5114 |
| Dividends on ordinary capital | – | – | – | – | (4327) | (4327) | – | (4327) |
| Cancellation of treasury shares<sup>(c)</sup> | (4) | – | – | 5282 | (5278) | – | – | – |
| Repurchase of shares<sup>(d)</sup> | – | – | – | (1507) | – | (1507) | – | (1507) |
| Movements in treasury shares<sup>(e)</sup> | – | – | – | 75 | (98) | (23) | – | (23) |
| Share-based payment credit<sup>(f)</sup> | – | – | – | – | 212 | 212 | – | 212 |
| Dividends paid to non-controlling interests | – | – | – | – | – | – | (521) | (521) |
| Hedging (gain)/loss transferred to non-financial assets | – | – | – | 117 | – | 117 | – | 117 |
| Other movements in equity | – | – | – | 2 | 17 | 19 | (21) | (2) |
| **31 December 2023** | **88** | **52844** | **(73364)** | **(8518)** | **47052** | **18102** | **2662** | **20764** |
| Profit or loss for the period | – | – | – | – | 5744 | 5744 | 625 | 6369 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| Equity instruments gains/(losses) | – | – | – | 60 | – | 60 | – | 60 |
| Cash flow hedges gains/(losses) | – | – | – | 210 | – | 210 | – | 210 |
| Remeasurements of defined benefit pension plans  | – | – | – | – | 269 | 269 | (5) | 264 |
| Currency retranslation gains/(losses)<sup>(a)</sup> | – | – | – | 406 | 891 | 1297 | 92 | 1389 |
| Total comprehensive income | – | – | – | 676 | 6904 | 7580 | 712 | 8292 |
| Dividends on ordinary capital | – | – | – | – | (4320) | (4320) | – | (4320) |
| Repurchase of shares<sup>(d)</sup> | – | – | – | (1508) | – | (1508) | – | (1508) |
| Movements in treasury shares<sup>(e)</sup> | – | – | – | 25 | (120) | (95) | – | (95) |
| Share-based payment credit<sup>(f)</sup> | – | – | – | – | 324 | 324 | – | 324 |
| Dividends paid to non-controlling interests | – | – | – | – | – | – | (712) | (712) |
| Hedging (gain)/loss transferred to non-financial assets | – | – | – | (54) | – | (54) | – | (54) |
| Other movements in equity | – | – | – | 80 | (119) | (39) | (97) | (136) |
| **31 December 2024** | **88** | **52844** | **(73364)** | **(9299)** | **49721** | **19990** | **2565** | **22555** |
| Profit or loss for the period | – | – | – | – | 9469 | 9469 | 542 | 10011 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| Equity instruments gains/(losses) | – | – | – | (14) | – | (14) | – | (14) |
| Cash flow hedges gains/(losses) | – | – | – | (196) | – | (196) | (2) | (198) |
| Remeasurements of defined benefit pension plans  | – | – | – | – | 180 | 180 | (4) | 176 |
| Currency retranslation gains/(losses)<sup>(a)</sup> | – | – | – | (1258) | (76) | (1334) | (349) | (1683) |
| Total comprehensive income | – | – | – | (1468) | 9573 | 8105 | 187 | 8292 |
| Dividends on ordinary capital | – | – | – | – | (4453) | (4453) | – | (4453) |
| Non-cash dividend to shareholders<sup>(b)</sup> | – | – | – | – | (6752) | (6752) | – | (6752) |
| Cancellation of treasury shares<sup>(c)</sup> | (3) | – | – | 3770 | (3767) | – | – | – |
| Repurchase of shares<sup>(d)</sup> | – | – | – | (1510) | – | (1510) | – | (1510) |
| Movements in treasury shares<sup>(e)</sup> | – | – | – | 1 | (152) | (151) | – | (151) |
| Share-based payment credit<sup>(f)</sup> | – | – | – | – | 284 | 284 | – | 284 |
| Dividends paid to non-controlling interests<sup>(g)</sup> | – | – | – | – | – | – | (728) | (728) |
| Hedging (gain)/loss transferred to non-financial assets | – | – | – | (58) | – | (58) | 1 | (57) |
| Other movements in equity<sup>(h)</sup> | – | – | – | 300 | (225) | 75 | 32 | 107 |
| **31 December 2025** | **85** | **52844** | **(73364)** | **(8264)** | **44229** | **15530** | **2057** | **17587** |

---

(a)Includes a hyperinflation adjustment of €17 million in relation to Argentina and Turkey (2024: €880 million, primarily reflects the effect of significant inflationary pressures, particularly in

Argentina, compared with 2025, 2023: €308 million).

(b)A non-cash dividend was distributed to shareholders in connection with the demerger of our Ice Cream business. The distribution was settled through the transfer of the Company's equity

interest in the demerged entity, measured at fair value and recognised directly in equity with no associated cash outflow.

(c)During 2025, 13,288,138 PLC ordinary shares held as treasury shares were cancelled before share consolidation and 51,625,153 cancelled after share consolidation. During 2023,

112,746,434 PLC ordinary shares held as treasury shares were cancelled. The amount paid to repurchase these shares was initially recognised in other reserves and is transferred to

retained profit on cancellation.

(d)Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback programmes announced on 10 February 2022, 8 February 2024 and 13 February 2025.

(e)Includes purchases and sales of treasury shares, other than the share buyback programme and the transfer from treasury shares to retained profit of share-settled schemes arising from

prior years and differences between purchase and grant price of share awards.

(f)The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.

(g)Includes a non-cash dividend of €199 million by Hindustan Unilever Limited to its minority shareholders.

(h)Includes the impact on the minority liability and non-controlling interest following the acquisition of Dr. Squatch and Minimalist, and the step-up acquisitions of Nutrafol, Welly and Equilibra.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 131 |

---

CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**Consolidated balance sheet**

for the year ended 31 December

---

| | | | |
|:---|:---|:---|:---|
| | Notes | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Goodwill | 9 | **17709** | 22311 |
| Intangible assets | 9 | **17055** | 18590 |
| Property, plant and equipment | 10 | **8992** | 11669 |
| Pension asset for funded schemes in surplus | 4B | **4462** | 4164 |
| Deferred tax assets | 6B | **1146** | 1280 |
| Financial assets | 17A | **3065** | 1571 |
| Other non-current assets | 11 | **976** | 971 |
|  |  | **53405** | 60556 |
| **Current assets** |  |  |  |
| Inventories | 12 | **4043** | 5177 |
| Trade and other current receivables | 13 | **7346** | 6011 |
| Current tax assets |  | **329** | 373 |
| Cash and cash equivalents | 17A | **3941** | 6136 |
| Other financial assets | 17A | **1121** | 1330 |
| Assets held for sale |  | **286** | 167 |
|  |  | **17066** | 19194 |
| **Total assets** |  | **70471** | 79750 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Financial liabilities | 15C | **2582** | 6987 |
| Trade payables and other current liabilities | 14 | **16939** | 16690 |
| Current tax liabilities |  | **1439** | 678 |
| Provisions | 19 | **589** | 831 |
| Liabilities held for sale |  | **113** | 48 |
|  |  | **21662** | 25234 |
| **Non-current liabilities** |  |  |  |
| Financial liabilities | 15C | **25696** | 25066 |
| Non-current tax liabilities |  | **303** | 585 |
| Pensions and post-retirement healthcare liabilities: |  |  |  |
| Funded schemes in deficit | 4B | **100** | 173 |
| Unfunded schemes | 4B | **844** | 1021 |
| Provisions | 19 | **539** | 571 |
| Deferred tax liabilities | 6B | **3603** | 4342 |
| Other non-current liabilities | 14 | **137** | 203 |
|  |  | **31222** | 31961 |
| **Total liabilities** |  | **52884** | 57195 |
| **Equity** |  |  |  |
| Shareholders' equity |  | **15530** | 19990 |
| Non-controlling interests |  | **2057** | 2565 |
| **Total equity** |  | **17587** | 22555 |
| **Total liabilities and equity** |  | **70471** | 79750 |

---

Note references in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet and

consolidated cash flow statement relate to notes on pages [133](#ia0e548b43a20426c9e3f72e706caf374_18485) to [183](#ib0095ce7b13042759bf9aaa1fd334c83_553), which form an integral part of the consolidated financial statements.

These financial statements have been approved by the Directors and signed on their behalf by Fernando Fernandez.

**F Fernandez on behalf of The Board of Directors**

4 March 2026

---

| | | |
|:---|:---|:---|
| 132 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**Consolidated cash flow statement**

for the year ended 31 December

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Notes | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Net profit from continuing operations |  | **6213** | 6039 | 6637 |
| Taxation |  | **2481** | 2332 | 1990 |
| Share of net profit of joint ventures/associates and other (income)/loss from non-current <br>investments<br>|  | **(228)** | (263) | (206) |
| Net monetary loss arising from hyperinflationary economies |  | **68** | 201 | 169 |
| Net finance costs | 5 | **503** | 520 | 409 |
| Operating profit from continuing operations |  | **9037** | 8829 | 8998 |
| Depreciation, amortisation and impairment |  | **1353** | 1370 | 1148 |
| Changes in working capital: |  | **116** | (188) | 753 |
| Inventories |  | **(281)** | (190) | 282 |
| Trade and other receivables<sup>(b)</sup> |  | **(2620)** | (211) | 731 |
| Trade payables and other liabilities<sup>(b)</sup> |  | **3017** | 213 | (260) |
| Pensions and similar obligations less payments |  | **(74)** | (54) | (251) |
| Provisions less payments |  | **(130)** | 289 | (171) |
| Elimination of losses/(profits) on disposals |  | **58** | 259 | (440) |
| Non-cash charge for share-based compensation |  | **255** | 292 | 192 |
| Other adjustments |  | **157** | 116 | 97 |
| **Cash flow from continuing operating activities** |  | **10772** | 10913 | 10326 |
| Income tax paid on continuing operations |  | **(2720)** | (2452) | (1933) |
| **Net cash flow from continuing operating activities** |  | **8052** | 8461 | 8393 |
| Cash flow from operations attributable to discontinued operations |  | **475** | 1231 | 1235 |
| Income tax paid from discontinued operation |  | **(177)** | (173) | (202) |
| Net operating cash flows attributable to discontinued operations  |  | **298** | 1058 | 1033 |
| **Total cash flows from operating activities**  |  | **8350** | 9519 | 9426 |
| Interest received |  | **352** | 370 | 223 |
| Purchase of intangible assets |  | **(174)** | (233) | (241) |
| Purchase of property, plant and equipment |  | **(1417)** | (1381) | (1194) |
| Disposal of property, plant and equipment |  | **126** | 15 | 15 |
| Acquisition of businesses and investments in joint ventures and associates  |  | **(1674)** | (734) | (100) |
| Disposal of businesses, joint ventures and associates  |  | **107** | 910 | 436 |
| Acquisition of other non-current investments |  | **(111)** | (166) | (533) |
| Disposal of other non-current investments |  | **239** | 59 | 62 |
| Dividends from joint ventures, associates and other non-current investments |  | **243** | 261 | 239 |
| Sale/(purchase) of financial assets |  | **(85)** | 476 | (318) |
| **Net cash flow used in continuing investing activities** |  | **(2394)** | (423) | (1411) |
| Net investing cash flows attributable to discontinued operations  |  | **(724)** | (202) | (883) |
| **Total cash outflow used in investing activities**  |  | **(3118)** | (625) | (2294) |
| Dividends paid on ordinary share capital |  | **(4453)** | (4319) | (4363) |
| Interest paid |  | **(1018)** | (929) | (751) |
| Net change in short-term borrowings |  | **(2228)** | 575 | (506) |
| Additional financial liabilities  |  | **4278** | 4234 | 4418 |
| Repayment of financial liabilities |  | **(3547)** | (3846) | (3470) |
| Capital element of lease rental payments |  | **(301)** | (342) | (349) |
| Repurchase of shares | 24 | **(1510)** | (1508) | (1507) |
| Other financing activities<sup>(c)</sup> |  | **(1105)** | (694) | (556) |
| **Net cash flow used in continuing financing activities** |  | **(9884)** | (6829) | (7084) |
| Net financing cash flows attributable to discontinued operations  |  | **3070** | (112) | (109) |
| **Total cash flow used in financing activities**  |  | **(6814)** | (6941) | (7193) |
| **Net increase/(decrease) in cash and cash equivalents** |  | **(1582)** | 1953 | (61) |
| **Cash and cash equivalents at the beginning of the year** |  | **5950** | 4045 | 4225 |
| Effect of foreign exchange rate changes |  | **(498)** | (48) | (119) |
| **Cash and cash equivalents at the end of the year** | 17A | **3870** | 5950 | 4045 |

---

(a)The 2024 and 2023 comparatives have been re-presented to reflect the demerger of our Ice Cream business (see note 21).

(b)Net working capital includes the gross-up impact in receivables and payables arising due to the transitional service arrangement between Unilever and The Magnum Ice Cream Company.

(c)Comprises of minority dividend payment, and payments for step-up acquisitions.

The cash flows of pension funds (other than contributions and other direct payments made by the Group in respect of pensions and similar obligations) are not

included in the Group cash flow statement.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 133 |

---

**Notes to the Consolidated Financial** 

**Statements Unilever Group**

**1. Accounting information and** 

**policies**

**BASIS OF CONSOLIDATION**

Group companies included in the consolidated financial statements for 2025 are

Unilever PLC ('PLC') and all subsidiary undertakings, which are those entities

controlled by PLC. Control exists when the Group has the power to direct the

activities of an entity so as to affect the return on investment.

The net assets and results of acquired businesses are included in the

consolidated financial statements from their respective dates of acquisition, being

the date on which the Group obtains control.

The results of disposed businesses are included in the consolidated financial

statements up to their date of disposal, being the date control ceases.

Intra-group transactions and balances are eliminated.

**COMPANY LEGISLATION AND ACCOUNTING** 

**STANDARDS** 

The consolidated financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), and UK-adopted international accounting

standards. The consolidated financial statements comply with the Companies Act

2006. These financial statements are prepared under the historical cost

convention unless otherwise indicated.

**GOING CONCERN**

These financial statements have been prepared on a going concern basis.

The Group has considerable financial resources together with established

business relationships with many customers and suppliers in countries

throughout the world.

The Directors considered the Group's overall financial position, exposure to principal

risks and future business forecasts. Specifically, they ensured that the expected cash

flows from those forecasts were sufficient to cover its obligations for the next 12

months from the date of approval of the financial statements. This also included

sensitivity considerations should the Group face an adverse environment leading to

reduced sales growth and operating margins versus forecasts. We describe in notes

15 to 18 on pages [161](#idd497fffd94048748ee00e72dade0edb_247) to [176](#i4e94d96a296047ab8de6c84dd6fe7971_4955) the Group's objectives, policies and processes for

managing its capital; its financial risk management objectives; details of its financial

instruments and hedging activities; and its exposures to credit and liquidity risk. The

Group has credit facilities available to raise short-term financing if necessary.

In conclusion, the Group is well placed to manage its business risks successfully

and meet its obligations for at least 12 months from the date of approval of the

financial statements.

**ACCOUNTING POLICIES**

The accounting policies adopted are the same as those which were applied for

the previous financial year except as set out below under the heading 'Recent

accounting developments'.

Accounting policies are included in the relevant notes to the consolidated

financial statements. These are presented as text highlighted in grey on pages

[133](#ia0e548b43a20426c9e3f72e706caf374_18485) to [183](#ib0095ce7b13042759bf9aaa1fd334c83_553). The accounting policies below are applied throughout the financial

statements.

**FOREIGN CURRENCIES**

The consolidated financial statements are presented in euros.

Items included in the financial statements of individual group companies are recorded

in their respective functional currency, which is the currency of the primary economic

environment in which each entity operates.

Foreign currency transactions in individual group companies are translated into

functional currency using exchange rates at the date of the transaction. Foreign

exchange gains and losses from settlement of these transactions, and from

translation of monetary assets and liabilities at year-end exchange rates, are

recognised in the income statement except when deferred in equity as qualifying

hedges.

In preparing the consolidated financial statements, the balances in individual

group companies are translated from their functional currency into euros. Apart

from the financial statements of group companies in hyperinflationary economies

(see below), the income statement, the cash flow statement and all other

movements in assets and liabilities are translated at average rates of exchange

as a proxy for the transaction rate, or at the transaction rate itself if more

appropriate. Assets and liabilities are translated at year-end exchange rates.

The financial statements of group companies whose functional currency is

the currency of a hyperinflationary economy are adjusted for inflation and then

translated into euros using the balance sheet exchange rate. Amounts shown for prior

years for comparative purposes are not modified. To determine the existence of

hyperinflation, the Group assesses the qualitative and quantitative characteristics of

the economic environment of the country, such as the cumulative inflation rate over

the previous three years.

Effective from 1 January 2024, the functional currency of the Group's ultimate

parent company, Unilever PLC ('PLC') changed from sterling to euro. There was

no impact on the presentation of the Group results or restatements to the Group

financial statements as a result of this change.

As at 31 December 2023, the ordinary share capital of PLC was translated to

euro using the historical rate at the date the shares were issued (see note 15B

on page [162](#idd497fffd94048748ee00e72dade0edb_253)).

The effect of exchange rate changes during the year on net assets of foreign

operations is recorded in equity. For this purpose, net assets include loans between

group companies and any related foreign exchange contracts where settlement is

neither planned nor likely to occur in the foreseeable future.

The Group applies hedge accounting to certain exchange differences arising

between the functional currencies of a foreign operation and the functional

currency of the parent entity, regardless of whether the net investment is held

directly or through an intermediate parent. Differences arising on retranslation of

a financial liability designated as a foreign currency net investment hedge are

recorded in equity to the extent that the hedge is effective. These differences are

reported within profit or loss to the extent that the hedge is ineffective.

Cumulative exchange differences arising since the date of transition to IFRS of

1 January 2004 are reported as a separate component of other reserves. In the

event of disposal or part disposal of an interest in a group company either

through sale or as a result of a repayment of capital, the cumulative exchange

difference is recognised in the income statement as part of the profit or loss on

disposal of group companies.

**HYPERINFLATIONARY ECONOMIES**

The Argentinian economy was designated as hyperinflationary from 1 July 2018

and the Turkish economy was designated as hyperinflationary from 1 July 2022.

As a result, application of IAS 29 'Financial Reporting in Hyperinflationary

Economies' has been applied to all Unilever entities whose functional currency is

the Argentinian peso or the Turkish lira. The application of IAS 29 includes:

■adjustment of historical cost non-monetary assets and liabilities for the change

in purchasing power caused by inflation from the date of initial recognition to

the balance sheet date;

■adjustment of the income statement for inflation during the reporting period;

■translation of income statement at the period-end foreign exchange rate

instead of an average rate; and

■adjustment of the income statement to reflect the impact of inflation and

exchange rate movement on holding monetary assets and liabilities in local

currency.

The main effects on the Group consolidated financial statements (including

discontinued operations) for 2025 are:

---

| | | | |
|:---|:---|:---|:---|
| **€ million** | **Argentina** | **Turkey**  | **Total**  |
| Total assets increase/(reduction) | (199) | (20) | (219) |
| Turnover increase/(reduction) | (90) | (16) | (106) |
| Operating profit increase/(reduction) | (54) | (46) | (100) |
| Net monetary gain/(loss) | (46) | (10) | (56) |

---

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| | | |
|:---|:---|:---|
| 134 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**ASSETS AND LIABILITIES HELD FOR SALE AND** 

**DISCONTINUED OPERATIONS** 

A disposal group is classified as held for sale or distribution when its carrying

amount is expected to be recovered principally through a sale or distribution to

shareholders rather than through continuing use. A discontinued operation is a

component of the Group that has been disposed of or is classified as held for

sale or distribution and represents a separate major line of business. In

accordance with IFRS 5, the results of discontinued operations are presented

separately in the consolidated income statement, consolidated statement of

comprehensive income, consolidated statement of cash flows and related notes.

Comparative information is re-presented to exclude the results of discontinued

operations.

The Ice Cream business met the criteria to be classified as held for distribution in

December 2025, following the Board's formal approval of the demerger. At that

point, the distribution was considered highly probable and the internal separation

of the Ice Cream territories had been completed, meaning the business was

available for distribution in its current condition. As a former reportable segment

and major line of business, all Ice Cream activities have been treated as

discontinued operations in both current and comparative periods.

In line with IFRS 5, we have disclosed separately in the income statement,

statement of comprehensive income and cash flow statement results arising from

continuing and discontinued operations. 2023 and 2024 comparatives have been

re-presented on the same basis. There has been no change to the 2023 and

2024 balance sheet related amounts, including where balance sheet line item

reconciliations have been disclosed within the notes. Further details and a

breakdown of discontinued operations are provided in note 21.

**CLIMATE CHANGE**

In preparing these consolidated financial statements, we have considered the

impact of both physical and transition climate change risks, and any planned

mitigations, on the current valuation of our assets and liabilities. We have

identified risks and opportunities that could in the future be material to our

business, for example carbon tax or land use regulations. Where possible we

have performed quantitative assessments of these risks and opportunities based

on various scenarios for the years 2030, 2039 and 2050. These potential

financial impacts are based on high-level quantitative assessments and do not

include any assumptions on the impact of actions that we would undertake to

mitigate against these climate-related risks. Therefore, these quantifications do

not represent any type of financial forecast and thus are not directly incorporated

into any projections of long-term cash flows.

To determine if there is a material impact on the financial reporting judgements and

estimates as of the reporting period, we have reviewed each balance sheet line item

and identified those line items that have the potential to be significantly impacted by

climate-related risks and our plans to mitigate against these risks. Those line items

that have the potential to be significantly impacted have then been reviewed in detail

to confirm:

■that the growth rates and projected cash flows, used in assessing whether our

goodwill and indefinite-life intangibles are impaired, are consistent with our climate-

related risk assumptions and the actions we are taking to mitigate against those

risks; and

■that the useful lives of our property, plant and equipment are appropriate given the

potential physical and obsolescence risks associated with climate change and the

actions we are taking to mitigate against those risks.

In addition, it should be noted that climate-related risks could affect the financial

position of our defined benefit pension plan assets. The Trustees operate

diversified investment strategies and are continuously assessing investment

risks. The Trustees consider climate risk as one of the key investment risks and

are continually evolving their investments to lower the overall climate risk.

From our review of key financial statement areas, including impairment

assessments, cash flow forecasts and asset valuations, we have not identified

any material impact on financial reporting judgements or estimates as at 31

December 2025. Based on the Group's overall financial position, its exposure to

principal risks which include climate change, and its future business forecasts,

the Group is well placed to manage these risks and meet its obligations.

Consequently, we have not identified any significant impact from climate-related

risks on the Group's going concern assessment or on its viability over the next

three years.

For many years, Unilever has driven an ambitious sustainability agenda. In 2024,

we launched an updated business strategy focusing on resource allocation,

accelerating long-term priorities and delivering systemic impact. Delivery of our

strategy is supported by our Climate Transition Action Plan (CTAP), which

outlines our mitigation, adaptation and advocacy actions to address climate-

related risks. The CTAP is being reviewed in 2026 as a result the demerger of Ice

Cream and to consider impacts beyond 2030. The costs and benefits of existing

actions are embedded into the cost structures of the Business Groups and

therefore are not all separately identifiable. None of these actions have

significantly impacted the value of the Group's assets or their useful lives, and

while there is still much to do, our aim is to continue to reduce our exposure to

climate-related risks without impacting the value of the Group's assets. However,

we recognise that the climate emergency is intensifying, with scientific

consensus indicating that the 1.5°C threshold has now been reached, and that

governments are responding with increasingly urgent and science-aligned policy

targets. We will continue to closely monitor evolving regulatory developments

and assess any resulting implications on the valuations of our assets and

liabilities in future years.

**CRITICAL ACCOUNTING ESTIMATES AND** 

**JUDGEMENTS**

The preparation of financial statements requires management to make estimates and

judgements in the application of accounting policies that affect the reported amounts

of assets, liabilities, income and expenses. Actual results may differ from these

estimates. Estimates and judgements are continuously evaluated and are based on

historical experience and other factors, including expectations of future events that

are believed to be reasonable. Revisions to accounting estimates are recognised in

the period in which the estimate is revised and in any future period affected.

The following estimate is considered by management to have the most significant risk

of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year:

■Measurement of defined benefit obligations – the valuations of the Group's

defined benefit pension plan obligations are dependent on a number of

assumptions. These include discount rates, inflation and life expectancy of

scheme members. Details of these assumptions and sensitivities are in note

4B.

The following judgements are those that management believe have the most

significant effect on the amounts recognised in the Group's financial statements:

■Utilisation of tax losses and recognition of other deferred tax assets – the Group

operates in many countries and is subject to taxes in numerous jurisdictions.

Management uses judgement to assess the recoverability of tax assets such as

whether there will be sufficient future taxable profits to utilise losses. See note 6B.

■Likelihood of occurrence of provisions and contingent liabilities – events can occur

where there is uncertainty over future obligations. Judgement is required to

determine if an outflow of economic resources is probable, or possible but not

probable. Where it is probable, a liability is recognised and further judgement is

used to determine the level of the provision. Where it is possible but not probable,

further judgement is used to determine if the likelihood is remote, in which case no

disclosures are provided; if the likelihood is not remote then judgement is used to

determine the contingent liability disclosed. Unilever does not have provisions and

contingent liabilities for the same matters. External advice is obtained for any

material cases. See notes 6A, 19 and 20.

■Non-cash distribution to owners – the demerger of the Ice Cream business was

executed through a distribution of shares in The Magnum Ice Cream Company

(TMICC) to Unilever shareholders on 6 December 2025. A liability for the non-cash

distribution was recognised when the distribution was authorised and no longer at

the Group's discretion, measured at the fair value of the assets to be distributed at

that date. The distribution was settled on completion of the demerger, at which

point the disposal group was derecognised. Judgement was required in

determining the fair value of the Ice Cream business at the distribution date for the

purpose of recognising the non-cash dividend in accordance with IFRIC 17

Distributions of Non-cash Assets to Owners. Management determined fair value

with reference to the TMICC share price over a five-day period following listing.

The resulting non-cash gain is recognised within profit or loss, within the result

from discontinued operations. See note 21.

■Accounting for the retained stake in TMICC – management applied judgement in

determining that Unilever does not hold significant influence over TMICC, and

therefore TMICC is not an associate requiring accounting under the equity method.

Whilst it is presumed that significant influence does not exist with a holding of less

than 20 percent, careful consideration was given to the representation of Unilever

on the board of TMICC, and material ongoing transactions between Unilever and

TMICC.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 135 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**ACCOUNTING DEVELOPMENTS ADOPTED BY THE GROUP** 

**Recent accounting developments adopted by the Group**

All new standards or amendments issued by the IASB and UK Endorsement Board that were effective by 1 January 2025, were either not applicable or not material to

the Group.

**New standards, amendments and interpretations of existing standards that are not yet effective and have** 

**not been early adopted by the Group**

The following standards have been released but are not yet adopted by the Group. The Group is currently assessing their impact on the financial results and position

of the Group.

---

| | |
|:---|:---|
| **Applicable standard** | **Key requirements or changes in accounting policy** |
| Amendments to IFRS 9 and <br>IFRS 7 'The Classification and <br>Measurement of Financial <br>instruments'<br>Effective from 1 January 2026<br>| In May 2024, the International Accounting Standards Board (IASB) amended IFRS 7 and IFRS 9, which includes clarifications on <br>recognition and derecognition dates of certain financial assets and liabilities, including exceptions for liabilities settled through <br>electronic cash transfer systems.<br>|
| IFRS 18 Presentation and <br>Disclosure in Financial <br>Statements<br>Effective 1 January 2027<br>| IFRS 18 will replace IAS 1 Presentation of Financial Statements. The amendment impacts presentation and disclosure of the <br>consolidated income statement with new defined categories being operating, investing and financing to provide a consistent <br>structure.<br>Disclosures about Management-defined Performance Measures (MPMs) (i.e. certain non-GAAP measures) will have to be <br>disclosed in the financial statement with reconciliations to GAAP measures. The new standard will also provide guidance on <br>grouping of information (aggregation/disaggregation). <br>The Group has commenced its assessment of IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January <br>2027), with the main impacts expected on the presentation of the consolidated income statement and the disclosure of <br>Management Performance Measures. The standard will be applied from its mandatory effective date of 1 January 2027. Final <br>impact assessment and transition activities will take place during 2026.<br>|

---

All other new standards or amendments that are not yet effective that have been issued by the IASB are not applicable or material to Unilever.

---

| | | |
|:---|:---|:---|
| 136 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**2. Segment information**

---

| | |
|:---|:---|
| **Segmental reporting**<br>Following the demerger of the Ice Cream business, the Group's operating and reportable segments are the four Business Groups of Beauty & Wellbeing, Personal <br>Care, Home Care and Foods (previously reported as Nutrition). The segmental disclosure provided is consistent with information reviewed by our chief operating <br>decision-maker, the Unilever Leadership Executive. | **Segmental reporting**<br>Following the demerger of the Ice Cream business, the Group's operating and reportable segments are the four Business Groups of Beauty & Wellbeing, Personal <br>Care, Home Care and Foods (previously reported as Nutrition). The segmental disclosure provided is consistent with information reviewed by our chief operating <br>decision-maker, the Unilever Leadership Executive. |
| Beauty & Wellbeing | ■primarily sales of hair care (shampoo, conditioner, styling), skin care (face, hand and body moisturisers), and includes Prestige Beauty <br>and Wellbeing.<br>|
| Personal Care | ■primarily sales of skin cleansing (soap, shower), deodorant and oral care (toothpaste, toothbrush, mouthwash) products. |
| Home Care | ■primarily sales of fabric care (washing powders and liquids, rinse conditioners) and a wide range of home and hygiene <br>cleaning products.<br>|
| Foods (previously <br>Nutrition)<br>| ■primarily sales of cooking aids & mini-meals (soups, bouillons, seasonings), condiments (mayonnaise, ketchup) and Unilever Food <br>Solutions.<br>|
| **Revenue**<br>Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. <br>Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs, and are <br>based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and <br>settled later through credit notes when the precise amounts are known. Amounts provided for discounts at the end of a period require estimation; historical data <br>and accumulated experience are used to assess the provision using the most likely amount method and in most instances, the discount can be recognised using <br>known facts with a high level of accuracy. Any differences between actual amounts settled and the amounts provided are recognised in the subsequent reporting <br>period and are not material year-on-year. Rebate accruals, representing the unsettled portion of variable consideration due back to customers not yet invoiced, <br>totalled €3,481 million at 31 December 2025 (2024: €3,815 million; 2023: €3,816 million).<br>Customer contracts generally contain a single performance obligation and turnover is recognised when control of the products being sold has transferred to our <br>customer, as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer <br>terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations <br>in our contracts are satisfied as Unilever no longer has control over the inventory.<br>Our customers have the contractual right to return goods only when authorised by Unilever. If material, an estimate is made of goods that will be returned, and a <br>liability is recognised for this amount. An asset is then recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based <br>on accumulated experience. Our customers are distributors who may be able to return unsold goods in consignment arrangements.<br>**Underlying operating profit**<br>Underlying operating profit means operating profit before the impact of non-underlying items within operating profit. Underlying operating profit represents our <br>measure of segment profit or loss as it is the primary measure used for the purpose of making decisions about allocating resources and assessing performance of <br>segments. Items are classified as non-underlying due to their nature and/or frequency of occurrence. | **Revenue**<br>Turnover comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include sales between group companies. <br>Discounts given by Unilever include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs, and are <br>based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and <br>settled later through credit notes when the precise amounts are known. Amounts provided for discounts at the end of a period require estimation; historical data <br>and accumulated experience are used to assess the provision using the most likely amount method and in most instances, the discount can be recognised using <br>known facts with a high level of accuracy. Any differences between actual amounts settled and the amounts provided are recognised in the subsequent reporting <br>period and are not material year-on-year. Rebate accruals, representing the unsettled portion of variable consideration due back to customers not yet invoiced, <br>totalled €3,481 million at 31 December 2025 (2024: €3,815 million; 2023: €3,816 million).<br>Customer contracts generally contain a single performance obligation and turnover is recognised when control of the products being sold has transferred to our <br>customer, as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer <br>terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations <br>in our contracts are satisfied as Unilever no longer has control over the inventory.<br>Our customers have the contractual right to return goods only when authorised by Unilever. If material, an estimate is made of goods that will be returned, and a <br>liability is recognised for this amount. An asset is then recorded for the corresponding inventory that is estimated to return to Unilever using a best estimate based <br>on accumulated experience. Our customers are distributors who may be able to return unsold goods in consignment arrangements.<br>**Underlying operating profit**<br>Underlying operating profit means operating profit before the impact of non-underlying items within operating profit. Underlying operating profit represents our <br>measure of segment profit or loss as it is the primary measure used for the purpose of making decisions about allocating resources and assessing performance of <br>segments. Items are classified as non-underlying due to their nature and/or frequency of occurrence. |

---

Our segments are comprised of similar product categories. 8 categories (2024: 8; 2023: 8) individually accounted for 5% or more of our revenue in one or more of the

last three years. The following table shows the relevant contribution of these categories to Group revenue for the periods shown:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Segment** | **2025** | 2024<sup>(a)</sup> | 2023<sup>(a)</sup> |
| Fabric | Home Care | **17%** | 17% | 18% |
| Hair Care | Beauty & Wellbeing | **12%** | 12% | 12% |
| Skin Cleansing | Personal Care | **12%** | 12% | 12% |
| Cooking Aids\* | Foods | **12%** | 12% | 11% |
| Deodorant | Personal Care | **11%** | 11% | 10% |
| Condiments\* | Foods | **8%** | 8% | 8% |
| Skin Care | Beauty & Wellbeing | **8%** | 8% | 8% |
| Home & Hygiene | Home Care | **5%** | 5% | 5% |
| Other |  | **15%** | 15% | 16% |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

\* Cooking Aids previously reported as Scratch Cooking Aids; Condiments previously reported as Dressings.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 137 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**2. SEGMENT INFORMATION continued**

The Group operating segment information is provided based on four product areas: Beauty & Wellbeing, Personal Care, Home Care and Foods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Notes | **€ million**<br>**Beauty &** <br>**Wellbeing**<br>| **€ million**<br>**Personal** <br>**Care**<br>| **€ million**<br>**Home Care**<br>| **€ million**<br>**Foods**<br>| **€ million**<br>**Total**<br>|
| **2025** |  |  |  |  |  |  |
| Turnover |  | **12848** | **13161** | **11565** | **12929** | **50503** |
| Operating profit | 3 | **2077** | **2700** | **1512** | **2748** | **9037** |
| Non-underlying items<sup>(b)</sup> |  | **394** | **273** | **206** | **174** | **1047** |
| Underlying operating profit |  | **2471** | **2973** | **1718** | **2922** | **10084** |
| Share of net profit/(loss) of joint ventures and associates |  | **5** | **8** | **8** | **224** | **245** |
| Significant non-cash charges: |  |  |  |  |  |  |
| Within underlying operating profit: |  |  |  |  |  |  |
| Depreciation and amortisation |  | **293** | **386** | **296** | **335** | **1310** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation and other non-cash charges<sup>(c)</sup> |  | **83** | **142** | **82** | **90** | **397** |
| Within non-underlying items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other non-cash charges<sup>(d)</sup> |  | **54** | **72** | **18** | **17** | **161** |
| **2024**<sup>(a)</sup> |  |  |  |  |  |  |
| Turnover |  | 13157 | 13618 | 12352 | 13352 | 52479 |
| Operating profit | 3 | 1970 | 2739 | 1521 | 2599 | 8829 |
| Non-underlying items<sup>(b)</sup> |  | 582 | 275 | 264 | 248 | 1369 |
| Underlying operating profit |  | 2552 | 3014 | 1785 | 2847 | 10198 |
| Share of net profit/(loss) of joint ventures and associates |  | 3 | 5 | 6 | 236 | 250 |
| Significant non-cash charges: |  |  |  |  |  |  |
| Within underlying operating profit: |  |  |  |  |  |  |
| Depreciation and amortisation |  | 271 | 362 | 286 | 318 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation and other non-cash charges<sup>(c)</sup> |  | 111 | 113 | 100 | 105 | 429 |
| Within non-underlying items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other non-cash charges<sup>(d)</sup> |  | 65 | 75 | 195 | 105 | 440 |
| **2023**<sup>(a)</sup> |  |  |  |  |  |  |
| Turnover |  | 12466 | 13829 | 12181 | 13204 | 51680 |
| Operating profit | 3 | 2209 | 2957 | 1419 | 2413 | 8998 |
| Non-underlying items<sup>(b)</sup> |  | 122 | (165) | 77 | 47 | 81 |
| Underlying operating profit |  | 2331 | 2792 | 1496 | 2460 | 9079 |
| Share of net profit/(loss) of joint ventures and associates |  | 1 | 3 | 3 | 221 | 228 |
| Significant non-cash charges: |  |  |  |  |  |  |
| Within underlying operating profit: |  |  |  |  |  |  |
| Depreciation and amortisation |  | 257 | 328 | 279 | 283 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation and other non-cash charges<sup>(c)</sup> |  | 73 | 87 | 64 | 89 | 313 |
| Within non-underlying items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and other non-cash charges<sup>(d)</sup> |  | (6) | 4 | (40) | (18) | (60) |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)Non-underlying items include (loss)/gain on disposal of group companies, impairment, restructuring costs, acquisition and disposal-related costs and other one-off items classified

separately due to their nature and/or frequency of occurrence (see note 3).

(c)Other non-cash charges within underlying operating profit include movements in provisions from underlying activities, excluding movements arising from

non-underlying activities.

(d)Other non-cash charges within non-underlying items includes movements in restructuring provisions and movements in certain legal provisions.

---

| | | |
|:---|:---|:---|
| 138 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**2. SEGMENT INFORMATION continued**

The Unilever Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from transactions with any

single customer.

Segment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker, which is the Unilever Leadership

Executive (ULE).

Turnover and non-current assets for the country of domicile, the United States and India (being the two largest countries outside the home country) and for all other

countries are:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**United**<br>**Kingdom**<br>| **€ million**<br>**United**<br>**States**<br>| **€ million**<br>**India**<br>| **€ million**<br>**Others**<br>| **€ million**<br>**Total**<br>|
| **2025** |  |  |  |  |  |
| Turnover | **2226** | **10497** | **6217** | **31563** | **50503** |
| Non-current assets<sup>(b)</sup> | **3575** | **16807** | **5444** | **18906** | **44732** |
| **2024** |  |  |  |  |  |
| Turnover<sup>(a)</sup> | 2202 | 10393 | 6492 | 33392 | 52479 |
| Non-current assets<sup>(b)</sup> | 3830 | 19715 | 6700 | 23296 | 53541 |
| **2023** |  |  |  |  |  |
| Turnover<sup>(a)</sup> | 2106 | 10315 | 6516 | 32743 | 51680 |
| Non-current assets<sup>(b)</sup> | 3567 | 18205 | 6436 | 22876 | 51084 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance

sheet. Goodwill is attributed to countries where acquired business operated at the time of acquisition; all other assets are attributed to the countries where they were acquired.

No other country had turnover or non-current assets (as shown above) greater than 10% of the Group total.

**ADDITIONAL INFORMATION BY GEOGRAPHIES**

Although the Group's operations are managed by product area, we provide additional turnover information based on geographies.

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Asia Pacific Africa | **22427** | 23448 | 23805 |
| The Americas<sup>(b)</sup> | **18622** | 19605 | 18799 |
| Europe | **9454** | 9426 | 9076 |
| **Total** | **50503** | 52479 | 51680 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)Americas sales in North America were €11,220 million (2024: €11,140 million; 2023: €11,065 million) and in Latin America were €7,402 million (2024: €8,465 million; 2023: €7,732 million).

The Group's turnover classified by markets is:

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Emerging markets | **30008** | 32033 | 31570 |
| Developed markets | **20495** | 20446 | 20110 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

Transactions between the Unilever Group's geographical regions are immaterial and are carried out on an arm's length basis.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 139 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**3. Operating costs**

**Operating costs**<br>Operating costs include cost of sales, brand and marketing investment, overheads and other items including gains and losses on business disposals, acquisition <br>and disposal-related costs, restructuring costs, impairments and other items within operating profit recognised separately due to their nature and/or frequency.<br>**(i) Cost of sales**<br>Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related <br>production costs. Distribution costs are charged to the income statement as incurred.<br>**(ii) Brand and marketing investment**<br>Brand and marketing investment include costs related to creating and maintaining brand equity and brand awareness. This includes media, advertising production, <br>promotional materials and engagement with consumers. These costs are charged to the income statement as incurred.<br>**(iii) Overheads**<br>Overheads include staff costs associated with sales activities and central functions such as finance, human resources, and research and development costs. <br>Research and development costs are staff costs, material costs, depreciation of property, plant and equipment, patent costs and other costs that are directly <br>attributable to research and product development activities. These costs are charged to the income statement as incurred.<br>**(iv) Restructuring costs**<br>Restructuring costs are costs that are directly attributable to a restructuring project. Management define a restructuring project as a strategic, major initiative that <br>delivers cost savings and materially change either the scope of the business or the manner in which the business is conducted.<br>**(v) Acquisition and disposal-related costs** <br>Acquisition and disposal-related costs are costs that are directly attributable to a business acquisition or disposal project.<br>**(vi) Impairment of assets** <br>Impairment of assets including goodwill, intangible assets and property, plant and equipment.<br>**(vii) Gains or losses from the disposal of group companies**<br>Gains or losses from the disposal of group companies which arise from business disposal projects.<br>**(viii) Others**<br>Other approved one-off items are those additional matters considered by management to be significant and outside the course of normal operations.<br>

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Turnover | **50503** | 52479 | 51680 |
| Cost of sales | **(26794)** | (27976) | (29180) |
| of which:  |  |  |  |
| Distribution costs | **(2704)** | (2649) | (2716) |
| Production costs | **(2972)** | (3064) | (2972) |
| Raw and packaging materials and goods purchased for resale | **(19643)** | (20781) | (21996) |
| Other | **(1476)** | (1482) | (1495) |
| Gross profit | **23709** | 24503 | 22500 |
| Selling and administrative expenses | **(13624)** | (14305) | (13421) |
| of which:  |  |  |  |
| Brand and marketing investment | **(8142)** | (8378) | (7563) |
| Overheads | **(5482)** | (5928) | (5858) |
| of which: Research and development<sup>(b)</sup> | **(836)** | (892) | (853) |
| (Loss)/gain on disposal of group companies<sup>(c)</sup> | **(36)** | (229) | 491 |
| Acquisition and disposal-related costs<sup>(d)</sup> | **(288)** | (293) | (222) |
| Restructuring costs<sup>(e)</sup> | **(599)** | (710) | (425) |
| Impairments<sup>(f)</sup> | **(43)** | (134) | – |
| Other<sup>(g)</sup> | **(81)** | (3) | 75 |
| **Operating profit** | **9037** | 8829 | 8998 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)Research and development costs include patent costs of €24 million in 2025. The patent costs for 2024 and 2023 were €26 million and €27 million respectively.

(c)2025 net loss arises from the disposals of The Vegetarian Butcher and Kate Somerville, partially offset by gain on Conimex disposal. 2024 net loss related to the disposals of our Russian

business, Elida Beauty, Pureit and Qinyuan. 2023 includes a gain of €497 million related to Suave.

(d)2025 includes a charge of €98 million (2024: €225 million, 2023: €€104 million) relating to the revaluation of the minority interest liability of Nutrafol and OZiva, and €91 million related to

the Ice Cream separation.

(e)In 2024, we announced the launch of a company-wide productivity programme to support margin improvement through specific interventions. The majority of the costs incurred that relate

to the productivity programme were for redundancy and are recognised as restructuring in line with our policy. The remaining costs comprise technology and supply chain projects.

(f)2025 includes an impairment charge of €42 million relating to REN. 2024 includes an impairment charge of €127 million relating to Blueair, an air purification business.

(g)2025 includes a charge for the settlement of cases reached during the year with plaintiff law firms, and an estimated amount for potential future claims relating to litigation arising from

products which are no longer manufactured and sold by the Group.

Exchange gain/(loss) within operating costs in 2025 is €(123) million (2024: €20 million; 2023: €(236) million).

---

| | | |
|:---|:---|:---|
| 140 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4. Employees**

**4A. STAFF AND MANAGEMENT COSTS**

---

| | | | |
|:---|:---|:---|:---|
| **Staff costs** | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Wages and salaries | **(5433)** | (5852) | (5722) |
| Social security costs | **(594)** | (640) | (591) |
| Other pension costs | **(333)** | (339) | (348) |
| Share-based compensation costs | **(284)** | (324) | (212) |
|  | **(6644)** | (7155) | (6873) |

---

2025 Staff costs include €925 million (2024: €1,013 million, 2023: €987 million) in relation to discontinued operations.

---

| | | | |
|:---|:---|:---|:---|
| **Average number of employees during the year**<sup>(a)</sup> | **'000**<br>**2025**<br>| '000<br>2024<br>| '000<br>2023<br>|
| Asia Pacific Africa | **51** | 54 | 56 |
| The Americas | **30** | 31 | 32 |
| Europe | **19** | 20 | 20 |
| Total continuing operations | **100** | 105 | 108 |
| Discontinued operations | **18** | 20 | 20 |
| Total | **118** | 125 | 128 |

---

(a)The reduction in the average number of employees is primarily attributable to the demerger of the Ice Cream operations, the productivity program, and the sale of the Russia business in

2024. ---

| | | | |
|:---|:---|:---|:---|
| **Key management compensation** | **€ million**<br>**2025**<sup>(a)</sup><br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Salaries and short-term employee benefits | **(37)** | (44) | (41) |
| Share-based benefits<sup>(b)</sup> | **(21)** | (19) | (13) |
|  | **(58)** | (63) | (54) |
| Of which: Executive Directors | **(9)** | (14) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(c)</sup> | **(49)** | (49) | (41) |
| Non-Executive Directors' fees | **(2)** | (2) | (2) |
|  | **(60)** | (65) | (56) |

---

(a)Includes compensation for total Unilever

(b)Share-based benefits are expenses recognised for the period. Share-based benefit compensation on a vesting basis is €16 million (2024: €13 million; 2023: €8 million).

(c)Other includes all members of the Unilever Leadership Executive, other than Executive Directors.

Key management are defined as the members of Unilever Leadership Executive (ULE) and the Non-Executive Directors. Compensation for ULE members is pro-

rated based on time actively spent in a ULE role. In addition to the above, €3 million was recognised in 2025 relating to members of the ULE who have left, or where it

has been announced that they will leave during the year.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 141 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS**

---

| |
|:---|
| For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income <br>statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the <br>costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). <br>The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences <br>between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or <br>experience within the plans, are recognised immediately in the statement of comprehensive income.<br>The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the <br>defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) <br>adjusted for irrecoverable surpluses.<br>All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material <br>plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the <br>liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for <br>all plans are updated every year.<br>For defined contribution plans, the charges to the income statement are the company contributions payable, as the company's obligation is limited to the <br>contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
| For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income <br>statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the <br>costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). <br>The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences <br>between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or <br>experience within the plans, are recognised immediately in the statement of comprehensive income.<br>The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the <br>defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) <br>adjusted for irrecoverable surpluses.<br>All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material <br>plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the <br>liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for <br>all plans are updated every year.<br>For defined contribution plans, the charges to the income statement are the company contributions payable, as the company's obligation is limited to the <br>contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
| For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income <br>statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the <br>costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). <br>The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences <br>between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or <br>experience within the plans, are recognised immediately in the statement of comprehensive income.<br>The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the <br>defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) <br>adjusted for irrecoverable surpluses.<br>All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material <br>plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the <br>liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for <br>all plans are updated every year.<br>For defined contribution plans, the charges to the income statement are the company contributions payable, as the company's obligation is limited to the <br>contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
| For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income <br>statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the <br>costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). <br>The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences <br>between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or <br>experience within the plans, are recognised immediately in the statement of comprehensive income.<br>The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the <br>defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) <br>adjusted for irrecoverable surpluses.<br>All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material <br>plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the <br>liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for <br>all plans are updated every year.<br>For defined contribution plans, the charges to the income statement are the company contributions payable, as the company's obligation is limited to the <br>contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |
| For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income <br>statement is the cost of accruing pension benefits promised to employees over the year, administration costs (other than costs of managing plan assets), plus the <br>costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). <br>The amount charged or credited to finance costs is a net interest expense calculated by applying the liability discount rate to the surplus or deficit. Any differences <br>between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or <br>experience within the plans, are recognised immediately in the statement of comprehensive income.<br>The defined benefit plan surplus or deficit on the balance sheet comprises the total for each plan of the fair value of plan assets less the present value of the <br>defined benefit liabilities (using a discount rate based on high-quality corporate bonds, or a suitable alternative where there is no active corporate bond market) <br>adjusted for irrecoverable surpluses.<br>All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants. The Group policy is that the most material <br>plans, representing approximately 81% of the defined benefit liabilities, are formally valued every year. Other material plans, accounting for a further 14% of the <br>liabilities, have their liabilities updated each year. Group policy for the remaining plans requires a full actuarial valuation at least every three years. Asset values for <br>all plans are updated every year.<br>For defined contribution plans, the charges to the income statement are the company contributions payable, as the company's obligation is limited to the <br>contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group. |

---

**Description of plans**

The Group increasingly operates a number of defined contribution plans, the assets of which are held in external funds. In certain countries, the Group operates

defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of defined benefit plans are either career average,

final salary or hybrid plans and operate on a funded basis with assets held in external funds. Benefits are determined by the plan rules and are linked to inflation in

some countries. Our largest plans are in the UK and the Netherlands. In the UK, we operate a career average defined benefit plan (with a salary limit for benefit

accrual), which is closed to new entrants from October 2021, and a defined contribution plan. In the Netherlands, we operate a collective defined contribution plan for

all new benefit accrual and a closed career average defined benefit plan for benefits built up to April 2015.

The Group also provides other post-employment benefits, mainly post-employment healthcare plans in the US, closed to new entrants from January 2014. These

plans are predominantly unfunded.

**Governance**

The majority of the Group's externally funded plans are established as trusts, foundations or similar entities. The operation of these entities is governed by local

regulations and practice in each country, as is the nature of the relationship between the Group and the Trustees (or equivalent) and their composition. Where

Trustees (or equivalent) are in place to operate plans, they are generally required to act on behalf of the plan's stakeholders. They are tasked with periodic reviews of

the solvency of the plan in accordance with local legislation and play a role in the long-term investment and funding strategy. The Group also has an internal body, the

Pensions Committee, that is responsible for setting the company's policies and decision-making on plan matters, including but not limited to design, funding,

investments, actuarial risk management and governance.

**Investment strategy**

The Group's investment strategy in respect of its funded plans is implemented within the framework of the various statutory requirements of the territories where the

plans are based. The Group has developed policy guidelines for the allocation of assets to different classes with the objective of controlling risk and maintaining the

right balance between risk and long-term returns in order to limit the cost to the Group of the benefits provided. The investment strategy is governed through the

Pensions Committee. To achieve this, investments are diversified, such that the failure of any single investment should not have a material impact on the overall level

of assets. The plans expose the Group to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and, in certain countries, inflation risk.

There are no unusual entity or material plan-specific risks to the Group. The plans invest a small proportion of assets in equities and, for risk control, a major

proportion in liability matching assets (bonds). There are also investments in property and other alternative assets; additionally, the Group uses derivatives to further

mitigate the impact of the risks outlined above. However, the portfolio leverage is relatively low. The majority of assets are managed by a number of external fund

managers. Unilever has a pooled investment vehicle (Univest), which it believes offers its pension plans around the world a simplified externally managed investment

vehicle to implement their strategic asset allocation models, currently for bonds, equities and alternative assets. The aim is to provide high-quality, well-diversified,

cost-effective, risk-controlled vehicles. The pension plans' investments for the major plans are overseen by Unilever's internal investment company, the Univest

Company.

**Assumptions** 

With the objective of presenting the assets and liabilities of the pensions and other post-employment benefit plans at their fair value on the balance sheet,

assumptions under IAS 19 are set by reference to market conditions at the valuation date. The actuarial assumptions used to calculate the benefit liabilities vary

according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit

plans (representing approximately 95% of total pension liabilities and other post-employment benefit liabilities).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31 December 2025** | **31 December 2025** | 31 December 2024 | 31 December 2024 |
| | **Defined benefit**<br>**pension plans**<br>| **Other post-** <br>**employment**<br>**benefit plans**<br>| Defined benefit<br>pension plans<br>| Other post- <br>employment<br>benefit plans<br>|
| Discount rate  | **5.1%** | **6.3%** | 4.8% | 6.3% |
| Inflation  | **2.6%** | **n/a** | 2.8% | n/a |
| Rate of increase in salaries  | **3.3%** | **3.0%** | 3.4% | 3.0% |
| Rate of increase for pensions in payment (where provided)  | **2.5%** | **n/a** | 2.5% | n/a |
| Rate of increase for pensions in deferment (where provided) | **2.6%** | **n/a** | 2.8% | n/a |
| Long-term medical cost inflation  | **n/a** | **5.6%** | n/a | 5.7% |

---

For the most material other post-employment benefit plan in the US, a higher initial level of medical cost inflation is assumed which falls from the initial rate of 7.5% to

the long-term rate of 5% after 10 years.

---

| | | |
|:---|:---|:---|
| 142 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS continued**

For the UK and Netherlands pension plans, representing approximately 69% of all defined benefit pension liabilities, the assumptions of principal defined benefit

pension plans used at 31 December 2025 and 2024 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United Kingdom** | **United Kingdom** | **Netherlands** | **Netherlands** |
| | **2025** | 2024 | **2025** | 2024 |
| Discount rate | **5.6%** | 5.6% | **4.2%** | 3.4% |
| Inflation | **2.9%** | 3.1% | **2.0%** | 2.0% |
| Rate of increase in salaries | **3.6%** | 3.8% | **2.5%** | 2.5% |
| Rate of increase for pensions in payment (where provided) | **2.8%** | 2.9% | **2.0%** | 2.0% |
| Rate of increase for pensions in deferment (where provided) | **2.6%** | 2.9% | **2.0%** | 2.0% |
| Number of years a current pensioner is expected to live beyond age 65: |  |  |  |  |
| Men | **21.5** | 21.5 | **22.1** | 22.0 |
| Women | **23.2** | 23.1 | **24.3** | 24.2 |
| Number of years a future pensioner currently aged 45 is expected to live beyond age 65: |  |  |  |  |
| Men | **22.6** | 22.5 | **24.1** | 24.0 |
| Women | **24.4** | 24.3 | **26.3** | 26.2 |

---

Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy (including expectations of future improvements), plan

experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. The

years of life expectancy for 2025 above have been translated from the following tables:

**Largest UK plan:** Standard life expectancy tables Series S3, adjusted to reflect the experience of our plan members analysed as part of the 2022 actuarial valuation.

Future improvements in longevity have been allowed for in line with the core CMI 2022 Mortality Projections Model with a 1.0% p.a. long-term improvement rate.

**Largest Netherlands plan:** The Dutch Actuarial Society's AG Prognosetafel 2024 table is used with correction factors (2024) to allow for the typically longer life

expectancy for fund members relative to the general population. This table has an in-built allowance for future improvements in longevity.

The impact from changes to the assumptions of the remaining defined benefit plans are considered immaterial. Their assumptions vary due to a number of factors

including the currency and long-term economic conditions of the countries where they are situated.

**Income statement**

The charge to the income statement comprises:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Notes | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Charged to operating profit: |  |  |  |  |
| Defined benefit pension and other benefit plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross service cost |  | **(154)** | (168) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee contributions |  | **32** | 36 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special termination benefits |  | **(5)** | (5) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past service cost including (losses)/gains on curtailments<sup>(b)</sup> |  | **18** | 32 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements |  | **11** | 5 | 2 |
| Defined contribution plans |  | **(196)** | (197) | (186) |
| Total operating cost | 4A | **(294)** | (297) | (304) |
| Finance income/(cost)<sup>(c)</sup> | 5 | **123** | 83 | 121 |
| Net impact on the income statement (before tax) |  | **(171)** | (214) | (183) |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)This includes €28 million credit in the UK in 2024 due to the removal of a discretionary administration practice.

(c)This includes the impact of asset ceiling on interest.

**Statement of comprehensive income**

Amounts recognised in the statement of comprehensive income on the remeasurement of the surplus/(deficit).

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Return on plan assets excluding amounts included in net finance income/(cost) | **(196)** | (653) | 87 |
| Change in asset ceiling excluding amounts included in finance cost | **(19)** | (37) | (5) |
| Actuarial gains/(losses) arising from changes in demographic assumptions | **(12)** | 23 | 98 |
| Actuarial gains/(losses) arising from changes in financial assumptions | **574** | 880 | (544) |
| Experience gains/(losses) arising on pension plan and other benefit plan liabilities | **(128)** | 58 | (386) |
| Total of defined benefit costs recognised in other comprehensive income | **219** | 271 | (750) |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 143 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS continued**

**Balance sheet**

The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **€ million 2025** | **€ million 2025** | € million 2024 | € million 2024 |
| | **Pension plans** | **Other post-** <br>**employment**<br>**benefit plans**<br>| Pension plans | Other post- <br>employment<br>benefit plans<br>|
| Fair value of assets | **18050** | **1** | 19867 | 2 |
| Present value of liabilities | **(13934)** | **(282)** | (16259) | (345) |
| Computed surplus/(deficit) | **4116** | **(281)** | 3608 | (343) |
| Irrecoverable surplus<sup>(a)</sup> | **(317)** | **–** | (295) | – |
| Surplus/(deficit) | **3799** | **(281)** | 3313 | (343) |
| Of which in respect of: |  |  |  |  |
| Funded plans in surplus: |  |  |  |  |
| Liabilities | **(12969)** | **–** | (12909) | – |
| Assets | **17748** | **–** | 17368 | – |
| Aggregate surplus | **4779** | **–** | 4459 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrecoverable surplus<sup>(a)</sup> | **(317)** | **–** | (295) | – |
| Surplus/(deficit) | **4462** | **–** | 4164 | – |
| Funded plans in deficit: |  |  |  |  |
| Liabilities | **(368)** | **(35)** | (2633) | (41) |
| Assets | **302** | **1** | 2499 | 2 |
| Surplus/(deficit) | **(66)** | **(34)** | (134) | (39) |
| Unfunded plans: |  |  |  |  |
| Pension liabilities | **(597)** | **(247)** | (717) | (304) |

---

(a)A surplus is deemed recoverable to the extent that the Group is able to benefit economically from the surplus. Unilever assesses the maximum economic benefit available through a

combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of our funded defined benefit plans.

**Reconciliation of change in assets and liabilities** 

The group of plans within 'Rest of world' category in the tables below are not materially different with respect to their risks that would require disaggregated

disclosure.

Movements in assets during the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**UK**<br>| **€ million**<br>**Netherlands**<br>| **€ million**<br>**Rest of**<br>**world**<br>| **€ million**<br>**2025 Total**<br>| € million<br>UK<br>| € million<br>Netherlands<br>| € million<br>Rest of<br>world<br>| € million<br>2024 Total<br>|
| 1 January fair value of assets | **8132** | **5595** | **6142** | **19869** | 8679 | 5514 | 5985 | 20178 |
| 1 January irrecoverable surplus | **–** | **–** | **(295)** | **(295)** | – | – | (255) | (255) |
| 1 January (after irrecoverable surplus) | **8132** | **5595** | **5847** | **19574** | 8679 | 5514 | 5730 | 19923 |
| Employee contributions | **–** | **–** | **33** | **33** | – | – | 37 | 37 |
| Settlements<sup>(a)</sup> | **–** | **–** | **(169)** | **(169)** | – | – | – | – |
| Actual return on plan assets (excluding <br>amounts in net finance income/charge)<br>| **(113)** | **(156)** | **95** | **(174)** | (894) | 194 | 99 | (601) |
| Change in asset ceiling excluding amounts <br>included in interest expenses<br>| **–** | **–** | **(21)** | **(21)** | – | – | (38) | (38) |
| Interest income<sup>(b)</sup> | **428** | **187** | **257** | **872** | 407 | 174 | 273 | 854 |
| Employer contributions<sup>(c)</sup> | **49** | **(108)** | **267** | **208** | 47 | (106) | 256 | 197 |
| Benefit payments | **(498)** | **(182)** | **(538)** | **(1218)** | (492) | (181) | (535) | (1208) |
| Other<sup>(d)</sup> | **–** | **–** | **(771)** | **(771)** | – | – | (13) | (13) |
| Currency retranslation | **(392)** | **–** | **(208)** | **(600)** | 385 | – | 38 | 423 |
| 31 December (after irrecoverable surplus) | **7606** | **5336** | **4792** | **17734** | 8132 | 5595 | 5847 | 19574 |
| 31 December irrecoverable surplus | **–** | **–** | **(317)** | **(317)** | – | – | (295) | (295) |
| 31 December fair value of assets | **7606** | **5336** | **5109** | **18051** | 8132 | 5595 | 6142 | 19869 |

---

(a)Settlements mainly represent the contract that US UNICare Retirement Plan has entered into with a third-party insurance company to settle €150 million of pensioner liabilities for the price

of €143 million paid from pension plan assets.

(b)This includes the impact of asset ceiling on interest.

(c)The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of

surplus provided specific funding conditions are satisfied.

(d)The majority of 'Other' during 2025 is explained by disposal of pension assets with the demerger of The Magnum Ice Cream Company.

---

| | | |
|:---|:---|:---|
| 144 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS continued** 

Movements in liabilities during the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**UK**<br>| **€ million**<br>**Netherlands**<br>| **€ million**<br>**Rest of**<br>**world**<br>| **€ million**<br>**2025 Total**<br>| € million<br>UK<br>| € million<br>Netherlands<br>| € million<br>Rest of<br>world<br>| € million<br>2024 Total<br>|
| 1 January | **(6782)** | **(3653)** | **(6169)** | **(16604)** | (7250) | (4031) | (6241) | (17522) |
| Gross service cost | **(47)** | **(3)** | **(112)** | **(162)** | (51) | (4) | (123) | (178) |
| Special termination benefits | **–** | **–** | **(5)** | **(5)** | – | – | (5) | (5) |
| Past service costs including losses/(gains) on <br>curtailments<br>| **6** | **1** | **10** | **17** | 27 | – | 5 | 32 |
| Settlements<sup>(a)</sup> | **–** | **–** | **180** | **180** | – | – | 5 | 5 |
| Interest cost | **(354)** | **(121)** | **(283)** | **(758)** | (337) | (126) | (320) | (783) |
| Actuarial gain/(loss) arising from changes in <br>demographic assumptions<br>| **–** | **(8)** | **(4)** | **(12)** | 3 | 13 | 10 | 26 |
| Actuarial gain/(loss) arising from changes in <br>financial assumptions<br>| **121** | **363** | **134** | **618** | 675 | 160 | 68 | 903 |
| Actuarial gain/(loss) arising from experience <br>adjustments<br>| **(167)** | **(17)** | **59** | **(125)** | (14) | 154 | (112) | 28 |
| Benefit payments | **498** | **182** | **538** | **1218** | 492 | 181 | 535 | 1208 |
| Other<sup>(b)</sup> | **1** | **1** | **779** | **781** | – | – | 33 | 33 |
| Currency retranslation | **324** | **–** | **312** | **636** | (327) | – | (24) | (351) |
| 31 December | **(6400)** | **(3255)** | **(4561)** | **(14216)** | (6782) | (3653) | (6169) | (16604) |

---

(a)Settlements mainly represent the contract that US UNICare Retirement Plan has entered into with a third-party insurance company to settle €150 million of pensioner liabilities for the price

of €143 million paid from pension plan assets.

(b)The majority of 'Other' during 2025 is explained by disposal of pension liabilities with the demerger of The Magnum Ice Cream Company.

Movements in (deficit)/surplus during the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**UK**<br>| **€ million**<br>**Netherlands**<br>| **€ million**<br>**Rest of**<br>**world**<br>| **€ million**<br>**2025 Total**<br>| € million<br>UK<br>| € million<br>Netherlands<br>| € million<br>Rest of<br>world<br>| € million<br>2024 Total<br>|
| 1 January | **1350** | **1942** | **(322)** | **2970** | 1429 | 1483 | (511) | 2401 |
| Gross service cost | **(47)** | **(3)** | **(112)** | **(162)** | (51) | (4) | (123) | (178) |
| Employee contributions | **–** | **–** | **33** | **33** | – | – | 37 | 37 |
| Special termination benefits | **–** | **–** | **(5)** | **(5)** | – | – | (5) | (5) |
| Past service costs including losses/(gains) on <br>curtailments<br>| **6** | **1** | **10** | **17** | 27 | – | 5 | 32 |
| Settlements | **–** | **–** | **11** | **11** | – | – | 5 | 5 |
| Actual return on plan assets (excluding <br>amounts in net finance income/charge)<br>| **(113)** | **(156)** | **95** | **(174)** | (894) | 194 | 99 | (601) |
| Change in asset ceiling excluding amounts <br>included in interest expenses<br>| **–** | **–** | **(21)** | **(21)** | – | – | (38) | (38) |
| Interest cost | **(354)** | **(121)** | **(283)** | **(758)** | (337) | (126) | (320) | (783) |
| Interest income<sup>(a)</sup> | **428** | **187** | **257** | **872** | 407 | 174 | 273 | 854 |
| Actuarial gain/(loss) arising from changes in <br>demographic assumptions<br>| **–** | **(8)** | **(4)** | **(12)** | 3 | 13 | 10 | 26 |
| Actuarial gain/(loss) arising from changes in <br>financial assumptions<br>| **121** | **363** | **134** | **618** | 675 | 160 | 68 | 903 |
| Actuarial gain/(loss) arising from experience <br>adjustments<br>| **(167)** | **(17)** | **59** | **(125)** | (14) | 154 | (112) | 28 |
| Employer contributions<sup>(b)</sup> | **49** | **(108)** | **267** | **208** | 47 | (106) | 256 | 197 |
| Benefit payments | **–** | **–** | **–** | **–** | – | – | – | – |
| Other | **1** | **1** | **8** | **10** | – | – | 20 | 20 |
| Currency retranslation | **(68)** | **–** | **104** | **36** | 58 | – | 14 | 72 |
| 31 December | **1206** | **2081** | **231** | **3518** | 1350 | 1942 | (322) | 2970 |

---

(a)This includes the impact of asset ceiling on interest.

(b)The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of

surplus provided specific funding conditions are satisfied.

The actual return on recognised plan assets during 2025 was €698 million, being €(174) million of asset returns and €872 million of interest income shown in the

tables above (2024: €253 million).

The Magnum Ice Cream Company ('TMICC') formed a significant proportion of Unilever Group's business in Germany and Turkey. Accordingly, a fair proportion of

pension liability obligations have been transferred to TMICC. The liabilities that have been transferred cover the accrued obligations and all associated employment

and ancillary agreements in relation to relevant former Group employees. These transfers occurred in addition to the transfer of similar liabilities by operation of law.

In Germany, liability transfer was accompanied by a transfer of a fair proportion of assets. Liabilities transferred in Turkey were unfunded. Transfers in other countries

were less material and were due to operation of law, or due to mandatory requirements, or on other occasions, as an effective and reasonable way to transfer

employee accrued rights. A small number of TMICC-only plans transferred along with the relevant legal entities.

We transferred liabilities for former employees in Germany to TMICC. This creates a 10-year co-liability for Unilever which would crystallise if TMICC had insufficient

assets to cover the liability. However, we assess that the likelihood of this liability creating an outflow for Unilever to be remote because the related pension assets for

these employees transferred to TMICC are held in a newly established Contractual Trust Arrangement (CTA) with Fidelity during 2025.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 145 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS continued** 

Movements in irrecoverable surplus during the year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**UK**<br>| **€ million**<br>**Netherlands**<br>| **€ million**<br>**Rest of**<br>**world**<br>| **€ million**<br>**2025 Total**<br>| € million<br>Rest of<br>world<br>| € million<br>2024 Total<br>|
| 1 January | **–** | **–** | **(295)** | **(295)** | (255) | (255) |
| Interest income | **–** | **–** | **(6)** | **(6)** | (7) | (7) |
| Change in irrecoverable surplus in excess of <br>interest<br>| **–** | **–** | **(21)** | **(21)** | (38) | (38) |
| Currency retranslations | **–** | **–** | **5** | **5** | 5 | 5 |
| 31 December | **–** | **–** | **(317)** | **(317)** | (295) | (295) |

---

The duration of the principal defined benefit plan liabilities (representing 95% of total pension liabilities and other post-employment benefit liabilities) and the split of

liabilities between different categories of plan participants are:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **UK** | **Netherlands** | **Rest of**<br>**world**<sup>(a)</sup><br>| **2025 Total** | UK | Netherlands | Rest of<br>world<sup>(a)</sup><br>| 2024 Total |
| Duration (years) | **12** | **13** | **9** | **0 to 21** | 12 | 14 | 10 | 0 to 23 |
| Active members | **6%** | **5%** | **24%** | **11%** | 8% | 7% | 23% | 13% |
| Deferred members | **28%** | **37%** | **16%** | **27%** | 30% | 38% | 15% | 27% |
| Retired members  | **66%** | **58%** | **60%** | **62%** | 62% | 55% | 62% | 60% |

---

(a)Rest of world numbers shown are weighted averages by liabilities.

**Plan assets**

The group of plans within 'Rest of world' category in the tables below are not materially different with respect to their risks that would require disaggregated

disclosure.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **€ million**<br>**31 December 2025** | **€ million**<br>**31 December 2025** | **€ million**<br>**31 December 2025** | **€ million**<br>**31 December 2025** | € million<br>31 December 2024 | € million<br>31 December 2024 | € million<br>31 December 2024 | € million<br>31 December 2024 |
| | **UK** | **Netherlands** | **Rest of world** | **2025 Total** | UK | Netherlands | Rest of world | 2024 Total |
| **Total Pension Plans Assets** | **7606** | **5336** | **5108** | **18050** | 8132 | 5595 | 6140 | 19867 |
| Equities Total | **188** | **755** | **665** | **1608** | 214 | 1176 | 1106 | 2496 |
| – Europe | **37** | **98** | **226** | **361** | 37 | 148 | 346 | 531 |
| – North America | **109** | **441** | **275** | **825** | 128 | 746 | 525 | 1399 |
| – Other | **42** | **216** | **164** | **422** | 49 | 282 | 235 | 566 |
| Fixed Income Total | **5815** | **3893** | **3212** | **12920** | 6228 | 3627 | 3763 | 13618 |
| – Government bonds | **4021** | **1771** | **1731** | **7523** | 4296 | 1460 | 1814 | 7570 |
| – Investment grade corporate bonds | **875** | **666** | **1010** | **2551** | 895 | 648 | 1296 | 2839 |
| – Other Fixed Income | **919** | **1456** | **471** | **2846** | 1037 | 1519 | 653 | 3209 |
| Derivatives | **20** | **(93)** | **(15)** | **(88)** | (239) | 90 | – | (149) |
| Private Equity | **655** | **113** | **39** | **807** | 617 | 105 | 32 | 754 |
| Property and Real Estate | **551** | **353** | **383** | **1287** | 749 | 370 | 433 | 1552 |
| Hedge Funds | **119** | **–** | **76** | **195** | 123 | – | 75 | 198 |
| Other | **258** | **315** | **433** | **1006** | 440 | 227 | 404 | 1071 |
| Other Pension Plans | **–** | **–** | **315** | **315** | – | – | 327 | 327 |
| **Other Post-Employment Benefit Plans** <br>**Assets**<br>| **–** | **–** | **1** | **1** | – | – | 2 | 2 |
| **Total Assets** | **7606** | **5336** | **5109** | **18051** | 8132 | 5595 | 6142 | 19869 |

---

The fair values of the above equity and fixed income instruments are determined based on quoted market prices in active markets. The fair value of private equity,

properties, derivatives and hedge funds are not based on quoted market prices in active markets. Properties are externally and independently appraised on the basis

of an open market value per professional market standards. The value of an investment holding in a property fund is typically the net asset value as provided to an

investor. For assets held in pooled investment vehicles, these have been presented based on the nature of the underlying holdings. The vehicle itself may not have a

quoted value in an active market. The Group uses derivatives and other instruments to hedge some of its exposure to inflation and interest rate risk – the degree of

this hedging of liabilities was over 100% for both interest rate and inflation for the UK plan and approximately 95% for interest rate and 20% for inflation for the

Netherlands plan at year end. The fixed income instruments contain €1.4 billion (2024: €0.5 billion) of liabilities in respect of short-term repurchase agreements where

the underlying collaterals are fixed income instruments, which do not have a quoted price in an active market. Foreign currency exposures, in part, are also hedged

by the use of forward foreign exchange contracts. Assets included in the Other category are cash and insurance contracts which are also unquoted assets. Cash is

the largest component (€603 million).

No Unilever securities were held at 31 December 2024. At 31 December 2025, €0.2 million (0.001% of total plan assets) of Unilever securities were held. Property

includes property occupied by Unilever amounting to €9 million at 31 December 2025, compared with €98 million at 31 December 2024, when a larger proportion of

the property portfolio was occupied.

The pension assets above exclude the assets in a Special Benefits Trust amounting to €23 million (2024: €30 million) to fund pension and similar obligations in the

US (see also note 17A on page [174](#idd497fffd94048748ee00e72dade0edb_274)).

---

| | | |
|:---|:---|:---|
| 146 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4B. PENSIONS AND SIMILAR OBLIGATIONS continued**

**Sensitivities** 

The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Change in liabilities** | **Change in liabilities** | **Change in liabilities** |
| | <br>**Change in assumption** | **UK** | **Netherlands** | **Total** |
| Discount rate | **Increase by 0.5%** | **(5)%** | **(6)%** | **(5)%** |
| Inflation rate | **Increase by 0.5%** | **4%** | **7%** | **4%** |
| Life expectancy | **Increase by 1 year**  | **5%** | **4%** | **4%** |
| Long-term medical cost inflation<sup>(a)</sup> | **Increase by 1.0%** | **n/a** | **n/a** | **4%** |

---

(a)Long-term medical cost inflation only relates to post-retirement medical plans and its impact on these liabilities.

A decrease in each assumption would have a comparable and opposite impact on liabilities.

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting

period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When

calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and

types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

**Cash flow** 

Group cash flow in respect of pensions and similar post-employment benefits comprises company contributions paid to funded plans and benefits paid by the

company in respect of unfunded plans. The table below sets out these amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | € million<br>2026 Estimate<br>| **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| Company contributions to funded plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined Benefit<sup>(b)</sup> | 55 | **65** | 49 | 260 |
| Defined Contribution | 205 | **196** | 197 | 186 |
| Benefits paid by the Company in respect of unfunded plans:  |  |  |  |  |
| Defined Benefit | 100 | **107** | 105 | 108 |
| Group cash flow in respect of pensions and similar benefits  | 360 | **368** | 351 | 554 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)The Group contributed a one-off contribution of $110 million into the US Pension Plan in 2023.

The Group received a partial refund of €115 million and €118 million from the Netherlands Plan respectively in 2024 and 2025, per a formal agreement with the Plan allowing a return of

surplus provided specific funding conditions are satisfied. A further €115 million refund from the Netherlands Plan is due to be received in 2026.

Following conclusion of the 2022 triennial valuation of the UK pension fund, the Group, in agreement with the Trustees, implemented an updated Schedule of Contributions. Deficit

contributions to this fund continue to be nil. The 2025 triennial valuation is in progress and has not been concluded as at 31 December 2025.

The Group's funding policy is to periodically review the contributions made to the plans while taking account of local legislation.

**4C. SHARE-BASED COMPENSATION PLANS**

---

| |
|:---|
| The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to <br>equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market <br>condition. Any cancellations are recognised immediately in the income statement. |
| The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to <br>equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market <br>condition. Any cancellations are recognised immediately in the income statement. |

---

As at 31 December 2025, the Group had multiple share-based compensation plans to its employees including Executive Directors and Key Management.

The numbers in this note include shares awarded to key management as reported in note 4A on page [140](#idb66cfdb98034092bc758af5b894e313_1151). Non-Executive Directors do not participate in any of the

share-based compensation plans.

The charge to income statement related to equity-settled share-based compensation plan is €284 million (2024: €324 million; 2023: €212 million). Of this amount, €29

million (2024: €32 million; 2023: €20 million) relates to discontinued operations.

**SHARE PLANS**

As at 31 December 2025, the Group has multiple share plans under which employees are granted Unilever PLC's shares. The major share-based plans are explained

below:

**Performance Share Plans (PSP)**

From 2021, under PSP scheme, Unilever's managers receive annual awards of PLC shares. The awards vest between 0% and 200% of grant level based on the

performance measures which are percentage business winning, cumulative free cash flow, underlying return on invested capital, Sustainability Progress Index for the

Group. The awards vest after 3 years. In 2024, the Group modified the PSP scheme to only eligible employees. The performance measures for PSP awards from

2024 are underlying sales growth, underlying return on invested capital, relative total shareholder return and Sustainability Progress Index.

**Annual Share Plans (ASP)**

From 2024, under the Annual Share Plan (ASP) award, eligible employees receive Unilever PLC shares which will vest after 3 years and are not subject to any

performance conditions.

**Management Co-Investment Plans (MCIP)**

The MCIP allowed Unilever's managers to invest up to 100% of their annual bonus (a minimum of 33% and maximum of 67% for Executive Directors) in shares of

Unilever PLC and to receive a corresponding award of performance-related shares. The awards vest between 0% and 200% of grant level based on the performance

measures which are underlying sales growth, underlying EPS growth, return on invested capital and Sustainability Progress Index. The awards vest after 4 years.

MCIP awards were last granted in 2020 and vested in 2024.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 147 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**4C. SHARE-BASED COMPENSATION PLANS continued**

A summary of the status of the above Share Plans as at 31 December 2025, 2024 and 2023 and changes during the years ended on these dates is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **2025**<br>**Number of shares**<br>| 2024<br>Number of shares<br>| 2023<br>Number of shares<br>|
| Outstanding at 1 January | **19112255** | 21329938 | 17923890 |
| Awarded | **5433948** | 7508412 | 7479544 |
| Vested | **(6413314)** | (6296695) | (2021439) |
| Forfeited | **(2504504)** | (3429400) | (2052057) |
| Outstanding at 31 December | **15628385** | 19112255 | 21329938 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | 2023 |
| **Share award value information** |  |  |  |
| Fair value per share award during the year | **€52.20** | €46.19 | €45.71 |

---

**SHARE OPTIONS**

In the year 2024, Hindustan Unilever Limited (HUL) subsidiary of Unilever PLC announced 'HUL PSP' scheme 2024. Under this scheme, specific eligible employees

of HUL and its wholly owned subsidiaries are awarded with HUL share options. HUL PSP vesting to managers at higher work levels is based on underlying sales

growth, underlying return on invested capital, relative total shareholder return and Sustainability Progress Index. These awards would vest 3 years post-grant date.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| | **Number of options** | **Weighted average** <br>**exercise price** <br>| Number of options | Weighted average <br>exercise price<br>|
| Outstanding at 1 January  | **181138** | **€0.01** | – | €0.00 |
| Awarded | **221727** | **€0.01** | 196994 | €0.01 |
| Vested | **–** | **€0.00** | – | €0.00 |
| Forfeited | **(54155)** | **€0.01** | (15856) | €0.01 |
| Outstanding at 31 December  | **348710** | **€0.01** | 181138 | €0.01 |

---

Summary of options outstanding:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Outstanding**<br>**share options**<br>| **Weighted average** <br>**exercise price**<br>| **Weighted** <br>**remaining average** <br>**contractual life**<br>| Outstanding<br>share options<br>| Weighted average <br>exercise price<br>| Weighted remaining <br>average contractual <br>life<br>|
| HUL PSP share options | **348710** | **€0.01** | **20 months** | 181138 | €0.01 | 25 months |

---

**Additional information**

At 31 December 2025, the employee benefit trust held 1,208,143 (2024: 1,776,250 adjusted for share consolidation) PLC shares and PLC and its subsidiaries held

314,912 (2024: 290,198 adjusted for share consolidation) of PLC shares as treasury shares in connection with share-based compensation plans. These shares are

shown as deduction from other reserves.

The book value of €36 million (2024: €37 million) of the shares held by the trust and by Unilever PLC and its subsidiaries in respect of share-based compensation

plans is eliminated on consolidation by deduction from other reserves. Their market value at 31 December 2025 was €85 million (2024: €127 million).

During the year ended 31 December 2025, Unilever completed the demerger of its Ice Cream business, effective 6 December 2025 (the 'Separation Date'). As part of

this demerger, certain employees transferred from Unilever to the newly formed Ice Cream entities (TMICC). Employees who moved to TMICC held Unilever share-

based awards that were unvested as at the Separation Date. These awards will continue to be settled at their respective vesting dates under the original plan terms.

The number of shares to vest for these employees will be pro-rated up to the Separation Date. Accordingly, the pro-rated share-based payment expense up to 6

December 2025 has been recognised in the Statement of Profit or Loss for the year.

The value of the share plans for participating employees has been maintained after the demerger of the Ice Cream business through the effect of the share

consolidation.

Shares held to satisfy awards are accounted for in accordance with IAS 32 'Financial Instruments: Presentation'. All differences between the purchase price of the

shares held to satisfy awards granted and the proceeds received for the shares, whether on exercise or lapse, are charged to reserves.

Between 31 December 2025 and 20 February 2026 (the latest practicable date for inclusion in this report), movement in shares and share options are as below:

■Shares: nil shares were granted, 6,908,475 shares vested and 119,005 shares were forfeited related to the Share Plans.

■Share options: nil shares were granted, nil shares vested and 85,140 shares were forfeited related to the Share Plans.

---

| | | |
|:---|:---|:---|
| 148 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**5. Net finance costs**

Net finance costs comprise finance costs and finance income, including net finance income in relation to pensions and similar obligations.<br>Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial <br>liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities.<br>Borrowing costs are recognised based on the effective interest method.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Net finance costs** | **€ million**<br>**2025**<br>| € million<br>2024<sup>(c)</sup><br>| € million<br>2023<sup>(c)</sup><br>|
| Finance costs | **(1024)** | (994) | (922) |
| Bank loans and overdrafts | **(52)** | (73) | (73) |
| Interest on bonds and other loans<sup>(a)</sup> | **(967)** | (857) | (818) |
| Interest on lease liabilities | **(79)** | (69) | (64) |
| Net gain/(loss) on transactions for which hedge accounting is not applied<sup>(b)</sup> | **74** | 5 | 33 |
| On foreign exchange derivatives | **24** | (80) | 77 |
| Exchange difference on underlying items | **50** | 85 | (44) |
| Finance income | **398** | 391 | 392 |
| Pensions and similar obligations<br> 4B | **123** | 83 | 121 |
|  | **(503)** | (520) | (409) |

---

(a)Interest on bonds and other loans includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge

accounting reserve. This includes an amount of €(3) million (2024: €(3) million) relating to unwinding of discount on deferred consideration for acquisitions.

(b)For further details of derivatives for which hedge accounting is not applied, refer to note 16C.

(c)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of the Ice Cream business (see note 21).

**6. Taxation**

**6A. INCOME TAX**

Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to <br>items recognised directly in equity.<br>Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any <br>adjustments to tax payable in respect of previous years.<br>Current tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax <br>arising on temporary differences and payment dates for income tax occurring after the balance sheet date.<br>Unilever is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to <br>interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may <br>arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and take into account the specific <br>circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. The <br>provision is estimated based on one of two methods, the expected value method (the sum of the probability-weighted amounts in a range of possible outcomes) or <br>the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Tax charge in income statement** | **€ million**<br>**2025**<br>| € million<br>2024<sup>(a)</sup><br>| € million<br>2023<sup>(a)</sup><br>|
| **Current tax** |  |  |  |
| Current year | **(3387)** | (2651) | (2035) |
| Pillar 2 income taxes | **(21)** | (9) | – |
| Over/(under) provided in prior years | **54** | 160 | 31 |
|  | **(3354)** | (2500) | (2004) |
| **Deferred tax** |  |  |  |
| Origination and reversal of temporary differences | **828** | 136 | (16) |
| Changes in tax rates | **(12)** | (2) | 6 |
| Recognition of previously unrecognised losses brought forward | **57** | 34 | 24 |
|  | **873** | 168 | 14 |
|  | **(2481)** | (2332) | (1990) |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 149 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**6A. INCOME TAX continued**

The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever companies, and the actual rate of

taxation charged is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of effective tax rate** | **% 2025** | % 2024<sup>(a)</sup> | % 2023<sup>(a)</sup> |
| **Computed rate of tax**<sup>(b)</sup> | **24** | 25 | 25 |
| Differences between computed rate of tax and effective tax rate due to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive tax credits  | **(2)** | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax on dividends  | **2** | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses not deductible for tax purposes | **1** | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrecoverable withholding tax  | **1** | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax reserve adjustments – current and prior year | **–** | – | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of disposals | **3** | 1 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | **–** | (1) | – |
| **Effective tax rate** | **29** | 29 | 24 |

---

(a)The 2024 and 2023 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

(b)The computed tax rate used is the average of the standard rate of tax applicable in the countries in which Unilever operates, weighted by the amount of profit before taxation generated in

each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates.

Our tax rate is reduced by incentive tax credits, the benefit from preferential tax regimes that have been legislated by the countries and provinces concerned in order

to promote economic development and investment. The tax rate is increased by business expenses that are not deductible for tax, such as entertainment costs and

some interest expense and by irrecoverable withholding taxes on dividends paid by subsidiary companies and on other cross-border payments, such as royalties and

service fees, which cannot be offset against other taxes due. The impact of disposals includes the tax on the Ice Cream business separation. Uncertain tax provisions

excluding the related interest amounted to €833 million (2024: €888 million). This includes €464 million (2024: €506 million) related to the Horlicks intangible

amortisation in India.

The Group's future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation, the implementation of

the OECD Pillars 1 and 2, EU and US tax changes, as well as the impact of acquisitions, disposals and restructuring of our business.

Pillar 2 legislation continues to apply to the Group for 2025 and we have accrued Pillar 2 top-up taxes of €(21) million, which includes qualified domestic minimum

top-up taxes as well as amounts arising from the income inclusion rule in the UK.

**6B. DEFERRED TAX** 

Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the <br>balance sheet of the Group. Certain temporary differences are not provided for as follows:<br>■goodwill not deductible for tax purposes;<br>■the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and<br>■differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.<br>The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates <br>enacted, or substantively enacted, at the year end. <br>The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar 2 income taxes.<br>A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred <br>tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Movements in 2025 and 2024** | **€ million**<br>**As at 1** <br>**January 2025**<br>| **€ million**<br>**Income** <br>**statement**<br>| **€ million**<br>**Other**<br>| **€ million**<br>**As at 31** <br>**December** <br>**2025**<br>| € million<br>As at 1 <br>January 2024<br>| € million<br>Income <br>statement<br>| € million<br>Other<br>| € million<br>As at 31 <br>December <br>2024<br>|
| Pensions and similar obligations | **(630)** | **(37)** | **(70)** | **(737)** | (514) | (12) | (104) | (630) |
| Provisions and accruals | **938** | **1** | **(67)** | **872** | 805 | 168 | (35) | 938 |
| Goodwill and intangible assets | **(3863)** | **668** | **(194)** | **(3389)** | (3697) | (45) | (121) | (3863) |
| Accelerated tax depreciation | **(584)** | **48** | **148** | **(388)** | (572) | (20) | 8 | (584) |
| Tax losses | **415** | **101** | **(37)** | **479** | 234 | 190 | (9) | 415 |
| Fair value gains/losses | **(54)** | **2** | **76** | **24** | (17) | 6 | (43) | (54) |
| Share-based payments | **273** | **(5)** | **(22)** | **246** | 246 | (2) | 29 | 273 |
| Lease liability | **181** | **13** | **(49)** | **145** | 189 | (16) | 8 | 181 |
| Right of use asset | **(161)** | **9** | **40** | **(112)** | (166) | 8 | (3) | (161) |
| Other | **423** | **73**<sup>(a)</sup> | **(93)**<sup>(a)</sup> | **403** | 610 | (124) | (63) | 423 |
|  | **(3062)** | **873** | **(268)** | **(2457)** | (2882) | 153<sup>(b)</sup> | (333) | (3062) |

---

(a)In 2025, movements relating to deferred tax include €23 million arising from discontinued operations, which has been included within 'other' movements. For 2025, the other movement

column includes €302 million of net deferred tax assets transferred to Ice Cream on the demerger of our Ice Cream business.

(b)In 2024, movements relating to deferred tax include €(15) million arising from discontinued operations, which has been re-presented in the income statement and note 6A to reflect the

demerger of our Ice Cream business.

---

| | | |
|:---|:---|:---|
| 150 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**6B. DEFERRED TAX continued**

At the balance sheet date, the Group had unused tax losses of €2,241 million (2024: €2,245 million) and tax credits amounting to €813 million (2024: €795 million)

available for offset against future taxable profits. Deferred tax assets have not been recognised in respect of unused tax losses of €620 million (2024: €695 million)

and tax credits of €291 million (2024: €502 million), as it is not probable that there will be future taxable profits within the entities against which the losses and credits

can be utilised. Of these losses, €237 million (2024: €246 million) have expiry dates, being corporate income tax losses in the US, Korea, China and Mexico which

expire between now and 2038.

Where deferred tax assets have been recognised in respect of losses, the evidence considered includes the reason for the loss, potential planning strategies to utilise

the loss, including where permitted merger with other profitable entities and the availability of future taxable profits against which the losses can be utilised. Profit

forecasts used are consistent with those used in other areas of the business.

Deferred tax assets have not been recognised in respect of other deductible temporary differences of €1,187 million (2024: €986 million) as it is not expected they will

be utilised. Of these differences, €1,138 million (2024: €868 million) relates to limitation on the deduction of interest expenses. There is no expiry date for these

differences.

At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have

not been recognised was €1,764 million (2024: €2,013 million). No liability has been recognised in respect of these differences because the Group is in a position to

control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred

income taxes relate to the same fiscal authority. The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deferred tax assets and liabilities** | **€ million**<br>**Assets** <br>**2025**<br>| € million<br>Assets <br>2024<br>| **€ million**<br>**Liabilities**<br>**2025**<br>| € million<br>Liabilities<br>2024<br>| **€ million**<br>**Total** <br>**2025**<br>| € million<br>Total <br>2024<br>|
| Pensions and similar obligations | **(194)** | (158) | **(543)** | (472) | **(737)** | (630) |
| Provisions and accruals | **413** | 510 | **459** | 428 | **872** | 938 |
| Goodwill and intangible assets | **211** | 286 | **(3600)** | (4149) | **(3389)** | (3863) |
| Accelerated tax depreciation | **29** | (38) | **(417)** | (546) | **(388)** | (584) |
| Tax losses | **455** | 395 | **24** | 20 | **479** | 415 |
| Fair value gains/(losses) | **6** | (22) | **18** | (32) | **24** | (54) |
| Share-based payments | **98** | 118 | **148** | 155 | **246** | 273 |
| Lease liability | **35** | 81 | **110** | 100 | **145** | 181 |
| Right of use asset | **(46)** | (83) | **(66)** | (78) | **(112)** | (161) |
| Other | **139** | 191 | **264** | 232 | **403** | 423 |
|  | **1146** | 1280 | **(3603)** | (4342) | **(2457)** | (3062) |
| Of which deferred tax to be recovered/(settled) after more than 12 months | **873** | 879 | **(3084)** | (4581) | **(2211)** | (3702) |

---

**6C. TAX ON ITEMS RECOGNISED IN EQUITY OR OTHER COMPREHENSIVE INCOME**

Income tax is recognised in equity or other comprehensive income for items recognised directly in equity or other comprehensive income.<br>

Tax effects directly recognised in equity or other comprehensive income were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Movements in 2025 and 2024** | **€ million**<br>**Before tax** <br>**2025**<br>| **€ million**<br>**Tax** <br>**(charge)/**<br>**credit 2025**<br>| **€ million**<br>**After tax** <br>**2025**<br>| € million<br>Before tax <br>2024<sup>(a)</sup><br>| € million<br>Tax <br>(charge)/<br>credit <br>2024<sup>(a)</sup><br>| € million<br>After tax <br>2024<sup>(a)</sup><br>|
| Gains/(losses) on: |  |  |  |  |  |  |
| Equity instruments at fair value through other comprehensive income | **(17)** | **3** | **(14)** | 60 |  | 60 |
| Cash flow hedges | **(166)** | **55** | **(111)** | 147 | (25) | 122 |
| Remeasurement of defined benefit pension plans | **219** | **(82)** | **137** | 271 | (45) | 226 |
| Currency retranslation gains/(losses) | **(2312)** | **73** | **(2239)** | 1136 | (23) | 1113 |
|  | **(2276)** | **49** | **(2227)** | 1614 | (93) | 1521 |

---

(a)The 2024 comparatives have been restated from those previously published to reflect the demerger of our Ice Cream business (see note 21).

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 151 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**7. Earnings per share**

---

| |
|:---|
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |
| The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the <br>average number of shares held as treasury shares. On 8 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price comparability <br>before and after the demerger of the Ice Cream business. Shareholders received 8 new Unilever shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 <br>existing ordinary shares which had a nominal value of 3<sup>1</sup>/9 pence each. The overall effect of the share consolidation and demerger dividend did not constitute a <br>share repurchase at fair value, therefore the average number of shares has been adjusted retrospectively for the impact of the share consolidation in all periods <br>presented.<br>In calculating diluted earnings per share, a number of adjustments are made to the number of shares, principally, the exercise of share plans by employees.  |

---

Earnings per share for total operations for the 12 months were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **€**<br>**2025**<br>| €<br>2024<br>| €<br>2023<br>|
| Basic earnings per share from continuing operations | **2.60** | 2.45 | 2.68 |
| Basic earnings per share from discontinued operations | **1.73** | 0.14 | 0.22 |
| Total basic earnings per share | **4.33** | 2.59 | 2.90 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **€**<br>**2025**<br>| €<br>2024<br>| €<br>2023<br>|
| Diluted earnings per share from continuing operations | **2.59** | 2.44 | 2.67 |
| Diluted earnings per share from discontinued operations | **1.73** | 0.14 | 0.22 |
| Total diluted earnings per share | **4.32** | 2.58 | 2.89 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Millions of share units | Millions of share units | Millions of share units |
| **Calculation of average number of share units** | **2025** | 2024 | 2023 |
| Average number of shares pre consolidation | **2515.6** | 2520.9 | 2587.0 |
| Less: treasury shares held by employee share trusts and companies | **(58.6)** | (28.3) | (71.1) |
| Impact of share consolidation | **(273.0)** | (277.0) | (279.5) |
| Average number of shares – used for basic earnings per share | **2184.0** | 2215.6 | 2236.4 |
| Add: dilutive effect of share-based compensation plans | **11.3** | 12.9 | 14.6 |
| Diluted average number of shares – used for diluted earnings per share | **2195.3** | 2228.5 | 2251.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of earnings – continuing operations** | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Net profit | **6213** | 6039 | 6637 |
| Non-controlling interests | **(531)** | (609) | (635) |
| Net profit attributable to shareholders' equity – used for basic and diluted earnings per share | **5682** | 5430 | 6002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of earnings – discontinued operations** | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Net profit | **3798** | 330 | 503 |
| Non-controlling interests | **(11)** | (16) | (18) |
| Net profit attributable to shareholders' equity – used for basic and diluted earnings per share | **3787** | 314 | 485 |

---

**8. Dividends on ordinary capital**

Dividends are recognised on the date that the shareholder's right to receive payment is established. This is generally the date when the dividend is declared.<br>

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Dividends on ordinary capital during the year | **(4453)** | (4320) | (4327) |
| Dividends in specie to shareholders in The Magnum Ice Cream Company shares | **(6752)** | – | – |
| Total | **(11205)** | **(4320)** | **(4327)** |

---

From 1 January 2025, the Group declared dividends in euro (previously GBP). Four quarterly interim dividends were declared and paid during 2025, totalling €1.81/

£1.55 (2024: £1.47) per PLC ordinary share.

A quarterly dividend of €1,017 million (2024: €1,121 million) was declared on 12 February 2026, to be paid in April 2026; €0.47/£0.41 per PLC ordinary share (2024:

£0.38). Total dividends declared in relation to 2025 were €1.82/£1.58 (2024: £1.48) per PLC ordinary share.

The demerger of the Ice Cream business was effected by Unilever PLC declaring an interim dividend in specie of The Magnum Ice Cream Company. The fair value of

the distribution was €6,752 million.

---

| | | |
|:---|:---|:---|
| 152 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**9. Goodwill and intangible assets**

---

| |
|:---|
| **Goodwill**<br>Goodwill is initially recognised based on the accounting policy for business combinations (see note 22). Goodwill is subsequently measured at cost less amounts <br>provided for impairment. Goodwill acquired in a business combination is assessed to determine whether new cash-generating units (CGUs) are created, and if not, <br>is allocated to the Group's CGUs, or groups of CGUs (GCGUs) in line with the structure detailed below. These might not always be the same as the CGUs or <br>GCGUs that include the assets and liabilities of the acquired business. |
| **Intangible assets**<br>Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in <br>group companies, Unilever recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair <br>value as at the date of acquisition.<br>Expenditure to support development of internally produced intangible assets is recognised in profit or loss as incurred.<br>Indefinite-life intangibles mainly comprise trademarks and brands, for which there is no foreseeable limit to the period over which they are expected to generate net <br>cash inflows. These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. These assets are <br>not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. <br>Finite-life intangible assets mainly comprise software, patented and non-patented technology, know-how and customer lists. These assets are amortised on a <br>straight-line basis in the income statement over the period of their expected useful lives, or the period of legal rights if shorter. None of the amortisation periods <br>exceeds ten years. |
| **Cash-generating units**<br>The Group's assets are grouped into cash-generating units (CGUs), which are the smallest identifiable group of assets that generate largely independent cash <br>inflows. The Group's CGUs are aligned with our organisation structure of Business Units and Global Business Units.<br>For impairment testing purposes, goodwill is allocated to groups of CGUs (GCGUs), which are based on the four Business Groups, since the synergies acquired <br>through a business combination benefit a Business Group as a whole rather than a specific Business Unit or Global Business Unit. Cash inflows relating to <br>indefinite-life intangible assets are identifiable at Business Unit or Global Business Unit level and are therefore allocated to individual CGUs. |
| **Impairment review**<br>The impairment test is performed by comparing the carrying value of the CGUs or GCGUs with their recoverable value. The recoverable value is primarily based <br>on value in use but also considers fair value less costs of disposal where relevant. Any impairment is charged to the income statement as it arises. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill** | **Indefinite-life**<br>**intangible assets** | **Finite-life intangible assets** | **Finite-life intangible assets** | **Total** |
| **€ million**<br>**Movements during 2025** | **Goodwill** | **Indefinite-life**<br>**intangible assets** | **Software** | **Other** | **Total** |
| **Cost** |  |  |  |  |  |
| 1 January 2025 | **23471** | **18337** | **3801** | **1156** | **46765** |
| Additions through business combinations<sup>(a)</sup> | **764** | **1108** | **1** | **–** | **1873** |
| Disposal of businesses | **(4)** | **(49)** | **(1)** | **–** | **(54)** |
| Distributed through demerger | **(3322)** | **(712)** | **(43)** | **(32)** | **(4109)** |
| Additions | **–** | **6** | **170** | **1** | **177** |
| Disposals and other movements | **(6)** | **9** | **(72)** | **(65)** | **(134)** |
| Hyperinflationary adjustment | **(108)** | **(12)** | **–** | **–** | **(120)** |
| Currency retranslation | **(1929)** | **(1722)** | **(217)** | **(58)** | **(3926)** |
| 31 December 2025 | **18866** | **16965** | **3639** | **1002** | **40472** |
| **Accumulated amortisation and impairment** |  |  |  |  |  |
| 1 January 2025 | **(1160)** | **(481)** | **(3123)** | **(1100)** | **(5864)** |
| Amortisation/impairment for the year | **–** | **(48)** | **(222)** | **(28)** | **(298)** |
| Distributed through demerger | **–** | **–** | **34** | **24** | **58** |
| Disposals and other movements | **–** | **1** | **71** | **61** | **133** |
| Currency retranslation | **3** | **18** | **186** | **56** | **263** |
| 31 December 2025 | **(1157)** | **(510)** | **(3054)** | **(987)** | **(5708)** |
| Net book value 31 December 2025<sup>(c)</sup> | **17709** | **16455** | **585** | **15** | **34764** |

---

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 153 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**9. GOODWILL AND INTANGIBLE ASSETS continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **€ million** | Goodwill | Indefinite-life<br>intangible assets | Finite-life intangible assets | Finite-life intangible assets | Total |
| **Movements during 2024** | Goodwill | Indefinite-life<br>intangible assets | Software | Other | Total |
| **Cost** |  |  |  |  |  |
| 1 January 2024 | 22266 | 17967 | 3483 | 1124 | 44840 |
| Additions through business combinations<sup>(a)</sup> | 310 | 382 | – | – | 692 |
| Disposal of businesses | (60) | (510) | (26) | (4) | (600) |
| Reclassification to held for sale<sup>(b)</sup> | (47) | (47) | (5) | – | (99) |
| Additions | – | 3 | 229 | 1 | 233 |
| Disposals and other movements | 132 | 2 | (23) | 9 | 120 |
| Hyperinflationary adjustment | 284 | 34 | – | – | 318 |
| Currency retranslation | 586 | 506 | 143 | 26 | 1261 |
| 31 December 2024 | 23471 | 18337 | 3801 | 1156 | 46765 |
| **Accumulated amortisation and impairment** |  |  |  |  |  |
| 1 January 2024 | (1157) | (345) | (2841) | (1031) | (5374) |
| Amortisation/impairment for the year | – | (127) | (213) | (35) | (375) |
| Disposals and other movements | (3) | – | 47 | (8) | 36 |
| Currency retranslation | – | (9) | (116) | (26) | (151) |
| 31 December 2024 | (1160) | (481) | (3123) | (1100) | (5864) |
| Net book value 31 December 2024<sup>(c)</sup> | 22311 | 17856 | 678 | 56 | 40901 |

---

(a)Includes the provisional fair value of goodwill and intangibles for acquisitions made in 2025, as well as subsequent changes in the fair value of goodwill and intangibles for the acquisitions

made in 2024 where the initial acquisition accounting was provisional at the end of 2024. See note 22 for further details.

(b)Goodwill and intangibles in relation to Conimex amounting to €17 million in 2024 were reclassified as held for sale and were subsequently disposed in 2025 (2024: €532 million for Elida

Beauty).

(c)Within indefinite-life intangible assets, there are five existing brands that have a significant carrying value: Horlicks €2,310 million (2024: €2,719 million), Knorr €1,793 million (2024:

€1,860 million), Paula's Choice €1,602 million (2024: €1,807 million), Hellmann's €1,161 million (2024: €1,285 million) and Carver Korea €1,158 million (2024: €1,278 million).

**SIGNIFICANT CGUS**

The goodwill and indefinite-life assets held in the GCGUs and CGUs shown below are considered significant within the total carrying amounts of goodwill and

indefinite-life intangible as at 31 December 2025.

---

| | | |
|:---|:---|:---|
|  | **2025 GCGUs** | 2024 GCGUs |
| | **€ billion**<br>**Goodwill**<br>| € billion<br>Goodwill<br>|
| Beauty & Wellbeing | **4.5** | 5.0 |
| Personal Care | **4.5** | 4.2 |
| Home Care | **0.8** | 0.9 |
| Foods | **7.9** | 8.6 |
| Ice Cream<sup>(a)</sup> | **–** | 3.6 |
| **Total GCGUs** | **17.7** | 22.3 |

---

---

| | | |
|:---|:---|:---|
|  | **2025 CGUs** | 2024 CGUs |
| | **€ billion**<br>**Indefinite-life intangible** <br>**assets**<br>| € billion<br>Indefinite-life intangible <br>assets<br>|
| Foods India and Nepal | **2.5** | 3.0 |
| Prestige | **2.9** | 3.2 |
| Wellbeing | **1.5** | 1.7 |
| Beauty & Wellbeing North America | **0.9** | 1.0 |
| **Total Significant CGUs** | **7.8** | 8.9 |
| Others<sup>(b)</sup> | **8.7** | 9.0 |
| **Total CGUs** | **16.5** | 17.9 |

---

(a)Goodwill relating to Ice Cream amounting to €3.3 billion has been derecognised on account of the demerger.

(b)Included within Others are individually insignificant amounts of intangible assets.

---

| | | |
|:---|:---|:---|
| 154 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**9. GOODWILL AND INTANGIBLE ASSETS continued**

**KEY ASSUMPTIONS**

In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of

projected future cash flows. Each GCGU's value in use is based on the aggregated value in use of the CGUs grouped under the respective GCGU.

Projected cash flows include specific estimates for one-year at the CGU level. The growth rates and operating margins applied for the one-year period are based on

the Group's strategic plan, which reflects expected economic conditions and incorporates the potential future impact of climate change. The CGU-specific one-year

cash flows are taken directly from the Group's strategic plan, which includes both the initiatives underway to reduce carbon emissions in line with our CTAP and

management's assessment of the potential impact of climate change on operations. The growth rates used for GCGUs and significant CGUs are set out below:

**For the year 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Group of CGUs** | **Beauty &** <br>**Wellbeing**<br>| **Personal Care** | **Home Care** | **Foods** |
| Longer-term sustainable growth rates | **3%** | **3%** | **4%** | **3%** |
| Discount rate | **12%** | **12%** | **12%** | **11%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Significant CGUs** | **Foods**<br>**India and Nepal**<br>| **Prestige** | **Wellbeing** | **Beauty &** <br>**Wellbeing**<br>**North America**<br>|
| Longer-term sustainable growth rates | **6%** | **2%** | **2%** | **2%** |

---

**For the year 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Group of CGUs** | Beauty & Wellbeing | Personal Care | Home Care | Foods |
| Longer-term sustainable growth rates | 3% | 2% | 3% | 3% |
| Average near-term nominal growth rates<sup>(a)</sup> | 5% | 3% | 3% | 3% |
| Discount rate | 11% | 11% | 12% | 11% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Significant CGUs** | **Foods**<br>**India and Nepal**<br>| **Prestige** | **Wellbeing** | **Beauty &** <br>**Wellbeing**<br>**North America**<br>|
| Longer-term sustainable growth rates | **7%** | **2%** | **2%** | **2%** |
| Average near-term nominal growth rates<sup>(a)</sup> | **7%** | **8%** | **11%** | **1%** |

---

(a)As explained above, our 2025 annual impairment testing is based on one year projected cash flows (in 2024, this was five years) and so the average near term nominal growth rate is no

longer considered a key assumption, nor is the headroom sensitive to these growth rates.

The estimated cash flows after year one are extrapolated using a longer-term sustainable growth rate, which is determined as external forecasts for the relevant

market.

In 2025, the projected cash flows are discounted using pre-tax discount rates. The discount rates are specific to each CGU and are determined based on the

weighted average cost of capital, including a market and country risk premium. Given the higher number of CGUs spread across different markets, the CGU discount

rates are in the range 9.6%–18.2% (2024: 9.0%–16.5%). For significant CGUs, the discount rates are in the range 9.7%–12.3%

(2024: 9.0%–11.4%).

There are no reasonably possible changes in key assumptions that would cause the carrying amount of any CGU to exceed its recoverable amount.

The Ice Cream business met the criteria for held for distribution on 5 December 2025. At this point, an impairment test was conducted to assess its carrying value

compared to its fair value. No impairment was identified.

**Impairment of REN**

Following Unilever's decision in May 2025 to close the REN business in the Beauty & Wellbeing Business Group, the indefinite-life REN trademark no longer met

recognition criteria. Accordingly, the asset was written off in full, resulting in an impairment charge of €42 million.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 155 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**10. Property, plant and equipment**

---

| | |
|:---|:---|
| The Group's property, plant and equipment is comprised of owned assets (note 10A) and leased assets (note 10B). Property, plant and equipment is measured at <br>cost including eligible borrowing costs less depreciation and accumulated impairment losses.<br>Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment <br>exists, the asset's or cash-generating unit's recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. | The Group's property, plant and equipment is comprised of owned assets (note 10A) and leased assets (note 10B). Property, plant and equipment is measured at <br>cost including eligible borrowing costs less depreciation and accumulated impairment losses.<br>Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment <br>exists, the asset's or cash-generating unit's recoverable amount is estimated and any impairment loss is charged to the income statement as it arises. |
| **Owned assets**<br>Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. <br>Residual values and useful lives are reviewed at least annually. The review of residual values and useful lives has taken into consideration the impacts of climate <br>change and the actions we undertake to mitigate and adapt against these climate-related risks. There is no material impact on the income statement for this year. <br>Estimated useful lives by major class of assets are as follows: | **Owned assets**<br>Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. <br>Residual values and useful lives are reviewed at least annually. The review of residual values and useful lives has taken into consideration the impacts of climate <br>change and the actions we undertake to mitigate and adapt against these climate-related risks. There is no material impact on the income statement for this year. <br>Estimated useful lives by major class of assets are as follows: |
| ■freehold buildings (no depreciation on freehold land) | 40 years |
| ■leasehold land and buildings | 40 years (or life of lease if less) |
| ■plant and equipment | 2-20 years |
| **Leased assets**<br>The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The <br>Group has not capitalised leases which are less than 12 months or leases of low-value assets. These mainly relate to IT equipment, office equipment, furniture and <br>fitting and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount.<br>Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term. | **Leased assets**<br>The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The <br>Group has not capitalised leases which are less than 12 months or leases of low-value assets. These mainly relate to IT equipment, office equipment, furniture and <br>fitting and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount.<br>Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term. |

---

---

| | | |
|:---|:---|:---|
| **Property, plant and equipment** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Owned assets<br> 10A | **7826** | 10259 |
| Leased assets<br> 10B | **1166** | 1410 |
| Total | **8992** | 11669 |

---

**10A. OWNED ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2025** | **€ million** <br>**Land and**<br>**buildings**<br>| **€ million** <br>**Plant and**<br>**equipment**<br>| **€ million**<br> **Total**<br>|
| **Cost** |  |  |  |
| 1 January 2025 | **5104** | **15800** | **20904** |
| Additions through business combinations  | **–** | **15** | **15** |
| Additions | **345** | **1356** | **1701** |
| Disposals and other movements | **(134)** | **(412)** | **(546)** |
| Hyperinflationary adjustment  | **(59)** | **(122)** | **(181)** |
| Distributed through demerger | **(1035)** | **(4006)** | **(5041)** |
| Reclassification as held for sale  | **(10)** | **(113)** | **(123)** |
| Currency retranslation | **(327)** | **(1033)** | **(1360)** |
| 31 December 2025 | **3884** | **11485** | **15369** |
| **Accumulated depreciation** |  |  |  |
| 1 January 2025 | **(1717)** | **(8928)** | **(10645)** |
| Depreciation charge for the year | **(125)** | **(872)** | **(997)** |
| Disposals and other movements | **25** | **348** | **373** |
| Hyperinflationary adjustment  | **13** | **118** | **131** |
| Distributed through demerger | **426** | **2498** | **2924** |
| Reclassification as held for sale  | **2** | **43** | **45** |
| Currency retranslation | **99** | **527** | **626** |
| 31 December 2025 | **(1277)** | **(6266)** | **(7543)** |
| Net book value 31 December 2025<sup>(a)</sup> | **2607** | **5219** | **7826** |
| Includes capital expenditures for assets under construction | **262** | **1399** | **1661** |

---

(a)Includes €496 million of freehold land.

The Group has commitments to purchase property, plant and equipment of €511 million (2024: €694 million).

---

| | | |
|:---|:---|:---|
| 156 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**10A. OWNED ASSETS continued**

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024** | € million<br>Land and <br>buildings<br>| € million<br>Plant and<br>equipment<br>| € million<br>Total<br>|
| **Cost** |  |  |  |
| 1 January 2024 | 4671 | 14957 | 19628 |
| Additions through business combinations  | – | 1 | 1 |
| Additions | 319 | 1421 | 1740 |
| Disposals and other movements | (116) | (1073) | (1189) |
| Hyperinflationary adjustment  | 223 | 441 | 664 |
| Reclassification as held for sale  | (27) | (69) | (96) |
| Currency retranslation | 34 | 122 | 156 |
| 31 December 2024 | 5104 | 15800 | 20904 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2024 | (1599) | (8652) | (10251) |
| Depreciation charge for the year | (119) | (886) | (1005) |
| Disposals and other movements | 45 | 893 | 938 |
| Hyperinflationary adjustment  | (33) | (246) | (279) |
| Reclassification as held for sale  | 15 | 50 | 65 |
| Currency retranslation | (26) | (87) | (113) |
| 31 December 2024 | (1717) | (8928) | (10645) |
| Net book value 31 December 2024<sup>(a)</sup> | 3387 | 6872 | 10259 |
| Includes capital expenditures for assets under construction | 234 | 1368 | 1602 |

---

(a)Includes €556 million of freehold land.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 157 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**10B. LEASED ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2025** | **€ million** <br>**Land and**<br>**buildings**<br>| **€ million** <br>**Plant and**<br>**equipment**<br>| **€ million** <br>**Total**<br>|
| **Cost** |  |  |  |
| 1 January 2025 | **2706** | **587** | **3293** |
| Additions through business combinations | **18** | **–** | **18** |
| Additions | **333** | **130** | **463** |
| Disposals and other movements | **(316)** | **(79)** | **(395)** |
| Hyperinflationary adjustment  | **8** | **–** | **8** |
| Distributed through demerger | **(310)** | **(47)** | **(357)** |
| Reclassification as held for sale | **(11)** | **(35)** | **(46)** |
| Currency retranslation | **(194)** | **(59)** | **(253)** |
| 31 December 2025 | **2234** | **497** | **2731** |
| **Accumulated depreciation** |  |  |  |
| 1 January 2025 | **(1592)** | **(291)** | **(1883)** |
| Depreciation/Impairment charge for the year | **(258)** | **(109)** | **(367)** |
| Disposals and other movements | **238** | **66** | **304** |
| Distributed through demerger | **211** | **29** | **240** |
| Reclassification as held for sale | **1** | **6** | **7** |
| Currency retranslation | **108** | **26** | **134** |
| 31 December 2025 | **(1292)** | **(273)** | **(1565)** |
| Net book value 31 December 2025 | **942** | **224** | **1166** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024** | € million<br>Land and <br>buildings<br>| € million<br>Plant and<br>equipment<br>| € million<br>Total<br>|
| **Cost** |  |  |  |
| 1 January 2024 | 2625 | 583 | 3208 |
| Additions  | 404 | 143 | 547 |
| Disposals and other movements | (373) | (149) | (522) |
| Hyperinflationary adjustment  | (4) | – | (4) |
| Reclassification as held for sale | (2) | (1) | (3) |
| Currency retranslation | 56 | 11 | 67 |
| 31 December 2024 | 2706 | 587 | 3293 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2024 | (1578) | (300) | (1878) |
| Depreciation/Impairment charge for the year | (271) | (106) | (377) |
| Disposals and other movements | 292 | 120 | 412 |
| Reclassification as held for sale | – | 1 | 1 |
| Currency retranslation | (35) | (6) | (41) |
| 31 December 2024 | (1592) | (291) | (1883) |
| Net book value 31 December 2024 | 1114 | 296 | 1410 |

---

Our leases mainly comprise of land and buildings and plant and equipment. The Group leases land and buildings for manufacturing, warehouse facilities and office

space and also sublets some property. Plant and equipment includes leases for vehicles.

The Group has recognised in the income statement, a charge of €114 million (2024: €121 million) for short-term leases and €47 million (2024: €57 million) on leases

for low-value assets.

During the year, the Group recognised income of €11 million (2024: €10 million) from sublet properties.

The total cash outflow relating to leases was €380 million (2024: €411 million).

Lease liabilities are shown in note 15 on pages [161](#idd497fffd94048748ee00e72dade0edb_247) and [165](#i99359a0167bb4ccfbe79562b07dcdea2_64-0-1-1-1079200).

---

| | | |
|:---|:---|:---|
| 158 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**11. Other non-current assets**

---

| |
|:---|
| Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are <br>undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence.<br>Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the <br>movement in the Group's share of their net assets and liabilities. The Group's share of the profit or loss after tax of joint ventures and associates is included in the <br>Group's consolidated profit before taxation.<br>Where the Group's share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the <br>recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. |
| Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are <br>undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence.<br>Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the <br>movement in the Group's share of their net assets and liabilities. The Group's share of the profit or loss after tax of joint ventures and associates is included in the <br>Group's consolidated profit before taxation.<br>Where the Group's share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the <br>recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. |
| Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are <br>undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence.<br>Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the <br>movement in the Group's share of their net assets and liabilities. The Group's share of the profit or loss after tax of joint ventures and associates is included in the <br>Group's consolidated profit before taxation.<br>Where the Group's share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the <br>recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. |
| Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are <br>undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence.<br>Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the <br>movement in the Group's share of their net assets and liabilities. The Group's share of the profit or loss after tax of joint ventures and associates is included in the <br>Group's consolidated profit before taxation.<br>Where the Group's share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the <br>recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. |
| Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are <br>undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence.<br>Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the <br>movement in the Group's share of their net assets and liabilities. The Group's share of the profit or loss after tax of joint ventures and associates is included in the <br>Group's consolidated profit before taxation.<br>Where the Group's share of losses exceeds its interest in the equity-accounted investee, the carrying amount of the investment is reduced to zero and the <br>recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. |

---

---

| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Interest in net assets of joint ventures | **94** | 80 |
| Interest in net assets of associates | **15** | 14 |
| Long-term trade and other receivables<sup>(a)</sup> | **302** | 344 |
| Other non-current assets<sup>(b)</sup> | **565** | 533 |
|  | **976** | 971 |

---

(a)Including indirect tax receivables where we do not have the contractual right to receive payment within 12 months.

(b)Includes direct tax assets, withholding tax assets, interest on tax assets, contingent assets and investment properties.

---

| | | |
|:---|:---|:---|
| **Movements during 2025 and 2024** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| **Joint ventures**<sup>(a)</sup> |  |  |
| 1 January | **80** | 70 |
| Additions | **1** |  |
| Dividends received/reductions | **(229)** | (245) |
| Share of net profit/(loss) | **245** | 255 |
| Currency retranslation | **(3)** |  |
| 31 December | **94** | 80 |
| **Associates** |  |  |
| 1 January | **14** | 24 |
| Additions | **–** | 0 |
| Dividend received/reductions | **—** | (2) |
| Share of net profit/(loss) | **–** |  |
| Currency retranslation | **1** | (8) |
| 31 December | **15** | 14 |

---

(a)Our principal joint ventures are Unilever FIMA LDA and Gallo Worldwide LDA in Portugal, Binzagr Unilever Distribution in the Middle East, the Pepsi Lipton Tea Partnership in the US and

Pepsi Lipton International Ltd for the rest of the world.

The joint ventures and associates have no contingent liabilities to which the Group is exposed, and the Group has no contingent liabilities in relation to its interests in

the joint ventures and associates.

The Group has no outstanding capital commitments to joint ventures.

Outstanding balances with joint ventures and associates are shown in note 23 on page 182.

**12. Inventories**

Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of <br>attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.<br>

---

| | | |
|:---|:---|:---|
| **Inventories** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Raw materials and consumables | **1567** | 1912 |
| Finished goods and goods for resale | **2688** | 3569 |
| Total inventories | **4255** | 5481 |
| Provision for inventories | **(212)** | (304) |
|  | **4043** | 5177 |

---

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 159 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**12. INVENTORIES continued**

---

| | | |
|:---|:---|:---|
| **Provision for inventories** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **304** | 358 |
| Charge to income statement | **4** | 9 |
| Reduction/releases | **(31)** | (56) |
| Currency translations | **(29)** | (1) |
| Disposal & Distribution<sup>(a)</sup> | **(42)** | (11) |
| Others<sup>(b)</sup> | **6** | 5 |
| 31 December | **212** | 304 |

---

(a)Disposal and Distribution includes €41 million relating to Ice Cream which has been derecognised on demerger.

(b)Others include the amount relating to the acquisition of businesses and transfers.

Inventories with a value of €129 million (2024: €188 million) are carried at net realisable value, this being lower than cost. During 2025, a total expense of €290 million

(2024: €259 million) was recognised in the income statement for inventory write-downs and losses.

**13. Trade and other current receivables**

Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently, except for derivatives (see <br>note 16 on page [166](#idd497fffd94048748ee00e72dade0edb_259)), these assets are held at amortised cost, using the effective interest method and net of any impairment losses. Discounts payable to <br>customers are shown as a reduction in trade receivables when there is a legal right and intent to settle them on a net basis.<br>

We do not consider the fair values of trade and other current receivables to be significantly different from their carrying values. Concentrations of credit risk with

respect to trade receivables are limited, due to the Group's customer base being large and diverse. Our historical experience of collecting receivables, supported by

the level of default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Impairment for trade

receivables is calculated for specific receivables with known or anticipated issues affecting the likelihood of recovery and for balances past due, with a probability of

default based on historical data as well as relevant forward-looking information.

---

| | | |
|:---|:---|:---|
| **Trade and other current receivables** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| **Due within one year** |  |  |
| Trade receivables  | **4852** | 4227 |
| Prepayments and accrued income | **1369** | 506 |
| Other receivables | **1125** | 1278 |
|  | **7346** | 6011 |

---

Other receivables comprise financial assets of €241 million (2024: €312 million) and non-financial assets of €884 million (2024: €966 million). Financial assets include

supplier and customer deposits, employee advances and certain derivatives. Non-financial assets mainly consist of reclaimable sales tax of €563 million (2024: €582

million).

Trade and other current receivables for 2025 include €2.1 billion due from TMICC. This comprises receivables arising under the Transitional Service Agreement

(TSA), covering the services and materials Unilever continues to provide during the transition period; working capital subsidies recoverable on TSA exit in each

relevant market (expected from 2026); and the amounts owed by TMICC for inventory held (but not controlled) by Unilever on its behalf, for which a corresponding

prepayment has been recognised within trade and other payables.

---

| | | |
|:---|:---|:---|
| **Ageing of trade receivables** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Not overdue | **4440** | 3807 |
| Past due less than three months | **340** | 382 |
| Past due more than three months but less than six months | **63** | 47 |
| Past due more than six months but less than one year | **43** | 28 |
| Past due more than one year | **131** | 142 |
| **Total trade receivables** | **5017** | 4406 |
| Impairment provision for trade receivables | **(165)** | (179) |
|  | **4852** | 4227 |

---

The total impairment provision includes €165 million (2024: €179 million) for current trade receivables, €15 million (2024: €16 million) for other current receivables and

€10 million (2024: €11 million) for non-current trade and other receivables.

---

| | | |
|:---|:---|:---|
| **Impairment provision for total trade and other receivables** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **206** | 222 |
| Charge to income statement | **27** | 37 |
| Reduction/releases | **(24)** | (46) |
| Distributed through demerger | **(5)** | (7) |
| Currency translations | **(14)** |  |
| 31 December | **190** | 206 |

---

---

| | | |
|:---|:---|:---|
| 160 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**14. Trade payables and other liabilities** 

---

| |
|:---|
| **Trade payables**<br>Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, <br>using the effective interest method.<br>**Other liabilities**<br>Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability:<br>■accruals are subsequently measured at amortised cost, using the effective interest method;<br>■social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method;<br>■deferred consideration is subsequently measured at fair value with changes in the income statement as explained below; and<br>■others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income <br>statement. |
| **Deferred consideration**<br>Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise contingent <br>consideration and fixed deferred consideration:<br>■fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions; and<br>■contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable.<br>All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is <br>measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet, it is remeasured to <br>reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as <br>acquisition and disposal-related costs in the income statement. |

---

We do not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values.

---

| | | |
|:---|:---|:---|
| **Trade payables and other liabilities** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| **Current: due within one year** |  |  |
| Trade payables | **10994** | 10258 |
| Accruals | **4649** | 5053 |
| Social security and sundry taxes | **565** | 555 |
| Deferred consideration | **26** | 16 |
| Others | **705** | 808 |
|  | **16939** | 16690 |
| **Non-current: due after more than one year** |  |  |
| Accruals | **74** | 148 |
| Deferred consideration | **20** | 1 |
| Others | **43** | 54 |
|  | **137** | 203 |
| Total trade payables and other liabilities | **17076** | 16893 |

---

Included within others are IT, consulting services and payroll-related balances.

At 31 December 2025, trade payables and other current liabilities include €1.6 billion due to TMICC. This balance reflects the inventory subsidy received from TMICC

and the balances arising under the Transitional Services Agreement, which will remain in place while Unilever continues to provide agreed services to TMICC for the

transition period.

**Deferred consideration** 

At 31 December 2025, the total balance of deferred consideration for acquisitions is €46 million (2024: €17 million), which includes contingent consideration of €46

million (2024: €1 million). These contingent consideration payments are dependent on acquired businesses achieving contractually agreed financial targets (mainly

relating to cumulative increases in turnover and profit before tax) until 2027, with a maximum contractual amount of €97 million.

**Supplier financing arrangements for trade payables** 

Some of our suppliers elect to factor a portion of their receivables from the Group with financial institutions. In some instances, we provide suppliers and/or banks with

visibility of invoices approved for payment, which helps them receive cash from the bank before the invoice due date.

Payment dates and terms for Unilever do not vary based on whether the supplier chooses to factor their receivable. If a receivable is purchased by a third-party bank,

that third-party bank does not benefit from additional security when compared to the security originally enjoyed by the supplier.

The Group evaluates these arrangements to assess if the payable holds the characteristics of a trade payable or should be classified as a financial liability. At

31 December 2025 and 31 December 2024, all such liabilities were classified as trade payables.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Carrying amount of trade payables (subject to supplier financing arrangements)** |  |  |
| Presented in trade and other payables (€ million) | **2665** | **2207** |
| of which suppliers have received payment from finance provider (€ million) | **2065** | **1908** |
| **Range of payment due dates** |  |  |
| Liabilities that are part of the arrangements<sup>(a)</sup> (days) | **0-180** | **180 days** |
| Comparable trade payables that are not part of the arrangements<sup>(a)</sup> (days) | **0-180** | **180 days** |

---

(a)2025 disclosures include the full range of payment due dates, while in 2024 we disclosed only the maximum term.

In its liquidity assessment, the Group does not consider any supplier financing arrangements, as these are non-recourse to Unilever and supplier payment dates and

terms for Unilever do not vary based on whether the supplier chooses to use such financing arrangements.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 161 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**15. Capital and funding**

---

| |
|:---|
| **Ordinary shares**<br>Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any <br>tax effects. |
| **Share-based compensation**<br>The Group operates a number of share-based compensation plans involving awards of ordinary shares. Full details of these plans are given in note 4C on pages <br>[146](#idd497fffd94048748ee00e72dade0edb_199) and [147](#i16e1499a83ed4dc7a98528c58f23a44d_6251). |
| **Unification reserve**<br>The Group recognised a separate Unification Reserve within Equity as a result of PLC Share Premium that arose from Unification. |
| **Other reserves**<br>Other reserves include the fair value reserve, the foreign currency translation reserve, the capital redemption reserve and treasury shares. |
| **Shares held by employee share trusts and group companies**<br>An employee share trust and group companies purchase and hold shares to satisfy performance shares granted and other share awards (see note 4C). The assets <br>and liabilities of the trust and shares held by the trust and group companies are included in the consolidated financial statements. The book value of shares held is <br>deducted from other reserves, and the trust's borrowings are included in the Group's liabilities. The costs of the trust are included in the results of the Group. The <br>shares held by the trust and group companies are excluded from the calculation of earnings per share. |
| **Financial liabilities**<br>Financial liabilities are initially recognised at fair value, less any directly related transaction costs. When bonds are designated as being part of a fair value hedge <br>relationship, in those cases bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the income <br>statement. Put options are initially recognised at the present value of the expected gross obligation, with changes in value being recognised in the income <br>statement. Other financial liabilities, which includes put options, are subsequently carried at amortised cost, with the exception of:<br>■financial liabilities which the Group has elected to measure at fair value through profit or loss;<br>■derivative financial liabilities – see note 16 on page [166](#idd497fffd94048748ee00e72dade0edb_259); and<br>■contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies. Such contingent consideration is subsequently <br>measured at fair value through profit or loss. |
| **Lease liabilities**<br>Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the start of the lease term. This is discounted using an <br>appropriate borrowing rate determined by the Group, where none is readily available in the lease contract. The lease liability is subsequently reduced by cash <br>payments and increased by interest costs. The lease liability is remeasured when the Group assesses that there will be a change in the amount expected to be <br>paid during the lease term. |

---

The Group's Treasury activities are designed to:

■maintain a competitive balance sheet in line with at least A/A2 rating (see below);

■secure funding at lowest costs for the Group's operations, M&A activity and external dividend payments (see below);

■protect the Group's financial results and position from financial risks (see note 16);

■maintain market risks within acceptable parameters, while optimising returns (see note 16); and

■protect the Group's financial investments, while maximising returns (see note 17).

The Treasury department provides central deposit-taking, funding and foreign exchange management services for the Group's operations. The department is

governed by standards and processes which are approved by Unilever Leadership Executive (ULE). In addition to guidelines and exposure limits, a system of

authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely by senior management. Reviews are undertaken

periodically by corporate audit.

Key instruments used by the Treasury department are:

■short-term and long-term borrowings;

■cash and cash equivalents; and

■plain vanilla derivatives, including interest rate swaps and foreign exchange contracts.

The Treasury department maintains a list of approved financial instruments. The use of any new instrument must be approved by the Chief Financial Officer. The use

of leveraged instruments is not permitted.

Unilever considers the following components of its balance sheet to be managed capital:

■total equity – retained profit, other reserves, share capital, share premium, non-controlling interests (notes 15A and 15B);

■short-term debt – current financial liabilities (note 15C); and

■long-term debt – non-current financial liabilities (note 15C).

The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders through an appropriate

balance of debt and equity. The capital structure of the Group is based on management's judgement of the appropriate balance of key elements in order to meet its

strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions

and the risk characteristics of the underlying assets.

Our current long-term credit rating is A+/A1 and our short-term credit rating is A1/P1. We aim to maintain a competitive balance sheet which we consider to be the

equivalent of a credit rating of at least A/A2 in the long term. This provides us with:

■appropriate access to the debt and equity markets;

■sufficient flexibility for acquisitions;

■sufficient resilience against economic and financial uncertainty while ensuring ample liquidity; and

■optimal weighted average cost of capital, given the above constraints.

Unilever monitors the qualitative and quantitative factors utilised by the rating agencies. This information is publicly available and is updated by the credit rating

agencies on a regular basis.

---

| | | |
|:---|:---|:---|
| 162 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**15A. SHARE CAPITAL**

Following completion of the demerger of the Ice Cream business on 6 December 2025, Unilever PLC ordinary shares were consolidated to maintain share price

comparability before and after demerger on 9 December 2025. The consolidation was approved by Unilever shareholders at a General Meeting held on 21 October

2025. Shareholders received 8 new ordinary shares with a nominal value of 3<sup>1</sup>/2 pence each for every 9 existing ordinary shares which had a nominal value of 3<sup>1</sup>/9

pence each.

---

| | | |
|:---|:---|:---|
| **Unilever PLC** | **£ million**<br>**2025**<br>| £ million<br>2024<br>|
| Ordinary shares<sup>(a)</sup> | **76.3** | 78.4 |

---

---

| | | |
|:---|:---|:---|
| **Unilever Group** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Euro equivalent in millions<sup>(b)</sup> | **85** | 88 |

---

(a)At 31 December 2025, 2,181,005,247 PLC ordinary shares of 3<sup>1</sup>/2p were in issue (2024: 2,521,497,338 PLC ordinary shares of 3<sup>1</sup>/9p). During the year, there was a reduction in the number

of shares by 279,078,800 due to the impact of the share consolidation, 3,500,000 new shares were issued, and 64,913,291 treasury shares were cancelled.

(b)The ordinary share capital of PLC is translated using the conversion rate as at the date of Unification of £1 = €1.121.

For information on the rights of shareholders of PLC, see the Governance report on pages [49](#idd497fffd94048748ee00e72dade0edb_106) to 64.

**15B. EQUITY**

**Basis of consolidation**

Unilever is the majority shareholder of all material subsidiaries and has control in all cases. Information in relation to significant subsidiaries is provided in note 27 on

page [183](#idd497fffd94048748ee00e72dade0edb_307).

**Subsidiaries with significant non-controlling interests**

Unilever has one subsidiary company which has a material non-controlling interest, Hindustan Unilever Limited (HUL). Summary financial information in relation to

HUL is shown below.

---

| | | |
|:---|:---|:---|
| **HUL balance sheet as at 31 December** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Non-current assets | **4968** | 6478 |
| Current assets | **1561** | 2125 |
| Current liabilities | **(1594)** | (1456) |
| Non-current liabilities | **(1307)** | (1798) |
| **HUL comprehensive income for the year ended 31 December** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Turnover | **6253** | 6607 |
| Profit after tax | **940** | 1167 |
| Total comprehensive income  | **110** | 1318 |

---

---

| | | |
|:---|:---|:---|
| **HUL cash flow for the year ended 31 December** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Net increase/(decrease) in cash and cash equivalents | **(163)** | 364 |
| **HUL non-controlling interest** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **(2044)** | (2048) |
| Share of (profit)/loss for the year ended 31 December | **(539)** | (446) |
| Other comprehensive income | **6** | 3 |
| Dividend paid to the non-controlling interest | **582** | 511 |
| Currency translation | **306** | (60) |
| Other movements in equity | **120** | (4) |
| 31 December  | **(1569)** | (2044) |

---

**Analysis of other reserves** 

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**Total 2025**<br>| € million<br>Total 2024<br>| € million<br>Total 2023<br>|
| Fair value reserves – see following table | **332** | 600 | 392 |
| Currency retranslation of group companies – see following table | **(8284)** | (7026) | (7432) |
| Capital redemption reserve | **28** | 25 | 25 |
| Book value of treasury shares – see following table | **(36)** | (37) | (207) |
| Repurchase of shares | **(3769)** | (2259) | (6034) |
| Cancellation of PLC shares | **3770** |  | 5282 |
| Other<sup>(a)</sup> | **(305)** | (602) | (544) |
|  | **(8264)** | (9299) | (8518) |

---

(a)Relates primarily to options to purchase non-controlling interest in subsidiaries.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 163 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**15B. EQUITY continued**

Unilever acquired 27,815,955 (2024: 27,368,909) of its own shares through purchases on the stock exchanges during the year, which includes the share buyback

programme as explained in note 24. During 2025, 13,288,138 PLC ordinary shares held as treasury shares were cancelled before share consolidation and

51,625,153 cancelled after share consolidation.

At 31 December 2025, the employee benefit trust held 1,208,143(2024: 1,776,250 adjusted for share consolidation) of PLC shares. PLC and its subsidiaries held

314,912 (2024: 290,198 adjusted for share consolidation) of PLC shares as treasury shares in connection with share-based compensation plans. The shares are

shown as a deduction from other reserves (see note 4C on pages [146](#idd497fffd94048748ee00e72dade0edb_199) and [147](#i16e1499a83ed4dc7a98528c58f23a44d_6251)).

---

| | | |
|:---|:---|:---|
| **Treasury shares – movements during the year** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **(2296)** | (959) |
| Repurchase of shares | **(1510)** | (1508) |
| Cancellation of PLC shares | **3770** |  |
| Other purchases and utilisations  | **1** | 171 |
| 31 December | **(35)** | (2296) |

---

---

| | | |
|:---|:---|:---|
| **Currency retranslation reserves – movements during the year** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **(7026)** | (7432) |
| Currency retranslation of group companies' net assets and liabilities during the year | **(1522)** | (419) |
| Movement in net investment hedges and exchange differences in net investments in foreign operations | **(796)** | 280 |
| Recycling of currency retranslation to the income statement on demerger of Ice Cream business | **1036** |  |
| Recycling of currency retranslation to the income statement on business disposals | **24** | 545 |
| 31 December | **(8284)** | (7026) |

---

---

| | | |
|:---|:---|:---|
| **Fair value reserves – movements during the year** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **600** | 392 |
| Movements in Other comprehensive income, net of tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) on equity instruments | **(14)** | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) on cash flow hedges | **(196)** | 210 |
| Hedging (gains)/losses transferred to non-financial assets | **(58)** | (62) |
| 31 December | **332** | 600 |

---

**Remeasurement of defined benefit pension plans, net of tax**

---

| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **84** | (180) |
| Movement during the year | **176** | 264 |
| 31 December | **260** | 84 |

---

**Currency retranslation gains/(losses) – movements during the year**

---

| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **(5955)** | (7344) |
| Currency retranslation during the year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other reserves | **(1258)** | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained profit | **(76)** | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | **(349)** | 92 |
| 31 December | **(7638)** | (5955) |

---

---

| | | |
|:---|:---|:---|
| 164 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**15C. FINANCIAL LIABILITIES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial liabilities**<sup>(a)</sup> | **€ million**<br>**Current**<br>**2025**<br>| **€ million**<br>**Non-**<br>**current**<br>**2025**<br>| **€ million**<br>**Total**<br>**2025**<br>| € million<br>Current<br>2024<br>| € million<br>Non-<br>current<br>2024<br>| € million<br>Total<br>2024<br>|
| Bank loans and overdrafts<sup>(b)</sup> | **229** | **4** | **233** | 517 | 4 | 521 |
| Bonds and other loans | **1951** | **24087** | **26038** | 5363 | 23285 | 28648 |
| Lease liabilities | **277** | **1049** | **1326** | 322 | 1164 | 1486 |
| Derivatives | **48** | **404** | **452** | 152 | 442 | 594 |
| Other financial liabilities<sup>(c)</sup> | **77** | **152** | **229** | 633 | 171 | 804 |
|  | **2582** | **25696** | **28278** | 6987 | 25066 | 32053 |

---

(a)For the purposes of this note and note 17A, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes 13

and 14 respectively.

(b)Bank loans and overdrafts include €3 million (2024: €4 million) of secured liabilities.

(c)Includes options and financial liabilities to acquire non-controlling interests in the US, Myanmar and India, refer to note 22.

**Reconciliation of liabilities arising from financing activities** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Non-cash movement** | **Non-cash movement** | **Non-cash movement** | **Non-cash movement** | |
| <br>**Movements in 2025 and 2024** | <br>**€ million**<br>**Opening**<br>**balance at**<br>**1 January**<br>| <br>**€ million**<br>**Cash**<br>**movement**<sup>(a)</sup><br>| **€ million**<br>**Business**<br>**acquisi-**<br>**tions/**<br>**disposals**<br>| **€ million**<br>**Foreign**<br>**exchange**<br>**changes**<br>| **€ million**<br>**Fair**<br>**value**<br>**changes**<br>| **€ million**<br>**Other**<br>**movements**<br>| <br>**€ million**<br>**Closing**<br>**balance at**<br>**31 December**<br>|
| **2025** |  |  |  |  |  |  |  |
| Bank loans and overdrafts | **(521)** | **178** | **36** | **67** | **–** | **7** | **(233)** |
| Bonds and other loans | **(28648)** | **(1892)** | **3000** | **1583** | **(92)** | **11** | **(26038)** |
| Lease liabilities<sup>(b)</sup> | **(1486)** | **341** | **112** | **129** | **–** | **(422)** | **(1326)** |
| Derivatives | **(594)** | **–** | **31** | **23** | **88** | **–** | **(452)** |
| Other financial liabilities | **(804)** | **24** | **(51)** | **93** | **(60)** | **569** | **(229)** |
| Total | **(32053)** | **(1349)** | **3128** | **1895** | **(64)** | **165** | **(28278)** |
| **2024** |  |  |  |  |  |  |  |
| Bank loans and overdrafts | (506) | (52) | – | 2 | – | 35 | (521) |
| Bonds and other loans | (26692) | (1119) | – | (755) | (5) | (77) | (28648) |
| Lease liabilities<sup>(b)</sup> | (1395) | 385 | 21 | (24) | – | (473) | (1486) |
| Derivatives | (494) | – | – | (13) | (87) | – | (594) |
| Other financial liabilities | (535) | 25 | (59) | (33) | (203) | 1 | (804) |
| Total | (29622) | (761) | (38) | (823) | (295) | (514) | (32053) |

---

(a)These cash movements are included within the following lines in the consolidated cash flow statement: net change in short-term borrowings, additional financial liabilities, repayment of

financial liabilities and net cash flow used in discontinued financing activities (excluding interest paid of €(170) million and the capital component of leases of €(46) million included in (b)

below) The difference of €99 million (2024: €(68) million) represents cash movements in overdrafts that are not included in financing cash flows.

(b)Lease liabilities cash movement is included within capital element of lease payments and net cash flow used in discontinued financing activities €(46) million from (a) above in the

consolidated cash flow statement. The difference of €(6) million (2024: €4 million) represents gain or loss from termination and modification of lease contracts.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 165 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**15C. FINANCIAL LIABILITIES continued**

**Analysis of bonds and other loans** 

---

| | | |
|:---|:---|:---|
| **€ million** | **Total 2025** | Total 2024 |
| **Unilever PLC** |  |  |
| 1.875% Notes 2029 (£) | **285** | 300 |
| 1.500% Notes 2026 (£) | **573** | 602 |
| 1.500% Notes 2039 (€) | **647** | 647 |
| 2.125% Notes 2028 (£)<sup>(a)</sup> | **331** | 334 |
| Total PLC | **1836** | 1883 |
| **Other group companies** |  |  |
| **The Netherlands** |  |  |
| 1.625% Notes 2033 (€) | **795** | 795 |
| 1.375% Notes 2029 (€) | **747** | 747 |
| 1.125% Bonds 2027 (€) | **699** | 699 |
| 1.125% Bonds 2028 (€) | **698** | 698 |
| 0.875% Notes 2025 (€) | **–** | 650 |
| 0.500% Bonds 2025 (€) | **–** | 650 |
| 1.375% Notes 2030 (€) | **647** | 646 |
| 1.000% Notes 2027 (€) | **600** | 599 |
| 1.250% Notes 2025 (€) | **–** | 1000 |
| 1.750% Notes 2030 (€) | **997** | 997 |
| 1.250% Notes 2031 (€)<sup>(a)</sup> | **590** | 588 |
| 2.250% Notes 2034 (€)<sup>(a)</sup> | **776** | 793 |
| 0.750% Notes 2026 (€)<sup>(a)</sup> | **499** | 489 |
| 1.750% Notes 2028 (€) | **647** | 646 |
| 3.250% Notes 2031 (€) | **496** | 495 |
| 3.500% Notes 2035 (€) | **496** | 496 |
| 3.250% Notes 2032 (€) | **599** | 598 |
| 3.500% Notes 2037 (€) | **597** | 597 |
| 3.250% Notes 2032 (€) | **100** | 100 |
| **United States** |  |  |
| 5.900% Bonds 2032 (US $) | **847** | 955 |
| 2.900% Notes 2027 (US $) | **850** | 956 |
| 3.500% Notes 2028 (US $) | **678** | 764 |
| 2.000% Notes 2026 (US $) | **596** | 671 |
| 3.100% Notes 2025 (US $) | **–** | 480 |
| 3.500% Bonds 2028 (US $) | **425** | 478 |
| 3.375% Notes 2025 (US $) | **–** | 336 |
| 7.250% Bonds 2026 (US $) | **254** | 285 |
| 6.625% Bonds 2028 (US $) | **206** | 231 |
| 5.600% Bonds 2097 (US $) | **78** | 88 |
| 2.125% Notes 2029 (US $) | **720** | 812 |
| 1.375% Notes 2030 (US $)<sup>(a)</sup> | **371** | 391 |
| 2.625% Notes 2051 (US $) | **544** | 613 |
| 1.750% Notes 2031 (US $)<sup>(a)</sup> | **632** | 670 |
| 3.300% Notes 2029 (€) | **549** | 549 |
| 3.400% Notes 2033 (€) | **695** | 694 |
| 4.875% Notes 2028 (US $) | **595** | 670 |
| 5.000% Notes 2033 (US $) | **675** | 760 |
| 4.750% Notes 2031 (US $) | **144** | 163 |
| 4.625% Bonds 2034 (US $) | **842** | 949 |
| 4.250% Bonds 2027 (US $) | **637** | 718 |
| 2.750% Notes 2030 (€) | **696** | – |
| 3.375% Notes 2035 (€) | **791** | – |
| Floating Rate Notes 2027 (€) | **596** | – |
| 4.824% Bonds 2035 (US $) | **128** | – |
| 2.875% Notes 2032 (€) | **842** | – |
| 3.500% Notes 2037 (€) | **798** | – |
| Commercial Paper (US $) | **–** | 2158 |
| **Other countries** |  |  |
| Switzerland | **28** | 89 |
| Others | **2** | 2 |
| Total other group companies | **24202** | 26765 |
| Total bonds and other loans | **26038** | 28648 |

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(a)Bonds includes €(281) million (2024: €(373) million) fair value adjustment following the fair value hedge accounting of fixed-for-floating interest rate swaps.

Information in relation to the derivatives used to hedge bonds and other loans within a fair value hedge relationship is shown in note 16.

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|:---|:---|:---|
| 166 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16. Treasury risk management**

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| |
|:---|
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |
| **Derivatives and hedge accounting**<br>Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on <br>their use as explained below.<br>**(i) Fair value hedges**<sup>(a)</sup><br>Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related <br>derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to <br>the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the <br>income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment <br>resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no <br>longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest <br>method.<br>**(ii) Cash flow hedges**<sup>(a)</sup><br>Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge <br>relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and <br>opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur <br>if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is <br>subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the <br>same time as the related cash flow.<br>When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow <br>takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is <br>taken to the income statement immediately.<br>**(iii) Net investment hedges**<sup>(a)</sup><br>Certain derivatives are designated as hedges of the currency risk on the Group's investment in foreign subsidiaries. The accounting policy for these arrangements <br>is set out in note 1.<br>**(iv) Derivatives for which hedge accounting is not applied**<br>Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these <br>derivatives, which are carried at fair value with changes being recognised in the income statement. |

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(a)Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for both 2025 and 2024. Fair value changes on basis spread is recorded in a

separate account within equity.

The Group is exposed to the following risks that arise from its use of financial instruments, the management of which is described in the following sections:

■liquidity risk (see note 16A);

■market risk (see note 16B); and

■credit risk (see note 17B).

The Group's risk management framework is established to set appropriate risk limits and controls, and to maintain adherence to these limits.

**16A. MANAGEMENT OF LIQUIDITY RISK**

Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group's approach to managing liquidity is to

ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and

stressed conditions. A material and sustained shortfall in our cash flow could undermine the Group's credit rating, impair investor confidence and also restrict the

Group's ability to raise funds.

The Group's funding strategy was supported by cash delivery from the business, coupled with the proceeds from bond issuances. Surplus cash balances have been

invested conservatively with low-risk counterparties at maturities of primarily less than six months. In its liquidity assessment, the Group does not consider any

supplier financing arrangements as these arrangements are non-recourse to Unilever and supplier payment dates and terms for Unilever do not vary based on

whether the supplier chooses to use such financing arrangements.

Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. The Group seeks to manage its liquidity

requirements by maintaining access to global debt markets through short-term and long-term debt programmes. In addition, Unilever has committed credit facilities

for general corporate use.

On 31 December 2025, Unilever had undrawn revolving 364-day bilateral credit facilities in aggregate of $5,200 million and €2,600 million (2024: $5,200 million and

€2,600 million) with a 364-day term out. As part of the regular annual process, the intention is that these facilities will again be renewed in 2026.

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 167 |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16A. MANAGEMENT OF LIQUIDITY RISK continued** 

The following table shows Unilever's contractually agreed undiscounted cash flows, including expected interest payments, which are payable under financial liabilities

at the balance sheet date:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Undiscounted cash flows** | **€ million**<br>**Due**<br>**within**<br>**1 year**<br>| **€ million**<br>**Due**<br>**between**<br>**1 and**<br>**2 years**<br>| **€ million**<br>**Due**<br>**between**<br>**2 and**<br>**3 years**<br>| **€ million**<br>**Due**<br>**between**<br>**3 and**<br>**4 years**<br>| **€ million**<br>**Due**<br>**between**<br>**4 and**<br>**5 years**<br>| **€ million**<br>**Due**<br>**after**<br>**5 years**<br>| **€ million**<br>**Total**<br>| **€ million**<br>**Net carrying**<br>**amount as**<br>**shown in**<br>**balance**<br>**sheet**<br>|
| **2025** |  |  |  |  |  |  |  |  |
| **Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts | **(245)** | **(3)** | **(1)** | **(1)** | **(1)** | **(1)** | **(252)** | **(233)** |
| Bonds and other loans | **(2701)** | **(4065)** | **(4188)** | **(2819)** | **(3226)** | **(14470)** | **(31469)** | **(26038)** |
| Lease liabilities | **(343)** | **(278)** | **(228)** | **(163)** | **(129)** | **(489)** | **(1630)** | **(1326)** |
| Other financial liabilities | **(78)** | **(143)** | **(11)** | **(2)** | **–** | **–** | **(234)** | **(229)** |
| Trade payables, accruals and other liabilities | **(16297)** | **(55)** | **(12)** | **(24)** | **(3)** | **(24)** | **(16415)** | **(16413)** |
| Deferred consideration | **(26)** | **(20)** | **–** | **–** | **–** | **–** | **(46)** | **(46)** |
|  | **(19690)** | **(4564)** | **(4440)** | **(3009)** | **(3359)** | **(14984)** | **(50046)** | **(44285)** |
| **Derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |  | **(413)** |
| Derivative contracts – receipts | **243** | **1032** | **511** | **140** | **139** | **2951** | **5016** |  |
| Derivative contracts – payments | **(330)** | **(1165)** | **(602)** | **(227)** | **(226)** | **(3144)** | **(5694)** |  |
| Foreign exchange derivatives: |  |  |  |  |  |  |  | **(80)** |
| Derivative contracts – receipts | **9152** | **1** | **–** | **–** | **–** | **–** | **9153** |  |
| Derivative contracts – payments | **(9267)** | **(2)** | **–** | **–** | **–** | **–** | **(9269)** |  |
| Commodity derivatives: |  |  |  |  |  |  |  | **(10)** |
| Derivative contracts – receipts | **–** | **–** | **–** | **–** | **–** | **–** | **–** |  |
| Derivative contracts – payments | **(10)** | **–** | **–** | **–** | **–** | **–** | **(10)** |  |
|  | **(212)** | **(134)** | **(91)** | **(87)** | **(87)** | **(193)** | **(804)** | **(503)** |
| Total | **(19902)** | **(4698)** | **(4531)** | **(3096)** | **(3446)** | **(15177)** | **(50850)** | **(44788)** |
| **2024** |  |  |  |  |  |  |  |  |
| **Non-derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts | (535) | (1) | (1) | (1) | (1) | (7) | (546) | (521) |
| Bonds and other loans | (6041) | (2710) | (3552) | (4348) | (2817) | (14513) | (33981) | (28648) |
| Lease liabilities | (389) | (322) | (257) | (207) | (147) | (479) | (1801) | (1486) |
| Other financial liabilities | (633) | (41) | (131) | – | (2) | – | (807) | (804) |
| Trade payables, accruals and other liabilities | (16064) | (110) | (25) | (35) | (6) | (26) | (16266) | (16265) |
| Deferred consideration | (16) | (1) | – | – | – | – | (17) | (17) |
|  | (23678) | (3185) | (3966) | (4591) | (2973) | (15025) | (53418) | (47741) |
| **Derivative financial liabilities:** |  |  |  |  |  |  |  |  |
| Interest rate derivatives: |  |  |  |  |  |  |  | (442) |
| Derivative contracts – receipts | 71 | 71 | 192 | 192 | 184 | 408 | 1118 |  |
| Derivative contracts – payments | (178) | (142) | (257) | (260) | (244) | (525) | (1606) |  |
| Foreign exchange derivatives: |  |  |  |  |  |  |  | (188) |
| Derivative contracts – receipts | 5641 | – | – | – | – | – | 5641 |  |
| Derivative contracts – payments | (5867) | – | – | – | – | – | (5867) |  |
| Commodity derivatives: |  |  |  |  |  |  |  | (20) |
| Derivative contracts – receipts | – | – | – | – | – | – | – |  |
| Derivative contracts – payments | (20) | – | – | – | – | – | (20) |  |
|  | (353) | (71) | (65) | (68) | (60) | (117) | (734) | (650) |
| Total | (24031) | (3256) | (4031) | (4659) | (3033) | (15142) | (54152) | (48391) |

---

The Group has sublet a small proportion of leased properties. Related future minimum sublease payments are €75 million (2024: €69 million).

---

| | | |
|:---|:---|:---|
| 168 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16A. MANAGEMENT OF LIQUIDITY RISK continued**

The following table shows cash flows for which cash flow hedge accounting is applied. The derivatives in the cash flow hedge relationships are expected to have an

impact on profit and loss in the same periods as the cash flows occur.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**Due**<br>**within**<br>**1 year**<br>| **€ million**<br>**Due**<br>**between**<br>**1 and**<br>**2 years**<br>| **€ million**<br>**Due**<br>**between**<br>**2 and**<br>**3 years**<br>| **€ million**<br>**Due**<br>**between**<br>**3 and**<br>**4 years**<br>| **€ million**<br>**Due**<br>**between**<br>**4 and**<br>**5 years**<br>| **€ million**<br>**Due**<br>**after** <br>**5 years**<br>| **€ million**<br>**Total**<br>| **€ million**<br>**Net carrying**<br>**amount of** <br>**related**<br>**derivatives**<sup>(a)</sup><br>|
| **2025** |  |  |  |  |  |  |  |  |
| Foreign exchange cash inflows | **1795** | **–** | **–** | **–** | **–** | **–** | **1795** | **–** |
| Foreign exchange cash outflows | **(1843)** | **–** | **–** | **–** | **–** | **–** | **(1843)** | **(25)** |
| Interest rate swaps cash inflows | **180** | **1617** | **141** | **691** | **822** | **3601** | **7052** | **15** |
| Interest rate swaps cash outflows | **(233)** | **(1733)** | **(197)** | **(698)** | **(846)** | **(3672)** | **(7379)** | **–** |
| Commodity contracts cash inflows | **3** | **–** | **–** | **–** | **–** | **–** | **3** | **3** |
| Commodity contracts cash outflows | **(10)** | **–** | **–** | **–** | **–** | **–** | **(10)** | **(10)** |
| **2024** |  |  |  |  |  |  |  |  |
| Foreign exchange cash inflows | 2717 | – | – | – | – | – | 2717 | – |
| Foreign exchange cash outflows | (2696) | – | – | – | – | – | (2696) | 31 |
| Interest rate swaps cash inflows | 70 | 70 | 1017 | 42 | 592 | 795 | 2586 | 55 |
| Interest rate swaps cash outflows | (71) | (71) | (982) | (58) | (624) | (852) | (2658) | – |
| Commodity contracts cash inflows | 126 | – | – | – | – | – | 126 | 126 |
| Commodity contracts cash outflows | (20) | – | – | – | – | – | (20) | (20) |

---

(a)See note 16C.

**16B. MANAGEMENT OF MARKET RISK** 

Unilever's size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

■commodity price risk;

■currency risk; and

■interest rate risk.

The above risks may affect the Group's income and expenses, or the value of its financial instruments. The objective of the Group's management of market risk is to

maintain this risk within acceptable parameters, while optimising returns. Generally, the Group applies hedge accounting to manage the volatility in income statement

arising from market risk.

Where the Group uses hedge accounting to mitigate the above risks, it is normally implemented centrally by either the Treasury or Commodity Risk Management

teams, in line with their respective frameworks and strategies. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic

prospective effectiveness assessments to ensure that an economic relationship continues to exist between the hedged item and hedging instrument. The Group

generally enters into hedge relationships where the critical terms of the hedging instrument match exactly with the hedged item, meaning that the economic

relationship between the hedged item and hedging instrument is evident, so only a qualitative assessment is performed. When a qualitative assessment is not

considered sufficient, for example when the critical terms of the hedging instrument do not match exactly with the hedged item, a quantitative assessment of hedge

effectiveness will also be performed. The hedge ratio is set on inception for all hedge relationships and is dependent on the alignment of the critical terms of the

hedging instrument to the hedged item (in most instances these are matched, so the hedge ratio is 1:1).

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 169 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16B. MANAGEMENT OF MARKET RISK continued**

The Group's exposure to, and management of, these risks is explained below. It often includes derivative financial instruments, the uses of which are described in

note 16C.

---

| | | |
|:---|:---|:---|
| **Potential impact of risk**  | **Management policy and**<br>**hedging strategy** <br>| **Sensitivity to the risk**  |
| **(i) Commodity price risk**<br>The Group is exposed to the risk of changes in <br>commodity prices in relation to its purchase <br>of certain raw materials.<br>At 31 December 2025, the Group had hedged its <br>exposure to future commodity purchases with <br>commodity derivatives valued at €284 million (2024: <br>€660 million).<br>Hedges of future commodity purchases resulted in <br>cumulative gains of €83 million (2024: gain of <br>€27 million) being reclassified to the income <br>statement and gains of €28 million (2024: gain of <br>€11 million) being recognised as a basis adjustment <br>to inventory purchased. <br>| The Group uses commodity forwards, futures, swaps <br>and option contracts to hedge against this risk. All <br>commodity forward contracts hedge future purchases <br>of raw materials and the contracts are settled either <br>in cash or by physical delivery.<br>The Group also hedges risk components of <br>commodities where it is not possible to hedge the <br>commodity in full. This is done with reference to the <br>contract to purchase the hedged commodity.<br>Commodity derivatives are generally designated as <br>hedging instruments in cash flow hedge accounting <br>relations. All commodity derivative hedging is done in <br>line with CRM policy approved by the Chief Financial <br>Officer and Chief Supply Chain Officer.<br>| A 10% increase in commodity prices as at <br>31 December 2025 would have led to a €38 million <br>gain on the commodity derivatives in the cash flow <br>hedge reserve (2024: €81 million gain in the cash <br>flow hedge reserve).<br>A decrease of 10% in commodity prices on a full-<br>year basis would have the equal but opposite <br>effect. |
| **(ii) Currency risk**<br>**Currency risk on sales, purchases and** <br>**borrowings**<br>Because of Unilever's global reach, it is subject to <br>the risk that changes in foreign currency values <br>impact the Group's sales, purchases and <br>borrowings.<br>At 31 December 2025, the exposure to the Group <br>from companies holding financial assets and <br>liabilities other than in their functional currency <br>amounted to €139 million (2024: €351 million).<br>| The Group manages currency exposures within <br>prescribed limits, mainly through the use of forward <br>foreign currency exchange contracts.<br>Operating companies manage foreign exchange <br>exposures within prescribed limits.<br>The aim of the Group's approach to management of <br>currency risk is to leave the Group with no material <br>residual risk.<br>| As an estimation of the approximate impact of the <br>residual risk, with respect to financial instruments, <br>the Group has calculated the impact of a 10% <br>change in exchange rates.<br>**Impact on income statement**<br>A 10% strengthening of the foreign currencies <br>against the respective functional currencies <br>of group companies would have led to <br>approximately an additional €14 million loss in the <br>income statement (2024: €35 million loss).<br>A 10% weakening of the foreign currencies against <br>the respective functional currencies of group <br>companies would have led to an equal but <br>opposite effect.<br>**Impact on equity – trade-related cash flow** <br>**hedges**<br>A 10% strengthening of foreign currencies against <br>the respective functional currencies of group <br>companies hedging future trade cash flows and <br>applying cash flow hedge accounting, would have <br>led to €66 million loss (2024: €158 million loss) in <br>equity.<br>A 10% weakening of the same would have led to <br>an equal but opposite effect. |

---

---

| | | |
|:---|:---|:---|
| As at year end, the Group had the below notional <br>amount of currency derivatives outstanding to <br>which cash flow hedge accounting is applied: | As at year end, the Group had the below notional <br>amount of currency derivatives outstanding to <br>which cash flow hedge accounting is applied: | As at year end, the Group had the below notional <br>amount of currency derivatives outstanding to <br>which cash flow hedge accounting is applied: |
| **Currency** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| EUR\* | **(18)** | (1014) |
| GBP | **(560)** | (404) |
| USD | **242** | 306 |
| SEK | **(72)** | (87) |
| CAD | **(109)** | (194) |
| SGD | **62** | 68 |
| Others | **(206)** | (260) |
| **Total** | **(661)** | (1585) |
| \* Euro exposure relates to group companies having non-<br>euro functional currencies. | \* Euro exposure relates to group companies having non-<br>euro functional currencies. | \* Euro exposure relates to group companies having non-<br>euro functional currencies. |

---

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| | | |
|:---|:---|:---|
| 170 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16B. MANAGEMENT OF MARKET RISK continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Potential impact of risk** | **Potential impact of risk** | **Potential impact of risk** | **Management policy and** <br>**hedging strategy** <br>| **Sensitivity to the risk**  |
| **Currency risk on the Group's net investments**<br>The Group is also subject to currency risk in relation <br>to the translation of the net investments of its foreign <br>operations into euros for inclusion in its consolidated <br>financial statements.<br>These net investments include Group financial loans, <br>which are monetary items that form part of our net <br>investment in foreign operations, of €4.4 billion <br>(2024: €7.9 billion), of which €3.1 billion (2024: €3.5 <br>billion) is denominated in USD and nil in GBP (2024: <br>€3.1 billion). In accordance with IAS 21, the <br>exchange differences on these financial loans are <br>booked through reserves.<br>Part of the currency exposure on the Group's <br>investments is also managed using net investment <br>hedges for the currencies listed below, with nominal <br>values as stated below. | **Currency risk on the Group's net investments**<br>The Group is also subject to currency risk in relation <br>to the translation of the net investments of its foreign <br>operations into euros for inclusion in its consolidated <br>financial statements.<br>These net investments include Group financial loans, <br>which are monetary items that form part of our net <br>investment in foreign operations, of €4.4 billion <br>(2024: €7.9 billion), of which €3.1 billion (2024: €3.5 <br>billion) is denominated in USD and nil in GBP (2024: <br>€3.1 billion). In accordance with IAS 21, the <br>exchange differences on these financial loans are <br>booked through reserves.<br>Part of the currency exposure on the Group's <br>investments is also managed using net investment <br>hedges for the currencies listed below, with nominal <br>values as stated below. | **Currency risk on the Group's net investments**<br>The Group is also subject to currency risk in relation <br>to the translation of the net investments of its foreign <br>operations into euros for inclusion in its consolidated <br>financial statements.<br>These net investments include Group financial loans, <br>which are monetary items that form part of our net <br>investment in foreign operations, of €4.4 billion <br>(2024: €7.9 billion), of which €3.1 billion (2024: €3.5 <br>billion) is denominated in USD and nil in GBP (2024: <br>€3.1 billion). In accordance with IAS 21, the <br>exchange differences on these financial loans are <br>booked through reserves.<br>Part of the currency exposure on the Group's <br>investments is also managed using net investment <br>hedges for the currencies listed below, with nominal <br>values as stated below. | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| **Currency** | **€ million**<br>**2025**<br>| € million<br>2024<br>| Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| USD | **2762** | 3023 | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| CNY | **(999)** | (1081) | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| ILS | **(338)** | (323) | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| TRY | **(245)** | – | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| CHF | **(750)** | – | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| At 31 December 2025, the net exposure of the net <br>investments in foreign currencies amounts to <br>€21.6 billion (2024: €26.0 billion). | At 31 December 2025, the net exposure of the net <br>investments in foreign currencies amounts to <br>€21.6 billion (2024: €26.0 billion). | At 31 December 2025, the net exposure of the net <br>investments in foreign currencies amounts to <br>€21.6 billion (2024: €26.0 billion). | Unilever aims to minimise this currency risk on the <br>Group's net investment exposure by borrowing in <br>local currency in the operating companies <br>themselves. In some locations, however, the Group's <br>ability to do this is inhibited by local regulations, lack <br>of local liquidity or by local market conditions.<br>Treasury may decide on a case-by-case basis to <br>actively hedge the currency exposure from net <br>investment in foreign operations. This is done either <br>through additional borrowings in the related currency, <br>or through the use of foreign exchange derivative <br>contracts.<br>Where local currency borrowings, or derivative <br>contracts, are used to hedge the currency risk in <br>relation to the Group's net investment in foreign <br>subsidiaries, these relationships are designated as <br>net investment hedges for accounting purposes.<br>Exchange risk related to the principal amount of the <br>USD denominated debt either forms part of hedging <br>relationship itself, or is hedged through forward <br>contracts. | **Impact on equity – net investment hedges**<br>A 10% strengthening of the euro against other <br>currencies would have led to €43 million <br>(2024: €162 million) loss in the equity on the <br>net investment hedges used to manage the <br>currency exposure on the Group's investments.<br>A 10% weakening of the euro against other <br>currencies would have led to an equal but opposite <br>effect.<br>**Impact on equity – net investments in group** <br>**companies**<br>A 10% strengthening of the euro against all other <br>currencies would have led to €2,160 million <br>negative retranslation effect (2024: €2,600 million <br>negative retranslation effect).<br>A 10% weakening of the euro against all other <br>currencies would have led to an equal but opposite <br>effect. <br>In line with accepted hedge accounting treatment <br>and our accounting policy for financial loans, the <br>retranslation differences would be recognised in <br>equity. |
| **(iii) Interest rate risk**<sup>(a)</sup><br>The Group is exposed to market interest rate fluctuations <br>on its floating-rate debt. Increases in benchmark interest <br>rates could increase the interest cost of our floating-rate <br>debt and increase the cost of future borrowings. The <br>Group's ability to manage interest costs also has an <br>impact on reported results. <br>The Group does not have any material floating <br>interest-bearing financial assets or any significant <br>long-term fixed interest-bearing financial assets. <br>Consequently, the Group's interest rate risk arises <br>mainly from financial liabilities other than lease <br>liabilities.<br>Taking into account the impact of interest rate swaps, <br>at 31 December 2025, interest rates were fixed on <br>approximately 84% of the expected financial <br>liabilities (excluding lease liabilities) for 2026, and <br>71% for 2027 (76% for 2025 and 68% for 2026 at 31 <br>December 2024).<br>As at year end, the Group had the below notional <br>amount of interest rate derivatives outstanding on <br>which hedge accounting is applied: | **(iii) Interest rate risk**<sup>(a)</sup><br>The Group is exposed to market interest rate fluctuations <br>on its floating-rate debt. Increases in benchmark interest <br>rates could increase the interest cost of our floating-rate <br>debt and increase the cost of future borrowings. The <br>Group's ability to manage interest costs also has an <br>impact on reported results. <br>The Group does not have any material floating <br>interest-bearing financial assets or any significant <br>long-term fixed interest-bearing financial assets. <br>Consequently, the Group's interest rate risk arises <br>mainly from financial liabilities other than lease <br>liabilities.<br>Taking into account the impact of interest rate swaps, <br>at 31 December 2025, interest rates were fixed on <br>approximately 84% of the expected financial <br>liabilities (excluding lease liabilities) for 2026, and <br>71% for 2027 (76% for 2025 and 68% for 2026 at 31 <br>December 2024).<br>As at year end, the Group had the below notional <br>amount of interest rate derivatives outstanding on <br>which hedge accounting is applied: | **(iii) Interest rate risk**<sup>(a)</sup><br>The Group is exposed to market interest rate fluctuations <br>on its floating-rate debt. Increases in benchmark interest <br>rates could increase the interest cost of our floating-rate <br>debt and increase the cost of future borrowings. The <br>Group's ability to manage interest costs also has an <br>impact on reported results. <br>The Group does not have any material floating <br>interest-bearing financial assets or any significant <br>long-term fixed interest-bearing financial assets. <br>Consequently, the Group's interest rate risk arises <br>mainly from financial liabilities other than lease <br>liabilities.<br>Taking into account the impact of interest rate swaps, <br>at 31 December 2025, interest rates were fixed on <br>approximately 84% of the expected financial <br>liabilities (excluding lease liabilities) for 2026, and <br>71% for 2027 (76% for 2025 and 68% for 2026 at 31 <br>December 2024).<br>As at year end, the Group had the below notional <br>amount of interest rate derivatives outstanding on <br>which hedge accounting is applied: | Unilever's interest rate management approach aims <br>for an optimal balance between fixed- and floating-<br>rate interest rate exposures on expected financial <br>liabilities. The objective of this approach is to <br>minimise annual interest costs.<br>This is achieved either by issuing fixed- or floating-<br>rate long-term debt, or by modifying interest rate <br>exposure through the use of interest rate swaps.<br>The majority of the Group's existing interest rate <br>derivatives are designated as fair value hedges and <br>are expected to be effective. The fair value <br>movement of these derivatives is recognised in the <br>income statement, along with any changes in the <br>relevant fair value of the underlying hedged asset or <br>liability.<br>| **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| **Cash flow hedge** | **€ million**<br>**2025**<br>| € million<br>2024<br>|  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| Currency | **5852** | 2211 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| EUR | 5000 | 1250 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| USD | 852 | 961 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| **Fair value hedge** |  |  |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| Currency | **3494** | 3660 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| EUR | 2000 | 2000 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| USD | 1150 | 1298 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| GBP | 344 | 362 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| **Net investment hedge** |  |  |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| Currency | **599** | 647 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| CNY | 599 | 647 |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
|  |  |  |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |
| For interest management purposes, transactions with a <br>maturity shorter than six months from inception date <br>are not included as fixed interest transactions.<br>The average interest rate on short-term borrowings in <br>2025 was 4.3% (2024: 6.3%). | For interest management purposes, transactions with a <br>maturity shorter than six months from inception date <br>are not included as fixed interest transactions.<br>The average interest rate on short-term borrowings in <br>2025 was 4.3% (2024: 6.3%). | For interest management purposes, transactions with a <br>maturity shorter than six months from inception date <br>are not included as fixed interest transactions.<br>The average interest rate on short-term borrowings in <br>2025 was 4.3% (2024: 6.3%). |  | **Impact on income statement**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in floating interest <br>rates on a full-year basis as at 31 December 2025 <br>would have led to an additional €47 million of <br>additional finance cost (2024: €94 million additional <br>finance costs).<br>A 1.0 percentage point decrease in floating interest <br>rates on a full-year basis would have led to an <br>equal but opposite effect.<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at <br>31 December 2025 would have led to an additional <br>€20 million of additional finance costs related to net <br>investment hedge interest rate swaps (2024: €12 <br>million cost).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€22 million of finance income related to net <br>investment hedge interest rate swaps (2024: €12 <br>million income).<br>**Impact on equity – cash flow hedges**<br>Assuming that all other variables remain constant, <br>a 1.0 percentage point increase in interest rates on <br>a full-year basis as at<br>31 December 2025 would have led to an additional <br>€6 million debit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million credit).<br>A 1.0 percentage point decrease in interest rates <br>on a full-year basis would have led to an additional <br>€7 million credit in equity from derivatives in cash <br>flow hedge relationships (2024: €5 million debit). |

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(a)See the weighted average amount of financial liabilities with fixed-rate interest shown in the following table.

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 171 |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16B. MANAGEMENT OF MARKET RISK continued**

The following table shows the split in fixed- and floating-rate interest exposures, taking into account the impact of interest rate swaps:

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| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Current financial liabilities | **(2582)** | (6987) |
| Non-current financial liabilities | **(25696)** | (25066) |
| Total financial liabilities | **(28278)** | (32053) |
| Less: lease liabilities | **(1326)** | (1486) |
| Financial liabilities (excluding lease liabilities) | **26952** | 30567 |
| Of which: |  |  |
| Fixed rate (weighted average amount of fixing for the following year) | **(22228)** | (21151) |

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**16C. DERIVATIVES AND HEDGING**

The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the

following table. Derivatives used to hedge:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **€ million**<br>**Trade**<br>**and other**<br>**receivables**<br>| **€ million**<br>**Current**<br> **financial** <br>**assets** | **€ million**<br>**Non-current** <br>**financial** <br>**assets**<br>| **€ million**<br>**Trade**<br>**payables**<br>**and other**<br>**liabilities**<br>| **€ million**<br>**Current** <br>**financial**<br>**liabilities** | **€ million**<br>**Non-current** <br>**financial**<br>**liabilities**<br>| **€ million**<br>**Total**<br>|
| **31 December 2025** |  |  |  |  |  |  |  |
| **Foreign exchange derivatives** |  |  |  |  |  |  |  |
| Fair value hedges | **–** | **–** | **–** | **–** | **–** | **–** | **–** |
| Cash flow hedges | **5** | **–** | **–** | **(30)** | **–** | **–** | **(25)** |
| Hedges on the net investment in foreign <br>operations<br>| **–** | **12**<br> <sup>(a)</sup> | **–** | **–** | **(36)**<br> <sup>(a)</sup> | **–** | **(24)** |
| Hedge accounting not applied | **12** | **38**<br> <sup>(a)</sup> | **4** | **(11)** | **(3)**<br> <sup>(a)</sup> | **–** | **40** |
| **Interest rate derivatives** |  |  |  |  |  |  |  |
| Fair value hedges | **–** | **–** | **–** | **–** | **(9)** | **(295)** | **(304)** |
| Cash flow hedges | **–** | **–** | **117** | **–** | **–** | **(102)** | **15** |
| Hedges on the net investment in foreign <br>operations<br>| **–** | **–** | **19** | **–** | **–** | **–** | **19** |
| Hedge accounting not applied | **–** | **–** | **–** | **–** | **–** | **(7)** | **(7)** |
| **Commodity contracts** |  |  |  |  |  |  |  |
| Cash flow hedges | **3** | **–** | **–** | **(10)** | **–** | **–** | **(7)** |
| Hedge accounting not applied | **–** | **–** | **–** | **–** | **–** | **–** | **–** |
|  | **20** | **50** | **140** | **(51)** | **(48)** | **(404)** | **(293)** |
|  | **Total assets** | **Total assets** | **210** | **Total liabilities** | **Total liabilities** | **(503)** | **(293)** |
| **31 December 2024** |  |  |  |  |  |  |  |
| **Foreign exchange derivatives** |  |  |  |  |  |  |  |
| Fair value hedges | – | – | – | – | – | – | – |
| Cash flow hedges | 59 | – | – | (28) | – | – | 31 |
| Hedges on the net investment in foreign <br>operations<br>| – | 69 | – | – | (28)<br> <sup>(a)</sup> | – | 41 |
| Hedge accounting not applied | 18 | 79<br> <sup>(a)</sup> | – | (8) | (124)<br> <sup>(a)</sup> | – | (35) |
| **Interest rate derivatives** |  |  |  |  |  |  |  |
| Fair value hedges | – | – | – | – | – | (423) | (423) |
| Cash flow hedges | – | – | 58 | – | – | (3) | 55 |
| Hedges on the net investment in foreign <br>operations<br>| – | – | – | – | – | (16) | (16) |
| Hedge accounting not applied | – | 1 | 10 | – | – | – | 11 |
| **Commodity contracts** |  |  |  |  |  |  |  |
| Cash flow hedges | 126 | – | – | (20) | – | – | 106 |
| Hedge accounting not applied | – | – | – | – | – | – | – |
|  | 203 | 149 | 68 | (56) | (152) | (442) | (230) |
|  | **Total assets** | **Total assets** | 420 | **Total liabilities** | **Total liabilities** | (650) | (230) |

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(a)Swaps that hedge the currency risk on intra-group loans and offset 'Hedges of net investments in foreign operations' are included within 'Hedge accounting not applied'. See below for

further details.

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| | | |
|:---|:---|:---|
| 172 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**16C. DERIVATIVES AND HEDGING continued**

**Master netting or similar agreements** 

A number of legal entities within the Group enter into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting

agreements. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding in the same

currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances, such as when a credit event such as a default

occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of

all transactions.

The ISDA agreements do not meet the criteria for offsetting the positive and negative values in the consolidated balance sheet. This is because the Group does not

have a legally enforceable right to offset recognised amounts against counterparties, as the right to offset is enforceable only upon the occurrence of credit events

such as a default.

The column 'Related amounts not set off in the balance sheet – Financial instruments' shows the netting impact of our ISDA agreements, assuming the agreements

are respected in the relevant jurisdiction.

**(i) Financial assets** 

The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Related amounts not set**<br>**off in the balance sheet** | **Related amounts not set**<br>**off in the balance sheet** | |
| <br>**As at 31 December 2025** | <br>**€ million**<br>**Gross amounts of** <br>**recognised**<br>**financial assets**<br>| <br>**€ million**<br>**Gross amounts** <br>**of recognised**<br>**financial assets** <br>**set off in the**<br>**balance sheet**<br>| <br>**€ million**<br>**Net amounts of** <br>**financial assets** <br>**presented in the** <br>**balance sheet**<br>| **€ million**<br>**Financial** <br>**instruments**<br>| **€ million**<br>**Cash** <br>**collateral**<br>**received**<br>| <br>**€ million**<br>**Net amount**<br>|
| Derivative financial assets | **229** | **(19)** | **210** | **(162)** | **(28)** | **20** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| Derivative financial assets | 478 | (58) | 420 | (174) | (89) | 157 |

---

**(ii) Financial liabilities** 

The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Related amounts not set**<br>**off in the balance sheet** | **Related amounts not set**<br>**off in the balance sheet** | |
| <br>**As at 31 December 2025** | <br>**€ million**<br>**Gross amounts** <br>**of recognised**<br>**financial liabilities**<br>| <br>**€ million**<br>**Gross amounts** <br>**of recognised**<br>**financial liabilities** <br>**set off in the**<br>**balance sheet**<br>| <br>**€ million**<br>**Net amounts** <br>**of financial** <br>**liabilities** <br>**presented in the** <br>**balance sheet**<br>| **€ million**<br>**Financial** <br>**instruments**<br>| **€ million**<br>**Cash** <br>**collateral**<br>**received**<br>| <br>**€ million**<br>**Net amount**<br>|
| Derivative financial liabilities | **(522)** | **19** | **(503)** | **162** | **–** | **(341)** |
| **As at 31 December 2024** |  |  |  |  |  |  |
| Derivative financial liabilities | (708) | 58 | (650) | 174 | – | (476) |

---

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 173 |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**17. Investment and return**

---

| |
|:---|
| **Cash and cash equivalents**<br>Cash and cash equivalents in the balance sheet include deposits, investments in money market funds and highly liquid investments. To be<br>classified as cash and cash equivalents, an asset must:<br>■be readily convertible into cash;<br>■have an insignificant risk of changes in value; and<br>■have a maturity period of typically three months or less at acquisition.<br>Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost. |
| **Other financial assets**<br>The Group classifies its financial assets into the following measurement categories:<br>■those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and<br>■those to be measured at amortised cost.<br>This classification depends on our business model for managing the financial asset and the contractual terms of the cash flows.<br>At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction <br>costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are <br>expensed in the income statement.<br>All financial assets are either debt instruments or equity instruments. Debt instruments are those that provide the Group with a contractual right to receive cash or <br>another asset. Equity instruments are those where the Group has no contractual right to receive cash or another asset. |
| **Debt instruments**<br>The subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the cash flow<br>characteristics of the asset. There are three measurement categories that debt instruments are classified as:<br>■financial assets at amortised cost;<br>■financial assets at fair value through other comprehensive income; or<br>■financial assets at fair value through profit or loss.<br>**(i) Amortised cost**<br>Assets measured at amortised cost are those which are held to collect contractual cash flows on the repayment of principal or interest (SPPI). A gain or loss on a <br>debt investment recognised at amortised cost on derecognition or impairment is recognised in the income statement. Interest income is recognised within finance <br>income using the effective interest rate method.<br>**(ii) Fair value through other comprehensive income**<br>Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on the repayment of principal and <br>interest and which are held to recognise a capital gain through the sale of the asset. Movements in the carrying amount are recognised in other comprehensive <br>income except for the recognition of impairment, interest income and foreign exchange gains or losses which are recognised in the income statement. On <br>derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to the income statement. Interest income is <br>included in finance income using the effective interest rate method.<br>**(iii) Fair value through profit or loss**<br>Assets that do not meet the criteria for either amortised cost or fair value through other comprehensive income are measured as fair value through profit or loss. <br>Related transaction costs are expensed as incurred. Unless they form part of a hedging relationship, these assets are held at fair value, with changes being <br>recognised in the income statement. Interest income from these assets is included within finance income. |
| **Equity instruments**<br>The Group subsequently measures all equity instruments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in <br>other comprehensive income, there is no subsequent reclassification of fair value gains or losses to profit or loss. Dividends from these investments continue to be <br>recognised in the income statement. |
| **Impairment of financial assets**<br>Financial instruments classified as amortised cost and debt instruments classified as fair value through other comprehensive income are assessed for impairment. <br>The Group assesses the probability of default of an asset at initial recognition and then whether there has been a significant increase in credit risk on an ongoing <br>basis.<br>To assess whether there is a significant increase in credit risk, the Group compares the risk of a default occurring on the asset as at the reporting date with the risk <br>of default as at the date of initial recognition. It considers available reasonable and supportive forward-looking information. Macroeconomic information (such as <br>market interest rates or growth rates) is also considered.<br>Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the company. <br>Impairment losses on assets classified as amortised cost are recognised in the income statement. When a later event causes the impairment losses to decrease, <br>the reduction in impairment loss is also recognised in the income statement. Permanent impairment losses on debt instruments classified as fair value through <br>other comprehensive income are recognised in the income statement. |

---

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| | | |
|:---|:---|:---|
| 174 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**17A. FINANCIAL ASSETS** 

The Group's Treasury function aims to protect the Group's financial investments, while maximising returns. The fair value of financial assets is considered to be the

same as the carrying amount for 2025 and 2024. The Group's cash resources and other financial assets are shown below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial assets**<sup>(a)</sup> | **€ million**<br>**Current**<br>**2025**<br>| **€ million**<br>**Non-current**<br>**2025**<br>| **€ million**<br>**Total**<br>**2025**<br>| € million<br>Current<br>2024<br>| € million<br>Non-current<br>2024<br>| € million<br>Total<br>2024<br>|
| **Cash and cash equivalents** |  |  |  |  |  |  |
| Cash at bank and in hand | **2490** | **–** | **2490** | 3241 | – | 3241 |
| Short-term deposits<sup>(b)</sup> | **1066** | **–** | **1066** | 2436 | – | 2436 |
| Other cash equivalents<sup>(c)</sup> | **385** | **–** | **385** | 459 | – | 459 |
|  | **3941** | **–** | **3941** | 6136 | – | 6136 |
| **Other financial assets** |  |  |  |  |  |  |
| Financial assets at amortised cost<sup>(d)</sup> | **541** | **368** | **909** | 736 | 526 | 1262 |
| Financial assets at fair value through other comprehensive income<sup>(e)</sup> | **–** | **2216** | **2216** | – | 600 | 600 |
| Financial assets at fair value through profit or loss: |  |  |  |  |  |  |
| Derivatives | **50** | **140** | **190** | 149 | 68 | 217 |
| Other<sup>(f)</sup> | **530** | **341** | **871** | 445 | 377 | 822 |
|  | **1121** | **3065** | **4186** | 1330 | 1571 | 2901 |
| Total | **5062** | **3065** | **8127** | 7466 | 1571 | 9037 |

---

(a)For the purposes of this note and note 15C, financial assets and liabilities exclude trade and other current receivables and trade payables and other liabilities which are covered in notes

13 and 14 respectively.

(b)Short-term deposits typically have maturity of up to three months.

(c)Other cash equivalents include investments in overnight funds and marketable securities.

(d)Current financial assets at amortised cost include short-term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash

management process, fixed income securities and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of €175 million (2024: €196

million).

(e)Included within non-current financial assets at fair value through other comprehensive income are equity investments. These investments are not held by Unilever for trading purposes and

hence the Group has opted to recognise fair value movements through other comprehensive income. This includes an amount of €1,655 million related to the Group's retained investment

in TMICC recognised following the demerger of our Ice Cream business during the year. The fair value movement in 2025 of all these equity investments was €(17) million (2024: €64

million).

(f)Current other financial assets at fair value through profit or loss include money market funds, marketable securities and other capital market instruments. Included within non-current

financial assets at fair value through profit or loss are assets in a trust to fund benefit obligations in the US (see also note 4B) of €23 million (2024: €30 million), option to acquire non-

controlling interest in subsidiaries of €16 million (2024: €27 million) and investments in financial institutions.

There were no significant changes on account of change in business model in classification of financial assets since 31 December 2024.

There are no financial assets that are designated at fair value through profit or loss, which would otherwise have been measured at fair value through other

comprehensive income or amortised cost.

---

| | | |
|:---|:---|:---|
| **Cash and cash equivalents reconciliation to the cash flow statement** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Cash and cash equivalents per balance sheet | **3941** | 6136 |
| Less: Bank overdrafts | **(65)** | (180) |
| Add: Cash and cash equivalents included in assets held for sale | **–** | – |
| Less: Bank overdraft included in liabilities held for sale | **(6)** | (6) |
| Cash and cash equivalents per cash flow statement | **3870** | 5950 |

---

Approximately €0.6 billion (or 15%) of the Group's cash and cash equivalents are held in the parent and central finance companies, for maximum flexibility. These

companies provide loans to our subsidiaries that are also funded through retained earnings and third-party borrowings. The Group maintain access to global debt

markets through an infrastructure of short- and long-term debt programmes. The Group make use of plain vanilla derivatives, such as interest rate swaps and foreign

exchange contracts, to help mitigate risks. More detail is provided in notes 16, 16A, 16B and 16C on pages [166](#idd497fffd94048748ee00e72dade0edb_259) to [172](#i96b3f06d42954f6f8d8088f2a373c797_4-0-1-1-1079200).

The remaining €3.3 billion (or 85%) of the Group's cash and cash equivalents are held in foreign subsidiaries which repatriate distributable reserves on a regular

basis. For most countries, this is done through dividends which are in some cases subject to withholding or distribution tax. This balance includes €160 million (2024:

€176 million) of cash that is held in a few countries where we face cross-border foreign exchange controls and/or other legal restrictions that inhibit our ability to make

these balances available for general use by the wider business. The cash will generally be invested or held in the relevant country and, given the other capital

resources available to the Group, does not significantly affect the ability of the Group to meet its cash obligations.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 175 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**17B. CREDIT RISK** 

Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Additional information in relation to credit risk

on trade receivables is given in note 13. These risks are generally managed by local controllers. Credit risk related to the use of treasury instruments, including those

held at amortised cost and at fair value through other comprehensive income, is managed on a Group basis. This risk arises from transactions with financial

institutions involving cash and cash equivalents, deposits and derivative financial instruments. The maximum exposure to credit risk at the reporting date is the

carrying value of each class of financial assets. To reduce this risk, Unilever has concentrated its main activities with a limited number of counterparties which have

secure credit ratings. Individual risk limits are set for each counterparty based on financial position, credit rating and past experience. Credit limits and concentration

of exposures are actively monitored by the Group's Treasury department. Netting agreements are also put in place with Unilever's principal counterparties. In the

case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counterparty. To further reduce the Group's credit

exposures on derivative financial instruments, Unilever has collateral agreements with Unilever's principal counterparties in relation to derivative financial instruments.

Under these arrangements, counterparties are required to deposit securities and/or cash as a collateral for their obligations in respect of derivative financial

instruments. At 31 December 2025, the collateral held by Unilever under such arrangements amounted to €28 million (2024: €89 million), which was entirely in cash.

Further details in relation to the Group's exposure to credit risk are shown in note 13 and note 16A.

**18. Financial instruments fair value risk**

The Group is exposed to the risk of changes in fair value of its financial assets and liabilities. The following table summarises the fair values and carrying amounts of

financial instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair values of financial assets and financial liabilities** | **€ million**<br>**Fair value**<br>**2025**<br>| € million<br>Fair value<br>2024<br>| **€ million**<br>**Carrying amount**<br>**2025**<br>| € million<br>Carrying amount<br>2024<br>|
| **Financial assets**  |  |  |  |  |
| Cash and cash equivalents | **3941** | 6136 | **3941** | 6136 |
| Financial assets at amortised cost | **909** | 1262 | **909** | 1262 |
| Financial assets at fair value through other comprehensive income | **2216** | 600 | **2216** | 600 |
| Financial assets at fair value through profit or loss  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | **190** | 217 | **190** | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **871** | 822 | **871** | 822 |
|  | **8127** | 9037 | **8127** | 9037 |
| **Financial liabilities** |  |  |  |  |
| Bank loans and overdrafts | **(233)** | (521) | **(233)** | (521) |
| Bonds and other loans | **(25655)** | (28037) | **(26038)** | (28648) |
| Lease liabilities | **(1326)** | (1486) | **(1326)** | (1486) |
| Derivatives | **(452)** | (594) | **(452)** | (594) |
| Other financial liabilities | **(229)** | (804) | **(229)** | (804) |
|  | **(27895)** | (31442) | **(28278)** | (32053) |

---

The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be the same as the carrying amount for 2025 and 2024. The fair

value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their short-term nature.

**Fair value hierarchy**

The fair values shown in notes 15C and 17A have been classified into three categories depending on the inputs used in the valuation technique.

The categories used are as follows:

■Level 1: quoted prices for identical instruments;

■Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

■Level 3: inputs which are not based on observable market data.

---

| | | |
|:---|:---|:---|
| 176 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**18. FINANCIAL INSTRUMENTS FAIR VALUE RISK continued**

For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Notes | **€ million**<br>**Level 1**<br>**2025**<br>| € million<br>Level 1<br>2024<br>| **€ million**<br>**Level 2**<br>**2025**<br>| € million<br>Level 2<br>2024<br>| **€ million**<br>**Level 3**<br>**2025**<br>| € million<br>Level 3<br>2024<br>| **€ million**<br>**Total fair**<br>**value**<br>**2025**<br>| € million<br>Total fair<br>value<br>2024<br>|
| **Assets at fair value** |  |  |  |  |  |  |  |  |  |
| Financial assets at fair value <br>through other comprehensive <br>income<br>| 17A | **1663** | 10 | **4** | 4 | **549** | 586 | **2216** | 600 |
| Financial assets at fair value <br>through profit or loss:<br>|  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives<sup>(a)</sup> | 16C | **–** | – | **210** | 420 | **–** | – | **210** | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other  | 17A | **530** | 445 | **–** | – | **341** | 377 | **871** | 822 |
| **Liabilities at fair value** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives<sup>(b)</sup> | 16C | **–** | – | **(503)** | (650) | **–** | – | **(503)** | (650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration | 14 | **–** | – | **–** | – | **(46)** | (1) | **(46)** | (1) |

---

(a)Includes €20 million (2024: €203 million) derivatives, reported within trade receivables, that hedge trading activities.

(b)Includes €(51) million (2024: €(56) million) derivatives, reported within trade payables, that hedge trading activities.

There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2024. There were also no significant

movements between the fair value levels since 31 December 2024.

The impact in 2025 income statement due to Level 3 instruments is a loss of €(46) million (2024: loss of €(58) million).

Reconciliation of Level 3 fair value measurements of financial assets and financial liabilities is given below:

---

| | | |
|:---|:---|:---|
| **Reconciliation of movements in Level 3 valuations** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| 1 January | **962** | 684 |
| Gains/(losses) recognised in income statement | **(46)** | (58) |
| Gains/(losses) recognised in other comprehensive income | **(22)** | 67 |
| Purchases and new issues | **30** | 135 |
| Sales and settlements | **(80)** | 134 |
| 31 December | **844** | 962 |

---

**SIGNIFICANT UNOBSERVABLE INPUTS USED IN LEVEL 3 FAIR VALUES**

Assets valued using Level 3 techniques include €630 million (2024: €658 million) relating to a number of unlisted investments within Unilever Ventures companies,

none of which are individually material; €155 million (2024: €172 million) of long-term cash receivables under life insurance policies and

€16 million (2024: €27 million) for option to acquire non-controlling interest. Valuation techniques used are specific to each asset and liability, a change in one or more

of the inputs to reasonably possible alternative assumptions would not change the value significantly for all assets and liabilities.

**Calculation of fair values** 

The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the

year ended 31 December 2024.

**Assets and liabilities carried at fair value**

■The fair values of quoted investments falling into Level 1 are based on current bid prices.

■The fair values of unquoted financial assets at fair value through other comprehensive income and at fair value through profit or loss are based on recent trades in

liquid markets, observable market rates, discounted cash flow analysis and statistical modelling techniques such as the Monte Carlo simulation. If all significant

inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable

market data, the instrument is included in Level 3.

■Derivatives are valued using valuation techniques with market observable inputs. The models incorporate various inputs including the credit quality of

counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

■For listed securities where the market is not liquid, and for unlisted securities, valuation techniques are used. These include the use of recent arm's length

transactions, reference to other instruments that are substantially the same and discounted cash flow calculations.

**Other financial assets and liabilities (fair values for disclosure purposes only)**

■Cash and cash equivalents, trade and other current receivables, bank loans and overdrafts, trade payables and other current liabilities have fair values that

approximate to their carrying amounts due to their short-term nature.

■The fair values of listed bonds are based on their market value.

■Non-listed bonds, other loans, bank loans and non-current receivables and payables are based on the net present value of the anticipated future cash flows

associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

**Policies and processes used in relation to the calculation of Level 3 fair values**

Assets valued using Level 3 valuation techniques are primarily made up of long-term cash receivables and unlisted investments. Valuation techniques used are specific to the

circumstances involved. Unlisted investments include €630 million (2024: €658 million) of investments within Unilever Ventures companies.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 177 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**19. Provisions**

---

| |
|:---|
| Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation <br>can be reliably estimated and where the outflow of economic benefit is probable. |
| Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation <br>can be reliably estimated and where the outflow of economic benefit is probable. |

---

---

| | | |
|:---|:---|:---|
| **Provisions** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Due within one year | **589** | 831 |
| Due after one year  | **539** | 571 |
| Total provisions | **1128** | 1402 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2025** | **€ million**<br>**Restructuring**<br>| **€ million**<br>**Legal**<br>| **€ million**<br>**Brazil** <br>**indirect taxes**<br>| **€ million**<br>**Other**<br>| **€ million**<br>**Total**<br>|
| 1 January 2025 | **466** | **282** | **64** | **590** | **1402** |
| Additions through business combinations | **–** | **13** | **–** | **–** | **13** |
| Distributed through demerger | **(16)** | **(16)** | **(4)** | **(23)** | **(59)** |
| Income statement:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charges | **261** | **132** | **9** | **166** | **568** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Releases | **(202)** | **(15)** | **(5)** | **(83)** | **(305)** |
| Utilisation | **(284)** | **(69)** | **(4)** | **(54)** | **(411)** |
| Currency translation | **(11)** | **(26)** | **–** | **(43)** | **(80)** |
| 31 December 2025 | **214** | **301** | **60** | **553** | **1128** |

---

Restructuring provisions primarily include people costs such as redundancy costs and the cost of compensation where manufacturing, distribution, service or selling

agreements are to be terminated. The Group expects these provisions to be substantially utilised within the next few years.

The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. As previously disclosed, along with other

consumer product companies and retail customers, Unilever is involved in a number of ongoing investigations by national competition authorities. These proceedings

and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to

the nature of the legal cases, the timing of utilisation of these provisions is uncertain.

Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in note 20. Unilever does not have provisions and contingent liabilities

for the same matters. Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain.

Other includes provisions for indirect taxes in countries other than Brazil, interest on tax provisions and provisions for various other matters. The timing of utilisation of

these provisions is uncertain.

**20. Commitments and contingent liabilities**

**COMMITMENTS**

---

| |
|:---|
| Lease commitments are the future cash outflows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential <br>future payments related to leases of low-value assets, leases which are less than 12 months, variable leases, extension and termination options and leases not yet <br>commenced but which we have committed to. |
| Lease commitments are the future cash outflows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential <br>future payments related to leases of low-value assets, leases which are less than 12 months, variable leases, extension and termination options and leases not yet <br>commenced but which we have committed to. |

---

Other commitments principally comprise commitments under contract to purchase materials and services. They do not include commitments to purchase property,

plant and equipment, which are reported in note 10 on pages [155](#idd497fffd94048748ee00e72dade0edb_226) to [157](#i84bb96a084f44479905a3a5689c39f6f_608).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease commitments and other commitments fall due as follows:** | **€ million**<br>**Leases**<br>**2025**<br>| € million<br>Leases<br>2024<br>| **€ million**<br>**Other** <br>**commitments**<br>**2025**<br>| € million<br>Other commitments<br>2024<br>|
| Within 1 year | **89** | 101 | **1371** | 1654 |
| Later than 1 year but not later than 5 years | **80** | 163 | **1848** | 2360 |
| Later than 5 years | **43** | 66 | **268** | 184 |
|  | **212** | 330 | **3487** | 4198 |

---

---

| | | |
|:---|:---|:---|
| 178 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**20. COMMITMENTS AND CONTINGENT LIABILITIES continued**

**CONTINGENT LIABILITIES** 

Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will <br>not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an <br>obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the <br>known maximum exposure or are unquantified where the financial impact cannot be reliably measured.<br>

Contingent liabilities arise in respect of litigations against group companies, investigations by competition, regulatory and fiscal authorities and obligations arising

under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in

respect of fiscal matters in Brazil. In addition, the Group is subject to litigation arising from alleged asbestos contamination in talcum powder products manufactured

and sold decades ago. For cases where settlement is probable and can be reliably estimated, a provision has been recognised. Other cases, where the estimated

financial impact cannot be reliably estimated, are unquantified contingent liabilities.

In the case of fiscal matters, the known maximum exposure is the amount included in a tax assessment.

---

| | | |
|:---|:---|:---|
| **Summary of contingent liabilities** | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Corporate reorganisation – IPI, PIS and COFINS taxes and penalties | **3557** | 3230 |
| Inputs for PIS and COFINS taxes | **13** | 35 |
| Goodwill amortisation | **155** | 144 |
| Other tax assessments – approximately 500 cases | **771** | 855 |
| Total Brazil Tax | **4496** | 4264 |
| Other contingent liabilities | **496** | 571 |
| Total contingent liabilities | **4992** | 4835 |

---

**Brazil tax**

During 2004, and in common with many other businesses operating in Brazil, one of our Brazilian subsidiaries received a notice of infringement from the Federal

Revenue Service in respect of indirect taxes regarding corporate reorganisation. The notice alleges that a 2001 reorganisation of our local corporate structure was

undertaken without a valid business purpose. The 2001 reorganisation was comparable with restructuring done by many companies in Brazil. The original dispute

was resolved in the courts in the Group's favour. However, in 2013 a new assessment was raised in respect of a similar matter. Additionally, during the course of 2014

and between 2017 and 2025, other notices of infringement were issued based on the same grounds argued in the previous assessments. The total amount of the tax

assessments in respect of this matter is €3,557 million (2024: €3,230 million).

The Group believes that the likelihood that the Brazilian tax authorities will ultimately prevail is low, however there can be no guarantee of success in court. In each

case, we believe our position is strong, so they have not been provided for and are considered to be contingent liabilities. Due to the fiscal environment in Brazil,

there remains the possibility of material tax assessments related to the same matters for periods not yet assessed. We expect that tax litigation cases related to this

matter may move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such case, we will be required to make a judicial deposit or

provide a guarantee in respect of the disputed tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude.

The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in note 19. Unilever does

not hold provisions and contingent liabilities for the same matters.

**21. Demerger of the Ice Cream Business**

On 6 December 2025, Unilever completed the separation of its Ice Cream business, now known as The Magnum Ice Cream Company N.V. ('TMICC') an independent

listed company incorporated and headquartered in the Netherlands. The separation was effected through a demerger of 80.15% of Unilever's holding in TMICC to

Unilever shareholders. Unilever retained a 19.85% stake in TMICC, which has been recognised as an equity investment. TMICC shares were admitted to trading on

Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange on 8 December 2025.

Under IFRIC 17 'Distributions of Non-cash Assets to Owners', a liability and an equity distribution are measured at the fair value of the assets to be distributed when

the dividend is appropriately authorised and no longer at the entity's discretion. The liability, dividend distribution and associated gain on demerger were recognised in

December 2025 when the demerger distribution was authorised.

The fair value of the Ice Cream business was €8.4 billion. This was measured by reference to the daily closing quoted average TMICC share price over a five-day

period post-listing, which was considered representative of the fair value at the distribution date. A gain on distribution of the Ice Cream business was recorded in the

Income Statement in 2025. This gain is presented as part of discontinued operations and is exempt from tax.

The gain included €1.7 billion relating to the measurement of the retained stake to fair value using the same methodology. Any future gains or losses on the retained

stake will be recognised in other comprehensive income.

The carrying value of the net assets of the Ice Cream business in the consolidated financial statements was €4.0 billion.

In addition, there was a reclassification of the Group's share of cumulative exchange differences arising on translation of the foreign currency net assets from

reserves to the income statement of €1.0 billion. The total gain on the demerger of the Ice Cream business was €3.4 billion.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 179 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**21. DEMERGER OF THE ICE CREAM BUSINESS continued**

**Total gain on demerger calculation**

---

| | | |
|:---|:---|:---|
| | | **€ million**<br>**2025**<br>|
| Fair value of the Ice Cream business distributed | (80.15%) | **6752** |
| Fair value of the retained ownership in TMICC | (19.85%) | **1672** |
| Total fair value | Total fair value | **8424** |
| Carrying amount of the net assets and liabilities distributed/derecognised, comprised of: | Carrying amount of the net assets and liabilities distributed/derecognised, comprised of: |  |
| Goodwill | Goodwill | **(3322)** |
| Intangible assets  | Intangible assets  | **(729)** |
| Property, plant and equipment  | Property, plant and equipment  | **(2234)** |
| Pension assets  | Pension assets  | **(80)** |
| Inventories | Inventories | **(925)** |
| Net deferred tax assets | Net deferred tax assets | **(302)** |
| Other non-current assets  | Other non-current assets  | **(10)** |
| Trade and other receivables | Trade and other receivables | **(1960)** |
| Cash and cash equivalents | Cash and cash equivalents | **(531)** |
| Current tax assets  | Current tax assets  | **(43)** |
| Trade payables and other current liabilities  | Trade payables and other current liabilities  | **2797** |
| Financial liabilities  | Financial liabilities  | **3179** |
| Pension liabilities  | Pension liabilities  | **86** |
| Provisions | Provisions | **59** |
| Total carrying amount of net assets derecognised  | Total carrying amount of net assets derecognised  | **(4015)** |
| Gain on demerger before exchange movements | Gain on demerger before exchange movements | **4409** |
| Loss on recycling of currency retranslation on disposal  | Loss on recycling of currency retranslation on disposal  | **(1036)** |
| Total gain on the demerger after tax | Total gain on the demerger after tax | **3373** |

---

Financial information relating to the operations of Ice Cream is set out below and includes financial information up until the date of the demerger. We have reported

everything from turnover to operating profit in line with what was previously disclosed for the Ice Cream business as discontinued operations for the financial years 2023

and 2024. Below operating profit, some allocations have been made to income and costs not historically reported as part of our segment information, where costs are

shared by the Ice Cream business. We have recognised the India Ice Cream business as part of discontinued operations and recognised the related assets and liabilities

as held for sale in the balance sheet, following an agreement to sell this business to The Magnum Ice Cream Company in the first half of 2026.

Unilever will continue to provide services (including IT infrastructure, marketing and co-packing services), supply materials, and continue to invoice and collect cash on

behalf of The Magnum Ice Cream Company under a Transitional Services Agreement (TSA). The management fee for these services is recognised within operating

profit. The TSA will continue for a maximum period of two years from the demerger of the Ice Cream business.

This financial information may differ, both in purpose and basis of preparation, from the Historical Financial Information and the Interim Financial Information included

in The Magnum Ice Cream Company's prospectus and from that which may be published by The Magnum Ice Cream Company. As a result, while the two sets of

financial information may be similar, they may not be the same because of certain differences in accounting and disclosure under IFRS, including differences in

perimeter.

The total results from discontinued operations are as follows (2025 results are for the year to date until 6 December):

---

| | | | |
|:---|:---|:---|:---|
| Total results from discontinued operations (Ice Cream) | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Turnover | **7691** | 8282 | 7924 |
| Operating profit | **677** | 571 | 760 |
| Profit before tax from discontinued operations | **613** | 498 | 712 |
| Taxation | **(188)** | (168) | (209) |
| Profit after taxation from discontinued operations | **425** | 330 | 503 |
| Total gain on demerger after tax | **3373** |  |  |
| Profit after taxation on demerger of discontinued operations | **3798** | 330 | 503 |
| Attributable to: |  |  |  |
| Non-controlling interests | **11** | 16 | 18 |
| Shareholders' equity | **3787** | 314 | 485 |
| Basic earnings per share from discontinued operations (€) | **1.73** | 0.14 | 0.22 |
| Diluted earnings per share from discontinued operations (€) | **1.73** | 0.14 | 0.22 |

---

Cash flows from discontinued operations included an operating inflow of €0.3 billion. Investing outflow was €0.7 billion, mainly from the cash de-recognised at the

time of the demerger and capital expenditure. Financing activities contributed a €3.1 billion inflow, primarily from the bond issuance completed by TMICC. Of this

bond finance, €2.7 billion was used to settle an intercompany position between TMICC and Unilever prior to the demerger. The total cash flows arising from

discontinued operations are as follows (2025 results are for the year to date until 6 December):

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Net operating cash flows attributable to discontinued operations | **298** | 1058 | 1033 |
| Net investing cash flows attributable to discontinued operations  | **(724)** | (202) | (883) |
| Net financing cash flows attributable to discontinued operations  | **3070** | (112) | (109) |

---

---

| | | |
|:---|:---|:---|
| 180 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**22. Acquisitions and disposals**

Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to <br>the Group.<br>Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests and the fair value of any previously held <br>equity interests less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual <br>review for impairment (or more frequently if necessary) in accordance with our accounting policies. Any impairment is charged to the income statement as it <br>arises. Detailed information relating to goodwill is provided in note 9 on pages [152](#idd497fffd94048748ee00e72dade0edb_223) to [154](#i6e6705dd0a994b3eb1c0aab31581abfb_3690).<br>Non-controlling interests are valued based on the proportion of net assets of the acquired company at the date of acquisition.<br>Transaction costs are expensed as incurred.<br>Changes in ownership that do not result in a change of control are accounted for as equity transactions and therefore do not have any impact on goodwill. The <br>difference between consideration and the non-controlling share of net assets acquired is recognised within equity.<br>

**2025**

In 2025, the Group completed the business acquisitions and disposals as listed below:

---

| | |
|:---|:---|
| **Deal completion date** | **Acquired/disposed business** |
| 1 April 2025 | Acquired 100% of Wild, a UK-based company known for its natural, refillable deodorants, lip balms, body washes <br>and handwashes.<br>|
| 1 April 2025 | Sold Conimex brand to Paulig Group. |
| 1 April 2025 | Acquired the remaining 20% of Nutraceutical Wellness, Inc. (Nutrafol), bringing the Group's ownership to 100%. |
| 21 April 2025 | HUL acquired 90.5% of Minimalist, an India-based premium actives-led beauty brand. |
| 2 September 2025 | Acquired 98.7% of Dr. Squatch, a US-based brand specialising in natural personal care products. |

---

In addition to the transactions listed above, in the first quarter of 2026, Unilever completed the disposals of the Graze and Indonesia Tea businesses. Unilever also

announced in January 2026 the agreement to sell its Home Care businesses in Colombia and Ecuador; the transactions are expected to close during 2026.

**Dr. Squatch Acquisition**

On 2 September 2025, Unilever acquired 98.7% of the shares of Dr. Squatch, a US-based company specialising in natural personal care products. This

complementary acquisition marks another step in expanding Unilever's portfolio towards premium and high-growth spaces. The total consideration paid was €1,243

million.

The provisional fair value of net assets recognised on the balance sheet is €614 million. All balances are currently provisional, pending the completion of the asset

valuation review. The main asset acquired was the brand intangible valued using an income approach model by estimating future cash flows generated by the brand

and discounting them to present value using rates in line with a market participant expectation. The key assumptions in the brand valuation are revenue growth and

discount rates. A deferred tax liability related to the brand intangible estimated at €170 million was also recognised. As part of the acquisition, goodwill of €637 million

was recognised and is not deductible for tax purposes.

**2024**

In 2024, the Group completed the business acquisitions and disposals as listed below:

---

| | |
|:---|:---|
| **Deal completion date** | **Acquired/disposed business** |
| 1 February 2024 | Acquired 91.88% of K18, a US-based premium hair care brand. The acquisition complements Unilever's existing Beauty & <br>Wellbeing portfolio, with a range of high-quality, hair care products.<br>|
| 1 June 2024 | Sold Elida Beauty to Yellow Wood Partners LLC. Elida Beauty comprises more than 20 beauty and personal care brands, such <br>as Q-Tips, Caress, Timotei and TIGI.<br>|
| 1 August 2024 | Sold Qinyuan Group (also known as 'Truliva') to Yong Chao Venture Capital Co., Ltd. Qinyuan Group offers a range of water <br>purification solutions to households in China.<br>|
| 8 October 2024 | Sold the Russian subsidiary to Arnest Group. The sale includes all of Unilever's business in Russia and its four factories in the <br>country, along with our business in Belarus.<br>|
| 1 November 2024 | Sold Pureit to A.O. Smith. Pureit offers a range of water purification solutions across India, Bangladesh, Sri Lanka, Vietnam <br>and Mexico, among others.<br>|

---

**EFFECT ON CONSOLIDATED INCOME STATEMENT** 

If the acquisition deals completed in 2025 had all taken place at the beginning of the year, Group turnover would have been €50,861 million, and Group operating

profit would have been €9,047 million. In 2024, if all of the acquisitions had taken place at the beginning of the year, Group turnover for 2024 would have been

€52,490 million and Group operating profit would have been €8,831 million.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 181 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**22. ACQUISITIONS AND DISPOSALS continued**

**EFFECT ON CONSOLIDATED BALANCE SHEET**

**Acquisitions**

The following table sets out the effect of acquisitions on the consolidated balance sheet in 2025, as well as the comparative year. The fair values currently used for

opening balances are provisional. These balances remain provisional due to there being outstanding relevant information in regard to facts and circumstances that

existed as of the acquisition date and/or where valuation work is still ongoing.

---

| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Intangible assets | **1109** | 382 |
| Other non-current assets | **67** | 14 |
| Trade and other receivables | **66** | 15 |
| Other current assets<sup>(a)</sup> | **134** | 36 |
| Non-current liabilities<sup>(b)</sup> | **(311)** | (99) |
| Current liabilities | **(85)** | (15) |
| Net assets acquired | **980** | 333 |
| Non-controlling interest | **(30)** | (27) |
| Goodwill<sup>(c)</sup> | **784** | 310 |
| Total consideration | **1734** | 616 |
| of which: |  |  |
| Cash | **1687** | 616 |
| Deferred consideration | **47** | – |

---

(a)2025 includes inventories of €103 million and cash and cash equivalents of €27 million.

(b)2025 includes deferred tax of €290 million (2024: €99 million).

(c)Goodwill not deductible for tax purposes.

Goodwill represents the future value that the Group believes it will obtain through operational synergies and the application of acquired company ideas to existing

Unilever channels and businesses. Detailed information relating to goodwill is provided in note 9 on pages [152](#idd497fffd94048748ee00e72dade0edb_223) to [154](#i6e6705dd0a994b3eb1c0aab31581abfb_3690).

**Disposals**

The following table sets out the effect of disposals on the consolidated balance sheet in 2025, as well as the comparative year. The results of disposed businesses

are included in the consolidated financial statements up until their date of disposal.

---

| | | |
|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>|
| Goodwill and intangible assets<sup>(a)</sup> | **71** | 1107 |
| Other non-current assets | **27** | 218 |
| Current assets | **8** | 700 |
| Liabilities | **(1)** | (683) |
| Net assets sold | **105** | 1342 |
| Loss on recycling of currency retranslation on disposal | **24** | 545 |
| Non-controlling interest | **0** | (85) |
| Profit/(loss) on sale attributable to Unilever | **(36)** | (406) |
| Total consideration | **93** | 1396 |
| of which: |  |  |
| Cash | **93** | 1299 |
| Non-cash items and deferred consideration | **0** | 97 |

---

(a)2025 includes intangibles of €56 million relating to the disposals of of The Vegetarian Butcher, Kate Somerville and Conimex businesses (2024 includes intangibles of €984 million relating

to the disposals of the Elida Beauty, Russia and Truliva businesses).

---

| | | |
|:---|:---|:---|
| 182 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**23. Related party transactions**

---

| |
|:---|
| A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the <br>Group. |
| A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the <br>Group. |

---

**Joint ventures**

The following related party balances existed with joint venture businesses at 31 December:

---

| | | |
|:---|:---|:---|
| **Related party balances** | **€ million**<br>**Total 2025**<br>| € million<br>Total 2024<br>|
| Sales to joint ventures | **1018** | 1168 |
| Purchases from joint ventures | **128** | 110 |
| Receivables from joint ventures | **90** | 112 |
| Payables to joint ventures | **149** | 111 |
| Loans to joint ventures | **205** | 227 |
| Royalties and service fees | **23** | 9 |

---

Significant joint ventures are Unilever FIMA LDA and Gallo Worldwide LDA in Portugal, Binzagr Unilever Distribution in the Middle East, the Pepsi Lipton Tea

Partnership in the US and Pepsi Lipton International Ltd for the rest of the world.

All transactions between the group and related parties are conducted on arm's length basis.

**Associates**

There are no trading balances due to or from associates.

**24. Share buyback**

On 13 February 2025, Unilever PLC announced a share buyback programme for an aggregate market value up to €1.5 billion. The programme was completed on 30

May 2025, with the Group repurchasing 27,815,955 (2024: 27,368,909) ordinary shares which were held by Unilever as treasury shares until their cancellation in

December 2025. Consideration paid in 2025 for the repurchase of shares including transaction costs was €1,510 million (2024: €1,508 million) and was recognised in

other reserves.

**25. Remuneration of auditors**

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Fees payable to the Group's auditors for the audit of the consolidated and parent |  |  |  |
| company accounts of Unilever PLC | **13** | 12 | 7 |
| Fees payable to the Group's auditors for the audit of accounts of subsidiaries of |  |  |  |
| Unilever PLC pursuant to legislation<sup>(a)(b)</sup> | **19** | 20 | 16 |
| Total statutory audit fees | **32** | 32 | 23 |
| Fees payable to the Group's auditors for the audit of non-statutory |  |  |  |
| financial statements<sup>(c)</sup> | **15** | 8 | – |
| Audit-related assurance services<sup>(d)</sup> | **2** | 1 | – |
| Other taxation advisory services | **–** | – | – |
| Services relating to corporate finance transactions | **–** | – | – |
| Other assurance services<sup>(e)</sup> | **10** | 7 | 1 |
| All other non-audit services<sup>(f)</sup> | **–** | – | – |
| Total fees payable | **59** | 48 | 24 |

---

(a)Comprises fees payable to the KPMG network of independent member firms affiliated with KPMG International Cooperative for audit work on statutory financial statements and Group

reporting returns of subsidiary companies.

(b)Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2024: less than

€1 million individually and in aggregate; 2023: less than €1 million individually and in aggregate).

(c)2025 includes fees payable for reporting accountant services on the historical financial information of the Ice Cream business.

(d)2025 includes €1 million relating to services performed on the historical interim financial information of the Ice Cream business.

(e)2025 includes €6 million related to reporting accountant services performed in preparation for the demerger of the Ice Cream business. 2025 and 2024 include fees payable for CSRD

assurance reporting services. With the exception of these services, amounts paid in relation to each type of service are less than €1 million individually and in aggregate (2024: less than

€1 million and in aggregate; 2023: less than €1 million and in aggregate).

(f)2025, 2024 and 2023 include various services, each less than €1 million individually.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 183 |

---

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP<br>

**26. Events after the balance sheet date**

---

| |
|:---|
| Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is <br>adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. |
| Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is <br>adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below. |

---

On 12 February 2026, Unilever announced a quarterly dividend with the 2025 fourth-quarter results of €0.47/£0.41 per PLC ordinary share. The total value of the

announced dividend is €1,017 million.

In February 2026, we announced a share buyback programme of €1.5 billion to be conducted during 2026.

**27. Significant subsidiaries**

The following represents the significant subsidiaries of the Group at 31 December 2025, that principally affect the turnover, profit and net assets of the Group. The

percentage of share capital shown below represents the aggregate percentage of equity capital directly or indirectly held by Unilever PLC in the company. The

companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise.

---

| | | |
|:---|:---|:---|
| **Country** | **Name of company** | **Shareholding** |
| Argentina | Unilever de Argentina S.A. | 100% |
| Australia | Unilever Australia Limited | 100% |
| Brazil | Unilever Brasil Ltda. | 100% |
| Canada | Unilever Canada, Inc. | 100% |
| China | Unilever Services (Hefei) Co. Ltd | 100% |
| England and Wales | Unilever Global IP Ltd | 100% |
| England and Wales | Unilever U.K. Central Resources Limited | 100% |
| England and Wales | Unilever UK & CN Holdings Limited | 100% |
| England and Wales | Unilever U.K. Holdings Limited | 100% |
| England and Wales | Unilever UK Limited | 100% |
| France | Unilever France S.A.S. | 100% |
| Germany | Unilever Deutschland GmbH | 100% |
| Germany | Unilever Deutschland Holding GmbH | 100% |
| India | Hindustan Unilever Limited | 62% |
| Indonesia | PT Unilever Indonesia Tbk | 85% |
| Italy | Unilever Italia Mkt Operations S.R.L. | 100% |
| Mexico | Unilever de Mexico, S. de R.l. de C.V. | 100% |
| Mexico | Unilever Manufacturera S. de R.L. de C.V. | 100% |
| Netherlands | Unilever Europe B.V. | 100% |
| Netherlands | Unilever Nederland B.V. | 100% |
| Netherlands | Mixhold B.V. | 100% |
| Netherlands | Unilever Finance Netherlands B.V. | 100% |
| Netherlands | Unilever International Holdings B.V. | 100% |
| Netherlands | Unilever IP Holdings B.V. | 100% |
| Netherlands | UNUS Holding B.V. | 100% |
| Pakistan | Unilever Pakistan Limited | 99% |
| Philippines | Unilever Philippines, Inc. | 100% |
| Singapore | Unilever Asia Private Limited | 100% |
| South Africa | Unilever South Africa (Pty) Limited | 100% |
| Switzerland | Unilever Finance International AG | 100% |
| Thailand | Unilever Thai Trading Limited | 100% |
| Turkey | Unilever Sanayi ve Ticaret Turk A.S. | 100% |
| United States of America | Conopco, Inc. | 100% |
| United States of America | Nutraceutical Wellness, Inc. | 100% |
| United States of America | Paula's Choice, Inc. | 100% |
| United States of America | The LIV Group, Inc. | 100% |
| United States of America | Unilever Capital Corporation | 100% |
| United States of America | Unilever North America Supply Chain Company LLC | 100% |
| United States of America | Unilever United States, Inc. | 100% |
| Vietnam | Unilever Vietnam International Company Limited | 100% |

---

See pages [192](#idd497fffd94048748ee00e72dade0edb_397) to [200](#i2af3301e373649139573fdadc2964b67_7620) for a complete list of subsidiary undertakings, associates and joint ventures.

---

| | | |
|:---|:---|:---|
| 184 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 185 |

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| | | |
|:---|:---|:---|
| 186 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 187 |

---

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| | | |
|:---|:---|:---|
| 188 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

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---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 189 |

---

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| | | |
|:---|:---|:---|
| 190 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

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---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 191 |

---

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| | | |
|:---|:---|:---|
| 192 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

**Group Companies**

**AS AT 31 DECEMBER 2025**

In accordance with Section 409 of the Companies Act 2006, a list of subsidiaries, partnerships, associates and joint ventures as at 31 December 2025 is set out

below. All subsidiary undertakings are subsidiary undertakings of their immediate parent undertaking(s) pursuant to Section 1162(2)(a) of the Companies Act 2006

unless otherwise indicated – see the notes on page [200](#i2af3301e373649139573fdadc2964b67_7619). All subsidiary undertakings not included in the consolidation are not included because they are not material

for such purposes. All associated undertakings are included in the Unilever Group's financial statements using the equity method of accounting unless otherwise

indicated – see the notes on page [200](#i2af3301e373649139573fdadc2964b67_7619).

See page [183](#ib0095ce7b13042759bf9aaa1fd334c83_558) of the Annual Report on Form 20-F for a list of the significant subsidiaries.

Companies are listed by country and under their registered office address. The aggregate percentage of capital held by the Unilever Group is shown after the

subsidiary company name, except where it is 100%. If the Nominal Value field is blank, then the Share Class Note will identify the type of interest held in the entity.

**Subsidiary undertakings included in the consolidation** 

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **Algeria – Zone Industrielle Hassi Ameur, Oran 31000** | **Algeria – Zone Industrielle Hassi Ameur, Oran 31000** | **Algeria – Zone Industrielle Hassi Ameur, Oran 31000** |
| Unilever Algérie SPA (72.50) | DZD1,000.00 | 1 |
| **Argentina – Tucuman 1, Piso 4, Ciudad Autónoma de Buenos Aires** | **Argentina – Tucuman 1, Piso 4, Ciudad Autónoma de Buenos Aires** | **Argentina – Tucuman 1, Piso 4, Ciudad Autónoma de Buenos Aires** |
| Arisco S.A. | ARS1.00 | 1 |
| Unilever de Argentina S.A. | ARS1.00 | 1 |
| Club de Beneficios S.A.U. | ARS1.00 | 1 |
| Urent S.A. | ARS1.00 | 1 |
| **Argentina – Martín Güemes 24 Sur, San Juan, Provincia de San Juan** | **Argentina – Martín Güemes 24 Sur, San Juan, Provincia de San Juan** | **Argentina – Martín Güemes 24 Sur, San Juan, Provincia de San Juan** |
| Helket S.A. | ARS1.00 | 1 |
| **Argentina – Juana Manso 205, 7mo. Piso, Ciudad Autónoma de Buenos Aires** | **Argentina – Juana Manso 205, 7mo. Piso, Ciudad Autónoma de Buenos Aires** | **Argentina – Juana Manso 205, 7mo. Piso, Ciudad Autónoma de Buenos Aires** |
| Compre Ahora S.A. | ARS1.00 | 1 |
| **Australia – 219 North Rocks Road, North Rocks, NSW 2151** | **Australia – 219 North Rocks Road, North Rocks, NSW 2151** | **Australia – 219 North Rocks Road, North Rocks, NSW 2151** |
| Unilever Australia (Holdings) Pty Limited | AUD1.00 | 1 |
| Unilever Australia Group Pty Limited | AUD2.7414 | 1 |
| Unilever Australia Limited | AUD1.00 | 1 |
| Unilever Australia Trading Limited | AUD1.00 | 1 |
| **Australia – 111-115 Chandos Street, Crows Nest, NSW 2065** | **Australia – 111-115 Chandos Street, Crows Nest, NSW 2065** | **Australia – 111-115 Chandos Street, Crows Nest, NSW 2065** |
| Dermalogica Holdings Pty Limited | AUD1.00 | 1 |
| Dermalogica Pty Limited | AUD2.00 | 1 |
| **Australia – Level 12, 60 Castlereagh Street, Sydney, NSW 2000** | **Australia – Level 12, 60 Castlereagh Street, Sydney, NSW 2000** | **Australia – Level 12, 60 Castlereagh Street, Sydney, NSW 2000** |
| Paula's Choice International Australia Pty Limited | AUD0.01 | 1 |
| **Australia – 4 Knowles Avenue, North Bondi, NSW** | **Australia – 4 Knowles Avenue, North Bondi, NSW** | **Australia – 4 Knowles Avenue, North Bondi, NSW** |
| Yeti Parent Holdings Pty Ltd | AUD1.00 | 1 |
| **Australia – Level 16, 68 Pitt Street, Sydney, NSW 2000** | **Australia – Level 16, 68 Pitt Street, Sydney, NSW 2000** | **Australia – Level 16, 68 Pitt Street, Sydney, NSW 2000** |
| Brand Evangelists for Beauty Pty Ltd<sup>∆</sup> (68.03) |  | 1 |
| **Austria – Jakov-Lind-Straße 5, 1020 Wien** | **Austria – Jakov-Lind-Straße 5, 1020 Wien** | **Austria – Jakov-Lind-Straße 5, 1020 Wien** |
| Unilever Austria GmbH | EUR10,000,000.00 | 1 |
| **Bangladesh – 51 Kalurghat Heavy Industrial Area, Kalurghat, Chittagong** | **Bangladesh – 51 Kalurghat Heavy Industrial Area, Kalurghat, Chittagong** | **Bangladesh – 51 Kalurghat Heavy Industrial Area, Kalurghat, Chittagong** |
| Unilever Bangladesh Limited (60.75) | BDT100.00 | 1 |
| **Bangladesh – Fouzderhat Industrial Area, North Kattali, Chattogram 4217** | **Bangladesh – Fouzderhat Industrial Area, North Kattali, Chattogram 4217** | **Bangladesh – Fouzderhat Industrial Area, North Kattali, Chattogram 4217** |
| Unilever Consumer Care Limited (81.98) | BDT10.00 | 1 |
| **Belgium – Anderlecht, Industrielaan 9, 1070 Brussels** | **Belgium – Anderlecht, Industrielaan 9, 1070 Brussels** | **Belgium – Anderlecht, Industrielaan 9, 1070 Brussels** |
| Unilever Belgium NV/SA | No Par Value | 1 |
| **Bolivia – Av. Blanco Galindo, Km 10.5, Cochabamba** | **Bolivia – Av. Blanco Galindo, Km 10.5, Cochabamba** | **Bolivia – Av. Blanco Galindo, Km 10.5, Cochabamba** |
| Unilever Andina Bolivia S.A. | BOB100.00 | 1 |
| **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 16ª andar, Bairro Vila Olimpia,** <br>**São Paulo, ZIP Code 04547-006** | **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 16ª andar, Bairro Vila Olimpia,** <br>**São Paulo, ZIP Code 04547-006** | **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 16ª andar, Bairro Vila Olimpia,** <br>**São Paulo, ZIP Code 04547-006** |
| E-UB Comércio Limitada | BRL1.00 | 5 |
| **Brazil – R Campos Salles, 20 - Centro - Valinhos, SP, CEP 13.271-900** | **Brazil – R Campos Salles, 20 - Centro - Valinhos, SP, CEP 13.271-900** | **Brazil – R Campos Salles, 20 - Centro - Valinhos, SP, CEP 13.271-900** |
| Unilever Logistica Serviços Limitada | BRL1.00 | 5 |
| **Brazil – Av. das Nações Unidas, n. 14.261, 3rd to 6th floors, Wing B Vila Gertrudes,** <br>**ZIP Code 04794-000, São Paulo/SP** | **Brazil – Av. das Nações Unidas, n. 14.261, 3rd to 6th floors, Wing B Vila Gertrudes,** <br>**ZIP Code 04794-000, São Paulo/SP** | **Brazil – Av. das Nações Unidas, n. 14.261, 3rd to 6th floors, Wing B Vila Gertrudes,** <br>**ZIP Code 04794-000, São Paulo/SP** |
| Unilever Brasil Limitada | BRL1.00 | 5 |
| **Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Wing A, Vila Gertrudes, ZIP** <br>**Code 04794-000, São Paulo/SP** | **Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Wing A, Vila Gertrudes, ZIP** <br>**Code 04794-000, São Paulo/SP** | **Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Wing A, Vila Gertrudes, ZIP** <br>**Code 04794-000, São Paulo/SP** |
| Unilever Brasil Industrial Limitada | BRL1.00 | 5 |
| **Brazil – Avenida das Nações Unidas, nº 14.261, Vila Gertrudes, Andares 24º a 27º,** <br>**Sala/Conjunto nº 2401B, 2501B, 2601B, e 2701B, parte, Espaço de Escritório** <br>**WeWork nº 25-109, na Cidade de São Paulo, Estado de São Pa, CEP 04794-000** | **Brazil – Avenida das Nações Unidas, nº 14.261, Vila Gertrudes, Andares 24º a 27º,** <br>**Sala/Conjunto nº 2401B, 2501B, 2601B, e 2701B, parte, Espaço de Escritório** <br>**WeWork nº 25-109, na Cidade de São Paulo, Estado de São Pa, CEP 04794-000** | **Brazil – Avenida das Nações Unidas, nº 14.261, Vila Gertrudes, Andares 24º a 27º,** <br>**Sala/Conjunto nº 2401B, 2501B, 2601B, e 2701B, parte, Espaço de Escritório** <br>**WeWork nº 25-109, na Cidade de São Paulo, Estado de São Pa, CEP 04794-000** |
| Mãe Terra Produtos Naturais Limitada | BRL1.00 | 1 |

---

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **Brazil – Rua Tenente Pena, No. 156, Bom Retiro, CEP 01127-020, São Paulo** | **Brazil – Rua Tenente Pena, No. 156, Bom Retiro, CEP 01127-020, São Paulo** | **Brazil – Rua Tenente Pena, No. 156, Bom Retiro, CEP 01127-020, São Paulo** |
| Smart Home Comércio E Locação De Equipamentos <br>S.A. <br>| No Par Value | 1 |
| **Brazil – São Paulo, Estado de São Paulo na Rua Demóstenes nº 1072, Bairro Campo** <br>**Belo CEP 04614-010** | **Brazil – São Paulo, Estado de São Paulo na Rua Demóstenes nº 1072, Bairro Campo** <br>**Belo CEP 04614-010** | **Brazil – São Paulo, Estado de São Paulo na Rua Demóstenes nº 1072, Bairro Campo** <br>**Belo CEP 04614-010** |
| Ole Franquia Limitada | BRL1.00 | 1 |
| **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 5ª andar, locker 5D Bairro Vila** <br>**Olimpia, São Paulo, ZIP Code 04547-006** | **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 5ª andar, locker 5D Bairro Vila** <br>**Olimpia, São Paulo, ZIP Code 04547-006** | **Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 5ª andar, locker 5D Bairro Vila** <br>**Olimpia, São Paulo, ZIP Code 04547-006** |
| Compra Agora Serviços Digitais Limitada | BRL1.00 | 1 |
| **Brazil - AV Francisco Prestes Maia Avenue, Saint Bernard of the countryside, 275,SL** <br>**81,Center 09.770-000** | **Brazil - AV Francisco Prestes Maia Avenue, Saint Bernard of the countryside, 275,SL** <br>**81,Center 09.770-000** | **Brazil - AV Francisco Prestes Maia Avenue, Saint Bernard of the countryside, 275,SL** <br>**81,Center 09.770-000** |
| Minimalist Importation and Trade of Cosmetics LTDA <br>(56.02)<br>| – |  |
| **Bulgaria – City of Sofia, Borough Mladost, 1, Business Park, Building 4, Floor 5** | **Bulgaria – City of Sofia, Borough Mladost, 1, Business Park, Building 4, Floor 5** | **Bulgaria – City of Sofia, Borough Mladost, 1, Business Park, Building 4, Floor 5** |
| Unilever Bulgaria EOOD | BGN1,000.00 | 1 |
| **Cambodia – Morgan Tower Building, Level 15, No.** <br>**15F-8A/8B/9/10/11/12/13/14/15/16/17A, Street Sopheak Mongkul, Phum 14, Sangkat** <br>**Tonle Bassac, Khan Chamkarmon, Phnom Penh, 120101** | **Cambodia – Morgan Tower Building, Level 15, No.** <br>**15F-8A/8B/9/10/11/12/13/14/15/16/17A, Street Sopheak Mongkul, Phum 14, Sangkat** <br>**Tonle Bassac, Khan Chamkarmon, Phnom Penh, 120101** | **Cambodia – Morgan Tower Building, Level 15, No.** <br>**15F-8A/8B/9/10/11/12/13/14/15/16/17A, Street Sopheak Mongkul, Phum 14, Sangkat** <br>**Tonle Bassac, Khan Chamkarmon, Phnom Penh, 120101** |
| Unilever (Cambodia) Limited | KHR20,000.00 | 1 |
| **Canada – 70 University Ave, 300, Toronto ON M5J2M4** | **Canada – 70 University Ave, 300, Toronto ON M5J2M4** | **Canada – 70 University Ave, 300, Toronto ON M5J2M4** |
| Dermalogica (Canada) Limited | No Par Value | 6 |
| **Canada – 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto, ON M5X 1G5** | **Canada – 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto, ON M5X 1G5** | **Canada – 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto, ON M5X 1G5** |
| UPD Canada Inc. | No Par Value | 7 |
| **Canada – 1000 rue de la Gauchetière Ouest, Bureau 2500, Montreal, H3B 0A2** | **Canada – 1000 rue de la Gauchetière Ouest, Bureau 2500, Montreal, H3B 0A2** | **Canada – 1000 rue de la Gauchetière Ouest, Bureau 2500, Montreal, H3B 0A2** |
| 4012208 Canada Inc. | No Par Value | 7 |
| **Canada – 160 Bloor Street East, Suite 1400, Toronto, ON M4W 3R2** | **Canada – 160 Bloor Street East, Suite 1400, Toronto, ON M4W 3R2** | **Canada – 160 Bloor Street East, Suite 1400, Toronto, ON M4W 3R2** |
| Unilever Canada Inc. | No Par Value | 8 |
|  | No Par Value | 9 |
|  | No Par Value | 10 |
|  | No Par Value | 11 |
|  | No Par Value | 12 |
| **Canada – McCarthy Tetrault LLP, 745 Thurlow Street, Suite 2400, Vancouver,** <br>**BC V6E 0C5** | **Canada – McCarthy Tetrault LLP, 745 Thurlow Street, Suite 2400, Vancouver,** <br>**BC V6E 0C5** | **Canada – McCarthy Tetrault LLP, 745 Thurlow Street, Suite 2400, Vancouver,** <br>**BC V6E 0C5** |
| Hourglass Cosmetics Canada Limited | No Par Value | 7 |
| **Chile – Avenida Las Condes 11.000, Piso 5, Comuna de Vitacura, Santiago** | **Chile – Avenida Las Condes 11.000, Piso 5, Comuna de Vitacura, Santiago** | **Chile – Avenida Las Condes 11.000, Piso 5, Comuna de Vitacura, Santiago** |
| Unilever Chile Limitada |  | 13 |
| **China – Room 1001, No. 398 Caoxi Road (N), Xuhui District, Shanghai, 200030** | **China – Room 1001, No. 398 Caoxi Road (N), Xuhui District, Shanghai, 200030** | **China – Room 1001, No. 398 Caoxi Road (N), Xuhui District, Shanghai, 200030** |
| Blueair (Shanghai) Sales Co. Limited | CNY1.00 | 1 |
| **China – No. 33 North Fuquan Road, Changning District, Shanghai, 200335** | **China – No. 33 North Fuquan Road, Changning District, Shanghai, 200335** | **China – No. 33 North Fuquan Road, Changning District, Shanghai, 200335** |
| Unilever (China) Investing Company | USD1.00 | 1 |
| **China – 88 Jinxiu Avenue, Hefei Economic and Technology Development Zone,** <br>**Anhui, 230601** | **China – 88 Jinxiu Avenue, Hefei Economic and Technology Development Zone,** <br>**Anhui, 230601** | **China – 88 Jinxiu Avenue, Hefei Economic and Technology Development Zone,** <br>**Anhui, 230601** |
| Unilever (China) Limited | USD1.00 | 1 |
| Unilever Services (Hefei) Co. Ltd | CNY1.00 | 1 |
| **China – No. 225 Jingyi Road, Tianjin Airport Economic Area, Tianjin** | **China – No. 225 Jingyi Road, Tianjin Airport Economic Area, Tianjin** | **China – No. 225 Jingyi Road, Tianjin Airport Economic Area, Tianjin** |
| Unilever (Tianjin) Company Limited | USD1.00 | 1 |
| **China – 1068 Ting Wei Road, Jinshanzui Industrial Region, Jinshan District,** <br>**Shanghai** | **China – 1068 Ting Wei Road, Jinshanzui Industrial Region, Jinshan District,** <br>**Shanghai** | **China – 1068 Ting Wei Road, Jinshanzui Industrial Region, Jinshan District,** <br>**Shanghai** |
| Unilever Foods (China) Co. Limited | USD1.00 | 1 |
| **China – No. 166 Unilever Avenue West, Qinglong Town, Pengshan District, Meishan** <br>**City, Sichuan province 620800** | **China – No. 166 Unilever Avenue West, Qinglong Town, Pengshan District, Meishan** <br>**City, Sichuan province 620800** | **China – No. 166 Unilever Avenue West, Qinglong Town, Pengshan District, Meishan** <br>**City, Sichuan province 620800** |
| Unilever (Sichuan) Company Limited | USD1.00 | 1 |

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 193 |

---

GROUP COMPANIES<br>

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **China – Room 326, 3rd Floor, Xinmao Building, 2 South Taizhong Road, (Shanghai)** <br>**Pilot Free Trade Zone** | **China – Room 326, 3rd Floor, Xinmao Building, 2 South Taizhong Road, (Shanghai)** <br>**Pilot Free Trade Zone** | **China – Room 326, 3rd Floor, Xinmao Building, 2 South Taizhong Road, (Shanghai)** <br>**Pilot Free Trade Zone** |
| Uchieve Commerce (Shanghai) Co. Ltd | CNY1.00 | 1 |
| **China – Floor 1, Building 2, No. 33 North Fuquan Road, Changning District,** <br>**Shanghai 200335** | **China – Floor 1, Building 2, No. 33 North Fuquan Road, Changning District,** <br>**Shanghai 200335** | **China – Floor 1, Building 2, No. 33 North Fuquan Road, Changning District,** <br>**Shanghai 200335** |
| Shanghai CarverKorea Limited | USD1.00 | 1 |
| **China – 2F, No. 10, Lane 255, Xiaotang Road, Fengxian District, Shanghai** | **China – 2F, No. 10, Lane 255, Xiaotang Road, Fengxian District, Shanghai** | **China – 2F, No. 10, Lane 255, Xiaotang Road, Fengxian District, Shanghai** |
| Paula's Choice (Shanghai) Trading Co. Limited | CNY1.00 | 1 |
| **China – Room 1436, No. 1256 and No. 1258 Wanrong Road, Jingan District,** <br>**Shanghai** | **China – Room 1436, No. 1256 and No. 1258 Wanrong Road, Jingan District,** <br>**Shanghai** | **China – Room 1436, No. 1256 and No. 1258 Wanrong Road, Jingan District,** <br>**Shanghai** |
| Paula's Choice (Shanghai) Technology Co. Limited | CNY1.00 | 1 |
| **China – No. 88 Yanghua Road, Mingzhu Industrial Zone, Conghua District,** <br>**Guangzhou City** | **China – No. 88 Yanghua Road, Mingzhu Industrial Zone, Conghua District,** <br>**Guangzhou City** | **China – No. 88 Yanghua Road, Mingzhu Industrial Zone, Conghua District,** <br>**Guangzhou City** |
| Unilever (Guangzhou) Co. Limited | CNY1.00 | 1 |
| **China – Room 925, Floor 9, Building 1, Qunjia Building, No. 366 Shengkang Road,** <br>**Jiubao Street, Shangcheng District, Hangzhou, Zhejiang Province** | **China – Room 925, Floor 9, Building 1, Qunjia Building, No. 366 Shengkang Road,** <br>**Jiubao Street, Shangcheng District, Hangzhou, Zhejiang Province** | **China – Room 925, Floor 9, Building 1, Qunjia Building, No. 366 Shengkang Road,** <br>**Jiubao Street, Shangcheng District, Hangzhou, Zhejiang Province** |
| GoUni (Hangzhou) Trading Co. Limited | CNY1.00 | 1 |
| **China – Room 407, No. 1256, No. 1258 Wanrong Road, Jingan District, Shanghai** | **China – Room 407, No. 1256, No. 1258 Wanrong Road, Jingan District, Shanghai** | **China – Room 407, No. 1256, No. 1258 Wanrong Road, Jingan District, Shanghai** |
| UPD (Shanghai) Trading Co. Ltd | CNY1.00 | 1 |
| **Colombia – Avenida Carrera 45, 108-27 Torre 3, Piso 5 y 6, Bogotá D.C.** | **Colombia – Avenida Carrera 45, 108-27 Torre 3, Piso 5 y 6, Bogotá D.C.** | **Colombia – Avenida Carrera 45, 108-27 Torre 3, Piso 5 y 6, Bogotá D.C.** |
| Unilever Andina Colombia Limitada | COP100.00 | 1 |
| **Costa Rica – Provincia de Heredia, Cantón Belén, Distrito de la Asunción, de la** <br>**intersección Cariari-Belén, 400 Mts. Oeste, 800 Mts. al Norte** | **Costa Rica – Provincia de Heredia, Cantón Belén, Distrito de la Asunción, de la** <br>**intersección Cariari-Belén, 400 Mts. Oeste, 800 Mts. al Norte** | **Costa Rica – Provincia de Heredia, Cantón Belén, Distrito de la Asunción, de la** <br>**intersección Cariari-Belén, 400 Mts. Oeste, 800 Mts. al Norte** |
| UL Costa Rica SCC S.A. | CRC1.00 | 1 |
| **Côte d'Ivoire – 01 BP 1751 Abidjan 01, Boulevard de Vridi** | **Côte d'Ivoire – 01 BP 1751 Abidjan 01, Boulevard de Vridi** | **Côte d'Ivoire – 01 BP 1751 Abidjan 01, Boulevard de Vridi** |
| Unilever-Côte d'Ivoire (99.78) | XOF2,650.00 | 1 |
| **Côte d'Ivoire – Abidjan-Marcory, Boulevard Valery Giscard d'Estaing, Immeuble** <br>**Plein Ciel, Business Center, 26 BP 1377, Abidjan 26** | **Côte d'Ivoire – Abidjan-Marcory, Boulevard Valery Giscard d'Estaing, Immeuble** <br>**Plein Ciel, Business Center, 26 BP 1377, Abidjan 26** | **Côte d'Ivoire – Abidjan-Marcory, Boulevard Valery Giscard d'Estaing, Immeuble** <br>**Plein Ciel, Business Center, 26 BP 1377, Abidjan 26** |
| Unilever Afrique de l'Ouest (in liquidation) | XOF10,000.00 | 1 |
| **Croatia – Strojarska cesta 20, 10000 Zagreb** | **Croatia – Strojarska cesta 20, 10000 Zagreb** | **Croatia – Strojarska cesta 20, 10000 Zagreb** |
| Unilever Hrvatska d.o.o. | EUR1.00 | 1 |
| **Cuba – Zona Especial de Desarrollo Mariel, Provincia Artemisa** | **Cuba – Zona Especial de Desarrollo Mariel, Provincia Artemisa** | **Cuba – Zona Especial de Desarrollo Mariel, Provincia Artemisa** |
| Unilever Suchel, S.A. (60) | USD1,000.00 | 56 |
| **Cyprus – Head Offices, 195C Old Road, Nicosia Limassol, CY-2540 Idalion Industrial** <br>**Zone – Nicosia** | **Cyprus – Head Offices, 195C Old Road, Nicosia Limassol, CY-2540 Idalion Industrial** <br>**Zone – Nicosia** | **Cyprus – Head Offices, 195C Old Road, Nicosia Limassol, CY-2540 Idalion Industrial** <br>**Zone – Nicosia** |
| Unilever Tseriotis Cyprus Limited (84) | EUR1.00 | 1 |
| **Czech Republic – Voctářova 2497/18, 180 00 Praha 8** | **Czech Republic – Voctářova 2497/18, 180 00 Praha 8** | **Czech Republic – Voctářova 2497/18, 180 00 Praha 8** |
| Unilever ČR, spol. s.r.o. | CZK210,000.00 | 1 |
| **Denmark – Ørestads Boulevard 73, 2300 København S** | **Denmark – Ørestads Boulevard 73, 2300 København S** | **Denmark – Ørestads Boulevard 73, 2300 København S** |
| Unilever Danmark A/S | DKK1,000.00 | 1 |
| **Denmark – Petersmindevej 30, 5000 Odense C** | **Denmark – Petersmindevej 30, 5000 Odense C** | **Denmark – Petersmindevej 30, 5000 Odense C** |
| Unilever Produktion ApS | DKK100.00 | 1 |
| **Djibouti – Haramous, BP 169** | **Djibouti – Haramous, BP 169** | **Djibouti – Haramous, BP 169** |
| Unilever Djibouti FZCO Limited | USD200.00 | 1 |
| **Dominican Republic – Av. Winston Churchill, Torre Acropolis, Piso 16 E-D, Santo** <br>**Domingo** | **Dominican Republic – Av. Winston Churchill, Torre Acropolis, Piso 16 E-D, Santo** <br>**Domingo** | **Dominican Republic – Av. Winston Churchill, Torre Acropolis, Piso 16 E-D, Santo** <br>**Domingo** |
| Unilever Caribe, S.A. | DOP1,000.00 | 1 |
| **Ecuador – Km 25, Vía a Daule, Guayaquil** | **Ecuador – Km 25, Vía a Daule, Guayaquil** | **Ecuador – Km 25, Vía a Daule, Guayaquil** |
| Unilever Andina Ecuador S.A. | USD1.00 | 1 |
| **Egypt – 5th Floor, North Tower, Galleria 40 Business Complex, Sheikh Zayed, 6th of** <br>**October City, Giza** | **Egypt – 5th Floor, North Tower, Galleria 40 Business Complex, Sheikh Zayed, 6th of** <br>**October City, Giza** | **Egypt – 5th Floor, North Tower, Galleria 40 Business Complex, Sheikh Zayed, 6th of** <br>**October City, Giza** |
| Unilever Mashreq for Manufacturing and Trading (SAE) | EGP10.00 | 1 |
| Unilever Egypt for Shared Consultations Services | EGP10.00 | 1 |
| **Egypt – Public Free Zone, Alexandria** | **Egypt – Public Free Zone, Alexandria** | **Egypt – Public Free Zone, Alexandria** |
| Unilever Mashreq International Company (in liquidation) | USD1,000.00 | 1 |
| **Egypt – 14 May Bridge, Sidi Gaber, Smouha, Alexandria** | **Egypt – 14 May Bridge, Sidi Gaber, Smouha, Alexandria** | **Egypt – 14 May Bridge, Sidi Gaber, Smouha, Alexandria** |
| Unilever Mashreq Trading LLC (in liquidation)  | EGP1,000.00 | 1 |
| Commercial United for Import and Export LLC (in <br>liquidation)<br>| EGP1,000.00 | 1 |
| **Egypt – 15 Sphinx Square, El-Mohandsin, Giza** | **Egypt – 15 Sphinx Square, El-Mohandsin, Giza** | **Egypt – 15 Sphinx Square, El-Mohandsin, Giza** |
| Unilever Mashreq for Import and Export LLC | EGP100.00 | 1 |
| **El Salvador – Local 19, Nivel 19, Edificio Torre Futura, Calle El Mirador y 87 Avenida** <br>**Norte, Colonia Escalón, San Salvador** | **El Salvador – Local 19, Nivel 19, Edificio Torre Futura, Calle El Mirador y 87 Avenida** <br>**Norte, Colonia Escalón, San Salvador** | **El Salvador – Local 19, Nivel 19, Edificio Torre Futura, Calle El Mirador y 87 Avenida** <br>**Norte, Colonia Escalón, San Salvador** |
| Unilever El Salvador, SCC S.A. de C.V. | USD1.00 | 1 |
| Unilever de Centro America S.A. de C.V. | USD11.00 | 1 |
| **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** | **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** | **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** |

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Accantia Group Holdings (unlimited company) | GBP0.01 | 1 |
| Alberto-Culver (Europe) Limited (in liquidation) | GBP1.00 | 1 |
| Alberto-Culver Group Limited (in liquidation) | GBP1.00 | 1 |
| Alberto-Culver UK Holdings Limited (in liquidation) | GBP1.00 | 1 |
| Alberto-Culver UK Products Limited (in liquidation) | GBP1.00 | 1 |
|  | GBP5.00 | 14 |
| Associated Enterprises Limited° | GBP1.00 | 1 |
| GroNext Technologies Limited | GBP1.00 | 1 |
| Hourglass Cosmetics UK Limited | GBP1.00 | 1 |
| Margarine Union (1930) Limited° | GBP1.00 | 1 |
|  | GBP1.00 | 18 |
|  | GBP1.00 | 68 |
|  | GBP1.00 | 69 |
| MBUK Trading Limited (in liquidation) | GBP1.00 | 1 |
| Mixhold Investments Limited | GBP1.00 | 1 |
| ND4A Limited | GBP1.00 | 1 |
| Toni & Guy Products Limited° | GBP0.001 | 1 |
| UAC International Limited | GBP1.00 | 1 |
| UML Limited | GBP1.00 | 1 |
| Unidis Forty Nine Limited (in liquidation) | GBP1.00 | 1 |
| Unilever AC Limited | GBP1.00 | 1 |
| Unilever Assam Estates Limited | GBP1.00 | 1 |
| Unilever Company for Industrial Development Limited <br>(in liquidation)<br>| GBP1.00 | 1 |
| Unilever Company for Regional Marketing and <br>Research Limited (in liquidation)<br>| GBP1.00 | 1 |
| Unilever Corporate Holdings Limited° | GBP1.00 | 1 |
| Unilever Employee Benefit Trustees Limited | GBP1.00 | 1 |
| Unilever Group Limited° | GBP0.25 | 1 |
| Unilever South India Estates Limited° | GBP1.00 | 1 |
|  | GBP1.00 | 15 |
| Unilever S.K. Holdings Limited | EUR1.43 | 1 |
| Unilever Overseas Holdings Limited° | GBP1.00 | 1 |
| Unilever U.K. Central Resources Limited | GBP1.00 | 1 |
| Unilever U.K. Holdings Limited° | GBP1.00 | 1 |
| Unilever UK & CN Holdings Limited | GBP1.00 | 2 |
|  | GBP1.00 | 3 |
|  | GBP10.00 | 24 |
| Unilever UK Group Limited | GBP1.00 | 2 |
| Unilever US Investments Limited° | GBP0.001  | 1 |
| United Holdings Limited° | GBP1.00 | 1 |
| **England and Wales – The Manser Building, Thorncroft Manor, Thorncroft Drive,** <br>**Dorking Road, Leatherhead, Surrey, KT22 8JB** | **England and Wales – The Manser Building, Thorncroft Manor, Thorncroft Drive,** <br>**Dorking Road, Leatherhead, Surrey, KT22 8JB** | **England and Wales – The Manser Building, Thorncroft Manor, Thorncroft Drive,** <br>**Dorking Road, Leatherhead, Surrey, KT22 8JB** |
| Dermalogica (UK) Limited | GBP1.00 | 1 |
| **England and Wales – Oceana House, 39-49 Commercial Road, First Floor,** <br>**Southampton, Hampshire, SO15 1GA** | **England and Wales – Oceana House, 39-49 Commercial Road, First Floor,** <br>**Southampton, Hampshire, SO15 1GA** | **England and Wales – Oceana House, 39-49 Commercial Road, First Floor,** <br>**Southampton, Hampshire, SO15 1GA** |
| Aquis Haircare UK Ltd (in liquidation) | GBP1.00 | 1 |
| **England and Wales – c/o TMF Group, 13th Floor, One Angel Court, London EC2R 7HJ** | **England and Wales – c/o TMF Group, 13th Floor, One Angel Court, London EC2R 7HJ** | **England and Wales – c/o TMF Group, 13th Floor, One Angel Court, London EC2R 7HJ** |
| Unilever Ventures III Limited Partnership∞ (86.25) |  | 4 |
| Twenty Nine Capital Partners Limited Partnership∞ (80) |  | 4 |
| Unilever Ventures Limited | GBP1.00 | 1 |
| Twenty Nine Capital Partners (General Partner) Limited | GBP1.00 | 1 |
| Unilever Ventures General Partner Limited | GBP1.00 | 1 |
| **England and Wales – 4th Floor, 52 Conduit Street, London W1S 2YX** | **England and Wales – 4th Floor, 52 Conduit Street, London W1S 2YX** | **England and Wales – 4th Floor, 52 Conduit Street, London W1S 2YX** |
| Twenty Nine Capital Partners V Limited Partnership ∞ <br>(85)<br>|  | 4 |
| **England and Wales – Union House, 182-194 Union Street, London SE1 0LH** | **England and Wales – Union House, 182-194 Union Street, London SE1 0LH** | **England and Wales – Union House, 182-194 Union Street, London SE1 0LH** |
| REN Limited (60.98) | GBP0.01 | 1 |
|  | GBP0.0032  | 19 |
|  | GBP0.0042 | 126 |
| Murad Europe Limited | GBP1.00 | 1 |
| **England and Wales – Lever House, 3 St James Road, Kingston Upon Thames,** <br>**Surrey KT1 2BA** | **England and Wales – Lever House, 3 St James Road, Kingston Upon Thames,** <br>**Surrey KT1 2BA** | **England and Wales – Lever House, 3 St James Road, Kingston Upon Thames,** <br>**Surrey KT1 2BA** |

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|:---|:---|:---|
| 194 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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GROUP COMPANIES<br>

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Alberto-Culver Company (U.K.) Limited | GBP1.00 | 1 |
| CPC (UK) Pension Trust Limited (in liquidation) |  | 16 |
| Nature Delivered Limited | GBP0.0001 | 1 |
|  | GBP0.0001 | 3 |
|  | GBP0.0001 | 84 |
| Marshfield Bakery Limited (in liquidation) | GBP0.01 | 1 |
| Unilever Pension Trust Limited | GBP1.00 | 1 |
| Unilever UK Limited | GBP1.00 | 1 |
| Unilever UK Pension Fund Trustees Limited | GBP1.00 | 1 |
| Unilever Superannuation Trustees Limited | GBP1.00 | 1 |
| USF Nominees Limited | GBP1.00 | 1 |
| **England and Wales – 1 More Place, London SE1 2AF** | **England and Wales – 1 More Place, London SE1 2AF** | **England and Wales – 1 More Place, London SE1 2AF** |
| Accantia Health and Beauty Limited (in liquidation) | GBP0.25 | 1 |
| **England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD** | **England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD** | **England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD** |
| Unilever Global IP Limited° | GBP1.00 | 1 |
| **England and Wales – Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL** | **England and Wales – Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL** | **England and Wales – Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL** |
| Paula's Choice UK Limited (in liquidation) | USD1.00 | 1 |
| **England and Wales – 3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT** | **England and Wales – 3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT** | **England and Wales – 3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT** |
| Brand Evangelists for Beauty Limited<sup>∆</sup> (80.30) | GBP0.001 | 2 |
| (100) | GBP0.001 | 85 |
| (66.47) | GBP0.001 | 128 |
| (82.92) | GBP0.001 | 129 |
| **England and Wales – Units 1.14-1.17 First Floor of Canterbury Court, Kennington** <br>**Park, 1-3 Brixton Road, London SW9 6DE** | **England and Wales – Units 1.14-1.17 First Floor of Canterbury Court, Kennington** <br>**Park, 1-3 Brixton Road, London SW9 6DE** | **England and Wales – Units 1.14-1.17 First Floor of Canterbury Court, Kennington** <br>**Park, 1-3 Brixton Road, London SW9 6DE** |
| Wild Cosmetics Limited | GBP0.00001 | 1 |
| **England and Wales - 3rd Floor, 5 Lloyds Avenue, London - EC3N 3AE** | **England and Wales - 3rd Floor, 5 Lloyds Avenue, London - EC3N 3AE** | **England and Wales - 3rd Floor, 5 Lloyds Avenue, London - EC3N 3AE** |
| Minimalist Science Ltd (56.02) | GBP1.00 | 1 |
| **Estonia – Harju maakond, Tallinn, Haabersti linnaosa, Paldiski mnt 96, 13522** | **Estonia – Harju maakond, Tallinn, Haabersti linnaosa, Paldiski mnt 96, 13522** | **Estonia – Harju maakond, Tallinn, Haabersti linnaosa, Paldiski mnt 96, 13522** |
| Unilever Eesti Aktsiaselts  | EUR6.30 | 1 |
| **Ethiopia – Bole Sub City, Kebele 03/05, Lidiya Building, Addis Ababa** | **Ethiopia – Bole Sub City, Kebele 03/05, Lidiya Building, Addis Ababa** | **Ethiopia – Bole Sub City, Kebele 03/05, Lidiya Building, Addis Ababa** |
| Unilever Manufacturing PLC | ETB1,000.00 | 1 |
| **Finland – Post Box 254, 00101 Helsinki** | **Finland – Post Box 254, 00101 Helsinki** | **Finland – Post Box 254, 00101 Helsinki** |
| Unilever Finland Oy | EUR16.82 | 1 |
| Unilever Ingman Production Oy | EUR1,000.00 | 1 |
| **France – 20, rue des Deux Gares, 92500, Rueil-Malmaison** | **France – 20, rue des Deux Gares, 92500, Rueil-Malmaison** | **France – 20, rue des Deux Gares, 92500, Rueil-Malmaison** |
| Bestfoods France Industries S.A.S. (99.99) | No Par Value | 1 |
| Fralib Sourcing Unit S.A.S. (99.99) | No Par Value | 1 |
| Saphir S.A.S. (99.99) | EUR1.00 | 1 |
| U-Labs S.A.S. (99.99) | No Par Value | 1 |
| Unilever France S.A.S. (99.99) | No Par Value | 1 |
| Unilever France Holdings S.A.S. (99.99) | EUR1.00 | 1 |
| Unilever France HPC Industries S.A.S. (99.99) | EUR1.00 | 1 |
| **France – ZI de la Norge – Chevigny Saint-Sauveur, 21800 Quetigny** | **France – ZI de la Norge – Chevigny Saint-Sauveur, 21800 Quetigny** | **France – ZI de la Norge – Chevigny Saint-Sauveur, 21800 Quetigny** |
| Amora Maille Societe Industrielle S.A.S. (99.99) | No Par Value | 1 |
| **France – 42, rue Jean de La Fontaine, Paris, 75016** | **France – 42, rue Jean de La Fontaine, Paris, 75016** | **France – 42, rue Jean de La Fontaine, Paris, 75016** |
| Laboratoire Garancia | EUR62.50 | 1 |
| UPD EU | EUR1.00 | 1 |
| **Germany – Wiesenstraße 21, 40549 Düsseldorf** | **Germany – Wiesenstraße 21, 40549 Düsseldorf** | **Germany – Wiesenstraße 21, 40549 Düsseldorf** |
| Dermalogica GmbH | EUR25,000.00 | 1 |
| **Germany – Spitaler Straße 16, 20095 Hamburg** | **Germany – Spitaler Straße 16, 20095 Hamburg** | **Germany – Spitaler Straße 16, 20095 Hamburg** |
| ProCepta Service GmbH | EUR28,348.00 | 1 |
| **Germany – Neue Burg 1, 20457 Hamburg** | **Germany – Neue Burg 1, 20457 Hamburg** | **Germany – Neue Burg 1, 20457 Hamburg** |
| DU Gesellschaft für Arbeitnehmerüberlassung mbH <br>(99.99)<br>| DEM50,000.00 | 1 |
| Unilever Deutschland GmbH | EUR90,000,000.00 | 1 |
|  | EUR2,000,000.00 | 1 |
|  | EUR1,000,000.00 | 1 |
|  | EUR 100.000,00 | 1 |
| Unilever Deutschland Holding GmbH | EUR39,000.00 | 1 |
|  | EUR18,000.00 | 1 |
|  | EUR14,300.00 | 1 |
|  | EUR5,200.00 | 1 |

---

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
|  | EUR6,500.00 | 1 |
| Unilever Deutschland Produktions GmbH & Co. OHG |  | 4 |
| Rizofoor Gesellschaft mit beschränkter Haftung | EUR15,350.00 | 1 |
|  | EUR138,150.00 | 1 |
| Schafft GmbH | EUR63,920.00 | 1 |
|  | EUR100,000.00 | 1 |
| Unilever Deutschland Pensions GmbH | EUR1.00 | 1 |
| **Germany – Alt-Moabit 2, c/o Mazars Advisors GmbH & Co. KG, 10557 Berlin** | **Germany – Alt-Moabit 2, c/o Mazars Advisors GmbH & Co. KG, 10557 Berlin** | **Germany – Alt-Moabit 2, c/o Mazars Advisors GmbH & Co. KG, 10557 Berlin** |
| T2 Germany GmbH (in liquidation) | EUR25,000.00 | 1 |
| **Germany – Langnesestraße 1, 64646 Heppenheim** | **Germany – Langnesestraße 1, 64646 Heppenheim** | **Germany – Langnesestraße 1, 64646 Heppenheim** |
| Maizena Grundstücksverwaltung Gesellschaft mit <br>beschränkter Haftung & Co. offene Handelsgesellschaft<br>|  | 4 |
| **Germany – Wiesenstrasse 21, D-40549 Düsseldorf**  | **Germany – Wiesenstrasse 21, D-40549 Düsseldorf**  |  |
| Murad GmbH  | EUR1.00 | 1 |
| Ren GmbH  | EUR1.00 | 1 |
| **Germany – Zehdenicker Str. 110119 Berlin** | **Germany – Zehdenicker Str. 110119 Berlin** |  |
| Paula's Choice Germany GmbH  |  | 4 |
| **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** | **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** | **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** |
| Unilever Ghana PLC (74.50) | GHC0.0192 | 1 |
| **Greece – Kymis Ave & 10, Seneka Str. GR-145 64 Kifissia** | **Greece – Kymis Ave & 10, Seneka Str. GR-145 64 Kifissia** | **Greece – Kymis Ave & 10, Seneka Str. GR-145 64 Kifissia** |
| Elais Unilever Hellas SA | EUR10.00 | 1 |
| Unilever Knorr SA | EUR10.00 | 1 |
| Unilever Logistics SA | EUR10.00 | 1 |
| **Guatemala – 24 Avenida 35-87 Calzada Atanasio Tzul, Zona 12** | **Guatemala – 24 Avenida 35-87 Calzada Atanasio Tzul, Zona 12** | **Guatemala – 24 Avenida 35-87 Calzada Atanasio Tzul, Zona 12** |
| Unilever de Centroamerica S.A. | GT60.00 | 1 |
| **Haiti – 115, Rue Panamericaine, Estabissement Número 1, Petion Ville** | **Haiti – 115, Rue Panamericaine, Estabissement Número 1, Petion Ville** | **Haiti – 115, Rue Panamericaine, Estabissement Número 1, Petion Ville** |
| Les Condiments Alimentaires, S.A. (61) (in liquidation) | HTG1000.00 | 1 |
| **Honduras – Anillo Periférico 600 metros después de la colonia, Residencial, Las** <br>**Uvas contigua acceso de residencial Roble Oeste, Tegucigalpa M.D.C.** | **Honduras – Anillo Periférico 600 metros después de la colonia, Residencial, Las** <br>**Uvas contigua acceso de residencial Roble Oeste, Tegucigalpa M.D.C.** | **Honduras – Anillo Periférico 600 metros después de la colonia, Residencial, Las** <br>**Uvas contigua acceso de residencial Roble Oeste, Tegucigalpa M.D.C.** |
| Unilever de Centroamerica S.A. | HNL10.00 | 1 |
| **Hong Kong – Suite 1106-8, 11/F, Tai Yau Building, 181 Johnston Road, Wanchai** | **Hong Kong – Suite 1106-8, 11/F, Tai Yau Building, 181 Johnston Road, Wanchai** | **Hong Kong – Suite 1106-8, 11/F, Tai Yau Building, 181 Johnston Road, Wanchai** |
| Blueair Asia Limited | HKD0.10 | 1 |
| **Hong Kong – 6 Dai Fu Street, Tai Po Industrial Estate** | **Hong Kong – 6 Dai Fu Street, Tai Po Industrial Estate** | **Hong Kong – 6 Dai Fu Street, Tai Po Industrial Estate** |
| Unilever Hong Kong Limited | HKD0.10 | 1 |
| **Hong Kong – Suite 907, 9/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon** | **Hong Kong – Suite 907, 9/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon** | **Hong Kong – Suite 907, 9/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon** |
| Hourglass Cosmetics Hong Kong Limited | HKD1.00 | 1 |
| **Hong Kong – Units 04-05, 26F, Railway Plaza, 39 Chatham Road South, Tsim Sha** <br>**Tsui, Kowloon** | **Hong Kong – Units 04-05, 26F, Railway Plaza, 39 Chatham Road South, Tsim Sha** <br>**Tsui, Kowloon** | **Hong Kong – Units 04-05, 26F, Railway Plaza, 39 Chatham Road South, Tsim Sha** <br>**Tsui, Kowloon** |
| Hong Kong CarverKorea Limited | HKD1.00 | 7 |
| **Hong Kong – 14th Floor, One Taikoo Place, 979 King's Road, Quarry Bay** | **Hong Kong – 14th Floor, One Taikoo Place, 979 King's Road, Quarry Bay** | **Hong Kong – 14th Floor, One Taikoo Place, 979 King's Road, Quarry Bay** |
| UPD Hong Kong Limited | HKD100.00 | 1 |
| **Hong Kong – 14/F, One Taikoo Place, 979 King's Road, Quarry Bay** | **Hong Kong – 14/F, One Taikoo Place, 979 King's Road, Quarry Bay** | **Hong Kong – 14/F, One Taikoo Place, 979 King's Road, Quarry Bay** |
| Go-Uni Limited  | USD1.00 | 1 |
| **Hong Kong – Unit B, 17/F, United Centre, 95 Queensway, Admiralty** | **Hong Kong – Unit B, 17/F, United Centre, 95 Queensway, Admiralty** | **Hong Kong – Unit B, 17/F, United Centre, 95 Queensway, Admiralty** |
| Paula's Choice Hong Kong Limited | HKD1.00 | 1 |
| Paula's Choice Hong Kong Distributor Services Ltd | HKD1.00 | 1 |
| **Hungary – 1138-Budapest, Váci út 121-127** | **Hungary – 1138-Budapest, Váci út 121-127** | **Hungary – 1138-Budapest, Váci út 121-127** |
| Unilever Magyarország Kft | HUF1.00 | 1 |
| **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400099** | **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400099** | **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400099** |
| Daverashola Estates Private Limited (61.90) | INR10.00 | 1 |
| Hindlever Trust Limited (61.90) | INR10.00 | 1 |
| Hindustan Unilever Limited° (61.90) | INR1.00 | 1 |
| Lakme Lever Private Limited (61.90) | INR10.00 | 1 |
| Levers Associated Trust Limited (61.90) | INR10.00 | 1 |
| Levindra Trust Limited (61.90) | INR10.00 | 1 |
| Unilever India Limited (61.90) | INR1.00 | 1 |
| Unilever India Exports Limited (61.90) | INR10.00 | 1 |
| Unilever Industries Private Limited° | INR10.00 | 1 |
| Unilever Ventures India Advisory Private Limited | INR1.00 | 1 |
| Kwality Wall's (India) Limited (61.90) | INR1.00 | 1 |
| **India – S-327, Greater Kailash – II, New Delhi – 110048, Delhi** | **India – S-327, Greater Kailash – II, New Delhi – 110048, Delhi** | **India – S-327, Greater Kailash – II, New Delhi – 110048, Delhi** |
| Blueair India Private Limited (in liquidation) | INR10.00 | 1 |

---

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 195 |

---

GROUP COMPANIES<br>

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **India – c/o Vaish Associates, 106, Peninsula Centre, Dr S.S. Rao Road, Parel,** <br>**Mumbai, Maharashtra, 400012**  | **India – c/o Vaish Associates, 106, Peninsula Centre, Dr S.S. Rao Road, Parel,** <br>**Mumbai, Maharashtra, 400012**  | **India – c/o Vaish Associates, 106, Peninsula Centre, Dr S.S. Rao Road, Parel,** <br>**Mumbai, Maharashtra, 400012**  |
| Jech India Private Limited (in liquidation) | INR10.00 | 1 |
| **India – Ground Floor, Plot No. 57, Industrial Area Phase I, Chandigarh 160002** | **India – Ground Floor, Plot No. 57, Industrial Area Phase I, Chandigarh 160002** | **India – Ground Floor, Plot No. 57, Industrial Area Phase I, Chandigarh 160002** |
| Zywie Ventures Private Limited (33.02) | INR10.00 | 1 |
| **India – 2nd Floor Commercial Building, Hotel Marriott, Khasra No. 55, Ramdas** <br>**Agarwal Marg, New Jawahar Circle, Gandhi Nagar, Jaipur, Rajasthan, 302015** | **India – 2nd Floor Commercial Building, Hotel Marriott, Khasra No. 55, Ramdas** <br>**Agarwal Marg, New Jawahar Circle, Gandhi Nagar, Jaipur, Rajasthan, 302015** | **India – 2nd Floor Commercial Building, Hotel Marriott, Khasra No. 55, Ramdas** <br>**Agarwal Marg, New Jawahar Circle, Gandhi Nagar, Jaipur, Rajasthan, 302015** |
| Uprising Science Private Limited (56.02) | INR10.00 | 1 |
| **India – Plot no. 70, Himmat Nagar, Gopalpura Mod Durgapura, Jaipur, Rajasthan -** <br>**302018** | **India – Plot no. 70, Himmat Nagar, Gopalpura Mod Durgapura, Jaipur, Rajasthan -** <br>**302018** | **India – Plot no. 70, Himmat Nagar, Gopalpura Mod Durgapura, Jaipur, Rajasthan -** <br>**302018** |
| Minimalist Foundation (55.46) | INR10.00 | 1 |
| **Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat,** <br>**BSD City, Tangerang, 15345** | **Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat,** <br>**BSD City, Tangerang, 15345** | **Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat,** <br>**BSD City, Tangerang, 15345** |
| PT Unilever Indonesia Tbk (84.99) | IDR2.00 | 1 |
| PT Unilever Enterprises Indonesia (99.99) | IDR1,000.00 | 1 |
| PT Unilever Trading Indonesia | IDR1,003,875.00 | 1 |
| **Indonesia – Gedung Pasaraya Blok M, Gedung B, Lantai 6 dan 7, Jalan Iskandarsyah** <br>**II No. 2, DKI Jakarta** | **Indonesia – Gedung Pasaraya Blok M, Gedung B, Lantai 6 dan 7, Jalan Iskandarsyah** <br>**II No. 2, DKI Jakarta** | **Indonesia – Gedung Pasaraya Blok M, Gedung B, Lantai 6 dan 7, Jalan Iskandarsyah** <br>**II No. 2, DKI Jakarta** |
| PT Gerai Cepat Untung (88.19) | IDR100,000.00 | 1 |
| **Indonesia – KEK Sei Mangkei, Nagori Sei Mangkei, Kecamatan Bosar Maligas,** <br>**Kabupaten Simalungun 21183, Sumatera Utara** | **Indonesia – KEK Sei Mangkei, Nagori Sei Mangkei, Kecamatan Bosar Maligas,** <br>**Kabupaten Simalungun 21183, Sumatera Utara** | **Indonesia – KEK Sei Mangkei, Nagori Sei Mangkei, Kecamatan Bosar Maligas,** <br>**Kabupaten Simalungun 21183, Sumatera Utara** |
| PT Unilever Oleochemical Indonesia | IDR1,000,000.00 | 1 |
| **Indonesia - Gedung Pusat Perfilman H. Usmar Ismail 2nd floor, Unit 210. Jl. H.R.** <br>**Rasuna Said Kav. C-22, Karet Kuningan Setiabudi, Jakarta Selatan** | **Indonesia - Gedung Pusat Perfilman H. Usmar Ismail 2nd floor, Unit 210. Jl. H.R.** <br>**Rasuna Said Kav. C-22, Karet Kuningan Setiabudi, Jakarta Selatan** | **Indonesia - Gedung Pusat Perfilman H. Usmar Ismail 2nd floor, Unit 210. Jl. H.R.** <br>**Rasuna Said Kav. C-22, Karet Kuningan Setiabudi, Jakarta Selatan** |
| PT Minimalist Science Indonesia (55.96) | IDR10,000,000.00 | 1 |
| **Iran – No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran** | **Iran – No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran** | **Iran – No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran** |
| Unilever Iran (Private Joint Stock Company) (99.99) | IRR1,000,000.00 | 1 |
| **Ireland – 20 Riverwalk, National Digital Park, Citywest Business Campus, Dublin 24** | **Ireland – 20 Riverwalk, National Digital Park, Citywest Business Campus, Dublin 24** | **Ireland – 20 Riverwalk, National Digital Park, Citywest Business Campus, Dublin 24** |
| Lipton Soft Drinks (Ireland) Limited | EUR1.26 | 1 |
| Unilever Ireland (Holdings) Limited | EUR1.26 | 1 |
| Unilever Ireland Limited | EUR1.26 | 1 |
| **Ireland – Unit 50, The Swan Shopping Centre, Rathmines Road Lower, Dublin,** <br>**D06V9K5** | **Ireland – Unit 50, The Swan Shopping Centre, Rathmines Road Lower, Dublin,** <br>**D06V9K5** | **Ireland – Unit 50, The Swan Shopping Centre, Rathmines Road Lower, Dublin,** <br>**D06V9K5** |
| Dermalogica (Skin Care) Ireland Limited | EUR1.00 | 1 |
| **Isle of Man – Bridge Chambers, West Quay, Ramsey, Isle of Man, IM8 1DL** | **Isle of Man – Bridge Chambers, West Quay, Ramsey, Isle of Man, IM8 1DL** | **Isle of Man – Bridge Chambers, West Quay, Ramsey, Isle of Man, IM8 1DL** |
| Rational International Enterprises Limited | USD1.00 | 1 |
| **Israel – 3 Gilboa Street, Airport City, Ben Gurion Airport** | **Israel – 3 Gilboa Street, Airport City, Ben Gurion Airport** | **Israel – 3 Gilboa Street, Airport City, Ben Gurion Airport** |
| Beigel & Beigel Mazon (1985) Limited | ILS1.00 | 1 |
| **Israel – 52 Julius Simon Street, Haifa, 3296279** | **Israel – 52 Julius Simon Street, Haifa, 3296279** | **Israel – 52 Julius Simon Street, Haifa, 3296279** |
| Bestfoods TAMI Holdings Ltd | ILS0.001 | 1 |
| Israel Vegetable Oil Company Ltd | ILS0.0001 | 1 |
| Unilever Israel Foods Ltd | ILS0.10 | 35 |
|  | ILS0.10 | 79 |
|  | ILS0.10 | 17 |
|  | ILS0.0002 | 25 |
| Unilever Israel Home and Personal Care Limited | ILS1.00 | 1 |
| Unilever Israel Marketing Ltd | ILS0.0001 | 1 |
| Unilever Shefa Israel Ltd | ILS1.00 | 1 |
| **Italy – Viale Sarca 235, 20126 Milan** | **Italy – Viale Sarca 235, 20126 Milan** | **Italy – Viale Sarca 235, 20126 Milan** |
| Unilever Italia Administrative Services S.R.L. | EUR70,000.00 | 1 |
| **Italy – Via Paolo di Dono n. 3/A 00142 Roma** | **Italy – Via Paolo di Dono n. 3/A 00142 Roma** | **Italy – Via Paolo di Dono n. 3/A 00142 Roma** |
| Unilever Italia Logistics S.R.L. | EUR600,000.00 | 1 |
| Unilever Italia Manufacturing S.R.L. | EUR10,000,000.00 | 1 |
| Unilever Italia Mkt Operations S.R.L. | EUR25,000,000.00 | 1 |
| Unilever Italy Holdings S.R.L. | EUR1,000.00 | 1 |
| **Italy – Via Plava, 74 10135 Torino** | **Italy – Via Plava, 74 10135 Torino** | **Italy – Via Plava, 74 10135 Torino** |
| Equilibra S.R.L.  | EUR 10,400.00 | 1 |
| **Italy – Business Center Monte Napoleone, Via Monte Napoleone 8, 20121 – Milano** | **Italy – Business Center Monte Napoleone, Via Monte Napoleone 8, 20121 – Milano** | **Italy – Business Center Monte Napoleone, Via Monte Napoleone 8, 20121 – Milano** |
| UPD Italia S.r.l. | EUR10,000.00 | 1 |
| **Japan – 2-1-1, Kamimeguro, Meguro-ku, Tokyo 153-8578** | **Japan – 2-1-1, Kamimeguro, Meguro-ku, Tokyo 153-8578** | **Japan – 2-1-1, Kamimeguro, Meguro-ku, Tokyo 153-8578** |
| Unilever Japan Customer Marketing K.K. | JPY100,000,001.00 | 1 |
| Unilever Japan Holdings G.K. | JPY10,000,000.00 | 1 |
| Unilever Japan K.K. | JPY100,000,001.00 | 1 |
| Rafra Japan K.K.  | JPY20,000,000.00 | 1 |

---

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **Japan – Marunouchi Trust Tower – Main 20F, 1-8-3 Marunouchi Chiyoda-ku Tokyo** <br>**100-0005** | **Japan – Marunouchi Trust Tower – Main 20F, 1-8-3 Marunouchi Chiyoda-ku Tokyo** <br>**100-0005** | **Japan – Marunouchi Trust Tower – Main 20F, 1-8-3 Marunouchi Chiyoda-ku Tokyo** <br>**100-0005** |
| UPD Japan K.K. | JPY109,850.00 | 1 |
| **Jersey – IFC 5, St Helier, JE1 1ST** | **Jersey – IFC 5, St Helier, JE1 1ST** | **Jersey – IFC 5, St Helier, JE1 1ST** |
| Unilever Chile Investments Limited | GBP1.00 | 1 |
| **Jordan – Ground Floor, Office No. 1, GH24 Building, Business Park, Development** <br>**Zone, Amman** | **Jordan – Ground Floor, Office No. 1, GH24 Building, Business Park, Development** <br>**Zone, Amman** | **Jordan – Ground Floor, Office No. 1, GH24 Building, Business Park, Development** <br>**Zone, Amman** |
| Unilever Jordan for Marketing Services | JOD1,000.00 | 1 |
| **Kazakhstan – Abylai Khan Avenue, 53, Abylai Khan Building, 6th Floor, Almaty** | **Kazakhstan – Abylai Khan Avenue, 53, Abylai Khan Building, 6th Floor, Almaty** | **Kazakhstan – Abylai Khan Avenue, 53, Abylai Khan Building, 6th Floor, Almaty** |
| Unilever Kazakhstan LLP |  | 4 |
| **Kenya – Commercial Street, Industrial Area, PO Box 30062-00100, Nairobi** | **Kenya – Commercial Street, Industrial Area, PO Box 30062-00100, Nairobi** | **Kenya – Commercial Street, Industrial Area, PO Box 30062-00100, Nairobi** |
| Unilever Kenya Limited° | KES20.00 | 1 |
| **Korea – 443 Taeheran-ro, Samsung-dong, Kangnam-gu, Seoul** | **Korea – 443 Taeheran-ro, Samsung-dong, Kangnam-gu, Seoul** | **Korea – 443 Taeheran-ro, Samsung-dong, Kangnam-gu, Seoul** |
| Unilever Korea Co., Ltd | KRW10,000.00 | 1 |
| **Korea – 7th Floor, FKI Tower, 24 Yeoui-daero, Yeouido-dong, Yeongdeungpo-**<br>**gu, Seoul** | **Korea – 7th Floor, FKI Tower, 24 Yeoui-daero, Yeouido-dong, Yeongdeungpo-**<br>**gu, Seoul** | **Korea – 7th Floor, FKI Tower, 24 Yeoui-daero, Yeouido-dong, Yeongdeungpo-**<br>**gu, Seoul** |
| CARVERKOREA Co., Limited (97.47) | KRW500.00 | 7 |
| **Korea – #1-313 #1-314, 48, Achasan-ro 17-gil, Seongdong-gu, Seoul** | **Korea – #1-313 #1-314, 48, Achasan-ro 17-gil, Seongdong-gu, Seoul** | **Korea – #1-313 #1-314, 48, Achasan-ro 17-gil, Seongdong-gu, Seoul** |
| Paula's Choice Korea, Limited | KRW500,000,000.00 | 1 |
| **Kuwait – AlQibla – Land No.14, Abu Bakir Alssiddiq Street, Mohamed Abdulrahman** <br>**AlBahar building – Floor #9 – Unit 4** | **Kuwait – AlQibla – Land No.14, Abu Bakir Alssiddiq Street, Mohamed Abdulrahman** <br>**AlBahar building – Floor #9 – Unit 4** | **Kuwait – AlQibla – Land No.14, Abu Bakir Alssiddiq Street, Mohamed Abdulrahman** <br>**AlBahar building – Floor #9 – Unit 4** |
| AlBahar United For Wholesale and Retail Trading <br>Company LLC<sup>X</sup>(30)<br>| KWD0.10  | 1 |
| **Laos – Viengvang Tower, 4th Floor, Room no. 402A, Boulichan Road, Dongpalan** <br>**Thong Village, Sisattanak District, Vientiane Capital** | **Laos – Viengvang Tower, 4th Floor, Room no. 402A, Boulichan Road, Dongpalan** <br>**Thong Village, Sisattanak District, Vientiane Capital** | **Laos – Viengvang Tower, 4th Floor, Room no. 402A, Boulichan Road, Dongpalan** <br>**Thong Village, Sisattanak District, Vientiane Capital** |
| Unilever Services (Lao) Sole Co. Limited | LAK80,000.00 | 1 |
| **Latvia – Kronvalda bulvāris 3-10, Rīga, LV-1010** | **Latvia – Kronvalda bulvāris 3-10, Rīga, LV-1010** | **Latvia – Kronvalda bulvāris 3-10, Rīga, LV-1010** |
| Unilever Baltic LLC | EUR1.00 | 1 |
| **Lithuania – Skuodo St. 28, Mazeikiai, LT-89100** | **Lithuania – Skuodo St. 28, Mazeikiai, LT-89100** | **Lithuania – Skuodo St. 28, Mazeikiai, LT-89100** |
| UAB Unilever Lietuva distribucija | EUR3,620.25 | 1 |
| **Malawi – Room 33, Gateway Mall, Area 47, Lilongwe Malawi** | **Malawi – Room 33, Gateway Mall, Area 47, Lilongwe Malawi** | **Malawi – Room 33, Gateway Mall, Area 47, Lilongwe Malawi** |
| Unilever South East Africa (Private) Limited (in <br>liquidation)<br>| MWK2.00 | 1 |
| **Malaysia – Suite 2-1, Level 2, Vertical Corporate Tower B, Avenue 10, The Vertical,** <br>**Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah** <br>**Persekutuan** | **Malaysia – Suite 2-1, Level 2, Vertical Corporate Tower B, Avenue 10, The Vertical,** <br>**Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah** <br>**Persekutuan** | **Malaysia – Suite 2-1, Level 2, Vertical Corporate Tower B, Avenue 10, The Vertical,** <br>**Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah** <br>**Persekutuan** |
| Paula's Choice Malaysia SEA Sdn. Bhd. | No Par Value | 1 |
| Unilever (Malaysia) Holdings Sdn. Bhd. | No Par Value | 1 |
| **Malaysia - 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim Seksyen** <br>**13, 46200 Petaling Jaya, Selangor Darul Ehsan** | **Malaysia - 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim Seksyen** <br>**13, 46200 Petaling Jaya, Selangor Darul Ehsan** | **Malaysia - 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim Seksyen** <br>**13, 46200 Petaling Jaya, Selangor Darul Ehsan** |
| Minimalist Science Sendirian Berhad (56.02) | RM1.00 | 1 |
| **Mexico –** <br>**Paseo de los Tamarindos No. 150, Piso 2, Bosques de las Loma, Cuajimalpa** <br>**de Morelos, Ciudad de México, C.P. 05120** | **Mexico –** <br>**Paseo de los Tamarindos No. 150, Piso 2, Bosques de las Loma, Cuajimalpa** <br>**de Morelos, Ciudad de México, C.P. 05120** | **Mexico –** <br>**Paseo de los Tamarindos No. 150, Piso 2, Bosques de las Loma, Cuajimalpa** <br>**de Morelos, Ciudad de México, C.P. 05120** |
| Unilever de Mexico S. de R.L. de C.V. | MXN1.00 | 13 |
| **Mexico – Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54900 Tultitlán,** <br>**Estado de México** | **Mexico – Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54900 Tultitlán,** <br>**Estado de México** | **Mexico – Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54900 Tultitlán,** <br>**Estado de México** |
| Unilever Holding Mexico S. de R.L. de C.V. | MXN1.00 | 13 |
| Unilever Manufacturera S. de R.L. de C.V. | MXN1.00 | 13 |
| Unilever Real Estate Mexico S. de R.L. de C.V. | MXN1.00 | 13 |
| **Mexico – Ave. del Comercio 5010, Parque Industrial Nexxus ADN 2, Salinas Victoria,** <br>**Nuevo León CP 65514** | **Mexico – Ave. del Comercio 5010, Parque Industrial Nexxus ADN 2, Salinas Victoria,** <br>**Nuevo León CP 65514** | **Mexico – Ave. del Comercio 5010, Parque Industrial Nexxus ADN 2, Salinas Victoria,** <br>**Nuevo León CP 65514** |
| Unilever NA Sourcing West S. de R.L. de C.V. | MXN1.00 | 13 |
| **Morocco – 65, Main Street Finance District, Casablanca Finance City, Place Anfa** <br>**Ouest Et Palmeraie, Immeuble Walili Street, 10ème Étage – Hay-Hassani (AR)** | **Morocco – 65, Main Street Finance District, Casablanca Finance City, Place Anfa** <br>**Ouest Et Palmeraie, Immeuble Walili Street, 10ème Étage – Hay-Hassani (AR)** | **Morocco – 65, Main Street Finance District, Casablanca Finance City, Place Anfa** <br>**Ouest Et Palmeraie, Immeuble Walili Street, 10ème Étage – Hay-Hassani (AR)** |
| Unilever Maghreb S.A.  | MAD100.00 | 1 |
| **Mozambique – Avenida 24 de Julho, Edifício 24, nº 1097, 4º andar, Maputo** | **Mozambique – Avenida 24 de Julho, Edifício 24, nº 1097, 4º andar, Maputo** | **Mozambique – Avenida 24 de Julho, Edifício 24, nº 1097, 4º andar, Maputo** |
| Unilever Mocambique Limitada (in liquidation) | USD0.01 | 1 |
| **Myanmar – Plot No (404147), Min Thate Hti Kyaw Swar Road, 39 Ward, Shwe Pyi** <br>**Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region, 11411** | **Myanmar – Plot No (404147), Min Thate Hti Kyaw Swar Road, 39 Ward, Shwe Pyi** <br>**Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region, 11411** | **Myanmar – Plot No (404147), Min Thate Hti Kyaw Swar Road, 39 Ward, Shwe Pyi** <br>**Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region, 11411** |
| Unilever (Myanmar) Limited | MMK11,129,679,600.00 | 1 |
| **Myanmar – Lot No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon** | **Myanmar – Lot No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon** | **Myanmar – Lot No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon** |
| Unilever (Myanmar) Services Limited | USD2,000,000.00 | 1 |
| **Myanmar – Lot No. 31, Bamaw Ahtwin Wun Street, Hlaing Thar Yar Industrial Zone 3,** <br>**Hlaing Thar Yar Township, Yangon, 11401** | **Myanmar – Lot No. 31, Bamaw Ahtwin Wun Street, Hlaing Thar Yar Industrial Zone 3,** <br>**Hlaing Thar Yar Township, Yangon, 11401** | **Myanmar – Lot No. 31, Bamaw Ahtwin Wun Street, Hlaing Thar Yar Industrial Zone 3,** <br>**Hlaing Thar Yar Township, Yangon, 11401** |
| Unilever EAC Myanmar Company Limited (60) | MMK300,000,000,0<br>00.00<br>| 1 |
| **Nepal – Hetauda-3, Basamadi Makawnapur**  | **Nepal – Hetauda-3, Basamadi Makawnapur**  | **Nepal – Hetauda-3, Basamadi Makawnapur**  |

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| | | |
|:---|:---|:---|
| 196 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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GROUP COMPANIES<br>

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Unilever Nepal Limited (49.52) | NPR100.00 | 1 |
| **Netherlands – Rodezand 90, 3011 AN Rotterdam** | **Netherlands – Rodezand 90, 3011 AN Rotterdam** | **Netherlands – Rodezand 90, 3011 AN Rotterdam** |
| Argentina Investments B.V. | EUR454.00 | 1 |
| BFO Holdings B.V. | EUR1.00 | 1 |
| Brazinvest B.V. | EUR1.00 | 1 |
| Chico-invest B.V. | EUR455.00 | 1 |
| Doma B.V. | NLG1,000.00 | 1 |
| Handelmaatschappij Noorda B.V. | NLG1,000.00 | 1 |
| Hourglass Cosmetics Europe B.V. | EUR1.00 | 1 |
| Itaho B.V. | EUR1.00 | 1 |
| Lipoma B.V. | NLG1,000.00 | 1 |
| Marga B.V. | EUR1.00 | 1 |
| Mavibel (Maatschappij voor Internationale Beleggingen) <br>B.V.<br>| EUR1.00 | 1 |
| Mexinvest B.V. | EUR1.00 | 1 |
| Mixhold B.V.° | EUR1.00 | 2 |
|  | EUR1.00 | 3 |
|  | EUR1.00 | 26 |
| New Asia B.V. | EUR1.00 | 1 |
| Nommexar B.V. | EUR1.00 | 1 |
| Ortiz Finance B.V. | NLG100.00 | 1 |
| Pabulum B.V. | NLG1,000.00 | 1 |
| Rizofoor B.V. | NLG1,000.00 | 1 |
| Rolf von den Baumen's Vetsmelterij B.V. | EUR454.00 | 1 |
| Rolon B.V. | NLG1,000.00 | 1 |
| Saponia B.V. | NLG1,000.00 | 1 |
| ThaiB1 B.V. | NLG1,000.00 | 1 |
| ThaiB2 B.V. | NLG1,000.00 | 1 |
| Unilever Alser B.V. | EUR1.00 | 1 |
| Unilever Berran B.V. | EUR1.00 | 1 |
| Unilever Canada Investments B.V. | EUR1.00 | 1 |
| Unilever Caribbean Holdings B.V. | EUR1,800.00 | 1 |
| Unilever Europe B.V. | EUR1.00 | 1 |
| Unilever Europe Business Center B.V. | EUR454.00 | 1 |
|  | EUR454.00 | 14 |
| Unilever Finance International B.V. | EUR1.00 | 1 |
| Unilever Finance Netherlands B.V.<sup>o</sup> | EUR1.00 | 1 |
| Unilever Global Services B.V. | EUR1.00 | 1 |
| Unilever Holdings B.V. | EUR454.00 | 1 |
| Unilever Indonesia Holding B.V. | EUR1.00 | 1 |
| Unilever Insurances N.V. | EUR454.00 | 1 |
| Unilever International Holdings B.V.° | EUR1.00 | 1 |
| Unilever Netherlands Retail Operations B.V. | EUR1.00 | 1 |
| Unilever Nederland Services B.V. | EUR460.00 | 1 |
| Unilever Overseas Holdings B.V. | NLG1,000.00 | 1 |
| Unilever PL Netherlands B.V. | EUR1.00 | 1 |
| Unilever Turkey Holdings B.V. | EUR1.00 | 1 |
| Unilever US Investments B.V.° | EUR1.00 | 1 |
| Unilever Ventures Holdings B.V. | EUR453.79 | 1 |
| Univest Company B.V. | EUR1.00 | 1 |
| UNUS Holding B.V. | EUR0.10 | 2 |
|  | EUR0.10 | 3 |
|  | Non-voting<sup>†</sup> |  |
| Verenigde Zeepfabrieken B.V. | NLG1,000.00 | 1 |
| Wemado B.V. | NLG1,000.00 | 1 |
| **Netherlands – Weena 455, 3013 AL Rotterdam** | **Netherlands – Weena 455, 3013 AL Rotterdam** | **Netherlands – Weena 455, 3013 AL Rotterdam** |
| FoodServiceHub B.V. | EUR1.00 | 1 |
| **Netherlands – Bronland 14, 6708 WH, Wageningen Universiteit** | **Netherlands – Bronland 14, 6708 WH, Wageningen Universiteit** | **Netherlands – Bronland 14, 6708 WH, Wageningen Universiteit** |
| Unilever IP Holdings B.V. | EUR1.00 | 1 |
| Unilever Innovation Centre Wageningen B.V. | EUR460.00 | 1 |
| **Netherlands – Hofplein 19, 3032 AC Rotterdam** | **Netherlands – Hofplein 19, 3032 AC Rotterdam** | **Netherlands – Hofplein 19, 3032 AC Rotterdam** |
| Unilever Nederland B.V. | EUR454.00 | 1 |

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Unilever Nederland Holdings B.V. | EUR454.00 | 1 |
| Unilever Foods & Refreshments Global B.V. | EUR453.78 | 1 |
| **Netherlands – Grote Koppel 7, 3813 AA Amersfoort** | **Netherlands – Grote Koppel 7, 3813 AA Amersfoort** | **Netherlands – Grote Koppel 7, 3813 AA Amersfoort** |
| Paula's Choice Europe B.V. | EUR1.00 | 1 |
| **New Zealand – Level 4, 103 Carlton Gore Rd, Newmarket, Auckland 1023** | **New Zealand – Level 4, 103 Carlton Gore Rd, Newmarket, Auckland 1023** | **New Zealand – Level 4, 103 Carlton Gore Rd, Newmarket, Auckland 1023** |
| Unilever New Zealand Limited | NZD2.00 | 1 |
| **Nicaragua – Km 11.5, Carretera Vieja a León, 800 Mts Norte, 100 Mts Este, 300 Mts** <br>**Norte, Managua** | **Nicaragua – Km 11.5, Carretera Vieja a León, 800 Mts Norte, 100 Mts Este, 300 Mts** <br>**Norte, Managua** | **Nicaragua – Km 11.5, Carretera Vieja a León, 800 Mts Norte, 100 Mts Este, 300 Mts** <br>**Norte, Managua** |
| Unilever de Centroamerica S.A. | NIC50.00 | 1 |
| **Nigeria – 1 Billings Way, Oregun, Ikeja, Lagos** | **Nigeria – 1 Billings Way, Oregun, Ikeja, Lagos** | **Nigeria – 1 Billings Way, Oregun, Ikeja, Lagos** |
| Unilever Nigeria Plc (75.96) | NGN0.50 | 1 |
| West Africa Popular Foods Nigeria Limited (51) | NGN1.00 | 1 |
| **Norway – Martin Linges vei 25, Postbox 1, 1331 Fornebu** | **Norway – Martin Linges vei 25, Postbox 1, 1331 Fornebu** | **Norway – Martin Linges vei 25, Postbox 1, 1331 Fornebu** |
| Unilever Norge AS | NOK100.00 | 1 |
| **Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530** | **Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530** | **Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530** |
| Unilever Pakistan Foods Limited (76.50) | PKR10.00 | 1 |
| Unilever Pakistan Limited (99.26) | PKR50.00 | 1 |
| (71.78) | PKR100.00 | 14 |
| **Palestine – Ersal St., Awad Center, PO Box 3801, Al-Beireh, Ramallah** | **Palestine – Ersal St., Awad Center, PO Box 3801, Al-Beireh, Ramallah** | **Palestine – Ersal St., Awad Center, PO Box 3801, Al-Beireh, Ramallah** |
| Unilever Market Development Company (in liquidation) | JOD1.00 | 1 |
| **Palestine – Jamil Center, Al-Beireh, Ramallah** | **Palestine – Jamil Center, Al-Beireh, Ramallah** | **Palestine – Jamil Center, Al-Beireh, Ramallah** |
| Unilever Agencies Limited (99) (in liquidation) | JOD1.00 | 1 |
| **Panama – PH Dream Plaza, Piso 10 y, Provincia de Panamá, Corregimiento de** <br>**Parque Lefevre, Costa del Este** | **Panama – PH Dream Plaza, Piso 10 y, Provincia de Panamá, Corregimiento de** <br>**Parque Lefevre, Costa del Este** | **Panama – PH Dream Plaza, Piso 10 y, Provincia de Panamá, Corregimiento de** <br>**Parque Lefevre, Costa del Este** |
| Unilever Regional Services Panama S.A. (in liquidation) | USD1.00 | 1 |
| **Panama – Calle 74 Este, corregimiento de San Francisco, PH Midtown SF74, piso 17,** <br>**oficina 1705, distrito y provincia de Panamá** | **Panama – Calle 74 Este, corregimiento de San Francisco, PH Midtown SF74, piso 17,** <br>**oficina 1705, distrito y provincia de Panamá** | **Panama – Calle 74 Este, corregimiento de San Francisco, PH Midtown SF74, piso 17,** <br>**oficina 1705, distrito y provincia de Panamá** |
| Unilever de Centroamerica S.A. | No Par Value | 1 |
| **Paraguay – Roque Centurión Miranda No. 1635, casi Avenida San Martin, Edificio** <br>**Aymac II, Asunción** | **Paraguay – Roque Centurión Miranda No. 1635, casi Avenida San Martin, Edificio** <br>**Aymac II, Asunción** | **Paraguay – Roque Centurión Miranda No. 1635, casi Avenida San Martin, Edificio** <br>**Aymac II, Asunción** |
| Unilever de Paraguay S.A. | PYG1,000,000.00 | 1 |
| **Peru – Av. Paseo de la Republica, 5895 OF. 402, Miraflores, Lima 18** | **Peru – Av. Paseo de la Republica, 5895 OF. 402, Miraflores, Lima 18** | **Peru – Av. Paseo de la Republica, 5895 OF. 402, Miraflores, Lima 18** |
| Unilever Andina Perú S.A. | PEN1.00 | 1 |
| **Philippines – 7th Floor, Bonifacio Stopover Corporate Center, 31st Street corner 2nd** <br>**Avenue, Bonifacio Global City, Taguig City** | **Philippines – 7th Floor, Bonifacio Stopover Corporate Center, 31st Street corner 2nd** <br>**Avenue, Bonifacio Global City, Taguig City** | **Philippines – 7th Floor, Bonifacio Stopover Corporate Center, 31st Street corner 2nd** <br>**Avenue, Bonifacio Global City, Taguig City** |
| Unilever Global Services, Inc. | PHP10.00 | 7 |
| Unilever Philippines, Inc. | PHP50.00 | 7 |
| **Philippines – 11th Avenue, Corner 39th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Manila** | **Philippines – 11th Avenue, Corner 39th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Manila** | **Philippines – 11th Avenue, Corner 39th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Manila** |
| Universal Philippines Body Care, Inc. | PHP100.00 | 7 |
| **Philippines – Four/Neo, 12th Floor, Fourth Avenue, Bonifacio Global City, Barangay** <br>**Fort Bonifacio, Taguig 1634, Metro Manila** | **Philippines – Four/Neo, 12th Floor, Fourth Avenue, Bonifacio Global City, Barangay** <br>**Fort Bonifacio, Taguig 1634, Metro Manila** | **Philippines – Four/Neo, 12th Floor, Fourth Avenue, Bonifacio Global City, Barangay** <br>**Fort Bonifacio, Taguig 1634, Metro Manila** |
| Gronext Technologies Phils., Inc. | PHP1.00 | 7 |
| **Poland – Jerozolimskie 134, 02-305, Warszawa** | **Poland – Jerozolimskie 134, 02-305, Warszawa** | **Poland – Jerozolimskie 134, 02-305, Warszawa** |
| Unilever Polska Sp. z o.o. | PLN50.00 | 1 |
| Unilever Poland Services Sp. z o.o. | PLN50.00 | 1 |
| Unilever Polska S.A. | PLN10.00 | 1 |
| **Puerto Rico – Edificio VIG Tower, 1225 Avenida Juan Ponce de León, Oficina BS-**<br>**N, San Juan, 00907** | **Puerto Rico – Edificio VIG Tower, 1225 Avenida Juan Ponce de León, Oficina BS-**<br>**N, San Juan, 00907** | **Puerto Rico – Edificio VIG Tower, 1225 Avenida Juan Ponce de León, Oficina BS-**<br>**N, San Juan, 00907** |
| Unilever de Puerto Rico, Inc.° | USD100.00 | 1 |
| **Qatar – Almana & Partners WLL Building, Area No. 43, Al Mamoura, Main Salwa** <br>**Road, PO Box 91560** | **Qatar – Almana & Partners WLL Building, Area No. 43, Al Mamoura, Main Salwa** <br>**Road, PO Box 91560** | **Qatar – Almana & Partners WLL Building, Area No. 43, Al Mamoura, Main Salwa** <br>**Road, PO Box 91560** |
| Unilever Qatar LLC | QAR1,000.00 | 1 |
| **Romania – Ploiesti, 291 Republicii Avenue, Prahova County** | **Romania – Ploiesti, 291 Republicii Avenue, Prahova County** | **Romania – Ploiesti, 291 Republicii Avenue, Prahova County** |
| Unilever Romania S.A. (99.93) | ROL0.10 | 1 |
| Unilever South Central Europe S.A. | ROL260.50 | 1 |
| **Romania – Bucuresti, Sector 2, Barbu Vacarescu 301-311, Cladirea AFI Lakeview,** <br>**Biroul, E-8-A11** | **Romania – Bucuresti, Sector 2, Barbu Vacarescu 301-311, Cladirea AFI Lakeview,** <br>**Biroul, E-8-A11** | **Romania – Bucuresti, Sector 2, Barbu Vacarescu 301-311, Cladirea AFI Lakeview,** <br>**Biroul, E-8-A11** |
| Good People SA (75) (in liquidation) | RON10.00 | 1 |
| **Saudi Arabia – PO Box 5694, Jeddah 21432** | **Saudi Arabia – PO Box 5694, Jeddah 21432** | **Saudi Arabia – PO Box 5694, Jeddah 21432** |
| Binzagr Unilever Limited<sup>X</sup>(49) | SAR1,000.00 | 1 |
| **Scotland – c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh EH3 8BP** | **Scotland – c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh EH3 8BP** | **Scotland – c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh EH3 8BP** |
| Twenty Nine Capital Partners (SLP) Limited <br>Partnership∞<br>|  | 4 |
| Unilever Ventures (SLP) General Partner Limited∞ | GBP1.00 | 1 |

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 197 |

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GROUP COMPANIES<br>

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Unilever Ventures III (SLP) Limited Partnership∞ (14.10) |  | 4 |
| Twenty Nine Capital Partners V (SLP) Limited <br>Partnership∞<br>| GBP1.00 | 4 |
| **Serbia – Belgrade, Serbia, Omladinskih brigada 90v – Novi Beograd** | **Serbia – Belgrade, Serbia, Omladinskih brigada 90v – Novi Beograd** | **Serbia – Belgrade, Serbia, Omladinskih brigada 90v – Novi Beograd** |
| Unilever Beograd d.o.o. |  | 13 |
| **Singapore – 18 Nepal Park, 139407** | **Singapore – 18 Nepal Park, 139407** | **Singapore – 18 Nepal Park, 139407** |
| Unilever Asia Private Limited | No Par Value | 1 |
| Unilever Singapore Pte. Limited | No Par Value | 1 |
| UPD Singapore Pte. Ltd. | No Par Value | 1 |
| Gronext Technologies Pte. Ltd. | No Par Value | 1 |
| **Singapore – 1 Maritime Square, #09-34/35, Harbourfront Centre, 099253** | **Singapore – 1 Maritime Square, #09-34/35, Harbourfront Centre, 099253** | **Singapore – 1 Maritime Square, #09-34/35, Harbourfront Centre, 099253** |
| Paula's Choice Singapore, SEA Pte. Ltd. | SGD1.00 | 1 |
| **Singapore - 8 Cross Sreet, #24-03/04, Manulife Tower, 048424** | **Singapore - 8 Cross Sreet, #24-03/04, Manulife Tower, 048424** | **Singapore - 8 Cross Sreet, #24-03/04, Manulife Tower, 048424** |
| Minimalist Pte Ltd (56.02) | USD1.00 | 1 |
| **Slovakia – Karadžičova 8/A, 821 08 Bratislava, mestská časť Ružinov** | **Slovakia – Karadžičova 8/A, 821 08 Bratislava, mestská časť Ružinov** | **Slovakia – Karadžičova 8/A, 821 08 Bratislava, mestská časť Ružinov** |
| Unilever Slovensko, spol. s. r.o. | EUR1.00 | 1 |
| **South Africa – 15 Nollsworth Crescent, Nollsworth Park, La Lucia Ridge Office** <br>**Estate, La Lucia, 4051** | **South Africa – 15 Nollsworth Crescent, Nollsworth Park, La Lucia Ridge Office** <br>**Estate, La Lucia, 4051** | **South Africa – 15 Nollsworth Crescent, Nollsworth Park, La Lucia Ridge Office** <br>**Estate, La Lucia, 4051** |
| Unilever South Africa (Pty) Limited | ZAR2.00 | 1 |
| Unilever South Africa Holdings (Pty) Limited | ZAR1.00 | 1 |
|  | ZAR1.00 | 2 |
|  | ZAR1.00 | 3 |
| Aconcagua 14 Investments (RF) (Pty) Limited | ZAR1.00 | 1 |
| **South Africa – Oakhurst Office Park, 11-13 St Andrews Road, Parktown,** <br>**Johannesburg 2193**  | **South Africa – Oakhurst Office Park, 11-13 St Andrews Road, Parktown,** <br>**Johannesburg 2193**  | **South Africa – Oakhurst Office Park, 11-13 St Andrews Road, Parktown,** <br>**Johannesburg 2193**  |
| UPD South Africa (Pty) Limited (60) | No Par Value | 1 |
| **South Africa - Ballyoaks Office Park Ground Floor, Lacey Oak House, 2191** <br>**Bryanston, Sandton, Gauteng, 35 Ballyclare Drive** | **South Africa - Ballyoaks Office Park Ground Floor, Lacey Oak House, 2191** <br>**Bryanston, Sandton, Gauteng, 35 Ballyclare Drive** | **South Africa - Ballyoaks Office Park Ground Floor, Lacey Oak House, 2191** <br>**Bryanston, Sandton, Gauteng, 35 Ballyclare Drive** |
| Minimalist Science Pty Limited (56.02) | – | – |
| **Spain – C/ Tecnología 19, 08840 Viladecans** | **Spain – C/ Tecnología 19, 08840 Viladecans** | **Spain – C/ Tecnología 19, 08840 Viladecans** |
| Unilever España S.A. | EUR24.00 | 1 |
| **Spain – C/ Felipe del Río, 14 – 48940 Leioa** | **Spain – C/ Felipe del Río, 14 – 48940 Leioa** | **Spain – C/ Felipe del Río, 14 – 48940 Leioa** |
| Unilever Foods Industrial España, S.L.U. | EUR600.00 | 1 |
| **Sri Lanka – 324/9 36/1 Havelock Road, Colombo 06** | **Sri Lanka – 324/9 36/1 Havelock Road, Colombo 06** | **Sri Lanka – 324/9 36/1 Havelock Road, Colombo 06** |
| Ceytea (Private) Limited | LKR10.00 | 1 |
| Lever Brothers (Exports and Marketing) (Private) <br>Limited°<br>| LKR2.00 | 1 |
| Premium Exports Ceylon (Private) Limited | LKR10.00 | 1 |
| Unilever Lanka Consumer Limited | LKR10.00 | 1 |
| Unilever Ceylon Services (Private) Limited | LKR10.00 | 1 |
| Unilever Sri Lanka Limited° | LKR10.00 | 1 |
| **Sudan – Property No. 125, Block 2, Industrial Area, Kafori District, Bahri, Kafori** | **Sudan – Property No. 125, Block 2, Industrial Area, Kafori District, Bahri, Kafori** | **Sudan – Property No. 125, Block 2, Industrial Area, Kafori District, Bahri, Kafori** |
| Unilever Sudanese Investment Company | SDG10,000.00 | 1 |
| **Sweden – Röntgenvägen 3, PO Box 1056, 171 22 Solna** | **Sweden – Röntgenvägen 3, PO Box 1056, 171 22 Solna** | **Sweden – Röntgenvägen 3, PO Box 1056, 171 22 Solna** |
| Alberto Culver AB | SEK100.00 | 1 |
| Unilever Holding AB | SEK100.00 | 1 |
| Unilever Sverige AB | SEK100.00 | 1 |
| **Sweden – Karlavagen 104, 115 26 Stockholm** | **Sweden – Karlavagen 104, 115 26 Stockholm** | **Sweden – Karlavagen 104, 115 26 Stockholm** |
| Blueair AB | SEK100.00 | 2 |
| **Switzerland – Bahnhofstrasse 19, CH 8240 Thayngen** | **Switzerland – Bahnhofstrasse 19, CH 8240 Thayngen** | **Switzerland – Bahnhofstrasse 19, CH 8240 Thayngen** |
| Knorr-Nährmittel Aktiengesellschaft | CHF1,000.00 | 1 |
| Unilever Schweiz GmbH | CHF100,000.00 | 1 |
| **Switzerland – Spitalstrasse 5, 8200 Schaffhausen** | **Switzerland – Spitalstrasse 5, 8200 Schaffhausen** | **Switzerland – Spitalstrasse 5, 8200 Schaffhausen** |
| Helmsman Capital AG | CHF1,000.00 | 1 |
| Unilever ASCC AG | USD1,190.33 | 1 |
| Unilever Finance International AG | EUR1,077.47 | 1 |
| Unilever Overseas Holdings AG | EUR1,077.47 | 1 |
| Unilever Schaffhausen Service AG | CHF1,000.00 | 1 |
| Unilever Swiss Holdings AG | CHF1,000.00 | 1 |
| Streu mi Vertriebs GmbH | CHF20,000.00 | 1 |
| **Switzerland – Hinterbergstr. 30, CH-6312 Steinhausen** | **Switzerland – Hinterbergstr. 30, CH-6312 Steinhausen** | **Switzerland – Hinterbergstr. 30, CH-6312 Steinhausen** |
| Oswald Nahrungsmittel GmbH | CHF800,000.00 | 1 |
| **Taiwan – 15F, No. 39, Sec. 2, Dunhua S. Road, Da'an District, Taipei City** | **Taiwan – 15F, No. 39, Sec. 2, Dunhua S. Road, Da'an District, Taipei City** | **Taiwan – 15F, No. 39, Sec. 2, Dunhua S. Road, Da'an District, Taipei City** |

---

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Unilever Taiwan Limited (99.92) | TWD10.00 | 1 |
| **Taiwan – RM 1, 8 F, No. 186, Sec. 1, Zhangmei Rd, Changhua City, Changhua County** <br>**50062, Taiwan (R.O.C.)** | **Taiwan – RM 1, 8 F, No. 186, Sec. 1, Zhangmei Rd, Changhua City, Changhua County** <br>**50062, Taiwan (R.O.C.)** | **Taiwan – RM 1, 8 F, No. 186, Sec. 1, Zhangmei Rd, Changhua City, Changhua County** <br>**50062, Taiwan (R.O.C.)** |
| UPD Taiwan Co., Ltd | TWD27.00 | 1 |
| **Tanzania – Plot No. 4A, Nyerere Road, Dar Es Salaam, PO Box 40383** | **Tanzania – Plot No. 4A, Nyerere Road, Dar Es Salaam, PO Box 40383** | **Tanzania – Plot No. 4A, Nyerere Road, Dar Es Salaam, PO Box 40383** |
| Unilever Tanzania Limited | TZS20.00 | 1 |
| **Thailand – 161 Rama 9 Road, Huay Kwang Sub-District, Huay Kwang District,** <br>**Bangkok 10310** | **Thailand – 161 Rama 9 Road, Huay Kwang Sub-District, Huay Kwang District,** <br>**Bangkok 10310** | **Thailand – 161 Rama 9 Road, Huay Kwang Sub-District, Huay Kwang District,** <br>**Bangkok 10310** |
| Unilever Thai Holdings Limited | THB100.00 | 1 |
| Unilever Thai Trading Limited | THB100.00 | 1 |
| **Thailand – 989 Siam Piwat Tower, 12A Floor, Unit B1-B2, Office No.1225, Rama 1** <br>**Road, Pathum Wan Sub-District, Pathum Wan District, Bangkok** | **Thailand – 989 Siam Piwat Tower, 12A Floor, Unit B1-B2, Office No.1225, Rama 1** <br>**Road, Pathum Wan Sub-District, Pathum Wan District, Bangkok** | **Thailand – 989 Siam Piwat Tower, 12A Floor, Unit B1-B2, Office No.1225, Rama 1** <br>**Road, Pathum Wan Sub-District, Pathum Wan District, Bangkok** |
| UPD (Thailand) Limited | THB100.00 | 1 |
| **Thailand – 21/39 Soi Ladpraw 15, Chom Phon, Chatuchak, Bangkok, 10900** | **Thailand – 21/39 Soi Ladpraw 15, Chom Phon, Chatuchak, Bangkok, 10900** | **Thailand – 21/39 Soi Ladpraw 15, Chom Phon, Chatuchak, Bangkok, 10900** |
| Gronext Technologies (Thailand) Limited | THB100.00 | 1 |
| **Trinidad & Tobago – Albion Plaza, 3rd Floor, 22-24 Victoria Avenue, Port of Spain** | **Trinidad & Tobago – Albion Plaza, 3rd Floor, 22-24 Victoria Avenue, Port of Spain** | **Trinidad & Tobago – Albion Plaza, 3rd Floor, 22-24 Victoria Avenue, Port of Spain** |
| Unilever Caribbean Limited (50.01) | TTD1.00 | 1 |
| **Tunisia – Z.I. Voie Z4-2014, Mégrine Erriadh – Tunis** | **Tunisia – Z.I. Voie Z4-2014, Mégrine Erriadh – Tunis** | **Tunisia – Z.I. Voie Z4-2014, Mégrine Erriadh – Tunis** |
| Unilever Tunisia S.A. (99.78) | TND6.00 | 1 |
| Unilever Maghreb Export S.A. (99.76) | TND5.00 | 1 |
| **Tunisia – Z.I. Voie Z4, Megrine Riadh, Tunis, 2014** | **Tunisia – Z.I. Voie Z4, Megrine Riadh, Tunis, 2014** | **Tunisia – Z.I. Voie Z4, Megrine Riadh, Tunis, 2014** |
| UTIC Distribution S.A. (99.78) | TND10.00 | 1 |
| **Turkey – İnkılap Mahallesi, Dr. Adnan Büyükdeniz Cad, No: 13, Ümraniye İstanbul** | **Turkey – İnkılap Mahallesi, Dr. Adnan Büyükdeniz Cad, No: 13, Ümraniye İstanbul** | **Turkey – İnkılap Mahallesi, Dr. Adnan Büyükdeniz Cad, No: 13, Ümraniye İstanbul** |
| Unilever Gida Sanayi ve Ticaret AŞ<sup>o</sup> (99.98) | TRY0.01 | 1 |
| Unilever Sanayi Ve Ticaret Türk AŞ<sup>o</sup> (99.98) | TRY0.01 | 1 |
| Besan Besin Sanayi ve Ticaret AŞ (99.99) | TRY0.01 | 1 |
| Unilever Hizli Tuketim Urunleri Satis Pazarlama ve <br>Ticaret Anonim Sirketi<br>| TRY1.00 | 1 |
| **Uganda – DFCU Towers, 5th Floor, Plot 26 Kyadondo Road, Industrial Area, PO Box** <br>**3515, Kampala** | **Uganda – DFCU Towers, 5th Floor, Plot 26 Kyadondo Road, Industrial Area, PO Box** <br>**3515, Kampala** | **Uganda – DFCU Towers, 5th Floor, Plot 26 Kyadondo Road, Industrial Area, PO Box** <br>**3515, Kampala** |
| Unilever Uganda Limited | UGX20.00 | 1 |
| **Ukraine – 03150, Velyka Vasylkyvska 139** | **Ukraine – 03150, Velyka Vasylkyvska 139** | **Ukraine – 03150, Velyka Vasylkyvska 139** |
| Unilever Ukraine LLC | UAH1.00 | 1 |
| **United Arab Emirates – PO Box 17053, Jebel Ali, Dubai** | **United Arab Emirates – PO Box 17053, Jebel Ali, Dubai** | **United Arab Emirates – PO Box 17053, Jebel Ali, Dubai** |
| Severn Gulf FZCO<sup>X</sup>(50) | AED100,000.00 | 1 |
| **United Arab Emirates – PO Box 17055, Jebel Ali, Dubai** | **United Arab Emirates – PO Box 17055, Jebel Ali, Dubai** | **United Arab Emirates – PO Box 17055, Jebel Ali, Dubai** |
| Unilever Gulf FZE | AED1,000,000.00 | 1 |
| **United Arab Emirates – Office No. 901, owned by Easa Saleh AlGurg LLC, Deira,** <br>**Riqqa AlBateeen**  | **United Arab Emirates – Office No. 901, owned by Easa Saleh AlGurg LLC, Deira,** <br>**Riqqa AlBateeen**  | **United Arab Emirates – Office No. 901, owned by Easa Saleh AlGurg LLC, Deira,** <br>**Riqqa AlBateeen**  |
| Unilever Binzagr Gulf General Trading LLC<sup>X</sup>(50) | AED1,000.00 | 1 |
| Unilever General Trading LLC | AED1,000.00 | 1 |
| **United Arab Emirates – Warehouse No. 1.2, Dubai Industrial Park – Seeh Shwaib 2** | **United Arab Emirates – Warehouse No. 1.2, Dubai Industrial Park – Seeh Shwaib 2** | **United Arab Emirates – Warehouse No. 1.2, Dubai Industrial Park – Seeh Shwaib 2** |
| Unilever Home & Personal Care Products <br>Manufacturing LLC (49)<br>| AED1,000.00 | 1 |
| **United Arab Emirates - Office No. 4-379-Owned by Hind Abdul Ghaffar Ghulom, Huss** | **United Arab Emirates - Office No. 4-379-Owned by Hind Abdul Ghaffar Ghulom, Huss** | **United Arab Emirates - Office No. 4-379-Owned by Hind Abdul Ghaffar Ghulom, Huss** |
| Minimalist Science Trading LLC (56.02) | AED1,000.00 | 1 |
| **United States – 111 River Street, 8th Floor, Hoboken, New Jersey 07030** | **United States – 111 River Street, 8th Floor, Hoboken, New Jersey 07030** | **United States – 111 River Street, 8th Floor, Hoboken, New Jersey 07030** |
| Alberto-Culver Company | No Par Value | 1 |
| Alberto-Culver International, Inc. | USD1.00 | 1 |
| Alberto-Culver USA, Inc. | No Par Value | 1 |
| Conopco, Inc. | USD1.00 | 7 |
| Kensington & Sons, LLC | No Par Value | 13 |
| Pantresse, Inc. | USD120.00 | 7 |
| Unilever Bestfoods (Holdings) LLC |  | 13 |
| Unilever Capital Corporation | USD1.00 | 1 |
| Unilever United States, Inc. | USD0.3333 | 7 |
| US Health & Wellbeing LLC  | No Par Value | 13 |
| Murad LLC |  | 13 |
| Onnit Labs, Inc. | USD0.01 | 7 |
| Palisade Enterprise Holdings, Inc. | USD0.0001 | 23 |
| **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** | **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** | **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** |
| Living Proof, Inc. | USD0.01 | 7 |
| St. Ives Laboratories, Inc. | USD0.01 | 1 |
| Unilever North America Supply Chain Company, LLC |  | 13 |

---

---

| | | |
|:---|:---|:---|
| 198 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

GROUP COMPANIES<br>

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Dermalogica, LLC |  | 13 |
| **United States – 247 W. 30th Street, 7 Floor, New York - 10001** | **United States – 247 W. 30th Street, 7 Floor, New York - 10001** | **United States – 247 W. 30th Street, 7 Floor, New York - 10001** |
| The Laundress, LLC |  | 13 |
| **United States – 125 S Clark, Suite 2000, Chicago, IL 60603** | **United States – 125 S Clark, Suite 2000, Chicago, IL 60603** | **United States – 125 S Clark, Suite 2000, Chicago, IL 60603** |
| Blueair Inc. | No Par Value | 1 |
| **United States – 2816 S. Kilbourne Avenue, Chicago, IL 60624** | **United States – 2816 S. Kilbourne Avenue, Chicago, IL 60624** | **United States – 2816 S. Kilbourne Avenue, Chicago, IL 60624** |
| Unilever Illinois Manufacturing, LLC |  | 13 |
| **United States – 2900 W. Truman Boulevard, Jefferson City, MO 65109** | **United States – 2900 W. Truman Boulevard, Jefferson City, MO 65109** | **United States – 2900 W. Truman Boulevard, Jefferson City, MO 65109** |
| Unilever Manufacturing (US), LLC | No Par Value | 7 |
| **United States – 40 Merritt Boulevard, Trumbull, CT 06611** | **United States – 40 Merritt Boulevard, Trumbull, CT 06611** | **United States – 40 Merritt Boulevard, Trumbull, CT 06611** |
| Unilever Trumbull Holdings, Inc. | USD1.00 | 7 |
| Unilever Trumbull Research Services, Inc. | USD1.00 | 1 |
|  | USD1.00 | 34 |
| **United States – 60 Lake Street, Suite 3N, Burlington, VT 05401** | **United States – 60 Lake Street, Suite 3N, Burlington, VT 05401** | **United States – 60 Lake Street, Suite 3N, Burlington, VT 05401** |
| Seventh Generation, Inc. | USD0.001 | 7 |
| **United States – 605 5th Ave S, Ste 800, Seattle, WA 98104-388** | **United States – 605 5th Ave S, Ste 800, Seattle, WA 98104-388** | **United States – 605 5th Ave S, Ste 800, Seattle, WA 98104-388** |
| Paula's Choice, Inc. | USD0.001 | 7 |
|  | USD0.001 | 22 |
| **United States – 705 5th Avenue South, Suite 200, Seattle, WA 98104** | **United States – 705 5th Avenue South, Suite 200, Seattle, WA 98104** | **United States – 705 5th Avenue South, Suite 200, Seattle, WA 98104** |
| Paula's Choice, LLC |  | 13 |
| **United States – c/o The Corporation Trust Company, Corporation Trust Center, 1209** <br>**Orange Street, Wilmington, Delaware, 19801, New Castle County** | **United States – c/o The Corporation Trust Company, Corporation Trust Center, 1209** <br>**Orange Street, Wilmington, Delaware, 19801, New Castle County** | **United States – c/o The Corporation Trust Company, Corporation Trust Center, 1209** <br>**Orange Street, Wilmington, Delaware, 19801, New Castle County** |
| Nutraceutical Wellness, Inc. (80) | USD0.001 | 7 |
| The Uncovery, LLC |  | 13 |
| Heat Enterprise Holdings, Inc. | USD0.00001 | 23 |
| K18, Inc. | USD0.00001 | 23 |
| Biomimetek, Inc. | USD0.00001 | 23 |
| Cocotier, Inc. | USD0.001 | 7 |
| Yeti Parent Holdings, LLC | USD1.00 | 13 |
| Yeti Intermediate Holdings I, LLC | USD1.00 | 13 |
| Yeti Intermediate Holdings II, LLC | USD1.00 | 13 |
| Wild Cosmetics US LLC  | USD1.00 | 1 |
| **United States – 3770-1/2 Selby Avenue, Los Angeles, CA 90034** | **United States – 3770-1/2 Selby Avenue, Los Angeles, CA 90034** | **United States – 3770-1/2 Selby Avenue, Los Angeles, CA 90034** |
| Kingdom Animalia, LLC |  | 13 |
| **United States – 11 Ranick Drive South, Amityville, NY 11701** | **United States – 11 Ranick Drive South, Amityville, NY 11701** | **United States – 11 Ranick Drive South, Amityville, NY 11701** |
| Sundial Brands, LLC |  | 13 |
| **United States – 415 Jackson Street, Floor 2, San Francisco, CA 94111** | **United States – 415 Jackson Street, Floor 2, San Francisco, CA 94111** | **United States – 415 Jackson Street, Floor 2, San Francisco, CA 94111** |
| Olly Public Benefit Corporation | USD0.00001 | 7 |
| **United States – 32 West Loockerman Street, Dover, DE 19801** | **United States – 32 West Loockerman Street, Dover, DE 19801** | **United States – 32 West Loockerman Street, Dover, DE 19801** |
| Tatcha, LLC |  | 13 |
| **United States – 2121 Park Place, 1st Floor, El Segundo, CA 90245** | **United States – 2121 Park Place, 1st Floor, El Segundo, CA 90245** | **United States – 2121 Park Place, 1st Floor, El Segundo, CA 90245** |
| The LIV Group, Inc. | USD0.01 | 7 |
| **United States – 4056 Del Rey Avenue, Marina Del Rey, CA 90292** | **United States – 4056 Del Rey Avenue, Marina Del Rey, CA 90292** | **United States – 4056 Del Rey Avenue, Marina Del Rey, CA 90292** |
| SmartyPants, Inc. | No Par Value | 7 |
| **United States – 4065 Glencoe Ave, Marina del Rey, Suite 300B, California 90292** | **United States – 4065 Glencoe Ave, Marina del Rey, Suite 300B, California 90292** | **United States – 4065 Glencoe Ave, Marina del Rey, Suite 300B, California 90292** |
| Dr. Squatch, LLC  | USD1.00 | 13 |
| **United States - 16192, Coastal Highway, Lewas, Delaware, Country of Sussex, 19958** | **United States - 16192, Coastal Highway, Lewas, Delaware, Country of Sussex, 19958** | **United States - 16192, Coastal Highway, Lewas, Delaware, Country of Sussex, 19958** |
| Minimalist Science Inc. (56.02) | USD1.00 | 1 |
| **United States – 1169 Gorgas Avenue, Suite A, San Francisco, CA 94129** | **United States – 1169 Gorgas Avenue, Suite A, San Francisco, CA 94129** | **United States – 1169 Gorgas Avenue, Suite A, San Francisco, CA 94129** |
| Welly Health PBC  | USD0.00001 | 7 |
|  | USD1.00 | 100 |
|  | USD1.00 | 111 |
| **United States – Resident Agents, Inc, 8 The Green, STE R, Dover, Kent, Delaware,** <br>**19901** | **United States – Resident Agents, Inc, 8 The Green, STE R, Dover, Kent, Delaware,** <br>**19901** | **United States – Resident Agents, Inc, 8 The Green, STE R, Dover, Kent, Delaware,** <br>**19901** |
| Brand Evangelists for Beauty Inc.<sup>∆</sup> (68.03) | USD0.01 | 23 |
| **Uruguay – Complejo World Trade Center de Montevideo, Torre IV, Calle Luis** <br>**Bonavita Nro. 1266, Piso 31, Oficina 3101, Montevideo, CP 11.300** | **Uruguay – Complejo World Trade Center de Montevideo, Torre IV, Calle Luis** <br>**Bonavita Nro. 1266, Piso 31, Oficina 3101, Montevideo, CP 11.300** | **Uruguay – Complejo World Trade Center de Montevideo, Torre IV, Calle Luis** <br>**Bonavita Nro. 1266, Piso 31, Oficina 3101, Montevideo, CP 11.300** |
| Unilever Uruguay SCC S.A. | UYU1.00 | 1 |
| **Uruguay – Edificio World Trade Center Free Zone Torre II, Piso 11, Unidad 1133, Dr.** <br>**Luis Bonavita 1294, Montevideo, C.P. 11.300** | **Uruguay – Edificio World Trade Center Free Zone Torre II, Piso 11, Unidad 1133, Dr.** <br>**Luis Bonavita 1294, Montevideo, C.P. 11.300** | **Uruguay – Edificio World Trade Center Free Zone Torre II, Piso 11, Unidad 1133, Dr.** <br>**Luis Bonavita 1294, Montevideo, C.P. 11.300** |
| Unilever America Latina S.A. | UYU1.00 | 1 |
| **Vietnam – Lot A2-3, Tay Bac Cu Chi Industrial Zone, Tan An Hoi Ward, Ho Chi Minh** <br>**City** | **Vietnam – Lot A2-3, Tay Bac Cu Chi Industrial Zone, Tan An Hoi Ward, Ho Chi Minh** <br>**City** | **Vietnam – Lot A2-3, Tay Bac Cu Chi Industrial Zone, Tan An Hoi Ward, Ho Chi Minh** <br>**City** |

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Unilever Vietnam International Company Limited | VND863,104,820,00<br>0.00<br>| 13 |
| **Vietnam – No. 156, Nguyen Luong Bang Street, Tan My Ward, Ho Chi Minh City** | **Vietnam – No. 156, Nguyen Luong Bang Street, Tan My Ward, Ho Chi Minh City** | **Vietnam – No. 156, Nguyen Luong Bang Street, Tan My Ward, Ho Chi Minh City** |
| Unicorn Market Place Vietnam Company Limited (in <br>liquidation)<br>| VND207,819,496,31<br>1.00<br>| 13 |
| **Vietnam – 3rd Floor, The Sun Building, No. 3 Me Tri Street, Tu Liem Ward, Hanoi** | **Vietnam – 3rd Floor, The Sun Building, No. 3 Me Tri Street, Tu Liem Ward, Hanoi** | **Vietnam – 3rd Floor, The Sun Building, No. 3 Me Tri Street, Tu Liem Ward, Hanoi** |
| Paula's Choice Vietnam Company Limited | VND <br>6,879,000,000.00<br>| 13 |
| **Vietnam – Floor 46, Bitexco Financial Tower, No.2 Hai Trieu Street, Ben Nghe Ward,** <br>**District 1, Ho Chi Minh City** | **Vietnam – Floor 46, Bitexco Financial Tower, No.2 Hai Trieu Street, Ben Nghe Ward,** <br>**District 1, Ho Chi Minh City** | **Vietnam – Floor 46, Bitexco Financial Tower, No.2 Hai Trieu Street, Ben Nghe Ward,** <br>**District 1, Ho Chi Minh City** |
| Minimalist Vietnam Company Limited (56.02) | VND1.00 | 1 |
| **Zambia – Stand 2375, Corner Addis Ababa Drive & Great East Road, Show Grounds,** <br>**Lusaka** | **Zambia – Stand 2375, Corner Addis Ababa Drive & Great East Road, Show Grounds,** <br>**Lusaka** | **Zambia – Stand 2375, Corner Addis Ababa Drive & Great East Road, Show Grounds,** <br>**Lusaka** |
| Unilever South East Africa Zambia Limited (in <br>liquidation)<br>| ZMK2.00 | 34 |
|  | ZMK2.00 | 1 |
| **Zambia – Stand No. 3027, Nakambala Road Industrial Site, PO Box 71570, Ndola** | **Zambia – Stand No. 3027, Nakambala Road Industrial Site, PO Box 71570, Ndola** | **Zambia – Stand No. 3027, Nakambala Road Industrial Site, PO Box 71570, Ndola** |
| Chesebrough-Ponds (Private) Limited  | ZMW1.00 | 1 |
| **Zimbabwe – 2 Stirling Road, Workington, Harare** | **Zimbabwe – 2 Stirling Road, Workington, Harare** | **Zimbabwe – 2 Stirling Road, Workington, Harare** |
| Unilever – Zimbabwe (Pvt) Limited<sup>∆</sup> | ZWD0.002 | 1 |
|  | ZWD0.002 | 8 |
| **SUBSIDIARY UNDERTAKINGS NOT INCLUDED IN THE CONSOLIDATION** | **SUBSIDIARY UNDERTAKINGS NOT INCLUDED IN THE CONSOLIDATION** | **SUBSIDIARY UNDERTAKINGS NOT INCLUDED IN THE CONSOLIDATION** |
| **Brazil – Av Das Nacoes Unidas, 14261 4º Andar Ala B, Vila Gertrudes, Cep** <br>**04792-000, Sao Paulo** | **Brazil – Av Das Nacoes Unidas, 14261 4º Andar Ala B, Vila Gertrudes, Cep** <br>**04792-000, Sao Paulo** | **Brazil – Av Das Nacoes Unidas, 14261 4º Andar Ala B, Vila Gertrudes, Cep** <br>**04792-000, Sao Paulo** |
| Unileverprev Sociedade De Previdencia Privada | No Par Value | 13 |
| **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** | **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** | **England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY** |
| Unilever Fragrance Limited | GBP1.00 | 1 |
| **England and Wales – 1 More London Place, London SE1 2AF** | **England and Wales – 1 More London Place, London SE1 2AF** | **England and Wales – 1 More London Place, London SE1 2AF** |
| Unidis Twenty Six Limited (in liquidation) | GBP1.00 | 1 |
| **Germany – c/o Regus Stuttgart City Plaza, Rotebuhlplatz 23, 70178, Stuttgart** | **Germany – c/o Regus Stuttgart City Plaza, Rotebuhlplatz 23, 70178, Stuttgart** | **Germany – c/o Regus Stuttgart City Plaza, Rotebuhlplatz 23, 70178, Stuttgart** |
| TIGI Haircare GmbH | EUR25,600.00 | 1 |
| **Germany – Wiesenstraße 21. D-40549 Düsseldorf** | **Germany – Wiesenstraße 21. D-40549 Düsseldorf** | **Germany – Wiesenstraße 21. D-40549 Düsseldorf** |
| Living Proof GmbH | EUR1.00 | 1 |
| **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** | **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** | **Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema** |
| Unilever Oleo Ghana Limited | GHS2.250 | 1 |
| **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400 099** | **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400 099** | **India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400 099** |
| Hindustan Unilever Foundation (61.90) | INR10.00 | 1 |
| **Kenya – Commercial Street, PO Box 40592-00100, Nairobi** | **Kenya – Commercial Street, PO Box 40592-00100, Nairobi** | **Kenya – Commercial Street, PO Box 40592-00100, Nairobi** |
| Union East African Trust Limited | KES20.00 | 1 |
| **Myanmar – No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region** | **Myanmar – No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region** | **Myanmar – No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar** <br>**Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region** |
| Lever Brothers (Burma) Limited | MMK500,000.00 | 1 |
| **Saudi Arabia – King Abdul Aziz Road, Al Shatae, PO Box 22800, Jeddah 21416** | **Saudi Arabia – King Abdul Aziz Road, Al Shatae, PO Box 22800, Jeddah 21416** | **Saudi Arabia – King Abdul Aziz Road, Al Shatae, PO Box 22800, Jeddah 21416** |
| Unilever Trading and Marketing Company | SAR1,000.00 | 1 |
| **United States – 111 River Street, 8th Floor, Hoboken, New Jersey, 07030** | **United States – 111 River Street, 8th Floor, Hoboken, New Jersey, 07030** | **United States – 111 River Street, 8th Floor, Hoboken, New Jersey, 07030** |
| Unilever United States Foundation, Inc. |  | 13 |
| **ASSOCIATED UNDERTAKINGS** | **ASSOCIATED UNDERTAKINGS** | **ASSOCIATED UNDERTAKINGS** |
| **Australia – Floor 1, 101 Moray Street, South Melbourne, 3205** | **Australia – Floor 1, 101 Moray Street, South Melbourne, 3205** | **Australia – Floor 1, 101 Moray Street, South Melbourne, 3205** |
| Straand Pty Ltd<sup>∆◊</sup> (100) | No Par Value | 111 |
| (12.05) | No Par Value | 59 |
| **Bahrain – Shop 61, Building 866, Road 3618, Block 436 Alseef Manama** | **Bahrain – Shop 61, Building 866, Road 3618, Block 436 Alseef Manama** | **Bahrain – Shop 61, Building 866, Road 3618, Block 436 Alseef Manama** |
| Unilever Bahrain Co. W.L.L. (49) | BHD50.00 | 1 |
| **Brazil – Avenida Engenheiro Luiz Carlos Berrini, 105, 16th floor, Ed. Berrini One,**<br>**Cidade das Monções, São Paulo, SP, Brazil, ZIP Code 04571-010** | **Brazil – Avenida Engenheiro Luiz Carlos Berrini, 105, 16th floor, Ed. Berrini One,**<br>**Cidade das Monções, São Paulo, SP, Brazil, ZIP Code 04571-010** | **Brazil – Avenida Engenheiro Luiz Carlos Berrini, 105, 16th floor, Ed. Berrini One,**<br>**Cidade das Monções, São Paulo, SP, Brazil, ZIP Code 04571-010** |
| Gallo Brasil Distribuição e comércio Limitada (55) | BRL1.00 | 7 |
| **Canada – Suite 300-171 West Esplanade, North Vancouver, British Columbia, V7M** <br>**3K9** | **Canada – Suite 300-171 West Esplanade, North Vancouver, British Columbia, V7M** <br>**3K9** | **Canada – Suite 300-171 West Esplanade, North Vancouver, British Columbia, V7M** <br>**3K9** |
| A&W Root Beer Beverages Canada Inc.<sup>◊</sup> (40) | No Par Value | 38 |
| **Canada – 229 Amesbury Gate, Bedford, Nova Scotia, B4B 0R8** | **Canada – 229 Amesbury Gate, Bedford, Nova Scotia, B4B 0R8** | **Canada – 229 Amesbury Gate, Bedford, Nova Scotia, B4B 0R8** |
| The 7 Virtues Beauty Inc.<sup>∆◊</sup> (64.29) | No Par Value | 58 |
| (11.79) | No Par Value | 119 |
| **Canada – 1400-160 Bloor Street East, Toronto, ON M4W 3R2** | **Canada – 1400-160 Bloor Street East, Toronto, ON M4W 3R2** | **Canada – 1400-160 Bloor Street East, Toronto, ON M4W 3R2** |
| Food Service Direct Logistics Canada, Inc.<sup>◊</sup> (60) | CAD1.00 | 7 |
| **China –** <br>**Room B101, Building 1, No. 33, Fuquan North Road, Changning District, Shanghai** | **China –** <br>**Room B101, Building 1, No. 33, Fuquan North Road, Changning District, Shanghai** | **China –** <br>**Room B101, Building 1, No. 33, Fuquan North Road, Changning District, Shanghai** |
| Shanghai Lihuashiheng Food Techical Co. Ltd (33.33) | CNY1.00 | 1 |

---

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 199 |

---

GROUP COMPANIES<br>

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| **Cyprus – 2 Marcou Dracou Street, Engomi Industrial Estate, 2409 Nicosia** | **Cyprus – 2 Marcou Dracou Street, Engomi Industrial Estate, 2409 Nicosia** | **Cyprus – 2 Marcou Dracou Street, Engomi Industrial Estate, 2409 Nicosia** |
| Unilever PMT Limited<sup>∆</sup> (49) | EUR1.71 | 2 |
|  | EUR1.71 | 3 |
| **England and Wales – 100 Victoria Embankment, Blackfriars, London EC4Y 0DY** | **England and Wales – 100 Victoria Embankment, Blackfriars, London EC4Y 0DY** | **England and Wales – 100 Victoria Embankment, Blackfriars, London EC4Y 0DY** |
| Uflexreward Holdings Limited<sup>Δ</sup> (92.59) | GBP0.001 | 2 |
|  | GBP1.00 | 21 |
| Uflexreward Limited<sup>Δ</sup> (92.59) | GBP1.00 | 2 |
| **England and Wales – Unit 1.8 & 1.9, The Shepherds Building, Charecroft Way,** <br>**London W14 0EE** | **England and Wales – Unit 1.8 & 1.9, The Shepherds Building, Charecroft Way,** <br>**London W14 0EE** | **England and Wales – Unit 1.8 & 1.9, The Shepherds Building, Charecroft Way,** <br>**London W14 0EE** |
| SCA Investments Holdings Limited<sup>∆◊</sup>(15.61) | GBP0.001 | 40 |
| (25.19) | GBP0.001 | 41 |
| (3.63) | GBP0.001 | 42 |
| (5.31) | GBP0.001 | 112 |
| **England and Wales – 2nd Floor, 5 Jubilee Place, Chelsea, London SW3 3TD** | **England and Wales – 2nd Floor, 5 Jubilee Place, Chelsea, London SW3 3TD** | **England and Wales – 2nd Floor, 5 Jubilee Place, Chelsea, London SW3 3TD** |
| Trinny London Limited<sup>∆◊</sup> (54.88) | GBP0.01 | 58 |
| (32.32) | GBP0.01 | 71 |
| **England and Wales – 2 Leman Street, London E1W 9US** | **England and Wales – 2 Leman Street, London E1W 9US** | **England and Wales – 2 Leman Street, London E1W 9US** |
| Penhros Bio Limited<sup>◊</sup> (37.7) | GBP1.00 | 1 |
| **England and Wales – 6 Snow Hill, London EC1A 2AY** | **England and Wales – 6 Snow Hill, London EC1A 2AY** | **England and Wales – 6 Snow Hill, London EC1A 2AY** |
| VHSquared Limited<sup>◊</sup> (in liquidation) (39.47) | GBP0.01 | 1 |
| (1.79) | GBP0.01 | 57 |
| (17.86) | GBP0.01 | 36 |
| **England and Wales – 4 Berens Road, London, England, NW10 5EB** | **England and Wales – 4 Berens Road, London, England, NW10 5EB** | **England and Wales – 4 Berens Road, London, England, NW10 5EB** |
| The Nue Co, Ltd<sup>∆◊</sup>(20.41) | GBP0.000001 | 35 |
| (3.98) | GBP0.000001 | 58 |
| **England and Wales – 71-75 Shelton Street, Covent Garden, London, United** <br>**Kingdom, WC2H 9JQ** | **England and Wales – 71-75 Shelton Street, Covent Garden, London, United** <br>**Kingdom, WC2H 9JQ** | **England and Wales – 71-75 Shelton Street, Covent Garden, London, United** <br>**Kingdom, WC2H 9JQ** |
| Indu Cosmetics, Ltd<sup>∆◊</sup> (48.78) | GBP0.0001 | 111 |
| **France – 13 Avenue Morane Saulnier, 78140 Velizy Villacoublay** | **France – 13 Avenue Morane Saulnier, 78140 Velizy Villacoublay** | **France – 13 Avenue Morane Saulnier, 78140 Velizy Villacoublay** |
| Pegase S.A.S. (25) | EUR5,000.00 | 1 |
| **France – 7 rue Armand Peugeot, 92500 Rueil-Malmaison** | **France – 7 rue Armand Peugeot, 92500 Rueil-Malmaison** | **France – 7 rue Armand Peugeot, 92500 Rueil-Malmaison** |
| Relais D'or Centrale S.A.S. (49.99) | No Par Value | 1 |
| **Germany – Beerbachstraße 19, 91183 Abenberg** | **Germany – Beerbachstraße 19, 91183 Abenberg** | **Germany – Beerbachstraße 19, 91183 Abenberg** |
| Hans Henglein & Sohn GmbH<sup>◊</sup> (50) | EUR100,000.00 | 1 |
| Henglein & Co. Handels-und Beteiligungs GmbH & Co. <br>KG<sup>◊</sup> (50)<br>|  | 4 |
| Henglein Geschäftsführungsgesellschaft mit <br>beschränkter Haftung<sup>◊</sup> (50)<br>| DEM50,000.00 | 1 |
| Nürnberger Kloßteig NK GmbH & Co. KG<sup>◊</sup> (50) |  | 4 |
| Henglein NRW GmbH<sup>◊</sup> (50) | DEM250,000.00 | 1 |
| **Germany – Lauchaer Straße 1, 06647 An der Poststraße OT Klosterhaeseler** | **Germany – Lauchaer Straße 1, 06647 An der Poststraße OT Klosterhaeseler** | **Germany – Lauchaer Straße 1, 06647 An der Poststraße OT Klosterhaeseler** |
| Henglein GmbH & Co. KG<sup>◊</sup> (50) | DEM50,000.00 | 1 |
| **India – 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra** <br>**Kurla, Santacruz East Mumbai, Mumbai 400098** | **India – 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra** <br>**Kurla, Santacruz East Mumbai, Mumbai 400098** | **India – 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra** <br>**Kurla, Santacruz East Mumbai, Mumbai 400098** |
| Peel-Works Private Limited<sup>∆◊</sup> (in liquidation) (48.15) | INR30.00 | 63 |
| (16.66) | INR30.00 | 70 |
| (14.65) | INR30.00 | 32 |
| **India – 1st Floor Lodha, i-Think Techno Campus, A Wing, Chirak Nagar, Thane MH** <br>**400607** | **India – 1st Floor Lodha, i-Think Techno Campus, A Wing, Chirak Nagar, Thane MH** <br>**400607** | **India – 1st Floor Lodha, i-Think Techno Campus, A Wing, Chirak Nagar, Thane MH** <br>**400607** |
| Pureplay Skin Sciences (India) Private Limited<sup>∆◊</sup> (0.1) | INR10.00 | 75 |
| (100) | INR100.00 | 73 |
| (100) | INR100.00 | 64 |
| (6.54) | INR100.00 | 65 |
| (8.75) | INR100.00 | 106 |
| **India – Plot No. D 5, Road No. 20, Marol MIDC, Andheri East, Mumbai 400093** | **India – Plot No. D 5, Road No. 20, Marol MIDC, Andheri East, Mumbai 400093** | **India – Plot No. D 5, Road No. 20, Marol MIDC, Andheri East, Mumbai 400093** |
| Scentials Beautycare & Wellness Ltd<sup>∆◊</sup> (63.42) | INR10.00 | 73 |
| (0.10) | INR10.00 | 75 |
| **India – 15 Ambika Nagar, Sector 4, Hiran Magri, Udaipur, Rajasthan 313002** | **India – 15 Ambika Nagar, Sector 4, Hiran Magri, Udaipur, Rajasthan 313002** | **India – 15 Ambika Nagar, Sector 4, Hiran Magri, Udaipur, Rajasthan 313002** |
| Derma Goodness Private Limited<sup>∆◊</sup> (0.2) | INR10.00 | 75 |
| (97.93) | INR100.00 | 110 |
| (20.04) | INR100.00 | 73 |
| **India – Z-44, Panchasayar, P-210-4-1, Panchasayar, Kolkata, WB 700094**  | **India – Z-44, Panchasayar, P-210-4-1, Panchasayar, Kolkata, WB 700094**  | **India – Z-44, Panchasayar, P-210-4-1, Panchasayar, Kolkata, WB 700094**  |
| Wellness Ville Private Limited<sup>∆◊</sup> (0.10) | INR10.00 | 75 |
| (92.11) | INR50.00 | 118 |

---

---

| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| (100.00) | INR50.00 | 73 |
| **India – 28, B.T. Road, Cossipore, Chiria More, Kolkata, West Bengal 700002** | **India – 28, B.T. Road, Cossipore, Chiria More, Kolkata, West Bengal 700002** | **India – 28, B.T. Road, Cossipore, Chiria More, Kolkata, West Bengal 700002** |
| Rabiko Lifestyle Private Limited<sup>∆◊</sup>(0.02) | INR10.00 | 75 |
| (100.00) | INR10.00 | 114 |
| **India – A-2004, Floor-20, Plot-141, Phoenix Tower-A, S.B. Marg, Delisle Road, Lower** <br>**Parel West, Mumbai 400013** | **India – A-2004, Floor-20, Plot-141, Phoenix Tower-A, S.B. Marg, Delisle Road, Lower** <br>**Parel West, Mumbai 400013** | **India – A-2004, Floor-20, Plot-141, Phoenix Tower-A, S.B. Marg, Delisle Road, Lower** <br>**Parel West, Mumbai 400013** |
| Nutritionalab Private Limited (13.31) | INR10.00 | 1 |
| **India – 109, Floor 1, Plot 16, Vithaldas Chamber, Mumbai Samachar Marg Bombay** <br>**Stock Exchange, Fort, Mumbai, Maharashtra 400001** | **India – 109, Floor 1, Plot 16, Vithaldas Chamber, Mumbai Samachar Marg Bombay** <br>**Stock Exchange, Fort, Mumbai, Maharashtra 400001** | **India – 109, Floor 1, Plot 16, Vithaldas Chamber, Mumbai Samachar Marg Bombay** <br>**Stock Exchange, Fort, Mumbai, Maharashtra 400001** |
| ClayCo Cosmetics Private Limited<sup>∆◊</sup> (100) | INR50.00 | 114 |
| (0.1) | INR10.00 | 75 |
| (100) | INR50.00 | 73 |
| **India – 109, Office No. 202, Simran Plaza, CTS E/829, JN of 3rd & 4th Road, Khar** <br>**West, Opp Naginas Rest, Khar Colony, Mumbai, 400052** | **India – 109, Office No. 202, Simran Plaza, CTS E/829, JN of 3rd & 4th Road, Khar** <br>**West, Opp Naginas Rest, Khar Colony, Mumbai, 400052** | **India – 109, Office No. 202, Simran Plaza, CTS E/829, JN of 3rd & 4th Road, Khar** <br>**West, Opp Naginas Rest, Khar Colony, Mumbai, 400052** |
| 24Carat Remedies Private Limited<sup>∆◊</sup> (79.07) | INR10.00 | 130 |
| (0.06) | INR10.00 | 75 |
| **Indonesia – Jalan Srengseng Raya Nomor 55A, Rukun Tetangga 001, Rukun Warga** <br>**002, Kelurahan Srengseng, Kecamatan Kembangan, Jakarta Barat 11630** | **Indonesia – Jalan Srengseng Raya Nomor 55A, Rukun Tetangga 001, Rukun Warga** <br>**002, Kelurahan Srengseng, Kecamatan Kembangan, Jakarta Barat 11630** | **Indonesia – Jalan Srengseng Raya Nomor 55A, Rukun Tetangga 001, Rukun Warga** <br>**002, Kelurahan Srengseng, Kecamatan Kembangan, Jakarta Barat 11630** |
| PT Anugrah Mutu Bersama<sup>◊</sup> (40) | IDR1,000,000.00 | 1 |
| **Iran – Second Floor, No. 23, Corner of 33rd Street, Zagros Street, Argentina Square,** <br>**Tehran** | **Iran – Second Floor, No. 23, Corner of 33rd Street, Zagros Street, Argentina Square,** <br>**Tehran** | **Iran – Second Floor, No. 23, Corner of 33rd Street, Zagros Street, Argentina Square,** <br>**Tehran** |
| Unilever-Golestan Foods (Private Joint Stock <br>Company)(51)<br>| IRR1,000,000.00 | 1 |
| **Ireland – 70 Sir John Rogerson's Quay, Dublin 2** | **Ireland – 70 Sir John Rogerson's Quay, Dublin 2** | **Ireland – 70 Sir John Rogerson's Quay, Dublin 2** |
| Pepsi Lipton International Limited<sup>∆</sup>(45.45) | EUR1.00 | 53 |
|  | EUR1.00 | 54 |
|  | EUR1.00 | 79 |
|  | EUR1.00 | 121 |
|  | EUR1.00 | 122 |
|  | EUR1.00 | 123 |
|  | EUR1.00 | 124 |
| **Israel – Kochav Yokneam Building, 4th Floor, PO Box 14, Yokneam Illit 20692** | **Israel – Kochav Yokneam Building, 4th Floor, PO Box 14, Yokneam Illit 20692** | **Israel – Kochav Yokneam Building, 4th Floor, PO Box 14, Yokneam Illit 20692** |
| IB Ventures Limited<sup>∆</sup> (99.74) | ILS1.00 | 14 |
| **Israel – 8 HaMada Street, Rehovot** | **Israel – 8 HaMada Street, Rehovot** | **Israel – 8 HaMada Street, Rehovot** |
| Elixr, Ltd<sup>∆◊</sup> (28.57) | USD0.01 | 130 |
| **Italy – Via Quercete, n.a. 81016, San Potito Sannitico (CE)** | **Italy – Via Quercete, n.a. 81016, San Potito Sannitico (CE)** | **Italy – Via Quercete, n.a. 81016, San Potito Sannitico (CE)** |
| P2P S.r.l (50) | EUR1.00 | 1 |
| **Luxembourg – 5 Heienhaff, L-1736 Senningerberg** | **Luxembourg – 5 Heienhaff, L-1736 Senningerberg** | **Luxembourg – 5 Heienhaff, L-1736 Senningerberg** |
| Helpling Group Holding S.à r.l.<sup>∆◊</sup> (34.06) | EUR1.00 | 88 |
| (1.37) | EUR1.00 | 61 |
| (6.13) | EUR1.00 | 125 |
| **Mauritius – c/o Apex Fund Services (Mauritius) Ltd, 4th Floor, 19 Bank Street,**<br>**Cyber City, Ebene 72201** | **Mauritius – c/o Apex Fund Services (Mauritius) Ltd, 4th Floor, 19 Bank Street,**<br>**Cyber City, Ebene 72201** | **Mauritius – c/o Apex Fund Services (Mauritius) Ltd, 4th Floor, 19 Bank Street,**<br>**Cyber City, Ebene 72201** |
| Capvent Asia Consumer Fund Limited<sup>∆</sup> (40.41) (in <br>liquidation)<br>| USD0.01 | 78 |
| **Netherlands – 1016CG Amsterdam, Heregracht 346 A** | **Netherlands – 1016CG Amsterdam, Heregracht 346 A** | **Netherlands – 1016CG Amsterdam, Heregracht 346 A** |
| Inde Wild B.V.<sup>∆◊</sup> (60.06) | EUR0.01 | 111 |
| **Oman – PO Box 1711, Ruwi, Postal Code 112** | **Oman – PO Box 1711, Ruwi, Postal Code 112** | **Oman – PO Box 1711, Ruwi, Postal Code 112** |
| Towell Unilever LLC (49) | OMR1.00 | 1 |
| **Philippines – 11th Avenue Corner, 38th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Metro Manila** | **Philippines – 11th Avenue Corner, 38th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Metro Manila** | **Philippines – 11th Avenue Corner, 38th Street, Bonifacio Triangle, Bonifacio Global** <br>**City, Taguig City, Metro Manila** |
| Sto Tomas Paco Land Corp<sup>∆◊</sup> (40) | PHP1.00 | 7 |
| (40) | PHP10.00 | 46 |
| (40) | PHP20.00 | 44 |
| Cavite Horizons Land, Inc.<sup>◊</sup>(35.10) | PHP1.00 | 7 |
|  | PHP10,000.00 | 46 |
| **Portugal – Largo Monterroio Mascarenhas, 1, 1099–081 Lisboa** | **Portugal – Largo Monterroio Mascarenhas, 1, 1099–081 Lisboa** | **Portugal – Largo Monterroio Mascarenhas, 1, 1099–081 Lisboa** |
| Fima Ola – Produtos Alimentares, S.A. (55) | EUR4,125,000.00 | 1 |
| Gallo Worldwide, Limitada (55) | EUR550,000.00 | 5 |
| Grop – Gelado Retail Operation Portugal, Unipessoal, <br>Limitada (55)<br>| EUR50,000.00 | 1 |
| Unilever Fima, Limitada (55) | EUR14,462,336.00 | 5 |
| Victor Guedes – Industria e Comercio, S.A. (55) | EUR275,000.00 | 1 |
| Fima Dressings Unipessoal, Lda (55) | EUR50,000.00 | 1 |
| UL Ice Cream Comercial, Lda (55) | EUR55,000.00 | 5 |

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| | | |
|:---|:---|:---|
| 200 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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GROUP COMPANIES<br>

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| ICC Portugal Supply Unipessoal, Lda (55)  | EUR1,000.00 | 5 |
| **Portugal – Avenida Conselheiro Fernando de Sousa, 19, 15º, 1070-072, Lisboa** | **Portugal – Avenida Conselheiro Fernando de Sousa, 19, 15º, 1070-072, Lisboa** | **Portugal – Avenida Conselheiro Fernando de Sousa, 19, 15º, 1070-072, Lisboa** |
| Transportadora Central do Infante, Limitada (55) | EUR27,000.00 | 5 |
| **Saudi Arabia – PO Box 22800, Jeddah 21416** | **Saudi Arabia – PO Box 22800, Jeddah 21416** | **Saudi Arabia – PO Box 22800, Jeddah 21416** |
| Binzagr Unilever Distribution Company Limited (49) | SAR1,000.00 | 1 |
| **Singapore – 3 Phillip Street, #14-05 Royal Group Building, 048693** | **Singapore – 3 Phillip Street, #14-05 Royal Group Building, 048693** | **Singapore – 3 Phillip Street, #14-05 Royal Group Building, 048693** |
| YOU Private Limited<sup>∆◊</sup>(33.33) |  | 71 |
| (33.56) |  | 93 |
| **Singapore – 20A Tanjong Pagar Road, 088443** | **Singapore – 20A Tanjong Pagar Road, 088443** | **Singapore – 20A Tanjong Pagar Road, 088443** |
| ESQA Corp Pte Ltd<sup>∆◊</sup> (60) |  | 73 |
| (100) |  | 76 |
| **Sweden – Sturegatan 38, Stockholm, 11436** | **Sweden – Sturegatan 38, Stockholm, 11436** | **Sweden – Sturegatan 38, Stockholm, 11436** |
| SachaJuan Haircare AB<sup>∆◊</sup> (69.5) | SEK1.00 | 9 |
| **United Arab Emirates – PO Box 49, Dubai** | **United Arab Emirates – PO Box 49, Dubai** | **United Arab Emirates – PO Box 49, Dubai** |
| Al Gurg Unilever LLC (49) | AED1,000.00 | 1 |
| **United Arab Emirates – PO Box 49, Abu Dhabi** | **United Arab Emirates – PO Box 49, Abu Dhabi** | **United Arab Emirates – PO Box 49, Abu Dhabi** |
| Thani Murshid Unilever LLC (49) | AED1,000.00 | 1 |
| **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** | **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** | **United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201** |
| Pepsi Lipton Tea Partnership (50) |  | 4 |
| Food Service Direct Logistics, LLC (60) |  | 13 |
| **United States – c/o The Company Corporation, 251 Little Falls Drive, Wilmington,** <br>**DE, New Castle 19808** | **United States – c/o The Company Corporation, 251 Little Falls Drive, Wilmington,** <br>**DE, New Castle 19808** | **United States – c/o The Company Corporation, 251 Little Falls Drive, Wilmington,** <br>**DE, New Castle 19808** |
| Outliers, Inc.<sup>∆◊</sup> (58.77) | USD0.00001 | 62 |
| (31.35) | USD0.00001 | 113 |
| Perelel, Inc.<sup>∆◊</sup>(16.77) | USD0.00001 | 95 |
| (68.42) | USD0.00001 | 58 |
| (34.83) | USD0.00001 | 55 |
| True Botanicals, Inc.<sup>∆◊</sup> (51.23) | USD0.0001 | 62 |
| Hung Vanngo Beauty, Inc.<sup>∆◊</sup> (60) | USD0.00001 | 59 |
| **United States – c/o Cogency Global Inc, 850 New Burton Road, in the City of Dover,** <br>**County of Kent, Delaware** | **United States – c/o Cogency Global Inc, 850 New Burton Road, in the City of Dover,** <br>**County of Kent, Delaware** | **United States – c/o Cogency Global Inc, 850 New Burton Road, in the City of Dover,** <br>**County of Kent, Delaware** |

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| | | |
|:---|:---|:---|
| **Name of** <br>**Undertaking**<br>| **Nominal**<br>**Value**<br>| **Share** <br>**Class** <br>**Note**<br>|
| Volition Beauty Inc.<sup>∆◊</sup>(66.44) | USD0.0001 | 58 |
| **United States – c/o The Corporation Trust Company, Trust Center, 1209 Orange** <br>**Street, Wilmington, Delaware, 19801, New Castle County** | **United States – c/o The Corporation Trust Company, Trust Center, 1209 Orange** <br>**Street, Wilmington, Delaware, 19801, New Castle County** | **United States – c/o The Corporation Trust Company, Trust Center, 1209 Orange** <br>**Street, Wilmington, Delaware, 19801, New Castle County** |
| Koco Life LLC<sup>∆◊</sup>(26.19) |  | 104 |
| (41.59) |  | 105 |
| New Voices Fund LP<sup>∆◊</sup> (32.90) |  | 4 |
| Oak Essentials Holdco, Inc.<sup>∆◊</sup> (23.81) | USD0.0001 | 58 |
| Lemme, Inc.<sup>∆◊</sup> (86.28) | USD0.0001 | 62 |
| (6.38) | USD0.0001 | 95 |
| Plant People, PBC <sup>∆◊</sup>(22.60) | USD0.0001 | 95 |
| (9.07) | USD0.0001 | 62 |
| Alice Mushrooms, Inc <sup>∆◊</sup> (28.75) | USD0.001 | 62 |
| Eetho Brands Inc.<sup>∆◊</sup> (100) | USD0.0001 | 58 |
| **United States – c/o A Registered Agent, Inc, 8 The Green, Ste A, Dover, Kent, DE,** <br>**19901**  | **United States – c/o A Registered Agent, Inc, 8 The Green, Ste A, Dover, Kent, DE,** <br>**19901**  | **United States – c/o A Registered Agent, Inc, 8 The Green, Ste A, Dover, Kent, DE,** <br>**19901**  |
| Clean Beauty for All, Inc.<sup>∆◊</sup> (21.73) | USD0.0001  | 62 |
| (41.99) | USD0.0001  | 95 |
| (62.35) | USD0.0001  | 51 |
| (67.85) | USD0.0001  | 96 |
| OneSkin, Inc.<sup>∆◊</sup> (28.57) | USD0.00001 | 58 |
| (5.00) | USD0.00001 | 7 |
| (7.55) | USD0.00001 | 59 |
| **United States – National Registered Agents Inc., 1209 Orange Street, Wilmington,** <br>**New Castle, Delaware 19801** | **United States – National Registered Agents Inc., 1209 Orange Street, Wilmington,** <br>**New Castle, Delaware 19801** | **United States – National Registered Agents Inc., 1209 Orange Street, Wilmington,** <br>**New Castle, Delaware 19801** |
| Mealogic, Inc.<sup>∆◊</sup> (24.82) | USD0.00001 | 58 |
| **United States – 131 Continental Drive Suite 305, Newark, Newcastle, DE, 19713** | **United States – 131 Continental Drive Suite 305, Newark, Newcastle, DE, 19713** | **United States – 131 Continental Drive Suite 305, Newark, Newcastle, DE, 19713** |
| Create Wellness, Inc.<sup>∆◊</sup> (90.07) | USD0.00001  | 62 |
| (14.18) | USD0.00001  | 71 |
| **United States – Vcorp Services, LLC, 108 W. 13th Street Suite 100, Wilmington, New** <br>**Castle, DE, 19801.** | **United States – Vcorp Services, LLC, 108 W. 13th Street Suite 100, Wilmington, New** <br>**Castle, DE, 19801.** | **United States – Vcorp Services, LLC, 108 W. 13th Street Suite 100, Wilmington, New** <br>**Castle, DE, 19801.** |
| i-Genie.AI Inc. <sup>∆◊</sup>(99.72) | USD0.0001 | 103 |
| (8.02) | USD0.0001 | 58 |

---

Notes:

1: Ordinary, 2: Ordinary-A, 3: Ordinary-B, 4: Partnership, 5: Quotas, 6: Class-A Common, 7: Common, 8: Class A, 9: Class B, 10: Class C, 11: Class II Common, 12: Class III Common,

13: Membership Interest, 14: Preference, 15: Redeemable Preference, 16: Limited by Guarantee, 17: C Ordinary Shares, 18: Viscountcy, 19: B3 Ordinary, 20: Series C-1 Pref, 21: Ordinary-C,

22: Preferred, 23: Common Stock, 24: Redeemable Preference Class B, 25: Special, 26: Cumulative Preference, 27: 5% Cumulative Preference, 28: Non-Voting Ordinary B, 29: Common B,

30: Management, 31: Dormant, 32: Series C1 Preference, 33: Series D-2, 34: Cumulative Redeemable Preference, 35: A-Ordinary, 36: Preferred Ordinary, 37: Com, 38: Class Common-B,

39: Series A Participating Preference, 40: H-Ordinary, 41: I-Ordinary, 42: J-Ordinary, 43: Series A Preferred Convertible, 44: A Preference, 45: Series B1 CCPS, 46: B Preference, 47: Series

A-5, 48: Series C-2 Preferred, 49: A-4 Com, 50: D Preference, 51: Series A-3 Preferred, 52: C Preference, 53: E Ordinary, 54: G Preferred, 55: Series Seed, 56: Nominal, 57: Preferred A, 58:

Series A Preferred, 59: Series Seed-2 Preferred, 60: Series C-2, 61: Series D, 62: Series A-1 Preferred, 63: Series B-2 Preference, 64: Pre Series B CCPS, 65: Series B CCPS, 66: Series C1

CPPS, 67: Series C2, 68: Office Holders, 69: Security, 70: Series B-3 Preference, 71: Series B Preferred, 72: Series Seed B CPPS, 73: Series A CCPS, 74: Series A2 CPPS, 75: Equity, 76:

Series B CCPS, 77: Series B Preferred Convertible, 78: Class A Redeemable Non-Voting Ordinary, 79: B Ordinary, 80: N Ordinary, 81: A-1 Com, 82: A-2 Com, 83: A-3 Com, 84: Series A EIS,

85: Series A Convertible Preferred, 86: Series A2 Preferred, 87: Series B2 Preferred, 88: Series C Preferred, 89: Series A1 CPPS, 90: D1 Preferred, 91: Series E, 92: Series C-2 Pref, 93:

Series B-1 Preferred, 94: Series B-2 Preferred, 95: Series A-2 Preferred, 96: Series A-4 Preferred, 97: Preferred Seed, 98: Seed-3 Preferred, 99: CCPS, 100: Series A Preferred Stock, 101:

Ordinary Preferred, 102: E Preference, 103: Common A, 104: Series D-5 Preferred, 105: Series D-6 Preferred, 106: Series C CCPS, 107: Series Seed Convertible Preferred, 108: Series C-E

Preferred, 109: Series Seed 2 Convertible Preferred Shares, 110: Seed CCPS, 111: Series Seed Preferred Shares, 112: M-Ordinary, 113: Series A-9 Preferred, 114: Series Seed CCPS, 115:

Series A-1, 116: Pre-Series B CCCPS, 117: Series A CCCPS, 118: Series Seed A CCPS, 119: Series B Common Stock, 120: B1 Ordinary, 121: I Preferred, 122: K Preferred, 123:

M Preferred, 124: O Preferred, 125: Series F, 126: B4 Ordinary,

127: Pre-Series A CCPS, 128: Series B Convertible Preferred, 129: Series B2 Convertible Preferred, 130: Series Seed-1 Preferred.

Ο Indicates an undertaking directly held by PLC. All other undertakings are indirectly held. In the case of Hindustan Unilever Limited, 47.43% is directly held and the remainder of 14.47% is

indirectly held. In the case of Unilever Kenya Limited, 11.30% is directly held and the remainder of 88.70% is indirectly held. In the case of Unilever Sri Lanka Limited, 18.32% is directly held

and the remainder of 81.68% is indirectly held. In the case of Mixhold B.V., 27.71% is directly held and the remainder of 72.29% is indirectly held. In the cases of each of Unilever Gida Sanayi

ve Ticaret A.Ş. and Unilever Sanayi ve Ticaret Turk A.Ş., a fractional amount is directly held and the remainder is indirectly held. In the case of Mixhold B.V., 55.37% of the ordinary-A shares

are directly held, the remainder of 44.63% are indirectly held and the other share classes are indirectly held.

† Shares the undertaking holds in itself.

Δ Denotes an undertaking where other classes of shares are held by a third party.

Χ Binzagr Unilever Limited, Severn Gulf FZCO, Unilever Binzagr Gulf General Trading LLC and AlBahar United For Wholesale and Retail Trading Company LLC are subsidiary undertakings

pursuant to Section 1162(2)(b) Companies Act 2006. The Unilever Group is entitled to 50% of the profits made by Binzagr Unilever Limited, Severn Gulf FZCO and Unilever Binzagr Gulf

General Trading LLC.

◊ Accounted for as non-current investments within non-current financial assets.

∞ Exemption pursuant to Regulation 7 of the Partnership (Accounts) Regulations 2008.

In addition, we have revenues either from our own operations or otherwise in the following locations: Afghanistan, Åland Islands, Albania, American Samoa, Americas, Andorra, Angola,

Anguilla, Antigua and Barbuda, Armenia, Aruba, Azerbaijan, Bahamas, Barbados, Belize, Benin, Bermuda, Bhutan, Bonaire, Bosnia and Herzegovina, Botswana, British Indian Ocean

Territory, British Virgin Islands, Brunei Darussalam, Burkina Faso, Burundi, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Christmas Island, Cocos (Keeling)

Islands, Comoros, Congo, Cook Islands, Curaçao, Democratic Republic of Congo, Dominica, Equatorial Guinea, Eritrea, Eswatini (previously known as Swaziland), Falkland Islands

(Malvinas), Faroe Islands, Federated States of Micronesia, Fiji, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Gibraltar, Greenland, Grenada,

Guadeloupe, Guam, Guernsey, Guinea, Guinea-Bissau, Guyana, Heard Island and McDonald Islands, Holy See (Vatican City State), Iceland, Iraq, Jamaica, Kiribati, Kosovo, Kyrgyzstan,

Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Luxembourg, Macao, Madagascar, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Moldova (Republic of),

Monaco, Mongolia, Montenegro, Montserrat, Namibia, Nauru, New Caledonia, Niue, Norfolk Island, North Macedonia, Northern Mariana Islands, Palau, Papua New Guinea, Pitcairn,

Réunion, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Senegal, Seychelles, Sierra Leone,

Sint Maarten (Dutch part), Slovenia, Solomon Islands, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Suriname, Svalbard and Jan Mayen, Tajikistan, Timor-Leste,

Togo, Tokelau, Tonga, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uzbekistan, Vanuatu, Virgin Islands (US), Wallis and Futuna, Western Sahara and Yemen.

The Unilever Group has established branches in Azerbaijan, China, Jordan, Kazakhstan, Lebanon, Poland, Turkey and the UK.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 201 |

---

**Shareholder Information – Financial Calendar**

**ANNUAL GENERAL MEETING** 

---

| | |
|:---|:---|
| Date | 13 May 2026 |
| Voting and Registration date | 11 May 2026 |

---

**QUARTERLY DIVIDENDS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Announcement date** | **Ex-dividend date**<br>**for ordinary shares**<br>| **Ex-dividend** <br>**date for ADSs**<br>| **Record date** | **Payment date** |
| Quarterly dividend announced with the Q4 <br>2025 results<br>| **12 February 2026** | **26 February 2026** | **27 February 2026** | **27 February 2026** | **10 April 2026** |
| Quarterly dividend announced with the Q1 <br>2026 results<br>| **30 April 2026** | **14 May 2026** | **15 May 2026** | **15 May 2026** | **26 June 2026** |
| Quarterly dividend announced with the Q2 <br>2026 results<br>| **28 July 2026** | **6 August 2026** | **7 August 2026** | **7 August 2026** | **18 September 2026** |
| Quarterly dividend announced with the Q3 <br>2026 results<br>| **28 October 2026** | **12 November 2026** | **13 November 2026** | **13 November 2026** | **18 December 2026** |

---

**CONTACT DETAILS** 

Unilever PLC

100 Victoria Embankment

London EC4Y 0DY

United Kingdom

Any queries can be sent to us electronically via:

www.unilever.com/investors/contacts

Shareholders can email us at:

investor.relations@unilever.com

**SHAREHOLDER SERVICES**

**UK**

---

| | |
|:---|:---|
| Computershare Investor Services PLC | Computershare Investor Services PLC |
| The Pavilions |  |
| Bridgwater Road |  |
| Bristol BS99 6ZZ |  |
| Telephone +44 (0) 370 600 3977 | Telephone +44 (0) 370 600 3977 |
| Website | www.investorcentre.co.uk |
| FAQ and Contact Form | www.investorcentre.co.uk/contactus |

---

**The Netherlands**

---

| | |
|:---|:---|
| ABN AMRO Bank N.V. |  |
| Gustav Mahlerlaan 10 |  |
| 1082 PP Amsterdam |  |
| Telephone +31 (0) 20 628 6070 | Telephone +31 (0) 20 628 6070 |
| Email | corporate.broking@nl.abnamro.com |

---

**US** 

---

| | |
|:---|:---|
| Equiniti Trust Company LLC | Equiniti Trust Company LLC |
| Peck Slip Station |  |
| PO Box 2050 |  |
| New York, NY 10272-2050 |  |
| Toll-free number (if calling within the US) 866 249 2593 | Toll-free number (if calling within the US) 866 249 2593 |
| Direct dial +1 718 921 8137 |  |
| Email | adr@equiniti.com |

---

**WEBSITE** 

Shareholders are encouraged to visit our website, which has a wealth

of information about Unilever.

There is a section on our website designed specifically for investors. It includes

detailed coverage of the Unilever share price, our quarterly and annual results,

performance charts, financial news, and investor relations speeches and

presentations. It also includes details of the conference and investor/analyst

presentations.

You can also view the Unilever Annual Report and Accounts 2025 (and the

Additional Information for US Listing Purposes) on our website, and those for

prior years.

Find out more at www.unilever.com

www.unilever.com/investors

www.unilever.com/investors/annual-report-and-accounts

References to information on websites in this document are included as an aid to

their location and such information is not incorporated in, and does not form part

of, this document. Any website URL is included as text only and is not an active

link.

**PUBLICATIONS** 

Copies of the Unilever Annual Report and Accounts 2025 (and the Additional

Information for US Listing Purposes) and the Annual Report on Form 20-F 2025

can be accessed directly or ordered via the website.

www.unilever.com/investors

**UNILEVER ANNUAL REPORT AND ACCOUNTS 2025**

The Unilever Annual Report and Accounts 2025 (and the Additional Information

for US Listing Purposes) forms the basis for the Annual Report on Form 20-F,

which is filed with the United States Securities and Exchange Commission. It is

also available free of charge from the SEC's website.

www.sec.gov

**Quarterly results announcements** 

Unilever's quarterly results announcements are in English, with figures in euros.

---

| | | |
|:---|:---|:---|
| 202 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

## Additional Information for
**US Listing Purposes**

**Additional information for US listing purposes**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Form 20-F references** | **Form 20-F references** | **Form 20-F references** | | | |
| **Item 1** | **Identity of Directors, Senior Management and Advisers** | **Identity of Directors, Senior Management and Advisers** | **Identity of Directors, Senior Management and Advisers** | **Identity of Directors, Senior Management and Advisers** | n/a |
| **Item 2** | **Offer Statistics and Expected Timetable** | **Offer Statistics and Expected Timetable** | **Offer Statistics and Expected Timetable** | **Offer Statistics and Expected Timetable** | n/a |
| **Item 3** | **Key Information** | **Key Information** | **Key Information** | **Key Information** | **Key Information** |
|  | B. | Capitalisation and Indebtedness | Capitalisation and Indebtedness | Capitalisation and Indebtedness | n/a |
|  | C. | Reasons for the offer and use of proceeds | Reasons for the offer and use of proceeds | Reasons for the offer and use of proceeds | n/a |
|  | D. | Risk Factors  |  |  | 31-37 |
| **Item 4** |  |  |  |  |  |
|  | A. | History and development of the company | [6](#idd497fffd94048748ee00e72dade0edb_25)-29, [51](#idd497fffd94048748ee00e72dade0edb_112), [133](#idd497fffd94048748ee00e72dade0edb_181)-[135](#ia0e548b43a20426c9e3f72e706caf374_18544), [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [177](#idd497fffd94048748ee00e72dade0edb_283)-[181](#i5aa3206bb1214157b7bc2d866acdfeea_0-0-1-1-1079200), [201](#idd497fffd94048748ee00e72dade0edb_400), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62326) | [6](#idd497fffd94048748ee00e72dade0edb_25)-29, [51](#idd497fffd94048748ee00e72dade0edb_112), [133](#idd497fffd94048748ee00e72dade0edb_181)-[135](#ia0e548b43a20426c9e3f72e706caf374_18544), [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [177](#idd497fffd94048748ee00e72dade0edb_283)-[181](#i5aa3206bb1214157b7bc2d866acdfeea_0-0-1-1-1079200), [201](#idd497fffd94048748ee00e72dade0edb_400), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62326) | [6](#idd497fffd94048748ee00e72dade0edb_25)-29, [51](#idd497fffd94048748ee00e72dade0edb_112), [133](#idd497fffd94048748ee00e72dade0edb_181)-[135](#ia0e548b43a20426c9e3f72e706caf374_18544), [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [177](#idd497fffd94048748ee00e72dade0edb_283)-[181](#i5aa3206bb1214157b7bc2d866acdfeea_0-0-1-1-1079200), [201](#idd497fffd94048748ee00e72dade0edb_400), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62326) |
|  | B. | Business overview |  | 2-5, [10](#idd497fffd94048748ee00e72dade0edb_31)-29, [31](#idd497fffd94048748ee00e72dade0edb_88)-37, [136](#idd497fffd94048748ee00e72dade0edb_184)-[138](#i1e97790130a747ac94e98e1c4c65ad15_3339), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62326) | 2-5, [10](#idd497fffd94048748ee00e72dade0edb_31)-29, [31](#idd497fffd94048748ee00e72dade0edb_88)-37, [136](#idd497fffd94048748ee00e72dade0edb_184)-[138](#i1e97790130a747ac94e98e1c4c65ad15_3339), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62326) |
|  | C. | Organisational structure |  | [51](#idd497fffd94048748ee00e72dade0edb_112), [183](#idd497fffd94048748ee00e72dade0edb_307), [192](#idd497fffd94048748ee00e72dade0edb_397)-200 | [51](#idd497fffd94048748ee00e72dade0edb_112), [183](#idd497fffd94048748ee00e72dade0edb_307), [192](#idd497fffd94048748ee00e72dade0edb_397)-200 |
|  | D. | Property, plant and equipment |  | [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62286) | [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62286) |
| **Item 4A** | Unresolved Staff Comments | Unresolved Staff Comments |  |  | n/a |
| **Item 5** | **Operating and Financial Review and Prospects** | **Operating and Financial Review and Prospects** |  |  |  |
|  | A. | Operating results |  | [10](#idd497fffd94048748ee00e72dade0edb_31)-15, 39-46, [168](#idd497fffd94048748ee00e72dade0edb_265)-[171](#ibffda77805ed4405b8c2ac597c06605a_2262) | [10](#idd497fffd94048748ee00e72dade0edb_31)-15, 39-46, [168](#idd497fffd94048748ee00e72dade0edb_265)-[171](#ibffda77805ed4405b8c2ac597c06605a_2262) |
|  | B. | Liquidity and capital resources |  | [39](#i5ab0f608a42d476a92873aeb5ac04c45_18983)-[40](#i5ab0f608a42d476a92873aeb5ac04c45_18984), [38](#idd497fffd94048748ee00e72dade0edb_94), [110](#idd497fffd94048748ee00e72dade0edb_151), [132](#idd497fffd94048748ee00e72dade0edb_175), [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [161](#idd497fffd94048748ee00e72dade0edb_247), [164](#idd497fffd94048748ee00e72dade0edb_256)-[178](#i671454f6e5d24ac8ae2f3657c0273e62_3085) | [39](#i5ab0f608a42d476a92873aeb5ac04c45_18983)-[40](#i5ab0f608a42d476a92873aeb5ac04c45_18984), [38](#idd497fffd94048748ee00e72dade0edb_94), [110](#idd497fffd94048748ee00e72dade0edb_151), [132](#idd497fffd94048748ee00e72dade0edb_175), [155](#idd497fffd94048748ee00e72dade0edb_226)-[157](#i84bb96a084f44479905a3a5689c39f6f_608), [161](#idd497fffd94048748ee00e72dade0edb_247), [164](#idd497fffd94048748ee00e72dade0edb_256)-[178](#i671454f6e5d24ac8ae2f3657c0273e62_3085) |
|  | C. | Research and development, patents and licences, etc. | Research and development, patents and licences, etc. | 2, 18-30, [139](#idd497fffd94048748ee00e72dade0edb_187), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62302) | 2, 18-30, [139](#idd497fffd94048748ee00e72dade0edb_187), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62302) |
|  | D. | Trend information |  | 2-3, [6](#idd497fffd94048748ee00e72dade0edb_25)-15, 17-28, 31-37 | 2-3, [6](#idd497fffd94048748ee00e72dade0edb_25)-15, 17-28, 31-37 |
|  | E. | Critical accounting estimates |  |  | n/a |
| **Item 6** | **Directors, Senior Management and Employees** | **Directors, Senior Management and Employees** |  |  |  |
|  | A. | Directors and senior management |  | [52](#idd497fffd94048748ee00e72dade0edb_115)-55, [204](#i88d98fbf062043adb94ca73d0db8b2b5_62304) | [52](#idd497fffd94048748ee00e72dade0edb_115)-55, [204](#i88d98fbf062043adb94ca73d0db8b2b5_62304) |
|  | B. | Compensation |  | [78](#idd497fffd94048748ee00e72dade0edb_136)-108, [140](#idd497fffd94048748ee00e72dade0edb_190)-[147](#i16e1499a83ed4dc7a98528c58f23a44d_6251) | [78](#idd497fffd94048748ee00e72dade0edb_136)-108, [140](#idd497fffd94048748ee00e72dade0edb_190)-[147](#i16e1499a83ed4dc7a98528c58f23a44d_6251) |
|  | C. | Board practices |  | 56-61, [78](#idd497fffd94048748ee00e72dade0edb_136)-[82](#i0f05ffd1f6244864875e66376701f5b9_27722), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62304) | 56-61, [78](#idd497fffd94048748ee00e72dade0edb_136)-[82](#i0f05ffd1f6244864875e66376701f5b9_27722), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62304) |
|  | D. | Employees |  | 3, [47](#i98ef9056062e421a833b3878f6f80bb9_3011), 48, [140](#idd497fffd94048748ee00e72dade0edb_193), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62296) | 3, [47](#i98ef9056062e421a833b3878f6f80bb9_3011), 48, [140](#idd497fffd94048748ee00e72dade0edb_193), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62296) |
|  | E. | Share ownership |  | 97-108, [146](#idd497fffd94048748ee00e72dade0edb_199)-[147](#i16e1499a83ed4dc7a98528c58f23a44d_6251), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62293) | 97-108, [146](#idd497fffd94048748ee00e72dade0edb_199)-[147](#i16e1499a83ed4dc7a98528c58f23a44d_6251), [204](#i88d98fbf062043adb94ca73d0db8b2b5_62293) |
|  | F. | Disclosure of a registrant's actions to recover <br>erroneously awarded compensation<br>|  |  | n/a |
| **Item 7** | **Major Shareholders and Related Party Transactions** | **Major Shareholders and Related Party Transactions** |  |  |  |
|  | A. | Major shareholders |  |  | 63, [205](#i88d98fbf062043adb94ca73d0db8b2b5_62289) |
|  | B. | Related party transactions |  |  | 182, [205](#i88d98fbf062043adb94ca73d0db8b2b5_62318) |
|  | C. | Interest of experts and counsel |  |  | n/a |
| **Item 8** | **Financial Information** | **Financial Information** |  |  |  |
|  | A. | Consolidated statements and other financial information | Consolidated statements and other financial information | 128-191, [201](#idd497fffd94048748ee00e72dade0edb_400), [205](#i88d98fbf062043adb94ca73d0db8b2b5_62318), [212](#i88d98fbf062043adb94ca73d0db8b2b5_62324) | 128-191, [201](#idd497fffd94048748ee00e72dade0edb_400), [205](#i88d98fbf062043adb94ca73d0db8b2b5_62318), [212](#i88d98fbf062043adb94ca73d0db8b2b5_62324) |
|  | B. | Significant changes |  |  | [182](#idd497fffd94048748ee00e72dade0edb_304) |
| **Item 9** | **The Offer and Listing** | **The Offer and Listing** |  |  |  |
|  | A. | Offer and listing details |  | [51](#idd497fffd94048748ee00e72dade0edb_112), 63, [205](#i88d98fbf062043adb94ca73d0db8b2b5_62289), 210-[211](#i88d98fbf062043adb94ca73d0db8b2b5_62300) | [51](#idd497fffd94048748ee00e72dade0edb_112), 63, [205](#i88d98fbf062043adb94ca73d0db8b2b5_62289), 210-[211](#i88d98fbf062043adb94ca73d0db8b2b5_62300) |
|  | B. | Plan of distribution |  |  | n/a |
|  | C. | Markets |  | 50 | 50 |
|  | D. | Selling shareholders |  |  | n/a |
|  | E. | Dilution |  |  | n/a |
|  | F. | Expenses of the issue |  |  | n/a |

---

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 203 |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 10** | **Additional Information** | **Additional Information** |  |  |
|  | A. | Share capital |  | n/a |
|  | B. | Articles of association |  | 51, 57, 62, 206, [211](#i88d98fbf062043adb94ca73d0db8b2b5_62310) |
|  | C. | Material contracts |  | [206](#i88d98fbf062043adb94ca73d0db8b2b5_62314) |
|  | D. | Exchange controls |  | [206](#i88d98fbf062043adb94ca73d0db8b2b5_62285) |
|  | E. | Taxation |  | [207](#i88d98fbf062043adb94ca73d0db8b2b5_62313)-210 |
|  | F. | Dividends and paying agents |  | n/a |
|  | G. | Statement by experts |  | n/a |
|  | H. | Documents on display |  | [201](#idd497fffd94048748ee00e72dade0edb_400), [206](#i88d98fbf062043adb94ca73d0db8b2b5_62311) |
|  | I. | Subsidiary information |  | n/a |
|  | J. | Annual security report to security holders |  | n/a |
| **Item 11** | **Quantitative and Qualitative Disclosures about Market Risk** | **Quantitative and Qualitative Disclosures about Market Risk** | [159](#idd497fffd94048748ee00e72dade0edb_241)-[176](#i4e94d96a296047ab8de6c84dd6fe7971_4955), [6](#idd497fffd94048748ee00e72dade0edb_460) | [159](#idd497fffd94048748ee00e72dade0edb_241)-[176](#i4e94d96a296047ab8de6c84dd6fe7971_4955), [6](#idd497fffd94048748ee00e72dade0edb_460) |
| **Item 12** | **Description of Securities Other than Equity Securities** | **Description of Securities Other than Equity Securities** |  |  |
|  | A. | Description of debt securities |  | n/a |
|  | B. | Description of warrants and rights |  | n/a |
|  | C. | Description of other securities |  | n/a |
|  | D. | American Depositary Shares |  | 210-[211](#i88d98fbf062043adb94ca73d0db8b2b5_62306) |
| **Item 13** | **Defaults, Dividend Arrearages and Delinquencies** | **Defaults, Dividend Arrearages and Delinquencies** |  |  |
|  | A. | Defaults |  | [211](#i88d98fbf062043adb94ca73d0db8b2b5_62307) |
|  | B. | Dividend arrearages and delinquencies |  | [211](#i88d98fbf062043adb94ca73d0db8b2b5_62322) |
| **Item 14** | **Material Modifications to the Rights of Security Holders and Use of Proceeds** | **Material Modifications to the Rights of Security Holders and Use of Proceeds** | **Material Modifications to the Rights of Security Holders and Use of Proceeds** | n/a |
| **Item 15** | **Controls and Procedures** | **Controls and Procedures** |  |  |
|  | A. | Disclosure Controls and Procedures |  | 64 |
|  | B. | Annual Report on Internal Control |  | [212](#i88d98fbf062043adb94ca73d0db8b2b5_62323) |
|  | C. | Attestation Report |  | [212](#i88d98fbf062043adb94ca73d0db8b2b5_62323) |
|  | D. | Changes in Internal Control over Financial Reporting |  | n/a |
| **Item 16** | **Reserved** | **Reserved** |  |  |
| **Item 16A.** | Audit Committee Financial Expert | Audit Committee Financial Expert |  | 71 |
| **Item 16B.** | Code of Ethics | Code of Ethics |  | 71, 76-77 |
| **Item 16C.** | Principal Accountant Fees and Services | Principal Accountant Fees and Services |  | 71-74, [212](#i88d98fbf062043adb94ca73d0db8b2b5_62324) |
| **Item 16D.** | Exemptions from The Listing Standards for Audit Committees | Exemptions from The Listing Standards for Audit Committees |  | n/a |
| **Item 16E.** | Purchases of Equity Securities by The Issuer and Affiliated <br>Purchasers | Purchases of Equity Securities by The Issuer and Affiliated <br>Purchasers |  | 79, [182](#idd497fffd94048748ee00e72dade0edb_298), [211](#i88d98fbf062043adb94ca73d0db8b2b5_62300) |
| **Item 16F.** | Change in Registrant's Certifying Accountant | Change in Registrant's Certifying Accountant |  | n/a |
| **Item 16G.** | Corporate Governance | Corporate Governance |  | 64 |
| **Item 16H.** | Mine Safety Disclosures | Mine Safety Disclosures |  | n/a |
| **Item 16I.** | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |  | n/a |
| **Item 16J.** | Insider Trading Policies (Share Dealing Standard) | Insider Trading Policies (Share Dealing Standard) |  | 206, 213-214 |
| **Item 16K.** | Cybersecurity | Cybersecurity |  | [207](#i88d98fbf062043adb94ca73d0db8b2b5_62290) |
| **Item 17** | **Financial Statements** | **Financial Statements** |  | [110](#idd497fffd94048748ee00e72dade0edb_151)-183 |
| **Item 18** | **Financial Statements** | **Financial Statements** |  | [110](#idd497fffd94048748ee00e72dade0edb_151)-183 |
| **Item 19** | **Exhibits Please refer to the Exhibit list located immediately before the signature page for this document as filed with the SEC.** | **Exhibits Please refer to the Exhibit list located immediately before the signature page for this document as filed with the SEC.** | **Exhibits Please refer to the Exhibit list located immediately before the signature page for this document as filed with the SEC.** | **Exhibits Please refer to the Exhibit list located immediately before the signature page for this document as filed with the SEC.** |

---

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| | | |
|:---|:---|:---|
| 204 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**Employees** 

The average number of employees for the last three years is provided in note 4A on page [140](#idd497fffd94048748ee00e72dade0edb_193). The average number of employees during 2025 included 65 seasonal

workers. We believe our relationship with our employees and any labour unions of which they may be part is satisfactory in all material respects.

**Global employee share plans (SHARES)** 

Unilever's global employee plan 'SHARES' gives eligible Unilever employees below management level the opportunity to invest between €10 and €200 per month

from their net salary in Unilever shares. For every three shares our employees buy (Investment Shares), Unilever will give them one free Matching Share, which will

vest if employees hold their Investment Shares for at least three years. The Matching Shares are not subject to any performance conditions. Executive Directors are

not eligible to participate in SHARES. As of 2 March 2026 (the latest practicable date for inclusion in this report), awards for 275,113 PLC shares were outstanding

under SHARES.

**North American share plans** 

Unilever also maintains share plans for its North American employees that are governed by an umbrella plan referred to as the Unilever North America Omnibus Equity

Compensation Plan, which was amended and restated as of 29 November 2022 to authorise the issue of newly issued Unilever Ordinary Shares under the Plan and

subsequently amended and restated as of 25 November 2024 to permit certain cash settlements and exchanges of outstanding Ice Cream awards. These plans are

the North American equivalents of the Unilever Share Plan 2017 and SHARES plans, as amended from time to time. The rules governing these share plans are

materially the same as the rules governing the Unilever Share Plan 2017 and SHARES plans, respectively. However, the plans contain non-competition and non-

solicitation covenants and they are subject to US and Canadian employment and tax laws. The plans are administered by the North America Compensation Committee

of Unilever United States, Inc. and they are governed by New York law.

The foregoing description of the Unilever North America Omnibus Equity Compensation Plan does not purport to be complete and is qualified in its entirety by

reference to the Unilever North America Omnibus Equity Compensation Plan, including all amendments thereto, filed as Exhibit 4.2 to the Form S-8 Post Effective

Amendment (File No. 333-185299) filed with the SEC on 12 December 2025.

**Remuneration Committee** 

The Committee is concerned with the remuneration of the Executive and Non-Executive Directors and the tier of management directly below the Board. The

Committee also has responsibility for the cash and executive and all-employee share-based incentive plans, the Remuneration Policy and performance evaluation of

the Unilever Leadership Executive, and the periodic review of the remuneration and related policies of the wider workforce to assess alignment to PLC's purpose,

value and strategy.

**DIRECTORS AND SENIOR MANAGEMENT**

**Family relationship** 

There are no family relationships between any of our Executive Directors, members of the ULE or Non-Executive Directors.

**Other arrangements** 

None of our Non-Executive Directors, Executive Directors or other key management personnel are elected or appointed under any arrangement or understanding

with any major shareholder, customer, supplier or others. As mentioned on page 101, Nelson Peltz, a Non-Executive Director, is the Chief Executive and founding

partner of Trian Fund Management, LP, which held interests in approximately 1.3% of Unilever's issued share capital as at 2 March 2026.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 205 |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**Major shareholders** 

The voting rights of the significant shareholders of the Company are the same as for other holders of the class of share held by such significant shareholders.

The principal trading market upon which the Company's ordinary shares are listed is the London Stock Exchange. The Company's ordinary shares are also listed and

traded on Euronext Amsterdam.

In the United States, Unilever PLC American Depositary Receipts are traded on the New York Stock Exchange. Deutsche Bank Trust Company Americas (Deutsche

Bank) acts for PLC as depositary.

At 2 March 2026 (the latest practicable date for inclusion in this report), there were 1,613 registered holders of Unilever PLC American Depositary Receipts in the

United States. We estimate that approximately 42% of the Company's ordinary shares (including shares underlying Unilever PLC American Depositary Receipts)

were held in the United States in 2025.

If you are a shareholder of the Company, your interest is in a UK legal entity, your dividends will be paid in pound sterling (converted into US dollars if you have

Unilever PLC American Depositary Receipts) and you may be subject to UK tax.

To Unilever's knowledge, the Company is not owned or controlled, directly or indirectly, by another corporation, any foreign government or by any other legal or

natural person, severally or jointly. The Company is not aware of any arrangements the operation of which may at any subsequent date result in a change of control

of the Company.

**Related party transactions** 

Transactions with related parties are conducted in accordance with agreed transfer pricing policies and include sales to joint ventures and associates. Other than

those disclosed in note 23 to the consolidated financial statements (and incorporated herein as above), there were no related party transactions that were material to

the Group or to the related parties concerned that are required to be reported in 2025 up to 2 March 2026 (the latest practicable date for inclusion in this report).

**Dividend record**

The following tables show the dividends declared and dividends paid by PLC for the last five years, expressed in terms of the revised share denominations which

became effective from 22 May 2006.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | 2024 | 2023 | 2022 | 2021 |
| **Dividends declared for the year** |  |  |  |  |  |
| **PLC dividends** |  |  |  |  |  |
| Dividend per 3<sup>1</sup>/9 p | **€1.82** | £1.48 | £1.48 | £1.48 | £1.46 |
| Dividend per 3<sup>1</sup>/9 p (US Registry) | **$2.11** | $1.88 | $1.86 | $1.77 | $2.00 |
| **Dividends paid during the year** |  |  |  |  |  |
| **PLC dividends** |  |  |  |  |  |
| Dividend per 3<sup>1</sup>/9 p | **€1.81** | £1.47 | £1.50 | £1.45 | £1.48 |
| Dividend per 3<sup>1</sup>/9 p (US Registry) | **$2.05** | $1.86 | $1.86 | $1.80 | $2.03 |

---

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| | | |
|:---|:---|:---|
| 206 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**Material contracts** 

At the date of this Annual Report on Form 20-F, Unilever is not party to

any contracts that are considered material to its results or operations.

**Exchange controls** 

Other than certain economic sanctions that may be in place from time to time,

there are currently no UK laws, decrees or regulations restricting the import or

export of capital or affecting the remittance of dividends or other payments to

holders of the PLC's shares who are non-residents of the UK. Similarly, other than

certain economic sanctions that may be in force from time to time, there are no

limitations relating only to non-residents of the UK under English law or the PLC's

Articles of Association on the right to be a holder of, and to vote in respect of, the

company's shares.

**Unilever Annual Report on Form 20-F 2025** 

Filed with the SEC on the SEC's website. Printed copies are available, free of

charge, upon request to Unilever PLC, Investor Relations department, 100

Victoria Embankment, London, EC4Y 0DY, United Kingdom.

**Documents on display in the United States** 

Unilever files and furnishes reports and information with the United States

SEC. Certain of our reports and other information that we file or furnish to the SEC

are also available to the public over the internet on the SEC's website.

**2024 compared to 2023 Financial Performance** 

We have not included a discussion of year-over-year comparisons between 2024

and 2023 in this Annual Report on Form 20-F. This discussion can be found in

'Group Financial Review', 'Business Group Review', 'Planet & Society', 'Financial

Performance' and 'Financial Statements' in our Annual Report on Form 20-F for

the year ended 31 December 2024 filed with the SEC on 13 March 2025.

**OTHER INFORMATION ON THE COMPANY**

**Innovation, research and development**

With more than 4,500 scientific and technical experts, including over 500 PhDs,

Unilever's R&D organisation powers the products and innovation behind our 30

Power Brands that are trusted across the globe. Combining world-

leading science, pioneering talent and advanced digital technologies, we rapidly

turn consumer insights into innovations that delight consumers and grow our

business. From breakthrough ingredients that deliver superior performance to

sensorial experiences and packaging that delight, R&D fuels Desire at Scale

across our brands.

Our teams push the boundaries of science in cutting-edge fields such as the

microbiome, biotechnology and digital product design. R&D is central to

Unilever's strategy: applying the latest science and technology to create scalable

innovations that drive category growth and market development.

In 2025, R&D investment totalled €836 million, reflecting the exclusion of the Ice

Cream business following its demerger. In the prior two years, investment was

€949 million (2023) and €987 million (2024), including Ice Cream. With a portfolio

of more than 16,500 active patents, new technologies and ingredients continue

to strengthen performance and deepen consumer preference. Our global R&D

centres – strategically located in the most dynamic markets, including the US

and India – bring our scientists close to the consumer, top

external partners and our priority businesses.

Digital tools are opening a new era of scientific discovery. Using advanced

computing power and AI, we can compress decades of lab work into

days, generating insights previously unimaginable. By mapping, modelling and

experimenting virtually, we design and simulate every step of the innovation

virtual simulation, our proprietary data and a century of scientific expertise –

ensures our teams are leading the industry in the next generation of product

innovation.

**Raw materials**

Our products use a wide variety of raw and packaging materials, which we

source locally and internationally and which may be subject to price volatility,

either directly or as a result of movements in foreign exchange rates.

Following deflation in 2024, commodity price increases and adverse currency

movements in the first half of 2025 resulted in net material inflation of €0.2 billion.

These pressures continued into the second half,

leading to net material inflation of €0.3 billion for the full year 2025. The impact of

net material inflation was partially offset by productivity improvements.

**Seasonality** 

Our Ice Cream business was subject to seasonal fluctuations in sales during the

part of the year ended 31 December 2025 while it was part of Unilever's

business. However, Unilever operates globally in many different markets and

product categories, and no individual element of seasonality is likely to be

material to the results of the Group as a whole.

**Insider Dealing Policies (Share Dealing Standard)**

Unilever has adopted insider trading policies and procedures applicable to

directors, senior management and employees that are reasonably designed to

promote compliance with applicable insider trading laws, rules and regulations

and any listing standards.

**Intellectual property** 

We have a large portfolio of patents and trademarks, and we conduct some of

our operations under licences that are based on patents or trademarks owned or

controlled by others. We are not dependent on any one patent or group of

patents. We use all appropriate efforts to protect our brands and technology.

**Competition** 

As a fast-moving consumer goods (FMCG) company, we are competing with a

diverse set of competitors. Some of these operate on an international scale like

ourselves, while others have a more regional or local focus. Our business model

centres on building brands which consumers know, trust, like and buy in

conscious preference to those of our competitors. Our brands command loyalty

and affinity and deliver superior performance.

**Information on market share** 

Unless otherwise stated, market share refers to value share as opposed

to volume share. The market data and competitive position classifications are

taken from independent industry sources in the markets in which Unilever

operates.

**Iran-related required disclosure**

Unilever operates in Iran through a non-US subsidiary. In 2025, sales in Iran

were significantly less than 0.5 per cent of Unilever's worldwide turnover. During

the year, this non-US subsidiary had approximately €3,713,022 in gross

revenues and €1,578,098 in net profits attributable to the sale of personal care

and home care products to the Shahrvand Group, an entity affiliated with the

Government of Iran. Income, payroll and other taxes, duties and fees (including

for utilities) were payable to the Government of Iran and affiliated entities and

significantly less than 0.5 per cent of our total raw material purchases were

indirectly related to the Government of Iran in connection with our operations.

These two suppliers were Jovein Agriculture Industry J.S.C. and Amlah Madani

Iran, which supplied raw materials used in personal care and home care

products, including soap, shampoo and laundry products. Our non-US subsidiary

maintains bank accounts in Iran with various banks to facilitate our business in

the country and make any required payments to the Government of Iran and

affiliated entities. We are continuously evaluating such activities in light of the

evolving regulatory environment.

**Property, plant and equipment** 

The Group has interests in properties in most of the countries where there are

Unilever operations. None of these interests are individually material in the

context of the Group as a whole. The properties are used predominantly to

house production and distribution activities and as offices. There is a mixture of

leased and owned property throughout the Group. We are not aware of any

environmental issues affecting the properties that would have a material impact

upon the Group, and there are no material encumbrances on our properties. Any

difference between the market value of properties held by the Group and the

amount at which they are included in the balance sheet is not significant. We

believe our existing facilities are satisfactory for our current business, and we

currently have no plans to construct new facilities or expand or improve our

current facilities in a manner that is material to the Group.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 207 |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**CYBER SECURITY RISK MANAGEMENT** 

**AND STRATEGY**

**Risk management and strategy**

Unilever recognises the importance of cyber security and takes a risk-based

approach to the defence and resiliency of critical assets, business operations,

technology and data:

■Unilever has an established Cyber Security Risk Management Framework

aligned to industry-standard methodologies and control frameworks. We

promote a company-wide culture of cyber security awareness and vigilance

and provide regular reporting on the cyber security risk posture of the

organisation to operational and business leaders, leadership executives and

key non-executives, in order to influence and promote continuous

improvement of our risk posture. Unilever's Cyber Security Risk Management

processes are integrated into its broader enterprise-level risk management

framework and its associated reporting and monitoring, with cyber security risk

forming a central part of the principal risk 'Information and Cyber Security'

on page 35;

■Unilever has an established framework of Cyber Security Policies and

Standards which are in alignment to the National Institute of Standards and

Technology Cyber Security Framework (NIST CSF). These apply

to employees, third parties, contractors, data and technology across Unilever.

Unilever Cyber Security Policies and Standards are subject to periodic review

and modifications based on any changes in risk;

■A Cyber Security Assurance team dedicated to risk assurance, and

the Internal Audit team conduct independent enterprise-wide risk reassurance,

and assess and report on the risk posture of our key systems, services, data

and operations. The scope and frequency of the evaluations are risk-based,

with output used to influence and promote continuous improvement of

Unilever's resilience posture, as well as provide insights to the governance of

cyber risk by the Audit Committee. The Cyber Security Assurance team is

composed of internal and external expertise (e.g. third-party assessors and

consultants), including penetration testing services and a bug bounty

programme;

■Unilever requires prioritised third parties and contractors to complete initial

and periodic security assessments, with a dedicated team that monitors and

assesses risks associated with such service providers and contractors;

■Unilever's Cyber Security team drives continuous improvement initiatives

across all NIST CSF functions, leveraging people, processes and technology

to address emerging risks. This includes the use of threat intelligence to

continually adapt to changes in threat actor tactics, techniques and

procedures and a significant focus on human risk aspects. We also conduct

resilience planning and recovery testing, aiming to bolster preparedness for

cyber security incidents; and

■While Unilever's cyber risk management activities are aimed at reducing the

likelihood of a material cyber security incident happening, they cannot

guarantee a material event will not occur. Should a material event occur,

Unilever has a set of established and rehearsed incident response

procedures. These set out a structured, phased, tiered response for the full

incident lifecycle, including coordination with other corporate functions and

relevant senior leaders (see below). Our procedures are designed to detect

and respond in a timely manner to abnormal cyber activity in order to minimise

business impact – for example, by supporting rapid recovery of services and/

or operations, enabling legal and regulatory obligations, or reducing

reputational impact.

Our internal Cyber Security function is a global team of experienced

professionals, with a multi-channelled talent pipeline, who carry various and

multiple industry credentials, led by our Chief Information Security Officer (CISO).

Our internal team is complemented by the expertise and specialised knowledge

of a range of external partners and providers. These external providers add

support across select capabilities, all in alignment with cyber security industry

good practice frameworks.

**Material cyber security risks, threats and incidents** 

Unilever has experienced and continues to experience cyber-attacks regularly.

However, during the year ended 31 December 2025, no known cyber security

incidents have materially affected or are reasonably likely to materially affect

Unilever.

**Governance**

**Board Oversight**

The Board of Directors oversees cyber security risk as part of its overall risk

management framework, with specific oversight provided by the Audit

Committee.

Management, primarily the Chief Digital & Technology Officer (CDTO) and the

CISO, provide cyber security briefings to the Audit Committee on a regular

(typically quarterly) basis, covering a range of topics including:

■status of ongoing cyber security controls and risk posture, and continuous

improvement initiatives;

■operational metrics, and reports and learnings, as applicable, from any cyber

security events;

■cyber security risk management frameworks, and regulatory trends and

requirements; and

■ongoing awareness of external threat landscape and trends.

The Audit Committee's role in cyber security risk oversight is further supported by

our Internal Audit function which provides independent

re-assurance of the effectiveness of Management's cyber security risk handling

including internal controls systems.

**Management Role in Cyber Security Risk Management**

Ownership of cyber security risk at Unilever sits with the Chief Supply Chain and

Operations Officer (CSCOO), who is a member of Unilever's executive

leadership team. He receives regular, routine cyber security briefings as well as

ad hoc updates as needed. The broader executive leadership team members are

informed of the cyber security risk posture of Unilever and participate in periodic

education and awareness sessions.

The CDTO and CISO report into the CSCOO, and are responsible for managing

and assessing Unilever's cyber security risk. The CISO was recently promoted to

the role of CDTO, and succession plans for the CISO role will be announced in

due course. The CDTO has over 20 years of executive-level experience in

information technology and cyber security, through leadership roles in various

companies. Her background includes: strategy- and architecture-focused roles;

technical experience; and expertise in material cyber incident response.

Outputs from the cyber security risk management process, threat detection

capability, vulnerability lifecycle management, and assurance and re-assurance

activities drive enterprise-wide visibility and reporting of company performance

on cyber security risk posture, influencing and prioritising continuous risk

mitigation activities across the enterprise.

To make transparent and track the continuous risk mitigation activities across the

enterprise, a council of senior individuals and executives meets regularly and

forms the membership of the Information Protection Council (IPC). This Council

(jointly chaired by the CISO and Chief Privacy Officer) has expertise in cyber

security, information technology, enterprise risk, privacy, legal, physical security

and internal audit. The IPC actively reviews enterprise-wide cyber security risk

management prioritisation, progress and initiatives, providing key operational

unlocks and risk prioritisation decisions. These senior individuals have significant

experience and expertise across multiple industries, with special expertise in

developing and executing cyber security strategy, driving digital transformation,

managing information technology, overseeing and embedding data protection and

data privacy good practices, the embedding and oversight of financial controls, and

operating within complex regulatory and compliance environments. The members

of the IPC then drive, as appropriate to their role and responsibilities, first and

second line of defence risk reduction activities, providing a whole-of-Unilever

approach to the governance of cyber security risk, the embedding of cyber security

controls, assurance of those controls and risk posture, and independent re-

assurance of our cyber security risk posture.

**TAXATION FOR US PERSONS HOLDING SHARES** 

**OR AMERICAN DEPOSITARY SHARES IN PLC**

The comments below in relation to United Kingdom taxation are based on current

United Kingdom income tax law as applied in England and Wales and HM

Revenue & Customs ('HMRC') practice (which may not be binding on HMRC), in

each case as at the latest practicable date before the date of this document save

that it is assumed that the Finance Bill, as ordered to be printed by the United

Kingdom government on 7 November 2024, will be enacted without

amendments.

The comments below in relation to United States taxation are based

on applicable provisions of the US Internal Revenue Code of 1986, as amended

(the 'Code'), Treasury Regulations promulgated thereunder (the 'Treasury

Regulations'), and pertinent judicial decisions and interpretive rulings of the US

Internal Revenue Service (the 'IRS'), all of which are subject to differing

interpretations and may be changed, possibly with retroactive effect.

---

| | | |
|:---|:---|:---|
| 208 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

This discussion does not address any United States or United Kingdom tax

consequences to shareholders and American Depositary Share ('ADS') holders

of the demerger of the Ice Cream business, details of which were included in the

documentation for the demerger.

Taxation for US persons holding shares or American Depositary Shares in PLC.

The following discussion is a summary of US federal income tax considerations

generally applicable to the ownership and disposition of our ADSs or shares by a

US person (as defined below) that holds our ADSs or shares as 'capital

assets' (generally, property held for investment) under the Code.

For purposes of this discussion, a 'US person' is a beneficial owner of our shares

or ADSs that is, for US federal income tax purposes:

■a citizen or individual resident of the United States;

■a corporation (or other entity treated as a corporation for US federal income

tax purposes) created in, or organised under the laws of, the United States,

any state thereof, or the District of Columbia;

■an estate the income of which is subject to US federal income taxation

regardless of its source; or

■a trust (A) the administration of which is subject to the primary supervision of a

US court and which has one or more US persons who have the authority to

control all substantial decisions of the trust or (B) that has otherwise validly

elected to be treated as a US person under the Code or applicable Treasury

Regulations.

This discussion does not consider the specific circumstances of any particular

shareholder or ADS holder, nor does it address all of the consequences that may be

relevant to shareholders or ADS holders subject to special rules, such as banks and

certain financial institutions, insurance companies, pension plans, cooperatives,

broker-dealers, traders in securities that elect to use the mark-to-market method of

accounting, real estate investment trusts, regulated investment companies, certain

former citizens or long-term residents of the United States, tax-exempt entities,

persons that directly, indirectly or constructively own 10% or more of our voting

stock (by vote or value), persons that acquire our shares or ADSs pursuant to an

employee share option or otherwise as compensation, persons that hold our shares

or ADSs as part of a straddle, hedge, conversion, constructive sale or other

integrated transaction, persons whose functional currency is not the US dollar, or

partnerships or other entities or arrangements subject to tax as partnerships for US

federal income tax purposes.

If a partnership (or other entity or arrangement treated as a partnership for US

federal income tax purposes) is the beneficial owner of our shares or ADSs, the

US federal income tax treatment of a partner in such partnership will generally

depend upon the status of the partner and the activities of the partnership.

Partnerships that hold ADSs and their partners should consult their tax advisers

regarding an investment in our ADSs.

This discussion does not address US federal estate, gift, or other non-income tax

considerations, the alternative minimum tax, the Medicare tax on certain net

investment income, or any state, local or non-US tax considerations relating to

the ownership or disposition of our shares or ADSs.

For US federal income tax purposes, a US person who holds ADSs will generally

be treated as the beneficial owner of the underlying shares represented by the

ADSs. The remainder of this discussion assumes that a US person who holds

our ADSs will be treated as the beneficial owner of the underlying shares

represented by the ADSs.

This discussion is of a general nature only and is not intended to be tax advice.

Prospective investors should consult their tax advisers with respect to the US

federal, state, local and non-US income and other tax considerations relevant to

the ownership and disposition of ADSs in light of their particular circumstances.

**United Kingdom taxation on dividends**

Under United Kingdom law, income tax is not withheld from dividends paid by

most United Kingdom companies, including PLC. Shareholders of PLC, whether

resident in the United Kingdom or not, receive the full amount of the dividend

actually declared.

A non-UK resident shareholder or ADS holder holding their shares or ADSs otherwise

than in connection with any trade, profession or vocation carried on through a branch,

agency or permanent establishment in the UK will not generally be subject to UK tax

in respect of dividends paid by PLC.

**United States taxation on dividends**

Subject to the passive foreign investment company ('PFIC') rules discussed

below, if you are a US person, the distribution up to the amount of PLC's

earnings and profits (as computed for US federal income tax purposes)

will generally be treated as ordinary dividend income. Any portion of the

distribution that exceeds PLC's earnings and profits is subject to different rules.

This portion is a tax-free return of capital to the extent of your basis in PLC's

shares or ADSs, and thereafter is treated as a gain on a disposition of the shares

or ADSs. PLC does not maintain calculations of its earnings and profits in

accordance with US federal income tax accounting principles. You should

therefore assume that any distribution by PLC with respect to the shares will be

reported as ordinary dividend income. You should consult your own tax advisers

with respect to the appropriate US federal income tax treatment of any

distribution received from us.

Dividends received by an individual will generally be subject to tax at the lower

capital gains tax rate applicable to 'qualified dividend income,' provided that certain

conditions are satisfied, including that (i) the individual has held PLC shares or

ADSs for more than 60 days during the 121-day period beginning 60 days before

the ex-dividend date, (ii) PLC shares or ADSs are 'readily tradable' on an

'established securities market' in the United States or PLC is eligible with respect to

substantially all of its income for the benefits of a comprehensive income tax treaty

with the United States which contains an exchange of information programme and

(iii) PLC is neither a PFIC for US federal income tax purposes nor treated as such

with respect to a US person who holds PLC shares or ADSs for the taxable year in

which the dividend was paid and the preceding taxable year. Our ADSs, but not our

shares, are listed on the New York Stock Exchange and are considered readily

tradable on an established securities market in the United States, although there

can be no assurances in this regard. The dividend is not eligible for the dividends

received deduction allowable to corporations. For US foreign tax credit purposes,

dividends received on our shares or ADSs will generally be treated as income from

sources outside the United States and will generally constitute passive category

income. Prospective investors should consult their tax advisers regarding the

availability of US foreign tax credits and the deductibility of foreign taxes in light of

their particular circumstances.

For US federal income tax purposes, the amount of any dividend paid in a non-

US currency will be included in income in a US dollar amount calculated by

reference to the exchange rate in effect on the date the dividends are received

by you or the depositary (in the case of ADSs), regardless of whether they are

converted into US dollars at that time. If the non-US currency is converted into

US dollars on the day they are received, you generally will not be required to

recognise foreign currency gain or loss in respect of this dividend income.

Generally, any gain or loss on the disposition of such non-US currency that is

attributable to foreign currency fluctuations after such dividend was includible in

income will be treated as ordinary income or loss. Such gain or loss will generally

be US-source income for US foreign tax credit purposes.

**UK taxation on capital gains**

Under United Kingdom law, when you dispose of shares or ADSs you may be liable to

pay United Kingdom tax in respect of any gain accruing on the disposal.

However, if you are either:

■an individual who is not resident in the United Kingdom for the year in

question; or

■a company which is not resident in the United Kingdom when the gain

accrues,

you will generally not be liable to United Kingdom tax on any gains made on

disposal of your shares or ADSs.

There are exceptions to this general rule, two of which are: if the shares or ADSs

are held in connection with a trade or business which is conducted in the United

Kingdom through a branch, agency or permanent establishment; or if the shares

or ADSs are held by an individual who becomes resident in the United Kingdom

having left the United Kingdom for a period of non-residence of five years or less

and who was resident for at least four of the seven tax years prior to leaving the

United Kingdom. In such cases, you may be liable to United Kingdom tax in

respect of the disposal of shares or ADSs.

**United States taxation on capital gains**

Subject to the PFIC rules below, if you are a US person, generally you will

recognise capital gain or loss for US federal income tax purposes equal to the

difference, if any, between the amount realised on the sale, exchange or other

taxable disposition and your adjusted tax basis in the shares or ADSs, in each

case as determined in US dollars. You should consult your own tax advisers

about how to determine the US dollar value of any foreign currency received as

proceeds on the sale of shares or ADSs and the treatment of any foreign

currency gain or loss upon conversion of the foreign currency into US dollars.

The capital gain or loss recognised on the sale will be long-term capital gain or

loss if your holding period in the shares or ADSs exceeds one year at the time of

disposition. Non-corporate US persons are subject to tax on long-term capital

gain at reduced rates. The deductibility of capital losses is subject to limitations.

Any gain or loss recognised by a US person will generally be treated as

US-source gain or loss for foreign tax credit purposes. The rules governing

foreign tax credits are complex and US persons should consult their own tax

advisers regarding the US federal income tax consequences in case non-US

taxes (if any) are imposed on disposition gains.

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| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 209 |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**United States passive foreign investment** 

**company rules** 

A non-US corporation, such as PLC, will be a PFIC, for US federal income tax

purposes, if, in any particular taxable year, either (i) 75% or more of its gross

income for such year consists of certain types of 'passive' income or (ii) 50% or

more of the value of its assets (generally determined on the basis of a quarterly

average) during such year produce or are held for the production of passive

income. Passive income generally includes, among other things, dividends,

interest, rents, royalties and net gains from the disposition of assets that give rise

to such income. We will be treated as owning a proportionate share of the assets

and earning a proportionate share of the income of any other corporation in

which we own, directly or indirectly, 25% or more (by value) of the stock.

The determination of whether we will be or become a PFIC will depend, in part,

on the composition of our income and assets. Because our PFIC status for any

taxable year is a factual determination that can be made only after the close of a

taxable year, there can be no assurance that we will not be a PFIC for the current

taxable year or any future taxable year. If we are a PFIC for any year during

which a US person holds our ADSs or shares, we generally will continue to be

treated as a PFIC with respect to such US person for all succeeding years during

which such US person holds our ADSs or shares.

Based on our income, assets and activities, we do not believe that we were a

PFIC for the taxable year ending 31 December 2025 and we do not expect to be

classified as a PFIC in the foreseeable future. Because the determination as to

whether or not we are a PFIC is a factual determination made at the close of the

applicable tax year, there can be no assurance that we will not be a PFIC for the

current taxable year, or any past or future taxable years. Although we do not

anticipate becoming a PFIC, changes in the nature of our income or assets, or

fluctuations in the market price of our ADSs, may cause us to become a PFIC for

the current taxable year and future taxable years.

If we are a PFIC for any taxable year during which a US person holds our ADSs

or shares, and unless the US person makes a mark-to-market election (as

described below), the US person will generally be subject to special tax rules that

have a penalising effect, regardless of whether we remain a PFIC, for

subsequent taxable years, on (i) any excess distribution that we make to the US

person (which generally means any distribution paid during a taxable year that is

greater than 125% of the average annual distributions paid in the three preceding

taxable years or, if shorter, the US person's holding period for the ADSs or

shares), and (ii) any gain realised on the sale or other disposition, including,

under certain circumstances, a pledge, of ADSs or shares. Under the PFIC rules:

■the excess distribution or gain will be allocated ratably over such holder's

holding period for the shares or ADSs;

■amounts allocated to the current taxable year and any taxable years in such

holder's holding period prior to the first taxable year in which we are classified

as a PFIC (a 'pre-PFIC year') will be taxable as ordinary income; and

■amounts allocated to each prior taxable year, other than the current taxable

year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect

applicable to such holder for that year, and such amounts will be increased by

an additional tax equal to interest on the resulting tax deemed deferred with

respect to such years.

If we are a PFIC for any taxable year during which a US person holds our ADSs

or shares and any of our non-US subsidiaries is also a PFIC, such US person

would be treated as owning a proportionate amount (by value) of the shares of

the lower-tier PFIC for purposes of the application of these rules. US persons

should consult their tax advisers regarding the application of the PFIC rules to

any of our subsidiaries.

As an alternative to the foregoing rules, a US person who holds 'marketable

stock,' which is stock that is traded in other than de minimis quantities on at least

15 days during each calendar quarter ('regularly traded') on a qualified exchange

or other market as defined in applicable Treasury Regulations, in a PFIC may

make a mark-to-market election with respect to such stock. For those purposes,

our ADSs, but not our shares, are listed on the New York Stock Exchange, which

is a qualified exchange. We anticipate that our ADSs should qualify as being

regularly traded, but no assurances may be given in this regard. Because a

mark-to-market election technically cannot be made for any lower-tier PFICs that

a PFIC may own, a US person who makes a mark-to-market election with

respect to our ADSs will generally continue to be subject to the PFIC rules with

respect to such US person's indirect interest in any investments held by us that

are treated as an equity interest in a PFIC for US federal income tax purposes.

If a US person makes a mark-to-market election with respect to our ADSs, the

US person generally will (i) include as ordinary income for each taxable year that

we are a PFIC the excess, if any, of the fair market value of ADSs held at the end

of the taxable year over the adjusted tax basis of such ADSs and (ii) deduct as

an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs over the

fair market value of such ADSs

held at the end of the taxable year, but only to the extent of the net amount

previously included in income as a result of the mark-to-market election. The US

person's adjusted tax basis in the ADSs would be adjusted to reflect any income

or loss resulting from the mark-to-market election. Further, in each year that we

are a PFIC, any gain recognised upon the sale or other disposition of the ADSs

will be treated as ordinary income and any loss will be treated as ordinary loss

(but only to the extent of the net amount previously included in income as a result

of the mark-to-market election). If a US person makes a mark-to-market election

it will be effective for the taxable year for which the election is made and all

subsequent taxable years unless the ADSs are no longer regularly traded on a

qualified exchange or the IRS consents to the revocation of the election. It should

also be noted that it is intended that only the ADSs and not the shares will be

listed on the New York Stock Exchange. Consequently, if a US person holds

shares that are not represented by ADSs, such holder generally will not be

eligible to make a mark-to-market election if we are or were to become a PFIC.

If a US person makes a mark-to-market election in respect of a PFIC and such

corporation ceases to be a PFIC, the US person will not be required to take into

account the mark-to-market gain or loss described above during any period that

such corporation is not a PFIC.

We do not intend to provide information necessary for US persons to make

qualified electing fund elections, which, if available, would result in tax treatment

different from (and generally less adverse than) the general tax treatment for

PFICs described above.

If a US person owns our ADSs or shares during any taxable year that we are a

PFIC, such holder would generally be required to file an annual IRS Form 8621.

Each US person should consult its tax adviser regarding the US federal income

tax consequences of, and reporting requirements related to, the ownership and

disposition of the ADSs or our shares if we are or become a PFIC.

**UK inheritance tax**

Subject to certain provisions relating to trusts or settlements, under the current

estate and gift tax convention between the United States and the United

Kingdom, shares or ADSs held by an individual who is:

■domiciled for the purposes of the convention in the United States; and

■not for the purposes of the convention a national (as defined in the

convention) of, or domiciled in, the United Kingdom

will generally not be subject to United Kingdom inheritance tax on the individual's

death (whether such shares or ADSs were held by the individual on the date of

death or gifted during the individual's lifetime).

An exception is if the shares or ADSs are part of the business property of a

permanent establishment of the shareholder or ADS holder in the United

Kingdom or, in the case of a shareholder or ADS holder who performs

independent personal services, pertain to a fixed base situated in the United

Kingdom.

Where shares or ADSs are subject to United Kingdom inheritance tax and United

States federal gift or federal estate tax, the amount of the tax paid in one

jurisdiction can generally be credited against the tax due in the other jurisdiction.

Where a United Kingdom inheritance tax liability is prima facie not payable by

virtue of the convention, under the convention, that tax can become payable if

any applicable federal gift or federal estate tax on the shares or ADSs in the

United States is not paid.

From 6 April 2025, United Kingdom inheritance tax is charged based on whether

an individual is a long-term United Kingdom resident for the purposes of the

United Kingdom inheritance tax rules, instead of whether an individual is

domiciled or deemed to be domiciled in the United Kingdom. Under the rules

applicable from 6 April 2025, an individual will generally be regarded as a long-

term United Kingdom resident for the purposes of the United Kingdom

inheritance tax rules if they have been resident in the UK for at least 10 of the

previous 20 years.

The interaction between the UK inheritance tax rules applicable from 6 April 2025

and the convention is complex. Further, overall exposure to United Kingdom

inheritance tax, including any opportunities to utilise the convention to manage

tax credits and avoid double taxation, will be dependent on the specific

circumstances of each shareholder or ADS holder. Shareholders and ADS

holders should therefore consult their own professional advisers regarding the

application of these rules to their particular circumstances.

**UK stamp duty and stamp duty reserve tax**

The statements in this section are intended as a general guide to the current

United Kingdom stamp duty and stamp duty reserve tax ('SDRT') position.

Special rules apply to certain transactions such as transfers of the shares to a

company connected with the transferor and those rules are not described below.

Investors should also note that certain categories of person are not liable to

stamp duty or SDRT and others may be liable

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| | | |
|:---|:---|:---|
| 210 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

at a higher rate or may, although not primarily liable for tax, be required to notify

and account for SDRT under the Stamp Duty Reserve Tax Regulations 1986.

**ISSUE OF SHARES**

No stamp duty or SDRT will arise on the issue of shares by PLC.

**TRANSFER OF SHARES**

Except in relation to clearance services and depositary receipt systems (to which

special rules outlined below apply), stamp duty at the rate of 0.5 per cent

(rounded up to the next multiple of £5) of the amount or value of the

consideration given will generally be payable on an instrument transferring PLC

shares. A charge to SDRT will also generally arise on an unconditional

agreement to transfer PLC shares (at the rate of 0.5 per cent of the amount or

value of the consideration payable). However, if within six years of the date of the

agreement becoming unconditional, an instrument of transfer is executed

pursuant to the agreement, and stamp duty is paid on that instrument, any SDRT

already paid will be refunded (generally, but not necessarily, with interest)

provided that a claim for repayment is made, and any outstanding liability to

SDRT will be cancelled. The liability to pay stamp duty or SDRT is generally

satisfied by the purchaser or transferee.

**SHARES HELD THROUGH CLEARANCE SERVICES** 

**INCLUDING EUROCLEAR NEDERLAND**

Special rules apply where shares are issued or transferred to, or to a nominee or

agent for, a person providing a clearance service. In such circumstances, SDRT

or stamp duty may be charged at a rate of 1.5 per cent (the '1.5% Charge'), with

subsequent transfers within the clearance service then being free from SDRT

and stamp duty (except in relation to clearance service providers that have made

an election under section 97A(1) of the Finance Act 1986 which has been

approved by HMRC, to which the special rules apply).

However, the 1.5% Charge does not arise in respect of (i) transfers of shares into

clearance services where such transfers are in the course of a capital-raising

arrangement (being arrangements pursuant to which securities are issued by

a company for the purpose of raising new capital), or instruments which effect such

transfers; and (ii) transfers of shares into clearance services where such transfers are

in the course of arrangements for the first listing of the shares of a company on a

recognised stock exchange and where such arrangements do not affect the beneficial

ownership of the shares, or instruments which effect such transfers. Accordingly,

specific professional advice should be sought in relation to the application of the 1.5%

Charge.

There is an exception from the 1.5% Charge on the transfer to, or to a nominee or

agent for, a clearance service where the clearance service has made and

maintained an election under section 97A(1) of the Finance Act 1986, which has

been approved by HMRC. In these circumstances, SDRT at the rate of 0.5% of the

amount or value of the consideration payable for the transfer will arise on any

transfer of shares in PLC into such an account and on subsequent agreements to

transfer such shares within such account.

Any liability for stamp duty or SDRT in respect of a transfer into a clearance

service, or in respect of a transfer within such a service, which does arise will

strictly be accountable by the clearance service system operator or their

nominee, as the case may be, but may, in practice, be payable by the

participants in the clearance service system.

**SHARES HELD IN ADS FORM**

There should be no stamp duty or SDRT on an issuance of shares into a

depositary receipt system. A transfer of shares into a depositary receipt system

may be subject to SDRT, or stamp duty may be charged at a rate of 1.5 per cent,

with subsequent transfers of depositary receipts then being free from SDRT.

However, this 1.5% Charge does not arise in respect of (i) transfers of shares

into depositary receipt systems where such transfers are in the course of a

capital-raising arrangement (being arrangements pursuant to which securities

are issued by a company for the purpose of raising new capital), or instruments

which effect such transfers; and (ii) transfers of shares into depositary receipt

systems where such transfers are in the course of arrangements for the first

listing of the shares of a company on a recognised stock exchange and where

such arrangements do not affect the beneficial ownership of the shares, or

instruments which effect such transfers. Accordingly, specific professional advice

should be sought in relation to the application of this 1.5% Charge.

Any liability for stamp duty or SDRT in respect of a transfer of shares into

a depositary receipt system that does arise will strictly be accountable by the

depositary receipt system operator or its nominee but may, in practice, be

payable by the relevant holder of the depositary receipts.

An issue of ADSs by Deutsche Bank Trust Company Americas as depositary in

respect of the ADSs will not be subject to stamp duty or SDRT. An agreement for

the transfer of ADSs should not be subject to SDRT but a charge to stamp duty

will technically arise on the transfer of ADSs if it is executed in the UK or relates

to any property situated, or to any matter or thing done or to be done, in the UK.

However, the only sanction for failing to pay such stamp duty is that the

instrument of transfer cannot be produced as evidence in a UK court. Therefore,

no UK stamp duty should in practice be payable on the acquisition or transfer of

existing ADSs or transfer of beneficial ownership of ADSs.

**US backup withholding and information reporting**

Payments of dividends and other proceeds with respect to ordinary shares or

ADSs by a US (or US connected) paying agent or a US (or US connected)

intermediary will be reported to you and to the IRS as may be required under

applicable regulations. Backup withholding may apply to these payments if you

fail to provide an accurate taxpayer identification number or certification of

exempt status or fail to comply with applicable certification requirements. Some

holders are not subject to backup withholding. You should consult your tax

adviser as to your qualification for an exemption from backup withholding and the

procedure for obtaining an exemption.

**Disclosure requirements for certain US holders**

US individuals and certain US entities that hold certain specified non-US financial

assets, including stock in a non-US corporation, with values in excess of certain

thresholds are required to file Form 8938 with their US federal income tax return.

Such Form requires disclosure of information concerning such non-US assets,

including the value of the assets. Failure to file the Form when required may subject

you to penalties. An exemption from reporting applies to non-US assets held through

a US financial institution generally including a non-US branch or subsidiary of a US

institution and a US branch of a non-US institution. Investors are encouraged to

consult with their own tax advisers regarding the possible application of this disclosure

requirement to their investment in the shares or ADSs.

**Description of securities other than equity securities**

Deutsche Bank serves as the depositary (Depositary) for PLC's American

Depositary Receipt Programme.

**Depositary fees and charges for PLC** 

Under the terms of the Deposit Agreement for the PLC American Depositary

Shares (ADSs), an ADS holder may have to pay the following service fees to the

depositary bank:

■Issuance of ADSs: up to US 5¢ per ADS issued.

■Cancellation of ADSs: up to US 5¢ per ADS cancelled.

■Processing of dividend and other cash distributions not made pursuant to a

cancellation or withdrawal: up to US 5¢ per ADS held.

An ADS holder will also be responsible for paying certain fees and expenses

incurred by the depositary bank and certain taxes and governmental charges

such as:

■fees for the transfer and registration of shares charged by the registrar and

transfer agent for the shares in the United Kingdom (i.e. upon deposit and

withdrawal of shares);

■expenses incurred for converting foreign currency into US dollars;

■expenses for cable, telex and fax transmissions and for delivery of securities;

■taxes and duties upon the transfer of securities (i.e. when shares

are deposited or withdrawn from deposit);

■fees and expenses incurred in connection with the delivery or servicing of

shares on deposit; and

■fees incurred in connection with the distribution of dividends.

Depositary fees payable upon the issuance and cancellation of ADSs are typically

paid to the depositary bank by the brokers (on behalf of their clients) receiving the

newly issued ADSs from the depositary bank and by the brokers (on behalf of their

clients) delivering the ADSs to the depositary bank for cancellation. The brokers in

turn charge these transaction fees to their clients.

Note that the fees and charges an investor may be required to pay may vary over

time and may be changed by us and by the depositary bank. Notice of any

changes will be given to investors.

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|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 211 |

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ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**Depositary payments – fiscal year 2025** 

Deutsche Bank has been the depositary bank for PLC's American Depositary

Receipt Programme since 1 July 2014. Under the terms of the Deposit

Agreement, PLC is entitled to certain reimbursements, including processing of

cash distributions, reimbursement of listing fees (NYSE), reimbursement of

settlement infrastructure fees (including DTC feeds), reimbursement of proxy

process expenses (printing, postage and distribution), dividend fees and

programme-related expenses (that include expenses incurred from the

requirements of the US Sarbanes-Oxley Act of 2002). In relation to 2025, PLC

received $3,984,379 from Deutsche Bank.

**DEFAULTS, DIVIDEND ARREARAGES AND** 

**DELINQUENCIES** 

**Defaults programme** 

There has been no material default in the payment of principal, interest, a sinking

or purchase fund instalment or any other material default relating to

indebtedness of the Group.

**Dividend arrearages and delinquencies** 

There have been no arrears in payment of dividends on, and material

delinquency with respect to, any class of preferred stock of any significant

subsidiary of the Group.

**ARTICLES OF ASSOCIATION**

**Lapse of distributions**

Any PLC dividend unclaimed after 12 years from the date of the declaration of the

dividend by PLC reverts to PLC. Any unclaimed dividends may be invested or

otherwise applied for the benefit of PLC while they are claimed. PLC may also

cease to send any cheque for any dividend on any shares normally paid in that

manner if the cheques in respect of at least two consecutive dividends have been

returned to PLC or remain uncashed.

Unilever N.V., the former parent company of the Unilever Group alongside PLC,

was merged in to PLC and dissolved in November 2020 (Unification). The time

periods for the right to claim cash dividends or the proceeds of share

distributions declared by Unilever N.V. before Unification will remain at 5 and 20

years, respectively, after the first day the dividend or share distribution was

obtainable from Unilever N.V. Any such unclaimed amounts will revert to Unilever

PLC after the expiry of these time periods.

**Redemption provisions and capital call**

Outstanding PLC ordinary shares cannot be redeemed. PLC may make capital

calls on money unpaid on shares and not payable on a fixed date. PLC has only

fully paid shares in issue.

**Modification of rights**

Modifications to PLC's Articles of Association must be approved by a general

meeting of shareholders.

Modifications that prejudicially affect the rights and privileges of a class of PLC

shareholders require the written consent of three-quarters of the affected holders

(excluding treasury shares) or a special resolution passed at a general meeting

of the class at which at least two persons holding or representing at least one-

third of the paid-up capital (excluding treasury shares) must be present. Every

shareholder is entitled to one vote per share held on a poll and may demand a

poll vote. At any adjourned general meeting, present affected class holders may

establish a quorum.

**Required majorities**

Resolutions are usually adopted at the Company's General Meetings by

an absolute majority of votes cast, unless there are other requirements under the

applicable laws or the Company's Articles. For example, there are special

requirements for resolutions relating to the alteration of the Articles of Association

and the liquidation of the Company. A proposal to alter the Articles of the

Company can be made either by the Company's Board or by requisition of

shareholders in accordance with the UK Companies Act 2006. Unless expressly

specified to the contrary in the Company's Articles, the Company's Articles may

be amended by a special resolution. The Company's Articles can be found on

our website.

**PURCHASES OF EQUITY SECURITIES**

**Share purchases during 2025** 

Please also refer to the 'Shares' section on page 63.

In 2025, 27,815,955 PLC ordinary shares or ADSs were purchased

by or on behalf of PLC or any 'affiliated purchaser', as defined in

Section 10b-18(a)(3) of the US Securities Exchange Act of 1934, during

the period covered by this Annual Report on Form 20-F.

The following table shows details of such purchases of shares made

by the Company during 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **2025** | **Total Number of Shares** <br>**purchased**<br>| **Average Price Paid Per Share** <br>**(EUR)**<br>| **Total Number of Shares** <br>**Purchased as Part of Publicly** <br>**Announced Plans or** <br>**Programmes**<br>| **Maximum Number (or** <br>**Approximate Euro Value)** <br>**of Shares that May Yet be** <br>**Purchased Under** <br>**the Plans or Programmes** <br>|
| January | **–** | **–** | **–** | **–** |
| 13 February – 28 February | **7046785** | **53.10** | **7046785** | **–** |
| 03 March – 31 March | **11777011** | **54.41** | **11777011** | **–** |
| 01 April – 30 April | **5022608** | **54.86** | **5022608** | **–** |
| 01 May – 30 May | **3969551** | **55.60** | **3969551** | **–** |
| June | **–** | **–** | **–** | **–** |
| July | **–** | **–** | **–** | **–** |
| August | **–** | **–** | **–** | **–** |
| September | **–** | **–** | **–** | **–** |
| October | **–** | **–** | **–** | **–** |
| November | **–** | **–** | **–** | **–** |
| December | **–** | **–** | **–** | **–** |
| Total | **27815955** | **54.65** | **27815955** | **–** |

---

The Company announced its share buyback programme of up to €1.5 billion on 13 February 2025, and completed the programme on 30 May 2025.

Under the buyback, a total of 27,815,955 ordinary Unilever PLC shares were purchased with an aggregate market value equivalent of €1,499,999,964.

---

| | | |
|:---|:---|:---|
| 212 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

In accordance with the requirements of Section 404 of the US Sarbanes-Oxley Act of 2002, the following report is provided by management in respect of the Group's

internal control over financial reporting (as defined in rule 13a–15(f) or rule 15d–15(f) under the US Securities Exchange Act of 1934):

■Unilever's management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group;

■Unilever's management has used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (2013) to evaluate the

effectiveness of our internal control over financial reporting. Management believes that the COSO framework (2013) is a suitable framework for its evaluation of our

internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of internal controls, is

sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of internal controls are not omitted and is relevant to an

evaluation of internal control over financial reporting;

■Management has assessed the effectiveness of internal control over financial reporting as of 31 December 2025 and has concluded that such internal control over

financial reporting is effective. Management's assessment and conclusion excludes Dr. Squatch, Wild and Minimalist as they were acquired in 2025. Dr. Squatch,

Wild and Minimalist were included in our 2025 consolidated financial statements, and constituted 3.0% of our total assets as at 31 December 2025 and 0.6% of

total turnover for the year ended 31 December 2025; and

■KPMG LLP, who have audited the consolidated financial statements of the Group for the year ended 31 December 2025, have also audited the effectiveness of

internal control over financial reporting as at 31 December 2025 and have issued an attestation report on internal control over financial reporting.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Our independent registered public accounting firm is KPMG LLP, London, United Kingdom, Auditor Firm ID: 1118

---

| | | | |
|:---|:---|:---|:---|
| | **€ million**<br>**2025**<br>| € million<br>2024<br>| € million<br>2023<br>|
| Audit fees<sup>(a)</sup> | **32** | 32 | 23 |
| Audit-related fees<sup>(b)(c)</sup> | **27** | 16 | 1 |
| Tax fees<sup>(d)</sup> | **–** | – | – |
| All other fees<sup>(d)</sup> | **–** | – | – |

---

(a)Amount payable to KPMG in respect of services supplied to associated pension schemes was less than €1 million individually and in aggregate (2024: less than €1 million individually and

in aggregate; 2023: less than €1 million individually and in aggregate).

(b)Includes other audit services, which comprise audit and similar work that regulations or agreements with third parties require the auditors to undertake.

(c)2025 includes fees payable for reporting accountant services on the historical financial information of the Ice Cream business and CSRD assurance reporting services.

(d)Amounts paid in relation to each type of service are individually less than €1 million. In aggregate, the fees paid were less than €1 million (2024: less than €1 million, 2023: less than €1

million).

**GUARANTOR STATEMENTS**

On 26 July 2023, Unilever Finance Netherlands B.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which was unconditionally and fully

guaranteed by Unilever PLC (PLC) and Unilever United States, Inc. (UNUS).

In relation to the US Shelf registration, US$10.1 billion of Notes were outstanding at 31 December 2025 (2024: US$11.0 billion; 2023: US$11.2 billion) with coupons

ranging from 1.375% to 5.900%. These Notes are repayable between 28 July 2026 and 12 August 2051.

All debt securities issued by UCC are senior, unsecured and unsubordinated and are fully and unconditionally guaranteed, on a joint and several basis, by PLC and

UNUS.

UCC and UNUS are 100% subsidiaries of Unilever PLC and are consolidated in the financial statements of the Unilever Group. In addition, there are no material

assets in the guarantor entities apart from intercompany investments and balances. Therefore, as allowed under Rule 13-01 of regulation S-X, we have excluded the

summarised information for each issuer and guarantor.

The guarantees provide that, in case of the failure of the relevant issuer to punctually make payment of any principal, premium or interest, each guarantor agrees to

ensure such payment is made when due whether at the stated maturity or by declaration of acceleration, call for redemption or otherwise. The guarantees also

provide that the Trustee shall be paid any and all amounts due to it under the guarantee upon which the debt securities are endorsed.

---

| | | |
|:---|:---|:---|
| Financial Statements | **Unilever** Annual Report on Form 20-F 2025 | 213 |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**CODE OF BUSINESS PRINCIPLES**

**Business conduct policies**

The Code of Business Principles (COBP) and Code Policies define the ethical

behaviours that everyone must demonstrate when working for Unilever. They

help us address key external and internal risks to the business – such as

fraudulent behaviour or a failure to respect, uphold and advance human rights –

and play a key role in ensuring compliance with laws and regulations. As a result,

they help us to protect our brands and reputation, and to prevent harm to people

or the environment.

The COBP and Code Policies are available in multiple languages and designed

to be readily applied by employees in their day-to-day work. They are mandatory

for all employees and Directors, and apply to all Unilever companies,

subsidiaries and organisations over which Unilever has management control.

While the COBP and Code Policies are for internal use, we also publish them

externally in support of transparency.

We undertake a comprehensive review of the COBP and Code Policies every

five years when the COBP is reviewed and approved by the Unilever Board.

Potential changes needed to the COBP and Code Policies are monitored on an

ongoing basis to ensure they appropriately reflect the internal and external

context, in addition to incorporating the latest legal requirements. As an input to

this process, the Board's Corporate Responsibility Committee meets quarterly

and reviews external developments that may be relevant to Unilever's ability to

conduct its business appropriately as a responsible corporate citizen.

We also seek to work with business partners who uphold these

standards throughout our value chain. Our Responsible Partner Policy outlines

our requirements for business partners, as set out below.

**Business conduct training**

Employees and Directors are required to know the COBP and Code Policies and

understand how to apply them in their work. We conduct annual mandatory

training for all office-based employees and have tailored training for those

employees working in factories and more remote areas. Completion of training is

tracked, and we follow up with employees who fail to complete mandatory

training, taking further action where required. Corruption and bribery are risks

that may affect any employee, and therefore our mandatory training, deployed for

all employees, includes these topics.

**Identifying and reporting breaches**

Unilever's Code Policies require that actual or potential breaches of the COBP or

Code Policies be reported immediately. Training is essential for the effective

identification and reporting of breaches. Additionally, we provide robust internal

and external reporting platforms that are accessible to our employees and

partners to facilitate prompt reporting.

To report a concern, employees can contact a number of internal channels.

Alternatively, employees and third parties can use our independently managed

and confidential Unilever Code Support Line (whistleblowing line), via telephone

or our online Speak Up platform, which is available directly through a web

address.

The available reporting channels are set out in our Code Policies and highlighted

during business integrity training and in our communications. The Speak Up

platform is signposted on Unilever's website and our internal portals, and hotline

numbers are displayed in various locations, such as factory walls.

Our annual UniVoice survey is a key tool to understanding employee sentiment,

including topics such as business integrity. In 2025, 90% of employees who

responded to the survey stated that in their teams, they believe business is

conducted with integrity. Employees are also informed that if they prefer not to

use the direct or anonymised channels provided by Unilever, they can utilise

other external channels and report directly to the authorities.

We are committed to a culture of transparency and prohibit retaliation in any form

against those who report or seek guidance on ethical or compliance issues, or

who report cases under our Code, compliant with the EU Whistleblower

Directive. The COBP and Code Policies set out that Unilever will not retaliate

against employees who raise issues, and that any attempted or actual retaliatory

action by employees is in itself considered a Code breach. This approach to non-

retaliation is emphasised in global employee training sessions.

After any Code concern is reported, reporters are reminded of what retaliation

could look like and asked if they think they have experienced this. All Business

Integrity Committees are also accountable for ensuring that individuals who

report Code breaches or assist with investigations are properly protected from

retaliation and that confidentiality is maintained.

**Investigating potential breaches**

Our investigation standards require us to record and assess all Code concerns

reported, however they are raised. Once a report is received, it is formally

acknowledged and triaged by a Committee to determine whether a Business

Integrity investigation is required.

Business Integrity ensures that investigations are timely, objective and impartial.

All Business Integrity Officers are trained on Unilever's standards and processes

and are required to uphold these at all times. Officers are posted around the

world to respond to cases, with oversight from a central Business Integrity team.

Investigation reports tie allegations to Code requirements, summarise evidence

and findings, and outline corrective actions and recommended sanctions.

Completed reports are reviewed and approved by the Global Head of

Investigations. In cases involving public bribery or senior executives, the Chief

Legal Officer and Chief Business Integrity Officer oversee investigations, with an

ad hoc Business Integrity Committee determining sanctions, regardless of the

executive's location.

We encourage engagement from the initial reporter to facilitate the investigation,

while maintaining confidentiality. Where appropriate and possible, we aim to

provide transparency on the investigation's progress and anticipated completion.

It is the responsibility of the Business Integrity Committees to ensure timely

investigation of all potential Code breaches raised within 60 days. Final

determination may take longer depending on the nature and complexity of the

concern.

Breaches of the COBP or Code Policies are shared with various oversight

committees when required, including the Unilever Board's Corporate

Responsibility and Audit Committees, the Unilever Leadership Executive, and the

Global Code and Policy Committee.

**Management of relationships with suppliers**

**Procurement processes, including fair behaviour** 

**with suppliers**

The COBP and Code Policies govern our employees' fair treatment of Unilever's

suppliers and procurement processes. Specifically, the Responsible Sourcing

and Business Partnering Code Policy requires that we select and work only with

partners who are able to uphold standards consistent with our own commitment.

This includes ensuring that all third parties are subject to the provided

Responsible Partner Policy (RPP) controls for onboarding, contracting and

ongoing monitoring.

**Responsible partnerships**

Unilever's RPP is sponsored by our Chief Procurement Officer and helps

us to manage relationships with our suppliers. The RPP describes what we

expect of business partners across three pillars: business integrity and ethics,

human rights, and the planet. It consists of mandatory requirements and

management systems for all suppliers and is designed to build greater resilience

as well as leading practices. The scope of our RPP goes beyond our Tier 1

suppliers, who directly invoice Unilever for goods and services, by including our

expectation for suppliers to cascade equivalent requirements within their own

supply chains.

All suppliers are continuously assessed against the RPP's mandatory

requirements and general terms and conditions. If an existing supplier fails to

remain compliant, Unilever may restrict the ability to raise new purchase orders

until remediation actions have been completed. New suppliers that do not

declare compliance with requirements of the RPP are not onboarded, and

Unilever will not conduct business with them.

Alignment with the RPP is verified through self-declarations at registration,

annual re-registration to our systems, routine due diligence and risk-based

audits. We undertake regular risk-mapping to accurately identify where specific

risks occur across geographies and within different supplier types. This enables

focused due diligence and auditing based on the type of goods and services we

source and the sourcing locations, ensuring we can address issues effectively

when they arise.

Suppliers are encouraged to communicate with Unilever if they face challenges

in meeting the RPP requirements, so we can provide support and guidance. We

also encourage suppliers to share feedback to help us improve our programmes

and governance processes, embracing partnership in areas where we can

collaborate in a pre-competitive environment to address endemic issues in our

industries.

In 2025, approximately 86% of our procurement spend (including Ice Cream) was

with suppliers that met the mandatory requirements of the RPP.

**Prevention of late payments, specifically to SMEs**

Payment terms are contractually agreed between Unilever and each supplier,

including SMEs.

---

| | | |
|:---|:---|:---|
| 214 | **Unilever** Annual Report on Form 20-F 2025 | Financial Statements |

---

ADDITIONAL INFORMATION FOR US LISTING PURPOSES <br>

**Prevention and detection of corruption and bribery**

**Anti-corruption and anti-bribery policies**

Our COBP and Code Policies set out Unilever's zero-tolerance approach

towards corruption and bribery. These prohibit both public and commercial

bribery, to or from any third party, and irrespective of financial values involved,

and explicitly prohibit facilitation payments. Detailed written anti-corruption

guidance and standards are also in place in relevant areas, such as with public

officials, gifts and hospitality, grants and donations, and conflicts of interest.

As previously described, our anti-corruption and bribery policies are clearly

communicated and designed to be readily applied by employees. The COBP and

Code Policies are available in multiple languages, and lessons are included in

the annual mandatory training.

Our business partners must adhere to Unilever's anti-corruption and bribery

policies, as defined in the RPP.

**Preventing, detecting and addressing allegations** 

**or incidents of corruption and bribery**

The core processes to prevent, detect and address allegations or incidents of

corruption and bribery are the same as those in place for Unilever's COBP and

Code Policies. All potential material cases of corruption and bribery related to

public officials are reported to our Chief Legal Officer and Chief Business

Integrity Officer, who oversee investigations. The Global Code and Policy

Committee determines any sanctions.

As previously outlined, material breaches, lessons learned and relevant remedial

actions related to the COBP or Code Policies are shared with various oversight

committees, including the Unilever Board's Corporate Responsibility and Audit

Committees, the Unilever Leadership Executive, and the Global Code and Policy

Committee.

To prevent incidents from taking place, we conduct periodic bespoke anti-

corruption and anti-bribery risk assessments to determine the business activities

and geographies that require specific actions to enhance our controls and

respond to changes in our risk exposure. We continuously introduce tailored

measures to mitigate these risks, along with additional bespoke training.

**Anti-corruption and anti-bribery training**

As part of our annual mandatory Business Integrity learning programme, anti-

corruption and anti-bribery training is deployed to all employees. Unilever Board

members also receive training on this subject.

The training content is based on our learnings from investigations,

risk assessments and business partnering. Additional bespoke training is offered

for employees who may face a greater risk in their activities in respect of

corruption or bribery, such as those in external-facing commercial roles.

The anti-corruption and anti-bribery training programme is sponsored by the

Chief Legal Officer and Chief Business Integrity Officer. It is overseen by the

Unilever Board's Corporate Responsibility Committee.

**METRICS AND TARGETS**

**Incidents of corruption or bribery**

There have been no incidents of corruption or bribery resulting in convictions or

fines for Unilever Group companies due to violation of applicable anti-corruption

and anti-bribery laws in 2025.

In addition, there have been no deferred prosecution agreements

or other significant enforcement activities involving Unilever Group companies in

2025 that required us to take actions to address breaches in procedures and

standards of anti-corruption and anti-bribery.

**Political influence and lobbying activities**

Unilever engages with governments, policymakers, regulators, NGOs and other

stakeholders involved in policy and government through our advocacy and

lobbying activities. This engagement forms a key part of promoting and

protecting Unilever's legitimate business interests, and takes place directly and

indirectly through bodies such as trade associations and industry groups.

Our Code and Code Policies set out how employees must manage

their business relationship with political groups. Such activity must be conducted

with honesty, integrity and openness, and in compliance with local and

international laws.

**Oversight of political engagement**

In 2025, Unilever's Chief Corporate Affairs and Communications Officer oversaw

both national government engagement and lobbying activity, as well as global

engagement with intergovernmental organisations and NGOs. This role reports

directly to the Chief Executive Officer (CEO).

At Board level, two Non-Executive Directors hold, or have held, comparable

positions in public administration:

■Susan Kilsby is on the UK Takeover Panel and was a non-executive director at

NHS England between 2021–2023.

■Adrian Hennah was appointed as an independent member to the Council of

Imperial College London in 2024.

Neither the CEO nor any other member of the Board not listed above has held

similar roles in public administration within the two years preceding this reporting

period.

**Political contributions**

Unilever companies are prohibited from supporting or contributing to political

parties or candidates. All Unilever Executive and Non-Executive Directors have

confirmed that they have not made any political contributions on behalf of

Unilever in 2025, and we do not have any reported cases of breaches with the

Political Activities & Political Donations Code Policy.

**SUSTAINABILITY STATEMENT 2025**

The Unilever PLC Sustainability Statement 2025 is available on our website at

unilever.com. This document is not considered to be incorporated by reference

into this Annual Report on Form 20-F 2025.

![Cover_2025_ AW_BC.jpg](ul-20251231_g104.jpg)

For further information about

Unilever please visit our website:

www.unilever.com

**Unilever PLC** 

**Head Office** 

100 Victoria Embankment

London EC4Y 0DY

United Kingdom

T +44 (0)20 7822 5252

**Registered Office** 

Unilever PLC

Port Sunlight

Wirral

Merseyside CH62 4ZD

United Kingdom

Registered in England and Wales

Company Number: 41424

UNILEVER PLC — 20-F EXHIBIT LIST

---

| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| 1.1 | <u>[Articles of Association of Unilever PLC](a011-articlesofassociati.htm)</u> |
| 2.1 | <u>[Twenty-Sixth Supplemental Trust Deed as of May 16, 2024, incorporating the Trust Deed as of July 22, 1994 as](a021-unilever2024twentyx.htm)</u><br><u>[Amended and Restated on May 16, 2024](a021-unilever2024twentyx.htm)</u><br>|
| 2.2 | <u>[Amended and Restated Indenture as of July 26, 2023, among Unilever Capital Corporation, Unilever PLC, Unilever](a022-secondsupplementali.htm)</u><br><u>[United States, Inc. and The Bank of New York Mellon, as Trustee, relating to Guaranteed Debt Securities](a022-secondsupplementali.htm)</u><sup>1</sup><br>|
| 2.3 | <u>[Second Amended and Restated Deposit Agreement dated as of July 1, 2014 by and among Unilever PLC and Deutsche](a023-unileversecondamend.htm)</u><br><u>[Bank Trust Company Americas, as Depositary, and the Holders and Beneficial Owners of American Depositary Shares](a023-unileversecondamend.htm)</u><br><u>[issued thereunder](a023-unileversecondamend.htm)</u><sup>2</sup><br>|
| 2.4 | <u>[Description of Securities Registered Under Section 12 of the Exchange Act](a024-descriptionofsecuri.htm)</u> |
| 4.1 | <u>[Service Contracts of the Executive Directors of Unilever PLC](a041-ceoandcfoserviceagr.htm)</u> |
| 4.2 | <u>[Letters regarding compensation of Executive Directors of Unilever PLC](a042-2025rewardstatement.htm)</u> |
| 4.3 | <u>[Unilever North America Omnibus Equity Compensation Plan As Amended and Restated as of November 11, 2025](a043-unilevernaprospectu.htm)</u> |
| 4.4 | <u>[The Performance Share Plan](a044-unileverxpspawardag.htm)</u> |
| 4.5 | <u>[Unilever Share Plan 2017](a045-unilevershareplan20.htm)</u><sup>3</sup> |
| 8.1 | <u>[List of Subsidiaries](a081-groupcompaniesappro.htm)</u><sup>4</sup> |
| 11.1 | [Code of Business Principles](a111-cobp2026v1.htm) |
| 11.2 | [Share Dealing Standard](a112-sharedealingstandar.htm) |
| 12.1 | <u>[Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 302 of the](a121-plccertificationsce.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](a121-plccertificationsce.htm)</u><br>|
| 13.1 | <u>[Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the](a131-plccertificationss9.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](a131-plccertificationss9.htm)</u><br>|
| 15.1 | <u>[Consent of KPMG LLP](a151-unileverxform20xfxk.htm)</u> |
| 17.1 | <u>[Subsidiary Guarantors and Issuers of Guaranteed Securities](a171-subsidiaryguarantor.htm)</u> |
| 97.1 | <u>[Recovery Policy](a971-unileverrecoverypol.htm)</u> |
| 101 | The following financial information from Unilever PLC's Annual Report on Form 20-F for the fiscal year ended December <br>31, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) consolidated income statement for the <br>years ended December 31, 2025, 2024 and 2023, (ii) consolidated statement of comprehensive income for the years <br>ended December 31, 2025, 2024 and 2023, (iii) consolidated statement of changes in equity for the year ended <br>December 31, 2025, 2024 and 2023, (iv) consolidated balance sheet as of December 31, 2025 and 2024, (v) <br>consolidated cash flow statement for the years ended December 31, 2025, 2024 and 2023, and (vi) notes to the <br>consolidated financial statements. <br>|
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |

---

Certain instruments which define rights of holders of long-term debt of the Company and its subsidiaries are not being filed because the total

amount of securities authorized under each such instrument does not exceed 10% of the total consolidated assets of the Company and its

subsidiaries. The Company and its subsidiaries hereby agree to furnish a copy of each such instrument to the Securities and Exchange

Commission upon request.

---

| | |
|:---|:---|
| 1 | Incorporated by reference to Exhibit 4(A) of Form F-3 (File No: 333-273447) filed with the SEC on July 26, 2023. |
| 2 | Incorporated by reference to Exhibit 99(A) of Form F-6 (File No: 333-196985) filed with the SEC on June 24, 2014. |
| 3 | Incorporated by reference to Exhibit 4.9 of Form 20-F (File No: 001-04546) filed with the SEC on February 28, 2018. |
| 4 | The required information is set forth on pages 192 to 200 of the Annual Report on Form 20-F 2025. |

---

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the

undersigned to sign this Annual Report on its behalf.

---

| |
|:---|
| Unilever PLC. |
| (Registrant) |
| /s/ P. Kakkad |
| P. Kakkad, |
| Chief Legal Officer and Group Company Secretary |
| Date: 12 March 2026 |

---

## Exhibit 1.1

![](a011-articlesofassociati001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1 ARTICLES OF ASSOCIATION OF UNILEVER PLC as adopted by special resolution passed on 21 October 2025 **Table of Contents** Contents Page INTERPRETATION ................................................................................................................. 4 1 Exclusion of Model Articles ........................................................................................... 4 2 Definitions .................................................................................................................. 4 LIMITED LIABILITY............................................................................................................... 6 3 Limited liability ............................................................................................................ 6 SHARE CAPITAL .................................................................................................................... 6 4 Rights attached to shares ............................................................................................ 6 5 Redemption of shares.................................................................................................. 6 6 Trusts not recognised .................................................................................................. 6 7 Allotment of shares ..................................................................................................... 6 8 Payment of commission ............................................................................................... 6 9 Modification of rights ................................................................................................... 7 EVIDENCE OF TITLE TO SHARES ........................................................................................... 7 10 Uncertificated shares ................................................................................................... 7 11 Certificated shares ...................................................................................................... 8 12 Replacement of certificates .......................................................................................... 9 13 Execution of share certificates ...................................................................................... 9 LIEN ...................................................................................................................................... 9 14 Company's lien on shares not fully paid ........................................................................ 9 15 Enforcing lien by sale .................................................................................................. 9 16 Validity of sales ........................................................................................................... 9 17 Application of proceeds of sale ..................................................................................... 9 CALLS ON SHARES ............................................................................................................... 10 18 Calls ......................................................................................................................... 10 19 Payment on calls ....................................................................................................... 10 20 Liability of joint holders ............................................................................................. 10 21 Interest due on non-payment .................................................................................... 10 22 Sums due on allotment to be treated as calls .............................................................. 10 23 Power to differentiate ................................................................................................ 10 24 Payment of calls in advance ....................................................................................... 10 FORFEITURE OF SHARES ..................................................................................................... 11 25 Notice may be given if call or instalment not paid ........................................................ 11 26 Form of notice .......................................................................................................... 11 27 Forfeiture of shares if non-compliance with notice ....................................................... 11 28 Notice after forfeiture ................................................................................................ 11 29 Sale of forfeited shares .............................................................................................. 11 30 Arrears to be paid notwithstanding forfeiture .............................................................. 11 31 Effect of forfeiture ..................................................................................................... 11 32 Statutory declaration as to forfeiture .......................................................................... 12 TRANSFER OF SHARES ........................................................................................................ 12 33 Transfer ................................................................................................................... 12 34 Execution of transfer ................................................................................................. 12 35 Right to decline to register transfer of partly paid shares.............................................. 12 36 Further rights to decline to register transfer ................................................................ 12 37 Notice of refusal ....................................................................................................... 13 38 No fee payable on registration ................................................................................... 13 TRANSMISSION OF SHARES ............................................................................................... 13 39 Transmission of registered shares on death ................................................................ 13 40 Entry of transmission in register ................................................................................. 13 41 Election of person entitled by transmission .................................................................. 13 2 42 Rights of person entitled by transmission .................................................................... 13 UNTRACED SHAREHOLDERS ............................................................................................... 14 43 Sale of shares of untraced shareholders ...................................................................... 14 44 Cessation of sending dividend payments ..................................................................... 15 ALTERATION OF CAPITAL ................................................................................................... 15 45 Sub-division .............................................................................................................. 15 46 Fractions .................................................................................................................. 15 GENERAL MEETINGS ........................................................................................................... 15 47 Notice of General Meetings ........................................................................................ 15 PROCEEDINGS AT GENERAL MEETINGS .............................................................................. 16 48 Quorum.................................................................................................................... 16 49 Dissolution and adjournment of meeting if quorum not present .................................... 16 50 Chair of general meeting ........................................................................................... 16 51 Attendance of Directors ............................................................................................. 17 52 Postponement of general meetings ............................................................................ 17 53 Adjournments and notice of adjournment ................................................................... 17 54 Amendments to resolutions........................................................................................ 17 55 Arrangements for participation in general meetings ..................................................... 18 56 Security, health and safety and other arrangements at general meetings ...................... 19 VOTING ............................................................................................................................... 20 57 Method of voting ....................................................................................................... 20 58 Effect of properly demanded poll ................................................................................ 20 59 When poll to be taken ............................................................................................... 20 60 Continuance of business after demand for poll ............................................................ 21 61 Voting rights ............................................................................................................. 21 62 Voting rights of joint holders ...................................................................................... 21 63 Exercise of voting rights for incapable member ........................................................... 21 64 No right to vote where sums still payable .................................................................... 21 65 Suspension of rights where non-disclosure of interest .................................................. 21 66 Objections ................................................................................................................ 23 PROXIES .............................................................................................................................. 23 67 Appointment of proxies ............................................................................................. 23 68 Receipt of proxies ..................................................................................................... 24 69 Maximum validity of proxy ......................................................................................... 25 70 Form of proxy ........................................................................................................... 25 71 Determination of authority ......................................................................................... 25 APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS ............................................ 25 72 Number of Directors .................................................................................................. 25 73 Shareholding qualification .......................................................................................... 25 74 Power for Directors to fill casual vacancies or appoint additional Directors ..................... 25 75 Retirement of Directors ............................................................................................. 25 76 Meeting to fill up vacancies ........................................................................................ 26 77 Persons eligible as Directors....................................................................................... 26 78 Provisions if no eligible persons available .................................................................... 26 79 Provisions if insufficient eligible persons elected .......................................................... 26 80 Power to remove Director by special resolution ........................................................... 26 81 Disqualification of Directors ....................................................................................... 26 82 Alternate Directors .................................................................................................... 27 83 Executive Directors ................................................................................................... 27 84 Non-Executive Directors ............................................................................................ 28 REMUNERATION AND EXPENSES OF DIRECTORS ............................................................... 28 85 Director's remuneration ............................................................................................. 28 86 Extra remuneration ................................................................................................... 28 87 Expenses .................................................................................................................. 28 DIRECTORS' INTERESTS ..................................................................................................... 28 88 Conflicts of interest requiring board authorisation ........................................................ 28 89 Other conflicts of interest .......................................................................................... 29 90 Benefits .................................................................................................................... 30 91 Quorum and voting requirements ............................................................................... 30 92 General .................................................................................................................... 32 3 POWERS AND DUTIES OF THE DIRECTORS ......................................................................... 32 93 General powers of Company vested in Directors .......................................................... 32 94 Establishment of local boards ..................................................................................... 32 95 Powers of attorney .................................................................................................... 33 96 Delegation to individual Directors ............................................................................... 33 97 Registers .................................................................................................................. 33 98 Power to borrow money and give security ................................................................... 33 99 Pensions ................................................................................................................... 34 100 Provision for employees ............................................................................................. 35 PROCEEDINGS OF THE DIRECTORS .................................................................................... 35 101 Meetings of Directors ................................................................................................ 35 102 Notice of meetings .................................................................................................... 35 103 Quorum.................................................................................................................... 35 104 Effect of vacancies in number of Directors .................................................................. 35 105 Power to appoint chair .............................................................................................. 35 106 Competence of meetings ........................................................................................... 36 107 Voting ...................................................................................................................... 36 108 Delegation to committees .......................................................................................... 36 109 Delegation to Executive Officers ................................................................................. 36 110 Participation in meetings by telephone ........................................................................ 36 111 Resolution in writing .................................................................................................. 37 112 Validity of acts of Directors or committee .................................................................... 37 113 Minutes to be made .................................................................................................. 37 SEALS .................................................................................................................................. 37 114 Use of seals .............................................................................................................. 37 DIVIDENDS AND OTHER PAYMENTS ................................................................................... 37 115 Application of profits ................................................................................................. 37 116 Declaration of dividends ............................................................................................ 38 117 Interim dividends ...................................................................................................... 38 118 Dividends to be paid according to amounts paid up on shares ...................................... 38 119 Debts may be deducted ............................................................................................. 38 120 Dividend not to bear interest against the Company ...................................................... 38 121 Payment procedures ................................................................................................. 38 122 Unclaimed dividends ................................................................................................. 39 123 Dividends in specie ................................................................................................... 39 CAPITALISATION OF PROFITS ............................................................................................ 40 124 Power to capitalise profits .......................................................................................... 40 125 Scrip dividends ......................................................................................................... 40 126 Settlement of difficulties in distribution on capitalisation of profits................................. 41 RECORD DATES AND ACCOUNTING RECORDS .................................................................... 41 127 Record dates ............................................................................................................ 41 128 Inspection of records................................................................................................. 41 SERVICE OF NOTICES AND OTHER DOCUMENTS ................................................................ 42 129 Service of notices ...................................................................................................... 42 130 Members resident abroad .......................................................................................... 42 131 When notice deemed served ...................................................................................... 42 132 Service of notice to person entitled by transmission ..................................................... 43 133 Notice when post not available and notice given by advertisement ............................... 43 DESTRUCTION OF DOCUMENTS .......................................................................................... 43 134 Consequences of destruction of documents ................................................................. 43 WINDING-UP ...................................................................................................................... 44 135 Order of priority in winding-up ................................................................................... 44 INDEMNITY ......................................................................................................................... 44 136 Indemnification of Directors ....................................................................................... 44 4 INTERPRETATION Exclusion of Model Articles 1 No articles set out in any statute, or in any statutory instrument made under any statute, concerning companies shall apply as articles of the Company. Definitions 2 In these articles unless the context otherwise requires: "address", includes a number or address (including, in the case of any uncertificated proxy instruction, an identification number of a participant in the relevant system) used for the purposes of sending or receiving notices, documents or information by electronic means and/or by means of a website; "these articles" means these articles of association as altered from time to time by special resolution and the expression "this article" shall be construed accordingly; "the auditors" means the auditors for the time being of the Company or, in the case of joint auditors, any one of them; "the Bank of England base rate" means the base lending rate most recently set by the Monetary Policy Committee of the Bank of England in connection with its responsibilities under Part 2 of the Bank of England Act 1998; "certificated share" means a share which is not an uncertificated share; "clear days" in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect; "combined physical and electronic general meeting" means any general meeting (including any general meeting of the holders of any class of shares in the Company) convened and held in accordance with these articles and which allows participants to attend either in person at a physical location(s) specified in the notice of such general meeting or via an electronic platform; "the Companies Acts" means every statute (including any order, regulations or other subordinated legislation made under it) from time to time in force concerning companies in so far as the same applies to the Company; "Company" means Unilever PLC; "the Directors" means the Board of Directors of the Company for the time being; "electronic platform" means any form of electronic communications platform or facility (or combination of such platforms or facilities) and includes, without limitation, website addresses, application technology and conference call systems; "executive officers" means the executive officers of the Company, including the Chief Executive Officer and the Chief Financial Officer; "the holder" in relation to any shares means the member whose name is entered in the register as the holder of those shares; "the office" means the registered office for the time being of the Company; "paid up" means paid up or credited as paid up; "participating class" means a class of shares title to which is permitted by an Operator to be transferred by means of a relevant system;

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&nbsp;&nbsp;&nbsp;&nbsp;5 "person entitled by transmission" means a person whose entitlement to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law has been noted in the register; "physical general meeting" means any general meeting of the Company (including any general meeting of the holders of any class of shares in the Company) attended by persons present in person at a physical location(s) specified in the notice of such general meeting but not via an electronic platform; "post" or "posted" in relation to references to a notice, document or other item being posted includes it being sent by post or by courier or by using an equivalent service; "the register" means the register of members of the Company; "seal" means any common or official seal that the Company may be permitted to have under the Companies Acts; "the Secretary" means the secretary of the Company and includes an assistant or deputy secretary and any person appointed by the Directors to perform any of the duties of the secretary; "shares" includes stock; "uncertificated share" means a share of a class which is for the time being a participating class, title to which is recorded on the register as being held in uncertificated form; "the uncertificated securities rules" means provisions of the Uncertificated Securities Regulations 2001 and the Companies Acts relating to the holding, evidencing of title to, or transfer of uncertificated shares and any legislation, rules or other arrangements made under or by virtue of such provision; "United Kingdom" means Great Britain and Northern Ireland; references to a document being executed include references to its being executed under hand or under seal or by any other method except authentication as specified by the Companies Acts; references to a document being signed or to signature include references to it being executed under hand or under seal or by any other method and, in the case of a communication in electronic form, such references are to its being authenticated as specified by the Companies Acts; references to writing include references to any method of representing or reproducing words in a legible and non-transitory form whether sent or supplied in electronic form or otherwise and written shall be construed accordingly; for the purposes of any combined physical and electronic general meeting, references to a person being "present" at a general meeting of the Company (or any separate general meeting of the holders of any class of shares in the Company), and including references to a person being "present in person", shall not be taken exclusively as references to a person being in the same location as other persons who are attending such meeting, but shall be deemed to include a person who is attending such meeting through an electronic platform; subject to Article 9(A), the provisions of these articles relating to meetings or general meetings of the Company and to the proceedings at such meetings or general meetings shall apply to separate meetings of any holders of a class of shares; words or expressions to which a particular meaning is given by the Companies Acts or the uncertificated securities rules in force when these articles or any part of these articles are 6 adopted bear the same meaning in these articles or that part (as the case may be) save that the word "company" shall include any body corporate; references to a meeting shall not be taken as requiring more than one person to be present if any quorum requirement can be satisfied by one person; headings and notes are included only for convenience and shall not affect construction; and words or expressions denoting the singular shall include the plural and vice versa, and words or expressions denoting one gender shall include any other gender. LIMITED LIABILITY Limited liability 3 The liability of members of the Company is limited to the amount, if any, unpaid on the shares in the Company held by them. SHARE CAPITAL Rights attached to shares 4 Subject to the provisions of the Companies Act and to any rights conferred on the holders of any other shares, any share may be issued with or have attached to it such rights and restrictions as the Company may by ordinary resolution decide or, if no such resolution has been passed or so far as the resolution does not make specific provision, as the Directors may decide. Such rights and restrictions shall apply to the relevant shares as if the same were set out in these articles. Redemption of shares 5 Subject to the provisions of the Companies Acts and to any rights conferred on the holders of any class of shares, any share may be issued which is to be redeemed, or is to be liable to be redeemed at the option of the Company or the holder. The Directors may determine the terms, conditions and manner of redemption of any redeemable share so issued. Such terms and conditions shall apply to the relevant shares as if the same were set out in these articles. Trusts not recognised 6 Except as ordered by a court of competent jurisdiction or as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice of it) any interest in any share other than an absolute right to the whole of the share in the holder. Allotment of shares 7 Subject to the provisions of the Companies Acts these articles and to any resolution passed by the Company and without prejudice to any rights attaching to existing shares, the Directors may offer, allot, grant options over or otherwise deal with or dispose of shares in the Company to such persons, at such times and for such consideration and upon such terms as the Directors may decide. Payment of commission 8 The Company may in connection with the issue of any shares or the sale for cash of treasury shares exercise all powers of paying commission and brokerage conferred or permitted by the Companies Acts. Any such commission or brokerage may be satisfied by the payment of cash or by the allotment of fully or partly-paid shares or other securities or partly in one way and partly in the other. 7 Modification of rights 9 (A) So long as the capital is divided into different classes of shares, but subject to the Companies Acts, all or any of the rights and privileges attached to each class may from time to time be modified or abrogated in any manner with the consent in writing of the holders of three-fourths of the issued shares of that class (excluding any shares of that class held as treasury shares) or with the sanction of a special resolution passed at a separate general meeting of the holders of shares of the class. To any such general meeting all the provisions of these articles as to general meetings of the Company shall mutatis mutandis apply but so that the necessary quorum shall be two persons at least holding or representing by proxy one-third of the capital paid up on the issued shares of the class (excluding any shares of that class held as treasury shares), that every holder of shares of the class shall be entitled on a poll to one vote for every such share held by them, that every holder of shares of the class present in person or by proxy may demand a poll and that if at any adjourned meeting a quorum as above defined be not present those of such holders who are present in person or by proxy shall be a quorum. (B) Subject as aforesaid the rights and privileges attached to any class shall for the purposes of this article not be deemed to be modified unless the modification prejudicially affects such rights or privileges. EVIDENCE OF TITLE TO SHARES Uncertificated shares 10 (A) Pursuant and subject to the uncertificated securities rules, the Directors may permit title to shares of any class to be evidenced otherwise than by a certificate and title to shares of such a class to be transferred by means of a relevant system and may make arrangements for a class of shares (if all shares of that class are in all respects identical) to become a participating class. Title to shares of a particular class may only be evidenced otherwise than by a certificate where that class of shares is for the time being a participating class. The Directors may also, subject to compliance with the uncertificated securities rules, determine at any time that title to any class of shares may from a date specified by the Directors no longer be evidenced otherwise than by a certificate or that title to such a class shall cease to be transferred by means of any particular relevant system. (B) In relation to a class of shares which is, for the time being, a participating class and for so long as it remains a participating class, no provision of these articles shall apply or have effect to the extent that it is inconsistent in any respect with: (i) the holding of shares of that class in uncertificated form; (ii) the transfer of title to shares of that class by means of a relevant system; and (iii) any provision of the uncertificated securities rules, and, without prejudice to the generality of this article, no provision of these articles shall apply or have effect to the extent that it is in any respect inconsistent with the maintenance, keeping or entering up by the Operator, so long as that is permitted or required by the uncertificated securities rules, of an Operator register of securities in respect of that class of shares in uncertificated form. (C) Shares of a class which is for the time being a participating class may be changed from uncertificated to certificated form, and from certificated to uncertificated form, in accordance with and subject as provided in the uncertificated securities rules, and the 8 Directors shall record on the register of members that the shares are held in certificated or uncertificated form as appropriate. (D) If, under these articles or the Companies Acts, the Company is entitled to sell, transfer or otherwise dispose of, forfeit, re-allot, accept the surrender of or otherwise enforce a lien over an uncertificated share, then, subject to these articles and the Companies Acts, such entitlement shall include the right of the board to: (i) require the holder of that uncertificated share by notice in writing to change that share from uncertificated to certificated form within such period as may be specified in the notice and keep it as a certificated share for as long as the board requires; (ii) appoint any person to take such other steps, by instruction given by means of a relevant system or otherwise, in the name of the holder of such share as may be required to effect the transfer of such share and such steps shall be as effective as if they had been taken by the registered holder of that share; and (iii) take such other action that the board considers appropriate to achieve the sale, transfer, disposal, forfeiture, re-allotment or surrender of that share or otherwise to enforce a lien in respect of that share. (E) Unless the Directors otherwise determine, shares which a member holds in uncertificated form shall be treated as separate holdings from any shares which that member holds in certificated form. However, shares held in uncertificated form shall not be treated as forming a class which is separate from certificated shares with the same rights. (F) Unless the Directors otherwise determine or the uncertificated securities rules otherwise require, any shares issued or created out of or in respect of any uncertificated shares shall be uncertificated shares and any shares issued or created out of or in respect of any certificated shares shall be certificated shares. (G) The Company shall be entitled to assume that the entries on any record of securities maintained by it in accordance with the uncertificated securities rules and regularly reconciled with the relevant Operator register of securities are a complete and accurate reproduction of the particulars entered in the Operator register of securities and shall accordingly not be liable in respect of any act or thing done or omitted to be done by or on behalf of the Company in reliance on such assumption; in particular, any provision of these articles which requires or envisages that action will be taken in reliance on information contained in the register shall be construed to permit that action to be taken in reliance on information contained in any relevant record of securities (as so maintained and reconciled). Certificated shares 11 Subject to the provisions of the uncertificated securities rules, the rules of any relevant system and these articles, every person (except a person to whom the Company is not by law required to issue a certificate) whose name is entered in the register as a holder of any certificated shares shall be entitled, without payment, to receive within two months after allotment or lodgment of a transfer to them of the shares or within two months after the relevant Operator-instruction is received by the Company (or within such other period as the terms of issue shall provide) one certificate for all the shares of any one class or several certificates each for one or more of the shares of the class in question upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Directors may from time to time decide. In the case of a certificated share held jointly by several persons, delivery of a certificate to one of several

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&nbsp;&nbsp;&nbsp;&nbsp;9 joint holders shall be sufficient delivery to all. A member who has transferred some of the shares comprised in their holding shall be entitled to a certificate for the balance without charge. Replacement of certificates 12 If a share certificate is defaced, worn out, lost or destroyed, it may be replaced without fee but on such terms (if any) as to evidence and indemnity and to payment of the costs and any exceptional out-of-pocket expenses of the Company in investigating the evidence and preparing the indemnity as the Directors may decide and, where it is defaced or worn out, after delivery of the old certificate to the Company. Execution of share certificates 13 Every share certificate shall be executed under a seal or in such other manner as the Directors having regard to the terms of issue and any listing requirements may authorise and shall specify the number and class of shares to which it relates and the amount or respective amounts paid up on the shares. The Directors may by resolution decide, either generally or in any particular case or cases, that any signatures on any share certificates need not be autographic but may be applied to the certificates by some mechanical means or may be printed on them or that the certificates need not be signed by any person. LIEN Company's lien on shares not fully paid 14 The Company shall have a first and paramount lien on every share (not being a fully paid share) for all amounts payable to the Company (whether presently or not) in respect of that share. The Company's lien on a share shall extend to all distributions and other amounts payable in respect of it. The Directors may at any time either generally or in any particular case waive any lien that has arisen or declare any share to be wholly or in part exempt from the provisions of this article. Enforcing lien by sale 15 The Company may sell, in such manner as the Directors may decide, any shares on which the Company has a lien if a sum in respect of which the lien exists is presently payable and is not paid within 7 clear days after a notice in writing has been served on the holder of the shares, demanding payment and stating that if the notice is not complied with the shares may be sold. For giving effect to the sale the Directors may authorise some person to transfer the shares sold to or in accordance with the directions of the purchaser. Validity of sales 16 The transferee shall be registered as the holder of the shares and they shall not be bound to see to the application of the purchase money, nor shall their title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. After their name has been registered the validity of the sale shall not be impeached by any person, and the remedy of any person aggrieved by the sale shall be in damages only and against the Company exclusively. Application of proceeds of sale 17 The net proceeds, after payment of the costs, of the sale by the Company of any shares on which it has a lien shall be applied in or towards payment or discharge of the debt or liability in respect of which the lien exists so far as it is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale and upon surrender, if required by the Company, for cancellation of the certificate for the shares sold) be paid to the holder immediately before the sale. 10 CALLS ON SHARES Calls 18 The Directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares (whether on account of the nominal amount of the shares or by way of premium) and not payable on a date fixed by or in accordance with the terms of issue, and each member shall (subject to the Company serving upon them at least fourteen clear days' notice specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on their shares. A call may be revoked or postponed as the Directors may decide. A person upon whom a call is made shall remain liable for the call notwithstanding the subsequent transfer of the shares in respect of which the call was made. Payment on calls 19 A call may be made payable by instalments and shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed. Liability of joint holders 20 The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. Interest due on non-payment 21 If a call remains unpaid after it has become due and payable, the person from whom it is due and payable shall pay interest on the amount unpaid from the day it is due and payable to the time of actual payment at such rate (not exceeding the Bank of England base rate by more than five percentage points) as the Directors may decide, and all expenses that have been incurred by the Company by reason of such non-payment, but the Directors shall be at liberty in any case or cases to waive payment of the interest or expenses wholly or in part. Sums due on allotment to be treated as calls 22 Any sum which becomes payable on allotment or on any other date fixed by or in accordance with the terms of issue, whether on account of the nominal amount of the share or by way of premium, shall be deemed to be a call made, notified and payable on the date on which, by the terms of issue, it becomes payable and, in case of nonpayment, all the relevant provisions of these articles as to payment of interest, forfeiture or otherwise shall apply as if the sum had become payable by virtue of a call properly made and notified. Power to differentiate 23 The Directors may on the issue of shares differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment. Payment of calls in advance 24 The Directors may, if they think fit, receive from any member who is willing to advance all or any part of the moneys uncalled and unpaid upon any shares held by such member and upon all or any of the moneys so advanced may (until they would, but for the advance, become presently payable) pay interest at such rate, (not exceeding the Bank of England base rate by more than five percentage points unless the Company by ordinary resolution shall otherwise direct) as the Directors may decide. 11 FORFEITURE OF SHARES Notice may be given if call or instalment not paid 25 If any call or instalment of a call remains unpaid on any share after the day appointed for payment, the Directors may at any time serve a notice on the holder requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued, and all expenses that may have been incurred by the Company by reason of such non-payment. Form of notice 26 The notice shall name a further day (not being less than fourteen clear days from the date of the notice) on or before which, and the place where, the payment required by the notice is to be made and shall state that in the event of non-payment on or before the day and at the place appointed, the shares in respect of which the call was made or instalment is payable will be liable to be forfeited. The Directors may accept the surrender of any share liable to be forfeited and, in that event, references in these articles to forfeiture shall include surrender. Forfeiture of shares if non-compliance with notice 27 If the requirements of the notice are not complied with, any share in respect of which it was given may, at any time before payment of all calls or instalments and interest due in respect of it has been made, be forfeited by a resolution of the Directors to that effect and the forfeiture shall include all dividends declared and other moneys payable in respect of the forfeited shares and not paid before the forfeiture. Notice after forfeiture 28 When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share but no forfeiture shall be invalidated by any omission or neglect to give the notice. Sale of forfeited shares 29 Until cancelled in accordance with the requirements of the Companies Acts, a forfeited share shall be deemed to be the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person who was, before forfeiture, the holder or to any other person upon such terms and in such manner as the Directors shall decide, and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled by the Directors on such terms as the Directors may decide. Arrears to be paid notwithstanding forfeiture 30 A person whose shares have been forfeited shall cease to be a member in respect of them and shall surrender to the Company for cancellation the certificate for the forfeited shares but shall remain liable to pay to the Company all moneys which at the date of the forfeiture were payable by them to the Company in respect of those shares with interest thereon at such rate (not exceeding the Bank of England base rate by more than five percentage points) as the Directors may decide from the date of forfeiture until payment, and the Company may enforce payment without being under any obligation to make any allowance for the value of the shares forfeited or for any consideration received on their disposal. Effect of forfeiture 31 The forfeiture of a share shall involve the extinction of all interest in and also of all claims and demands against the Company in respect of the share and all other rights incident to the share, except only such of those rights as by these articles are expressly saved. 12 Statutory declaration as to forfeiture 32 A statutory declaration that the declarant is a Director of the Company or the Secretary and that a share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share. The Company may receive the consideration (if any) given for the share on its sale, re-allotment or disposition and the Directors may authorize some person to transfer the share to the person to whom it is sold, re-allotted or disposed of and, if the share is in registered form, they shall be registered as the holder of the share and shall not be bound to see to the application of the purchase money (if any) nor shall their title to the share be affected by any irregularity or invalidity in the proceedings relating to the forfeiture, sale, re-allotment or disposal. TRANSFER OF SHARES Transfer 33 Subject to such of the restrictions of these articles as may be applicable: (A) any member may transfer all or any of their uncertificated shares by means of a relevant system in such manner provided for, and subject as provided in the uncertificated securities rules, and accordingly no provision of these articles shall apply in respect of an uncertificated share to the extent that it requires or contemplates the effecting of a transfer by an instrument in writing or the production of a certificate for the share to be transferred; and (B) any member may transfer all or any of their certificated shares by an instrument of transfer in any usual form or in any other form which the Directors may approve. Execution of transfer 34 The instrument of transfer of a certificated share shall be executed by or on behalf of the transferor and (in the case of a partly paid share) the transferee, and the transferor shall be deemed to remain the holder of the share concerned until the name of the transferee is entered in the register in respect of it. All instruments of transfer, when registered, may be retained by the Company. The transfer books may be closed during such time as the Directors think fit, not exceeding in the whole thirty days in each year. Right to decline to register transfer of partly paid shares 35 The Directors can decline to register any transfer of any share which is not a fully paid share. Further rights to decline to register transfer 36 (A) Registration of a transfer of an uncertificated share can be declined in the circumstances set out in uncertificated securities rules, and where, in the case of a transfer to joint holders, the number of joint holders to whom the uncertificated share is to be transferred exceeds four. (B) The Directors may decline to register any transfer of a certificated share unless: (i) the instrument of transfer is duly stamped or duly certified or otherwise shown to the satisfaction of the Directors to be exempt from stamp duty and is left at the office or such other place as the Directors may from time to time determine accompanied (save in the case of a transfer by a person to whom the Company is not required by law to issue a certificate and to whom a certificate has not been issued) by the certificate for the share to which it relates and such other evidence as the Directors may reasonably require to show the right of the person signing the instrument of transfer to make the transfer and, if the

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&nbsp;&nbsp;&nbsp;&nbsp;13 instrument of transfer is signed by some other person on their behalf, the authority of that person so to do; (ii) the instrument of transfer is in respect of only one class of share; and (iii) in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four. (C) For all purposes of these articles relating to the registration of transfers of shares, the renunciation of the allotment of any shares by the allottee in favour of some other person shall be deemed to be a transfer and the Directors shall have the same powers of refusing to give effect to such a renunciation as if it were a transfer. Notice of refusal 37 If the Directors decline to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged or, in the case of uncertificated shares, within two months after the date on which the relevant Operator-instruction is received, send to the transferee notice of the refusal. No fee payable on registration 38 No fee shall be charged by the Company for registering any transfer or document relating to or affecting the title to any share or for making any other entry in the register. TRANSMISSION OF SHARES Transmission of registered shares on death 39 If a member dies, the survivor or survivors, where he or she was a joint holder, and his or her personal representatives, where he or she was a sole holder or the only survivor of joint holders, shall be the only persons recognised by the Company as having any title to his or her shares; but nothing contained in these articles shall release the estate of a deceased holder from any liability in respect of any share held by him or her solely or jointly with other persons. Entry of transmission in register 40 Where the entitlement of a person to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law is proved to the satisfaction of the Directors, the Directors shall cause the entitlement of that person to be noted in the register. Election of person entitled by transmission 41 Any person entitled by transmission to a share may, subject as provided elsewhere in these articles, elect either to become the holder of the share or to have some person nominated by them registered as the holder. If the person entitled by transmission to a share elects to be registered themselves, they shall give notice to the Company to that effect. If they elect to have another person registered, they shall transfer title to the share to that person. All the provisions of these articles relating to the transfer of shares shall apply to the notice or transfer as if the death or bankruptcy of the member or other event giving rise to the transmission had not occurred and the notice or transfer was given or executed by the member. Rights of person entitled by transmission 42 Where a person becomes entitled by transmission to a share, the rights of the holder in relation to that share shall cease, but the person entitled by transmission to the share may give a good discharge for any dividends or other moneys payable in respect of it and shall have the same rights in relation to the share as they would have had if they were the holder of it, provided that, 14 in order to vote at any general meeting in respect thereof, they shall have satisfied the Directors of their entitlement 48 hours at least before the time of holding the meeting at which they propose to vote, or the Directors have previously admitted their right to vote in respect thereof. The Directors may at any time give notice requiring the person to elect either to be registered themselves or to transfer the share and if the notice is not complied with within sixty days the Directors may withhold payment of all dividends and other moneys payable in respect of the share until the requirements of the notice have been complied with or, where the share is fully paid up, may deem the person to have elected to be registered as a member in respect thereof and they may be registered accordingly. UNTRACED SHAREHOLDERS Sale of shares of untraced shareholders 43 The Company is entitled to sell any shares of a member or shares to which a person is entitled by transmission on death or bankruptcy or otherwise by operation of law (for the purposes of this Article 43, the "relevant holder") provided that: (A) during the qualifying period at least three cash dividends in respect of the shares have become payable on the shares and no cash dividend in respect of those shares has either been claimed by presentation to the paying bank of the relative cheque or warrant or been satisfied by the transfer of funds to a bank account designated by the relevant holder of, the shares, (B) following the expiry of the qualifying period, the Company has sent a notice or caused a notice to be sent: (i) in hard copy form to the last known physical address that the Company has for the relevant holder; or (ii) in electronic form to the last known email address that the Company has for the relevant holder, stating the Company's intention to sell the relevant shares. Before sending such notice, the Company must have used reasonable efforts to trace the relevant holder, including engaging a professional asset reunification company or other tracing agent if the Company considers appropriate (in its sole discretion), and (C) during the period of three months following the sending of a notice referred to in sub- paragraph (B) above, the Company has not received any communication from the relevant holder. For the purpose of this Article 43, "the qualifying period" means the period of twelve years immediately preceding the date of sending of a notice referred to in sub-paragraph (B) above. If, during the period beginning at the commencement of the qualifying period and ending on the date when the requirements of sub-paragraphs (A) to (C) above are satisfied, any further shares have been issued to such relevant holder during such period and all the requirements of sub- paragraphs (A) to (C) above have been satisfied in regard to the further shares (but as if the words "following the expiry of the qualifying period" were omitted from sub-paragraph (B) above), the Company is also entitled to sell the further shares. To give effect to any sale of shares pursuant to this article, the Directors may authorise any person to transfer the shares in question and an instrument of transfer executed by that person shall be as effective as if it had been executed by the relevant holder of the shares. The transferee's title to the shares shall not be affected by any irregularity or invalidity in the proceedings relating to the sale. 15 The net proceeds of such sale (after payment of the costs of the sale) shall be forfeited by the relevant holder and shall belong to the Company. The Company shall not be liable in any respect nor be required to account to the former relevant holder of the shares or any other person previously entitled to the shares in question for an amount in respect of such proceeds (or any part thereof). The Company shall be entitled to use or invest the net proceeds of such sale for the Company's benefit in any manner that the Directors may from time to time see fit. Cessation of sending dividend payments 44 The Company may cease to send any cheque or warrant or other financial instrument through the post or employ any other means of payment, including by means of a relevant system, for any dividend payable on any shares in the Company which is normally paid in that manner on those shares if either (a) in respect of at least two consecutive dividends payable on those shares the cheques or warrants or other financial instruments have been returned undelivered or remain uncashed or that means of payment has failed or (b) following one such occasion reasonable enquiries have failed to establish any new address or account of the registered holder. Subject to the provisions of these articles, the Company may recommence sending cheques or warrants or other financial instruments or employing such other means in respect of dividends payable on those shares if the holder or person entitled by transmission requests such recommencement in writing. ALTERATION OF CAPITAL Sub-division 45 Any resolution authorising the Company to sub-divide its shares or any of them may determine that, as between the shares resulting from the sub-division, any of them may have any preference or advantage or be subject to any restriction as compared with the others. Fractions 46 Whenever as a result of a consolidation, any members would become entitled to fractions of a share, the Directors may deal with the fractions as they think fit and in particular may sell the shares representing the fractions to any person (including, subject to the provisions of the Companies Acts, the Company) and distribute the net proceeds of sale in due proportion among those members and the Directors may authorise some person to transfer or deliver the shares to, or in accordance with the directions of, the purchaser. The person to whom any shares are transferred or delivered shall not be bound to see to the application of the purchase moneys nor shall their title to the shares be affected by any irregularity in, or invalidity of, the proceedings relating to the sale. GENERAL MEETINGS Notice of General Meetings 47 (A) Notices of General Meetings shall be given to all members other than members who are not entitled to receive such notices from the Company under the provisions of these articles. The Company may determine that only those persons entered on the register at the close of business on a day decided by the Company, such day being no more than 21 days before the day that notice of the meeting is sent, shall be entitled to receive such a notice. If a member is added to the register after the day determined by the Company under this article, this shall not invalidate the service of the notice, nor entitle such member to receive notice of the meeting; (B) for the purposes of determining which persons are entitled to attend or vote at a meeting, and how many votes such persons may cast, the Company must specify in the 16 notice of the meeting a time, not more than 48 hours before the time fixed for the meeting, by which a person must be entered on the register in order to have the right to attend or vote at the meeting. The Directors may at their discretion resolve that, in calculating such period, no account shall be taken of any part of any day that is not a working day (within the meaning of Section 1173 of the Companies Acts); (C) the accidental omission to give any notice of a meeting or the accidental omission to send any document relating to any meeting, or the non-receipt (even if the Company becomes aware of such non-receipt) of any such notice or document or other information, by any person entitled to receive the notice or document shall not invalidate the proceedings at that meeting; and (D) a member present in person or by proxy at a meeting shall be deemed to have received proper notice of that meeting and, where applicable, of the purpose of that meeting. PROCEEDINGS AT GENERAL MEETINGS Quorum 48 No business shall be transacted at any general meeting (except the declaration and sanction of a dividend) unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the choice or appointment of a chair which shall not be treated as part of the business of the meeting. Save as otherwise provided by these articles, seven members present in person or by proxy and entitled to vote shall be quorum for all purposes. Dissolution and adjournment of meeting if quorum not present 49 If within five minutes (or such longer time not exceeding one hour as the chair of the meeting may decide to wait) after the time appointed for the commencement of the meeting a quorum is not present, the meeting, if convened on the requisition of members, shall be dissolved and in any other case it shall stand adjourned to such other day (not being less than ten clear days later) and at such other time or place or places (including, for a combined physical and electronic general meeting, the electronic platform) as the chair of the meeting may decide and at such adjourned meeting one member present in person or by proxy and entitled to vote (whatever the number of shares held by them) shall be a quorum and the notice of the adjourned meeting shall state that one member present in person or by proxy and entitled to vote (whatever the number of shares held by them) shall be a quorum. Chair of general meeting 50 The chair (if any) of the Directors or, in his or her absence, a vice chair (if any) shall preside as chair at every general meeting. If (i) there is no chair or vice chair; or (ii) at any meeting neither the chair nor any vice chair is present within five minutes after the time appointed for the commencement of the meeting; or (iii) neither the chair nor any vice chair is willing to act as chair; or (iv) during the course of a meeting, the chair of the meeting has ceased to be present at the meeting and is unable to rejoin the meeting within five minutes, the chair of the meeting shall be chosen as follows: (a) the Directors present at the meeting shall choose one of their number to act; or (b) if one Director only is present he or she shall preside as chair if willing to act; or (c) in case of the situations described in sub-paragraphs (i) to (iii) inclusive of this article, if no Director is present, or if each of the Directors present declines to take the chair, the persons present and entitled to vote shall appoint one of their number to be chair; or (d) in case of the situation described in sub-paragraph (iv) of this article only, if no Director is present, or if each of the Directors present declines to take the chair the person nominated by the Directors to act as chair of the meeting in such circumstances shall preside as the chair, or if no such person has been nominated, the persons present at the meeting and entitled to vote at the general meeting shall appoint one of their number as chair. The chair of a general meeting may take such action as the chair thinks fit to maintain the proper and orderly conduct of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;17 Attendance of Directors 51 Each Director shall be entitled to attend and speak at any general meeting of the Company and at any separate general meeting of the holders of any class of shares in the Company. Postponement of general meetings 52 The Directors may resolve to postpone any general meeting or move the place or places (including, for a combined physical and electronic general meeting, the electronic platform) of such meeting before the time at which it is to be held, except where the postponement or move would be contrary to applicable law. The Directors may give notice of a postponement or move as they think fit but any failure to give notice of a postponement or move does not invalidate the postponement or move or any resolution passed at a postponed or moved meeting. Notice of the business of a postponed or moved meeting does not need to be given again. If a meeting is postponed or moved, the appointment of a proxy for that meeting is valid if it is done in accordance with these articles and received not less than 48 hours before the commencement of the postponed or moved meeting to which it relates. The Directors can also postpone or move a postponed or moved meeting under this Article 52. Adjournments and notice of adjournment 53 (A) The chair may at any time without the consent of the meeting adjourn any meeting (whether or not it has commenced or a quorum is present) either sine die or to another time or place, or move the meeting to another location (including, for a combined physical and electronic general meeting, changing the electronic platform), where it appears to him or her that (a) the members wishing to attend cannot be conveniently, safely or securely accommodated in the place appointed for the meeting or (b) the conduct of persons prevents or is likely to prevent the orderly continuation of business or (c) an adjournment is otherwise necessary so that the business of the meeting may be properly conducted or (d) in the case of a combined physical and electronic general meeting, the electronic platform(s) have become inadequate for the purposes referred to in Articles 55(C) and 55(D) below. In addition, the chair may at any time with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting) adjourn the meeting either sine die or to another time or place, or move the meeting to another location (including, for a combined physical and electronic general meeting, changing the electronic platform). When a meeting is adjourned sine die the time and place for the adjourned meeting shall be fixed by the Directors. No business shall be transacted at any adjourned meeting except business which might properly have been transacted at the meeting had the adjournment not taken place. (B) When a meeting is adjourned for three months or more, or sine die, or if business is to be transacted at an adjourned meeting the general nature of which was not stated in the notice of the original meeting, notice of the adjourned meeting shall be given as in the case of an original meeting. Except as provided in this article, it shall not be necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting. Amendments to resolutions 54 In the case of a resolution duly proposed as a special resolution no amendment thereto (other than an amendment to correct a patent error) may be considered or voted upon and in the case of a resolution duly proposed as an ordinary resolution no amendment thereto (other than an amendment to correct a patent error) may be considered or voted upon unless either at least two working days prior to the date appointed for holding the meeting or adjourned meeting at which such ordinary resolution is to be proposed notice in writing of the terms of the amendment and intention to move the same has been received by the Company at the office or the chair of the meeting in his or her absolute discretion decides that it may be considered or voted upon. 18 With the consent of the chair of the meeting, an amendment may be withdrawn by its proposer before it is put to the vote. Arrangements for participation in general meetings 55 (A) The Directors shall determine if a general meeting shall be held as a physical general meeting or as a combined physical and electronic general meeting. The Directors shall determine where the relevant physical location or locations (which may be in the United Kingdom or elsewhere) shall be. (B) In determining whether persons are attending or participating in a general meeting, it is immaterial whether any two or more members attending it are in the same location as each other or how they are able to communicate with each other. Two or more persons who are not in the same location as each other shall be taken to be attending a general meeting and count towards the quorum of it if their circumstances are such that, if they have (or were to have) the rights to speak and vote at that meeting (whether in person or by proxy), they are (or would be) able to exercise those rights to participate in the business of the meeting. A combined physical and electronic general meeting shall be duly constituted and its proceedings valid if the chair of the meeting is satisfied that adequate facilities are available throughout the meeting (including the use of the electronic platform) to ensure that members attending the meeting who are not present together at the same place are able to exercise such rights to participate in the business of the meeting. (C) A person is able to exercise the right to speak at a general meeting when that person is in a position to communicate during the meeting to all those attending the meeting any information and opinions which that person has on the business of the meeting, regardless of the location from which the person attends the general meeting. (D) A person is able to exercise the right to vote at a general meeting when, (i) that person is able to vote, during the meeting, on resolutions put to the vote at the meeting; and (ii) that person's vote can be taken into account in determining whether or not such resolutions are passed at the same time as the votes of all the other persons attending the meeting, in each case regardless of the location from which the person attends the general meeting. (E) The Directors may make whatever arrangements they consider appropriate (including, in the case of a combined physical and electronic general meeting, the use of an electronic platform) to enable those attending a general meeting to exercise their rights to speak or vote at the meeting. For a combined physical and electronic general meeting, the Directors may make any arrangement and impose any requirement or restriction as is: (i) necessary to ensure the identification of those accessing, taking part and the security of the electronic communication; and (ii) proportionate to a person having the ability to exercise their rights to speak and vote at that meeting. In this respect, the Directors are able to authorise any voting application, system or facility for combined physical and electronic general meetings as they see fit. 19 (F) The Directors may permit persons who are not otherwise entitled to attend or participate in the business of general meetings to (i) be present at the general meeting or (ii) have a reasonable opportunity to be able to view and hear the proceedings of the general meeting and to address the meeting from any other location by use of any means of communication (including an electronic platform). Those persons shall not be treated as being present at or to be able to vote at the meeting but shall be entitled to address the meeting unless the chair of the meeting determines, in connection with the keeping of good order at the meeting or otherwise, that (either in respect of a particular person or generally) (a) the right to address the meeting is withdrawn, (b) the permission to attend the meeting is withdrawn or (c) where the participation by such persons in the meeting is through an electronic platform or by any other means of communication, that such electronic platform or other means of communication may be withdrawn. The business concluded at the general meeting shall not be treated as invalid by reason of the failure of such persons to view or hear all or any part of the proceedings of the meeting or by any determination of the chair of the meeting in accordance with parts (a), (b) or (c) of this article above. (G) The Directors may from time to time make arrangements for controlling or regulating the level of attendance at any physical venue for the hosting of the general meeting arranged by the Company (the "principal meeting place") (including, without limitation, the issue of tickets or the imposition of some other means of selection, or limiting attendance by shareholders to certain meeting venues only) that they, in their absolute discretion, think appropriate, and can change those arrangements at any time. If, pursuant to those arrangements, a person entitled to attend such general meeting is not able to attend in person or (in the case of a member) by proxy at the principal meeting place, he or she may attend in person or (in the case of a member) by proxy at another location (whether or not previously advertised) for which arrangements have been made by the Company in the absolute discretion of the Directors such that such person can exercise those rights described in sub-paragraph (C) above. A member present in person or (in the case of a member) by proxy at such location may be counted in the quorum and may exercise those rights described in sub-paragraph (C) above. The entitlement of any such person to be present at such location in person or (in the case of a member) by proxy shall be subject to any such arrangements then in force regarding the safety, security and orderly conduct of the meeting. The notice of meeting does not have to give details of any arrangements under this sub-paragraph (F) of this Article 55. The Company will so far as practicable notify members of details of these arrangements prior to the relevant general meeting, including by way of a public announcement. The failure to notify members in accordance with this Article 55 shall not invalidate the business conducted at the general meeting. (H) Persons seeking to attend or participate in a general meeting via an electronic platform shall be responsible for ensuring that they have access to the facilities (including, without limitation, systems, equipment and connectivity) which are necessary to enable them to do so. Unless the meeting is adjourned by the chair in accordance with the provisions of Article 55, any inability of a person or persons to attend or participate in a general meeting via an electronic platform will not affect the validity of such meeting, or any business conducted at such meeting up to the point of adjournment, or any action taken pursuant to such meeting. (I) The provisions of this Article 55 shall apply to any adjourned or postponed or moved general meeting, mutatis mutandis. Security, health and safety and other arrangements at general meetings 56 The Directors may direct that persons wishing to attend any general meeting should submit to such searches or other security, health and safety or other arrangements or restrictions as the 20 Directors shall consider appropriate in the circumstances and shall be entitled in their absolute discretion to (or to authorise some one or more persons to) refuse entry to, or to eject from, such general meeting any person who fails to submit to such searches or to otherwise comply with such security, health and safety or other arrangements or restrictions. The notice of meeting does not have to give details of any such arrangements or restrictions under this Article 56. The presence of such arrangements or restrictions shall not invalidate the business conducted at the general meeting. VOTING Method of voting 57 At any general meeting which is being hosted physically at a specific location only, a resolution put to the vote of the meeting shall be decided on a show of hands unless (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is properly demanded. Without prejudice to the other provisions of this article, the chair may, in his or her absolute discretion, demand a poll on all or some of the resolutions put to the vote of the meeting before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll. Subject to the Companies Acts, a poll may be demanded by: (A) the chair of the meeting, or (B) at least three members present in person or by proxy and entitled to vote, or (C) any member or members present in person or by proxy and representing in the aggregate not less than one-tenth of the total voting rights of all the members having the right to attend and vote at the meeting; or (D) any member or members present in person or by proxy and holding shares conferring a right to attend and vote at the meeting on which there have been paid-up sums in the aggregate equal to not less than one-tenth of the total sum paid-up on all the shares conferring that right. (E) Unless a poll is so demanded and the demand is not withdrawn, a declaration by the chair that a resolution has been carried or carried unanimously or by a particular majority or not carried by a particular majority or lost and an entry to that effect in the minutes of proceedings of the Company shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded for or against the resolution. At a combined physical and electronic general meeting, a resolution put to the vote of the meeting shall be decided on a poll, and any such poll will be deemed to have been validly demanded at the time fixed for holding the meeting to which it relates. Effect of properly demanded poll 58 If a poll is demanded it shall be taken in such manner as the chair shall direct and he or she may appoint scrutineers who need not be members. The chair may decide how and when the result of the poll is to be declared. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. When poll to be taken 59 A poll demanded on the election of a chair, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or on such date (being not later than thirty days after the date of the demand) and at such time and place as the chair shall direct. It shall not be necessary (unless the chair otherwise directs) for notice to be given of a poll.

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&nbsp;&nbsp;&nbsp;&nbsp;21 Continuance of business after demand for poll 60 The demand for a poll (other than on the election of a chair of the meeting or on a question of adjournment) shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded, and it may be withdrawn with the consent of the chair at any time before the close of the meeting or the taking of the poll, whichever is the earlier, and in that event shall not invalidate the result of a show of hands declared before the demand was made. Voting rights 61 On a show of hands, members shall be entitled to vote at a general meeting in accordance with the Companies Acts. For this purpose, where a proxy is given discretion as to how to vote on a show of hands, this shall be treated as an instruction by the relevant member to vote in the way in which the proxy elects to exercise that discretion. On a poll every member who is present in person or by proxy shall have one vote for every one share in the Company held by them of whatever class. Voting rights of joint holders 62 In the case of joint holders of a share the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the register in respect of the joint holding. Exercise of voting rights for incapable member 63 A member in respect of whom an order has been made by any competent court or official on the ground that they are or may be suffering from mental disorder or is otherwise incapable of managing their affairs may vote at any general meeting of the Company and may exercise any other right conferred by membership in relation to general meetings by or through any person authorised in such circumstances to do so on their behalf (and that person may vote by proxy) provided that evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote or such other right shall be received by the Company not later than the last time at which appointments of proxies should have been received in order to be valid for use at that meeting or on the holding of that poll. No right to vote where sums still payable 64 No member shall, unless the Directors otherwise decide, be entitled to vote (either personally or by proxy) at any general meeting of the Company or upon a poll or to exercise any other right conferred by membership in relation to general meetings or polls unless all calls or other sums presently payable by them in respect of shares in the Company have been paid. Suspension of rights where non-disclosure of interest 65 (A) Where the holder of any shares in the Company, or any other person appearing to be interested in those shares, fails to comply within the relevant period with any statutory notice in respect of those shares or, in purported compliance with such a notice, has made a statement which is false or inadequate in a material particular, the Company may give the holder of those shares a further notice (a "restriction notice") to the effect that from the service of the restriction notice those shares will be subject to some or all of the relevant restrictions, and from service of the restriction notice those shares shall, notwithstanding any other of these articles, be subject to those relevant restrictions accordingly. For the purpose of enforcing the relevant restriction referred to in sub- paragraph (iii) of the definition of "relevant restrictions", the Directors may give notice to the relevant member requiring the member to change the relevant shares held in uncertificated form to certificated form by the time stated in the notice. The notice may 22 also state that the member may not change any of the relevant shares held in certificated form to uncertificated form. If the member does not comply with the notice, the Directors may authorise any person to instruct the Operator to change the relevant shares held in uncertificated form to certificated form. (B) If after the service of a restriction notice in respect of any shares the Directors are satisfied that all information required by any statutory notice relating to those shares or any of them from their holder or any other person appearing to be interested in the shares the subject of the restriction notice has been supplied, the Company shall, within seven days, cancel the restriction notice. The Company may at any time at its discretion cancel any restriction notice or exclude any shares from it. The Company shall cancel a restriction notice within seven days after receipt of a notice in writing that the relevant shares have been transferred pursuant to an arm's length sale. (C) Where any restriction notice is cancelled or ceases to have effect in relation to any shares, any moneys relating to those shares which were withheld by reason of that notice shall be paid without interest to the person who would but for the notice have been entitled to them or as they may direct. (D) Any new shares in the Company issued in right of any shares subject to a restriction notice shall also be subject to the restriction notice, and the Directors may make any right to an allotment of the new shares subject to restrictions corresponding to those which will apply to those shares by reason of the restriction notice when such shares are issued. (E) Any holder of shares on whom a restriction notice has been served may at any time request the Company to give in writing the reason why the restriction notice has been served, or why it remains uncancelled, and within 14 days of receipt of such a notice the Company shall give that information accordingly. (F) If a statutory notice is given by the Company to a person appearing to be interested in any share, a copy shall at the same time be given to the holder, but the failure or omission to do so or the non-receipt of the copy by the holder shall not invalidate such notice. (G) This article is in addition to, and shall not in any way prejudice or affect, the statutory rights of the Company arising from any failure by any person to give any information required by a statutory notice within the time specified in it. For the purpose of this article a statutory notice need not specify the relevant period, and may require any information to be given before the expiry of the relevant period. (H) In this article: a sale is an "arm's length sale" if the Directors are satisfied that it is a bona fide sale of the whole of the beneficial ownership of the shares to a party unconnected with the holder or with any person appearing to be interested in such shares and shall include a sale made by way of or in pursuance of acceptance of a takeover offer and a sale made through a recognised investment exchange or any other stock exchange outside the United Kingdom. For this purpose an associate (within the definition of that expression in any statute relating to insolvency in force at the date of adoption of this article) shall be included amongst the persons who are connected with the holder or any person appearing to be interested in such shares; "person appearing to be interested" in any shares shall mean any person named in a response to a statutory notice or otherwise notified to the Company by a member as being so interested or shown in any register or record kept by the Company under the Companies Acts as so interested or, taking into account a response or failure to respond in the light of the response to any other statutory notice and any other relevant information in the possession of the Company, 23 any person whom the Company knows or has reasonable cause to believe is or may be so interested; "person with a 0.25 per cent interest" means a person who holds, or is shown in any register or record kept by the Company under the Companies Acts as having an interest in, shares in the Company which comprise in total at least 0.25 per cent in number or nominal value of the shares of the Company (calculated exclusive of any shares held as treasury shares), or of any class of such shares (calculated exclusive of any shares of that class held as treasury shares), in issue at the date of service of the restriction notice; "relevant period" means a period of 14 days following service of a statutory notice; "relevant restrictions" mean in the case of a restriction notice served on a person with a 0.25 per cent interest that: (i) the shares shall not confer on the holder any right to attend or vote either personally or by proxy at any general meeting of the Company or at any separate general meeting of the holders of any class of shares in the Company or to exercise any other right conferred by membership in relation to general meetings; (ii) the Directors may withhold payment of all or any part of any dividends or other moneys payable in respect of the shares and the holder shall not be entitled to receive shares in lieu of dividend; and (iii) the Directors may decline to register a transfer of any of the shares which are certificated shares, unless such a transfer is pursuant to an arm's length sale and in any other case mean only the restriction specified in sub-paragraph (i) of this definition; and "statutory notice" means a notice served by the Company under the Companies Acts requiring particulars of interests in shares or of the identity of persons interested in shares. Objections 66 If: (A) any objection shall be raised to the qualification of any voter, or (B) any votes have been counted which ought not to have been counted or which might have been rejected, or (C) any votes are not counted which ought to have been counted, the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless it is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chair of the meeting and shall only vitiate the decision of the meeting on any resolution if the chair decides that the same may have affected the decision of the meeting. The decision of the chair on such matters shall be conclusive. PROXIES Appointment of proxies 67 A member is entitled to appoint a proxy to exercise all or any of such member's rights to attend and to speak and vote at a general meeting. A proxy need not be a member of the Company. An appointment of a proxy shall be in writing signed by the appointor or their duly authorised 24 attorney or, if the appointor is a corporation, shall either be executed under its seal or signed by an officer, attorney or other person authorised to sign it. If a member appoints more than one proxy and the proxy forms appointing those proxies would give those proxies the apparent right to exercise votes on behalf of the member in a general meeting over more shares than are held by the member, then each of those proxy forms will be invalid and none of the proxies so appointed will be entitled to attend, speak or vote at the relevant general meeting. Receipt of proxies 68 (A) The appointment of a proxy must: (i) in the case of an appointment made in hard copy form, be received at the office (or such other place as may be specified by the Company for the receipt of appointments of proxy in hard copy form) together with (if required by the Directors) any authority under which it is made or a copy of the authority, certified notarially or in accordance with the Powers of Attorney Act 1971 or in some other manner approved by the Directors not less than forty eight hours (or such shorter time as the Directors may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote; (ii) in the case of an appointment made by electronic means, be received at the address specified by the Company for the receipt of appointments of proxy by electronic means not less than forty eight hours (or such shorter time as the Directors may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote. Any authority pursuant to which such an appointment is made or a copy of the authority, certified notarially or in accordance with the Powers of Attorney Act 1971 or in some other manner approved by the Directors, must, if required by the Directors, be received at such address or at the office (or such other place in the United Kingdom as may be specified by the Company for the receipt of notices) not less than forty eight hours (or such shorter time as the Directors may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote; (iii) in the case of a poll taken more than forty-eight hours after it was demanded, be received as aforesaid not less than twenty-four hours (or such shorter time as the Directors may determine) before the time appointed for the taking of the poll; (iv) in the case of a poll taken following the conclusion of a meeting or adjourned meeting but not more than forty-eight hours after it was demanded, be received as aforesaid before the end of the meeting at which it was demanded (or such later time as the board may determine), and an appointment of a proxy in a manner which is not or in respect of which the authority or copy thereof is not, permitted by these articles shall be invalid. When two or more valid but differing appointments of a proxy are received in respect of the same share for use at the same meeting or poll, the one which is last received (regardless of its date or of the date of its signature) shall be treated as replacing and revoking the others as regards that share; if the Company is unable to determine which was last received, none of them shall be treated as valid in respect of that share. The appointment of a proxy shall not preclude a member from being present and voting at the meeting or poll concerned. The proceedings at a general meeting shall not be invalidated where an appointment of proxy in respect of that meeting is sent in

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&nbsp;&nbsp;&nbsp;&nbsp;25 electronic form as provided in these articles but, because of a technical problem, it cannot be read by the recipient. (B) The Directors may at their discretion determine that in calculating the periods mentioned in this article no account shall be taken of any part of a day that is not a working day. Maximum validity of proxy 69 No appointment of a proxy shall be valid after twelve months have elapsed from the date of its receipt. The appointment of a proxy shall not preclude a member from being present and voting at the meeting or poll concerned. Form of proxy 70 The appointment of a proxy shall be in any usual form or in such other form as the Directors may approve and the Directors may, if they think fit, but subject to the provisions of the Companies Acts, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The appointment of a proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The appointment of a proxy shall, unless the contrary is stated in it, be valid as well for any adjournment of the meeting as for the meeting to which it relates. Determination of authority 71 A vote given or poll demanded by a proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous determination (whether by death, revocation or otherwise) of the authority of the person voting or demanding a poll, unless notice in writing of the determination was received by the Company at the office (or such other place or address as was specified by the Company for the receipt of appointments of proxy in the notice) not later than the last time at which an appointment of a proxy should have been received in order to be valid for use at the meeting or on the holding of the poll at which the vote was given or the poll taken. APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS Number of Directors 72 Unless otherwise determined by ordinary resolution of the Company, the Directors shall be not less than six nor more than thirty in number. Shareholding qualification 73 There shall be no requirement for any Director to hold shares in the capital of the Company. Power for Directors to fill casual vacancies or appoint additional Directors 74 Subject to the provisions of Article 107, the Directors shall have power from time to time and at any time to appoint any other person to be a Director either to fill a casual vacancy or as an addition to the Board of Directors, but so that the total number of Directors shall not at any time exceed the maximum number fixed by or in accordance with the provisions of these articles. Retirement of Directors 75 At every annual general meeting all the Directors shall retire from office, with such retirement to become effective at the conclusion of the annual general meeting of the Company. 26 Meeting to fill up vacancies 76 The Company at any annual general meeting at which Directors retire may fill up the vacated office by electing a like number of eligible persons to be Directors. The Company may also in general meeting subject as last mentioned elect any eligible person to be a Director either to fill a casual vacancy or as an addition to the existing Board but so that the total number of Directors shall not at any time exceed the maximum number fixed by or in accordance with these articles. Persons eligible as Directors 77 No person shall be eligible to be elected as a Director unless: (A) he or she is recommended by the Board; or (B) a resolution to appoint that person as a Director has been requisitioned by a member or members in accordance with the Companies Acts and the person to be nominated has confirmed in writing that he or she accepts the nomination. Provisions if no eligible persons available 78 If at the annual general meeting in any year no persons shall be eligible to be elected as Directors in accordance with Article 77 or if the number of persons so eligible is less than the minimum number for the time being in force under Article 72 then the retiring Directors (other than those eligible for re-election under Article 77) or so many of them as shall be willing to offer themselves for re-election shall be deemed to be eligible for election under Article 77 as Directors or Director for the succeeding year. Provisions if insufficient eligible persons elected 79 (A) If at the annual general meeting in any year any resolution or resolutions for the election or re-election of the persons eligible for election or re-election as Directors for the succeeding year are put to the meeting and lost such that the number of Directors re- elected or elected is than the minimum number of Directors for the time being in force under Article 72, then all such eligible persons who are Directors as at the commencement of the annual general meeting and are standing for re-election shall be deemed to have been re-elected as Directors and shall remain in office but so that such Directors may only act for the purpose of summoning general meetings of the Company and perform such duties as are essential to maintain the Company as a going concern but not for any other purpose. (B) Such Directors shall convene a general meeting as soon as reasonably practicable following the annual general meeting referred to in Article 79(A) at which all the Directors shall retire from office. To the extent that the circumstances envisaged in Article 79(A) occur in relation to any meeting convened pursuant to this Article 79(B), then the provisions of this Article 79 shall also apply to that general meeting and, if relevant, any subsequent general meeting or meetings. Power to remove Director by special resolution 80 In addition to any power of removal conferred by the Companies Acts, the Company may by special resolution remove any Director before the expiration of his or her period of office. Disqualification of Directors 81 Without prejudice to the provisions for retirement otherwise contained in these articles, the office of a Director shall be vacated if: (A) he or she resigns his or her office by notice in writing delivered to or received at the office or tendered at a meeting of the Directors, or 27 (B) he or she is or has been suffering from mental or physical ill health and the Directors resolve that his or her office is vacated, or (C) he or she is absent without the permission of the Directors from meetings of the Directors (whether or not an Alternate Director appointed by him or her attends) for six consecutive months and the Directors resolve that his or her office is vacated, or (D) he or she becomes bankrupt or compounds with his or her creditors generally, or (E) he or she is prohibited by law from being a Director, or (F) he or she ceases to be a Director by virtue of the Companies Acts or is removed from office pursuant to these articles. In this article references to in writing include the use of communications by electronic means. Alternate Directors 82 (A) Each Director shall have the power to appoint any other Director to be his or her alternate and may at his or her discretion remove an Alternate Director so appointed from appointment as his or her alternate. Any appointment or removal of an Alternate Director shall be effected by notice in writing signed by the appointor and delivered to or received at the office or tendered at a meeting of the Directors, or in any other manner approved by the Directors. If his or her appointor so requests, an Alternate Director shall be entitled to receive notice of all meetings of committees of the Directors of which his or her appointor is a member. He or she shall also be entitled to attend and vote as a Director at any such meeting at which the Director appointing him or her is not personally present and at the meeting to exercise and discharge all the functions, powers and duties of his or her appointor as a Director. (B) Every person acting as an Alternate Director shall (except as regards power to appoint an alternate and remuneration) be subject in all respects to the provisions of these articles relating to Directors and shall alone be responsible to the Company for his or her acts and defaults and shall not be deemed to be the agent of or for the Director appointing him or her. An Alternate Director may be paid expenses and shall be entitled to be indemnified by the Company as a Director but shall not be entitled to receive from the Company any fee in his or her capacity as an Alternate Director. (C) Every person acting as an Alternate Director shall have one vote for each Director for whom he or she acts as alternate, in addition to his or her own vote as a Director. Signature by an Alternate Director of any resolution in writing of the Directors or a committee of the Directors shall, unless the notice of his or her appointment provides to the contrary, be as effective as a signature by his or her appointor. (D) An Alternate Director shall ipso facto cease to be an Alternate Director if his or her appointor ceases for any reason to be a Director except that, if at any meeting any Director retires but is reappointed or deemed to be reappointed at the same meeting, any appointment made by him or her pursuant to this article which was in force immediately before his or her retirement shall remain in force as though he or she had not retired. In this article references to in writing include the use of communications by electronic means. Executive Directors 83 The Directors may from time to time appoint one or more of its body to hold executive office with the Company (including that of a Chief Executive Officer or a Chief Financial Officer) for such period (subject to the provisions of the Companies Acts) and upon such other terms as the 28 Directors may decide and may revoke or terminate any appointment so made. Any appointment of a Director to an executive office shall terminate if he or she ceases to be a Director of the Company. A Director so appointed shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Directors may decide, and either in addition to or in lieu of his or her remuneration as a Director. Non-Executive Directors 84 Those Directors who do not hold executive office with the Company pursuant to Article 83 shall, in the execution of their duties and obligations as Directors, take into account the nature of their role as such non-executive directors (recognising where appropriate that it is not a day-to-day involvement but a periodic and supervisory role) and as part of their role shall assist in the development of strategy and monitor the performance of the Company and the management. REMUNERATION AND EXPENSES OF DIRECTORS Director's remuneration 85 Each of the Directors shall be paid a fee at such rate as may from time to time be determined by the Directors provided that the aggregate of all fees so paid to Directors (excluding amounts payable under any other provisions of these articles) shall not exceed €5,000,000 per annum (or its equivalent in any other currency based upon such foreign currency exchange rates as the Directors shall determine) or such higher amount as may from time to time be decided by ordinary resolution of the Company. Extra remuneration 86 Any Director who, by request, goes or resides abroad for any purposes of the Company or who performs services which in the opinion of the Directors go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Directors may determine in addition to any remuneration provided for by or pursuant to any other article. Expenses 87 Each Director may be paid his or her reasonable travelling, hotel and incidental expenses of attending and returning from meetings of the Directors or committees of the Directors or general meetings of the Company or any other meeting which as a Director he or she is entitled to attend and shall be paid all expenses properly and reasonably incurred by him or her in the conduct of the Company's business or in the discharge of his or her duties as a Director. DIRECTORS' INTERESTS Conflicts of interest requiring board authorisation 88 (A) The Directors may, subject to the quorum and voting requirements set out in this article, authorise any matter which would otherwise involve a Director breaching his or her duty under the Companies Acts to avoid conflicts of interest ("Conflict"). (B) A Director seeking authorisation in respect of a Conflict shall declare to the Directors the nature and extent of his or her interest in a Conflict as soon as is reasonably practicable. The Director shall provide the Directors with such details of the relevant matter as are necessary for the Directors to decide how to address the Conflict together with such additional information as may be requested by the Directors. (C) Any Director (including the relevant Director) may propose that the relevant Director be authorised in relation to any matter the subject of a Conflict. Such proposal and any

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&nbsp;&nbsp;&nbsp;&nbsp;29 authority given by the Directors shall be effected in the same way that any other matter may be proposed to and resolved upon by the Directors under the provisions of these articles save that: (i) the relevant Director and any other Director with a similar interest shall not count towards the quorum nor vote on any resolution giving such authority; and (ii) the relevant Director and any other Director with a similar interest may, if the other Directors so decide, be excluded from any board meeting while the Conflict is under consideration. (D) Where the Directors give authority in relation to a Conflict, or where any of the situations described in Article 88(B) apply in relation to a Director ("Relevant Situation"): (i) the Directors may (whether at the relevant time or subsequently) (a) require that the relevant Director is excluded from the receipt of information, the participation in discussion and/or the making of decisions (whether at meetings of the Directors or otherwise) related to the Conflict or Relevant Situation; and (b) impose upon the relevant Director such other terms for the purpose of dealing with the Conflict or Relevant Situation as it may determine; (ii) the relevant Director will be obliged to conduct himself or herself in accordance with any terms imposed by the Directors in relation to the Conflict or Relevant Situation; (iii) the Directors may provide that where the relevant Director obtains (otherwise than through his or her position as a Director of the Company) information that is confidential to a third party, the Director will not be obliged to disclose that information to the Company, or to use or apply the information in relation to the Company's affairs, where to do so would amount to a breach of that confidence; (iv) the terms of the authority shall be recorded in writing (but the authority shall be effective whether or not the terms are so recorded); and (v) the Directors may revoke or vary such authority at any time but this will not affect anything done by the relevant Director prior to such revocation in accordance with the terms of such authority. Other conflicts of interest 89 (A) If a is in any way directly or indirectly interested in a proposed contract with the Company or a contract that has been entered into by the Company, he or she must declare the nature and extent of that interest to the Directors in accordance with the Companies Acts. (B) Provided he or she has declared his or her interest in accordance with paragraph (A), a Director may: (i) be party to, or otherwise interested in, any contract with the Company or in which the Company has a direct or indirect interest; (ii) hold any other office or place of profit with the Company (except that of auditor) in conjunction with his or her office of Director for such period and upon such terms, including as to remuneration, as the Directors may decide; 30 (iii) act by himself or herself or through a firm with which he or she is associated in a professional capacity for the Company or any other Company in which the Company may be interested (otherwise than as auditor); (iv) be or become a director or other officer of, or employed by or otherwise be interested in any holding Company or subsidiary company of the Company or any other company in which the Company may be interested; and (v) be or become a director of any other company in which the Company does not have an interest and which cannot reasonably be regarded as giving rise to a conflict of interest at the time of his or her appointment as a director of that other company. Benefits 90 A Director shall not, by reason of his or her office or of the fiduciary relationship thereby established, be liable to account to the Company or the members for any remuneration, profit or other benefit realised by reason of his or her having any type of interest authorised under Article 88(A) or permitted under Article 89(B) and no contract shall be liable to be avoided on the grounds of a Director having any type of interest authorised under Article 88(A) or permitted under Article 89(B). Quorum and voting requirements 91 (A) A Director shall not vote on or be counted in the quorum in relation to any resolution of the Directors concerning his or her own appointment, or the settlement or variation of the terms or the of his or her own appointment, as the holder of any office or place of profit with the Company or any other company in which the Company is interested. (B) Where proposals are under consideration concerning the appointment, or the settlement or variation of the terms or the termination of the appointment, of two or more Directors to offices or places of profit with the Company or any other company in which the Company is interested, a separate resolution may be put in relation to each Director and in that case each of the Directors concerned shall be entitled to vote and be counted in the quorum in respect of each resolution unless it concerns his or her own appointment or the settlement or variation of the terms or the termination of his or her own appointment or the appointment of another Director to an office or place of profit with a company in which the Company is interested and the Director seeking to vote or be counted in the quorum has a Relevant Interest in it. (C) A Director shall not vote on, or be counted in the quorum in relation to, any resolution of the Directors in respect of any contract in which he or she has an interest and, if he or she shall do so, his or her vote shall not be counted, but this prohibition shall not apply to any resolution where that interest cannot reasonably be regarded as likely to give rise to a conflict of interest or where that interest arises only from one or more of the following matters: (i) the giving to him or her of any guarantee, indemnity or security in respect of money lent or obligations undertaken by him or her or by any other person at the request of or for the benefit of the Company or any of its subsidiary undertakings; (ii) the giving to a third party of any guarantee, indemnity or security in respect of a debt or obligation of the Company or any of its subsidiary undertakings for which he or she himself or herself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security; 31 (iii) the giving to him or her of any other indemnity where all other Directors are also being offered indemnities on substantially the same terms; (iv) the funding by the Company of his or her expenditure on defending proceedings or the doing by the Company of anything to enable him or her to avoid incurring such expenditure where all other Directors are being offered substantially the same arrangements; (v) where the Company or any of its subsidiary undertakings is offering securities in which offer the Director is or may be entitled to participate as a holder of securities or in the underwriting or sub-underwriting of which the Director is to participate; (vi) any contract in which he or she is interested by virtue of his or her interest in shares or debentures or other securities of the Company or by reason of any other interest in or through the Company; (vii) any contract concerning any other company (not being a company in which the Director has a Relevant Interest) in which he or she is interested directly or indirectly whether as an officer, shareholder, creditor or otherwise howsoever; (viii) any contract concerning the adoption, modification or operation of a pension fund, superannuation or similar scheme or retirement, death or disability benefits scheme or employees' share scheme which relates both to Directors and employees of the Company or of any of its subsidiary undertakings and does not provide in respect of any Director as such any privilege or advantage not accorded to the employees to which the fund or scheme relates; (ix) any contract for the benefit of employees of the Company or of any of its subsidiary undertakings under which he or she benefits in a similar manner to the employees and which does not accord to any Director as such any privilege or advantage not accorded to the employees to whom the contract relates; and (x) any contract for the purchase or maintenance of insurance against any liability for, or for the benefit of, any Director or Directors or for, or for the benefit of, persons who include Directors. (D) A company shall be deemed to be one in which a Director has a Relevant Interest if and so long as (but only if and so long as) he or she is to his or her knowledge (either directly or indirectly) the holder of or beneficially interested in one per cent or more of any class of the equity share capital of that company (calculated exclusive of any shares of that class in that company held as treasury shares) or of the voting rights available to members of that company. In relation to an alternate director, an interest of his or her appointor shall be treated as an interest of the alternate director without prejudice to any interest which the alternate director has otherwise. (E) Where a company in which a Director has a Relevant Interest is interested in a contract, he or she also shall be deemed interested in that contract. (F) If any question shall arise at any meeting of the Directors as to the interest of a Director (other than the chair of the meeting) in a contract and whether it is likely to give rise to a conflict of interest or as to the entitlement of any Director (other than the chair of the meeting) to vote or be counted in the quorum and the question is not resolved by his or her voluntarily agreeing to abstain from voting or not to be counted in the quorum, the question shall be referred to the chair of the meeting and his or her ruling in relation to the Director concerned shall be conclusive except in a case where the nature or extent of the Director's interest (so far as it is known to him or her) has not been fairly disclosed 32 to the Directors. If any question shall arise in respect of the chair of the meeting, the question shall be decided by a resolution of the Directors (for which purpose the chair of the meeting shall be counted in the quorum but shall not vote on the matter) and the resolution shall be conclusive except in a case where the nature or extent of the interest of the chair of the meeting (so far as it is known to him or her) has not been fairly disclosed to the Directors. (G) Subject to these articles, the Directors may cause any voting power conferred by the shares in any other company held or owned by the Company or any power of appointment to be exercised in such manner in all respects as it thinks fit, including the exercise of the voting power or power of appointment in favour of the appointment of the Directors or any of them as directors or officers of the other company, or in favour of the payment of remuneration to the Directors or officers of the other company. Subject to these articles, a Director may also vote on and be counted in the quorum in relation to any of such matters. General 92 (A) References in Articles 88-91 and in this article to: (i) a contract include references to any proposed contract and to any transaction or arrangement or proposed transaction or arrangement whether or not constituting a contract; and (ii) a conflict of interest include a conflict of interest and duty and a conflict of duties. (B) The Company may by ordinary resolution suspend or relax the provisions of Articles 88 to 91 to any extent or ratify any contract not properly authorised by reason of a contravention of such articles. POWERS AND DUTIES OF THE DIRECTORS General powers of Company vested in Directors 93 Subject to the provisions of the Companies Acts and these articles and to any directions given by the Company in general meeting by special resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company whether relating to the management of the business of the Company or not. The alteration of these articles or the passing of a special resolution shall not invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that resolution had not been passed. The powers given by this article shall not be limited by any special power given to the Directors by any other article. Establishment of local boards 94 The Directors may establish local or divisional boards or agencies for managing any of the affairs of the Company, either in the United Kingdom or elsewhere, and may appoint any persons to be members of the local or divisional boards, or any managers or agents, and may fix their remuneration. The Directors may delegate to any local or divisional board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Directors, with power to sub-delegate, and may authorize the members of any local or divisional board, or any of them, to fill any vacancies and to act notwithstanding vacancies. Any appointment or delegation made pursuant to this article may be made upon such terms and subject to such conditions as the Directors may decide and the Directors may remove any person so appointed and may revoke or vary the delegation but no person dealing in good faith and without notice of the revocation or variation shall be affected by it.

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&nbsp;&nbsp;&nbsp;&nbsp;33 Powers of attorney 95 The Directors may, by power of attorney or otherwise, appoint any person to be the agent of the Company upon such terms (including terms as to remuneration) as it may decide and may delegate to any person so appointed any of the powers, authorities and discretions vested in or exercisable by the Directors, including power to sub delegate. The Directors may remove any person appointed under this article and may revoke or vary the delegation but no person dealing in good faith and without notice of the revocation or variation shall be affected by it. Delegation to individual Directors 96 The Directors may entrust to and confer upon any Director any of the powers, authorities and discretions vested in or exercisable by them upon such terms and conditions and with such restrictions as they think fit, and either collaterally with, or to the exclusion of, their own powers, authorities and discretions and may from time to time revoke or vary all or any of them but no person dealing in good faith and without notice of the revocation or variation shall be affected by it. Registers 97 Subject to the provisions of the Companies Acts, the Company may keep an overseas or local or other register in any place, and the Directors may make and vary such regulations as it may think fit respecting the keeping of the register. Power to borrow money and give security 98 (A) The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital and to issue debentures and other but shall restrict the Borrowings of the Company and exercise all voting and other rights or powers of control exercisable by the Company in relation to its subsidiaries with a view to securing that Borrowings shall not at any time without the previous sanction of an ordinary resolution of the Company in a general meeting exceed an amount equal to three times the Adjusted Capital and Reserves of the Unilever Group. (B) For the purposes of this article: (i) "Borrowings" means the aggregate principal amount for the time being remaining outstanding of all borrowings of the Company and its subsidiaries, whether secured or unsecured and, save as excluded in paragraphs (a) to (e) below, shall be deemed to include those items comprised in "financial liabilities" in the latest published audited consolidated accounts of the Unilever Group, but shall be deemed to exclude: (a) moneys owed by the Company to any subsidiary; (b) moneys owed by any subsidiary to another subsidiary or from the Company; (c) moneys owed by any subsidiary in its capacity as a trustee of any pension or other fund for the benefit of employees; (d) moneys owed by a company which becomes a subsidiary hereafter for a period of twelve months from the date it becomes a subsidiary and deducting therefrom an amount equal to: the principal amount of any obligations, whether secured or unsecured, issued by the Company or any subsidiary the proceeds of which are intended to be used within six calendar 34 months in repayment of other borrowings of the Company or such subsidiary then outstanding; and all cash deposits, certificates of deposit and securities of governments and companies and similar instruments owned by the Company or any of its subsidiaries. (e) any lease liabilities of any member of the Unilever Group; and (f) any derivatives entered into by any member of the Unilever Group which do not relate to borrowings of a member of the Unilever Group, and no amount shall be taken into account more than once in the same calculation but subject thereto paragraphs (a) to (f) above shall be read cumulatively. (ii) "Adjusted Capital and Reserves" means the aggregate for the Unilever Group of: (a) the amount paid up or credited as paid up on the issued share capital of the Company, (b) the amounts standing to the credit of the capital and revenue reserves, including share premium account and retained profit, and (c) the amounts standing as attributed to non-controlling interests, all as shown in the latest published audited consolidated accounts of the Unilever Group provided always that appropriate adjustments shall be made in respect of any variation in the paid-up share capital or in the share premium account of the Company since the date of such audited consolidated accounts. (iii) "Unilever Group" means the Company and its subsidiaries and subsidiary undertakings. (C) The determination of an independent firm of internationally-recognised accountants engaged by the Company for the purposes of this Article 110 as to the amount of Borrowings and Adjusted Capital and Reserves shall be conclusive and binding on all concerned and for the purposes of their computation such accountants may make such other adjustments as they deem fit. Nevertheless, for the purposes of this article the Directors may at any time act in reliance on a bona fide estimate of the said aggregates and if the limit herein contained is inadvertently exceeded, the amount borrowed in excess of the limit shall be disregarded until the expiration of 182 days after the date on which the Directors became aware that the situation had arisen. No debt incurred or security given in respect of moneys borrowed or secured in excess of the limit hereby imposed shall be invalid or ineffectual except in the case of express notice at the time the debt was incurred or the security given that the limit hereby imposed had been or was thereby exceeded. Pensions 99 The Directors may grant retiring pensions or annuities or other allowances, including allowances on death, to any person or to the widow or dependants of any person in respect of services rendered by him or her to the Company as Executive Director, manager, or in any other office or employment under the Company or indirectly as an officer or employee of any subsidiary company of the Company, notwithstanding that he or she may be or may have been a Director of the Company and may make payments towards insurances or trusts for such purposes in respect of such persons and may include rights in respect of such pensions, annuities and 35 allowances in the terms of engagement of any such person. No Director or former Director or other person shall be accountable to the Company or the members for any benefit provided pursuant to this article and the receipt of any such benefit shall not disqualify any person from being or becoming a Director of the Company. Provision for employees 100 The Directors may by resolution exercise any power conferred by the Companies Acts to make provision for the benefit of persons employed or formerly employed by the Company or any of its subsidiaries in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the Company or that subsidiary. PROCEEDINGS OF THE DIRECTORS Meetings of Directors 101 The Directors may meet for the despatch of business, adjourn and otherwise regulate their meetings as they think fit. A Director at any time may, and the Secretary on the requisition of a Director at any time shall, summon a meeting of the Directors. Notice of meetings 102 Notice of a meeting of the Directors shall be deemed to be properly given to a Director if it is given to him or her personally or sent in writing to him or her at his or her last known address or any other address (including an electronic address) given by him or her to the Company for this purpose. A Director may waive his or her entitlement to notice of any meeting either prospectively or retrospectively and any retrospective waiver shall not affect the validity of the meeting or of any business conducted at the meeting. Quorum 103 The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors and, unless so fixed at any other number, shall be two. Subject to the provisions of these articles, any Director who ceases to be a Director at a meeting of the Directors may continue to be present and to act as a Director and be counted in the quorum until the termination of the meeting of the Directors if no other Director objects and if otherwise a quorum of Directors would not be present. Effect of vacancies in number of Directors 104 The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in their number but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these articles, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies or of summoning general meetings of the Company but not for any other purpose. If no Directors or Director is able or willing to act, any two members of the Company may also convene a general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors for the purpose of filling vacancies of Directors but not for any other purpose. Power to appoint chair 105 The Directors may appoint a chair and vice chair or vice chair of their meetings and fix the period for which they are respectively to hold office. If no chair or vice chair is appointed, or if at any meeting neither the chair nor any vice chair is present within five minutes after the time appointed for holding the meeting, the Directors present may choose one of their number to be chair of the meeting. 36 Competence of meetings 106 A meeting of the Directors at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Directors. Voting 107 Questions arising at any meeting shall be determined by a majority of votes, except that the powers conferred on the Directors by Article 74 shall only be exercisable by the decision of a majority of the Directors consisting of three-fourths of all the Directors for the time being and for this purpose the vote of any Director may be given either in person at a meeting of the Directors or (in the case of any Director not present at the meeting called for this purpose) by notice in writing signed by such Director prior to the holding of such meeting. In the case of an equality of votes the chair of the meeting shall have a second, casting vote. In this article references to in writing include the use of communication by electronic means subject to such terms and conditions as the Directors may decide. Delegation to committees 108 (A) The Directors may delegate any of their powers, authorities and discretions to any committee (consisting of such person or persons, and whether or not a Director or Directors) and in such manner as they think fit. Any such committee shall, unless the Directors otherwise resolve, have power to sub-delegate any of the powers or discretions delegated to it. (B) Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Directors. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these articles for regulating the meetings and proceedings of the Directors so far as the same are applicable and are not superseded by any regulations imposed by the Directors. (C) The power to delegate contained in this article shall be effective in relation to the powers, authorities and discretions of the Directors generally and shall not be limited by the fact that in certain articles, but not in others, express reference is made to particular powers, authorities or discretions being exercised by the Directors or by a committee authorised by the Directors. Delegation to Executive Officers 109 The Board may entrust to and confer upon the executive officers any of its powers, authorities and discretions (with power to sub-delegate) upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, authorities and discretions and may from time to time revoke or vary all or any of them but no person dealing in good faith and without notice of the revocation or variations shall be affected by it. The power to delegate contained in this article shall be effective in relation to the powers, authorities and discretions of the Board generally and shall not be limited by the fact that in certain articles, but not in others, express reference is made to particular powers, authorities or discretions being exercised by the Board or by a committee authorised by the Board. Participation in meetings by telephone 110 All or any of the Directors or members of any committee may participate in a meeting of the Directors or that committee by means of a conference telephone or any communication equipment which allows all persons participating in the meeting to hear each other. A person so participating shall be deemed to be present in person at the meeting and shall be entitled to vote or be counted in a quorum accordingly. Such a meeting shall be deemed to take place

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&nbsp;&nbsp;&nbsp;&nbsp;37 where the largest group of those participating is assembled, or, if there is no such group, where the chair of the meeting then is. Resolution in writing 111 A resolution in writing signed by all the Directors for the time being entitled to receive notice of a meeting of the Directors (if that number is sufficient to constitute a quorum) or by all the members of a committee for the time being shall be as valid and effectual as a resolution passed at a meeting of the Directors or, as the case may be, of the committee properly called and constituted. The resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors or members of the committee concerned. Validity of acts of Directors or committee 112 All acts done by the Directors or by any committee or by any person acting as a Director or member of a committee shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Directors or committee or person so acting or that they or any of them were disqualified or had vacated office, be as valid as if each such member or person had been properly appointed and was qualified and had continued to be a Director or member of the committee. Minutes to be made 113 The Directors shall cause minutes or records to be made in books provided for the purpose: (A) of the names of the Directors present at each meeting of the Directors or committee of the Directors, and (B) of all resolutions and proceedings at all meetings of the Company and of the holders of any class of shares in the Company and of the Directors and of any committee of the Directors. SEALS Use of seals 114 The Directors shall provide for the custody of every seal. A seal shall only be used by the authority of the Directors or a committee authorised by the Directors in that behalf pursuant to Articles 108 and 109. Subject as otherwise provided in these articles, any instrument to which the common seal is applied shall be signed by at least one Director and the Secretary or by at least two Directors or by one Director in the presence of a witness who attests the signature or by at least two persons for the time being appointed to a committee authorised by the Directors as aforesaid, and any instrument to which an official seal is applied need not, unless the Directors for the time being otherwise decide or the law otherwise requires, be signed by any person. DIVIDENDS AND OTHER PAYMENTS Application of profits 115 The profits of the Company at any time available for dividend and determined to be distributed by way of dividend for any period shall be applied to the payment of a dividend on the capital paid up or credited as paid up on the Ordinary Shares. 38 Declaration of dividends 116 Subject to the provisions of the Companies Acts, the Company may by ordinary resolution from time to time declare dividends in pounds sterling or euro to be paid to the members according to their rights and interests in the profits available for distribution (and based upon such exchange rates for currency conversion as the Directors shall determine), but no dividend shall be declared in excess of the amount recommended by the Directors. Interim dividends 117 The Directors may from time to time pay or make to the members such interim dividends or distributions as in their judgement the profits of the Company justify (including, when paid in cash, in pounds sterling or euro and based upon such exchange rates for currency conversion as the Directors shall determine). Dividends to be paid according to amounts paid up on shares 118 Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide: (A) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this article as paid up on the share, and (B) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during any portion or portions of the period in respect of which the dividend is paid. Debts may be deducted 119 The Directors may deduct from any dividend or other moneys payable to a member by the Company on or in respect of any shares all sums of money (if any) presently payable by them to the Company on account of calls or otherwise in respect of shares of the Company. Dividend not to bear interest against the Company 120 No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company. Payment procedures 121 Any dividend or any other moneys payable on or in respect of shares may be paid by cheque, warrant or similar financial instrument, or by other means as the Directors, in their absolute discretion, may determine, sent direct to the registered address of the holder or person entitled thereto or, in the case of joint holders, to the registered address of the holder who is first named in the register, or sent to such person and to such address as the holder or joint holders may in writing direct. Such payment may be sent through the post or equivalent means of delivery or by such other means, including by bank transfer, by electronic media and more specifically, in respect of uncertificated shares, by means of the facilities of a relevant system (subject to the facilities and requirements of the relevant system). Every such cheque, warrant, financial instrument or other form of payment shall be made payable to the person to whom it is sent or to such other person as the holder, or joint holders, may in writing direct, and payment of the cheque, warrant, financial instrument or other form of payment shall be a good discharge to the Company. Every such payment shall be sent at the risk of the person entitled to the money represented thereby. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by them. 39 Unclaimed dividends 122 The Company may cease to send any cheque or other means of payment by post for any dividend on any shares which is normally paid in that manner if, in respect of at least two consecutive dividends payable on those shares, the cheque, warrant or order has been returned undelivered or remains uncashed but, subject to the provisions of these articles, shall recommence sending cheques, warrants or orders in respect of the dividends payable on those shares if the holder of, or person entitled to them, claims the arrears of dividend and does not instruct the Company to pay future dividends in some other way. In the event that: (A) a payee does not specify an address, or does not specify a bank account, or other details necessary in order to make a payment of a dividend or other sum payable on or in respect of a share by the means by which the Directors have decided in accordance with these articles that a payment is to be made, or by which a payee has elected to receive payment, and such address or details are necessary in order for the Company to make the relevant payment in accordance with such decision or election; or (B) a payment cannot be made by the Company using the details provided by the payee, then the dividend or other distribution shall be treated as unclaimed for the purposes of these articles. Any unclaimed dividends may be invested or otherwise applied for the benefit of the Company until they are claimed. The payment by the Directors of any unclaimed dividend or other sum payable on or in respect of a share into a separate account shall not constitute the Company as a trustee in respect of it. Any dividend unclaimed after a period of twelve years from the date of declaration of the dividend shall be forfeited and shall revert to the Company. The Company shall not be liable in any respect, nor be required to account to the relevant member or person entitled by virtue of transmission on death or bankruptcy or otherwise by operation of law to such dividends or other moneys and the Company shall be entitled to use such dividends for the Company's benefit in any manner that the Directors from time to time may think fit. If the Company sells shares in accordance with Article 43 any dividend or other sum that has not been cashed or claimed by a member (or person entitled by virtue of transmission on death or bankruptcy or otherwise by operation of law to such dividends or sums) shall be forfeited and shall revert to the Company when such shares are sold. The Company shall be entitled to use such uncashed or unclaimed dividends or other sum for the Company's benefit in any manner that the Directors may from time to time think fit. Dividends in specie 123 Any general meeting declaring a dividend or distribution may, upon the recommendation of the Directors, by ordinary resolution direct, and the Directors may in relation to any interim dividend or distribution direct, payment or satisfaction of the dividend or distribution wholly or in part by the distribution of specific assets, and in particular of paid up shares or debentures of any other company, and the Directors shall give effect to the direction, and where any difficulty arises in regard to the dividend or distribution the Directors may settle it as they think expedient, and in particular may issue fractional certificates or authorise any person to sell and transfer any fractions or may ignore fractions altogether, and may fix the value for distribution purposes of any specific assets to be distributed and may determine that cash payments shall be made to any members upon the footing of the value so fixed in order to secure equality of distribution and may vest any specific assets to be distributed in trustees as may seem expedient to the Directors. 40 CAPITALISATION OF PROFITS Power to capitalise profits 124 The Company may, upon the recommendation of the Directors, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including the profit and loss account) whether or not the same is available for distribution and accordingly that the amount to be capitalised be set free for distribution among the holders of Ordinary Shares of the Company who would be entitled to it if it were distributed by way of dividend and in the same proportions, on the footing that it is applied either in or towards paying up the amounts for the time being unpaid on Ordinary Shares of the Company held by those members respectively or in paying up in full Ordinary Shares that are to be allotted and distributed as fully paid up, debentures or other obligations of the Company to be allotted and distributed credited as fully paid up among those members, or partly in one way and partly in the other, but so that, for the purposes of this article: (i) a share premium account and a capital redemption reserve, and any reserve or fund representing unrealised profits, may be applied only in paying up in full Ordinary Shares of the Company that are to be allotted and distributed as fully paid up, and (ii) where the amount capitalised is applied in paying up in full shares that are to be allotted and distributed as fully paid up, the Company will also be entitled to participate in the relevant distribution in relation to any shares of the relevant class held by it as treasury shares and the proportionate entitlement of the relevant class of members to the distribution will be calculated accordingly. Scrip dividends 125 The Directors may, if authorised by an ordinary resolution of the Company, offer the holders of Ordinary Shares (excluding any member holding shares as treasury shares) the right to elect to receive Ordinary Shares, credited as fully paid, instead of cash in respect of any dividend or any part of any dividend specified by the ordinary resolution. The following provisions shall apply: (A) An ordinary resolution may specify a particular dividend, or may specify all or any dividends declared within a specified period, but such period may not end later than the expiry of two months following the conclusion of the annual general meeting next following the date of the meeting at which the ordinary resolution is passed. (B) The entitlement of each holder of Ordinary Shares to new Ordinary Shares shall be such that the relevant value of the entitlement shall be as nearly as possible equal to (but not greater than) the cash amount that such holder would have received by way of dividend. For this purpose "relevant value" shall be calculated by reference to the average of the middle market quotations for the Company's Ordinary Shares on the London Stock Exchange plc as derived from the Daily Official List, on the day on which the Ordinary Shares are first quoted "ex" the relevant dividend and the four subsequent dealing days, or in such other manner as may be determined by or in accordance with the ordinary resolution. A certificate or report by the auditors as to the amount of the relevant value in respect of any dividend shall be conclusive evidence of that amount. (C) The Directors, after determining the basis of allotment, may notify the holders of Ordinary Shares in writing of the right of election offered to them, and specify the procedure to be followed and place at which, and the latest time by which, elections must be lodged in order to be effective. (D) The Directors may exclude from any offer any holders of Ordinary Shares where the Directors believe that the making of the offer to them would or might involve the contravention of the laws of any territory or that for any other reason the offer should not be made to them.

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&nbsp;&nbsp;&nbsp;&nbsp;41 (E) The dividend (or that part of the dividend in respect of which a right of election has been offered) shall not be payable on Ordinary Shares in respect of which an election has been made ("the elected Ordinary Shares") and instead additional Ordinary Shares shall be allotted to the holders of the elected Ordinary Shares on the basis of allotment calculated as stated. For such purpose the Directors shall capitalise, out of any amount for the time being standing to the credit of any reserve or fund (including the profit and loss account) whether or not the same is available for distribution as the Directors may determine, a sum equal to the aggregate nominal amount of the additional Ordinary Shares to be allotted on that basis and apply it in paying up in full the appropriate number of unissued Ordinary Shares for allotment and distribution to the holders of the elected Ordinary Shares on that basis. (F) The additional Ordinary Shares when allotted shall rank pari passu in all respects with the fully paid Ordinary Shares then in issue except that they will not be entitled to participate in the relevant dividend. (G) Unless the Directors otherwise determine, or unless the uncertificated securities rules and/or the rules of the relevant system concerned otherwise require, the new ordinary share or shares which a member has elected to receive instead of cash in respect of the whole (or some part) of the specified dividend declared in respect of their elected ordinary shares shall be in uncertificated form (in respect of the member's elected ordinary shares which were in uncertificated form on the date of the member's election) or in certificated form (in respect of the member's elected ordinary shares which were in certificated form on the date of the member's election). Settlement of difficulties in distribution on capitalisation of profits 126 Where any difficulty arises in regard to any distribution under the last two preceding articles the Directors may settle the matter as they think expedient and in particular may issue fractional certificates or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any members in order to adjust the rights of all parties, as may seem expedient to the Directors. The Directors may authorise any person to enter into an agreement with the Company on behalf of the persons entitled to participate in the distribution providing for the allotment to them respectively of any shares, debentures or other obligations of the Company to which they are entitled on the capitalisation and the agreement shall be binding on those persons. RECORD DATES AND ACCOUNTING RECORDS Record dates 127 Notwithstanding any other provision of these articles the Company or the Directors may fix any date as the record date for any dividend, distribution, allotment or issue and such record date may be on or at any time before or after any date on which the dividend, distribution, allotment or issue is declared, paid or made. The power to fix any such record date shall include the power to fix a time on the chosen date. Inspection of records 128 The accounting records shall be kept at the office or, subject to the provisions of the Companies Acts, at such other place or places as the Directors may think fit and shall always be open to inspection by the officers of the Company. No member in their capacity as such shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Directors or by ordinary resolution of the Company. 42 SERVICE OF NOTICES AND OTHER DOCUMENTS Service of notices 129 Any notice, document (including a share certificate) or other information may be served on, sent or supplied to any member by the Company either personally or by sending it through the post addressed to the member at their registered address or by leaving it at that address addressed to the member or by means of a relevant system or, where appropriate, by sending or supplying it in electronic form to an address for the time being notified by the member concerned to the Company for that purpose or by publication on a website in accordance with the Companies Acts or in any other manner provided by these articles. In the case of joint holders of a share, service, sending or delivery of any notice or document on or to one of the joint holders shall for all purposes be deemed a sufficient service on or sending or delivery to all the joint holders. If on three consecutive occasions a notice to a member has been returned undelivered, such member shall not thereafter be entitled to receive notices from the Company until they shall have communicated with the Company and supplied to the Company (or its agent) a new registered address, or a postal address within the United Kingdom for the service of notices, or shall have informed the Company, in such manner as may be specified by the Company, of an address for the service of notices in electronic form. For these purposes, a notice sent by post shall be treated as returned undelivered if the notice is sent back to the Company (or its agent), and a notice sent in electronic form shall be treated as returned undelivered if the Company (or its agent) receives notification that the notice was not delivered to the address to which it was sent. The Company may at any time and in its sole discretion choose to serve, send or supply notices, documents or other information in hard copy form alone to some or all of the members. Members resident abroad 130 Any member whose registered address is not within the United Kingdom or some other part of Europe or any holder of a share warrant and who gives to the Company a postal address within the United Kingdom at which notices may be served upon them shall be entitled to have notices served on or sent or delivered to them at that address or where applicable by making them available on a website and notifying the holder at that address. Any member whose registered address is not within the United Kingdom and who gives to the Company an address for the purposes of electronic communications may, at the absolute discretion of the Board, be entitled to have notices or documents served upon, or delivered to, them at that address or where applicable by making them available on a website and notifying the holder at that address. Otherwise, a member whose registered address is not within the United Kingdom, shall not be entitled to receive any notice or other document from the Company. When notice deemed served 131 Any notice or document, if sent by post, shall be deemed to have been served on the day following that on which it was put in the post and, in proving service or delivery, it shall be sufficient to prove that the notice or document was properly addressed, stamped and put in the post. Any notice or document not sent by post but left at a registered address (other than an address for the purposes of communication by electronic means) shall be deemed to have been served or delivered on the day it was so left. Any notice served or delivered by the Company by means of a relevant system shall be deemed to have been served or delivered when the Company or any sponsoring system participant acting on its behalf sends the issuer-instruction relating to the notice. Any notice or document sent by the Company using electronic means shall be deemed to have been received on the day following that on which it was sent notwithstanding that the Company subsequently sends a hard copy of such notice, document or information by post. Any notice, document or other information made available on a website shall be deemed to have been received on the day on which the notice, document or other information was first made available 43 on the website or, if later, when a notice of availability is received or deemed to have been received pursuant to this article. In proving that a notice, document or other information served, sent or supplied by electronic means was served, sent or supplied, it shall be sufficient to prove that it was properly addressed. Any notice, document or other information served, sent or supplied by the Company by any other means authorised in writing by the member concerned shall be deemed to have been received when the Company has carried out the action it has been authorised to take for that purpose. Service of notice to person entitled by transmission 132 Where a person is entitled by transmission to a share, any notice or document shall be served upon or delivered to them, and any dividend or other sum payable in cash in respect of the share may be paid to them, as if they were the holder of that share and their address noted in the register was their registered address. A person who is entitled by transmission to a share, upon supplying the Company with an address for the purpose of communications by electronic means for the service of notices, may, at the absolute discretion of the Directors, have sent to them at such address any notice or document to which they would have been entitled if they were the holder of that share. Except where there is a person entitled by transmission to a share, any notice or document served on or delivered to any member pursuant to these articles shall, notwithstanding that the member is then dead or bankrupt or that any other event giving rise to the transmission of the share by operation of law has occurred and whether or not the Company has notice of the death, bankruptcy or other event, be deemed to have been properly served or delivered in respect of any share registered in the name of that member as sole or joint holder unless, before the day of posting (or, if it is not sent by post, before the day of service or delivery) of the notice or document, their name has been removed from the register as the holder of the share. Service or delivery in the foregoing manner shall be deemed for all purposes a sufficient service or delivery of the notice or document on all persons interested (whether jointly with or as claiming through or under that member) in the share. Notice when post not available and notice given by advertisement 133 (A) If there is a suspension or curtailment of postal services within the United Kingdom or some part of the United Kingdom, the Company need only give notice of a general meeting to those members with whom the Company can communicate by electronic means and who have provided the Company with an address for this purpose. The Company shall also advertise the notice in at least two newspapers with a national circulation in the United Kingdom and make it available on its website from the date of such advertisement until the conclusion of the meeting or any adjournment thereof. If at least six clear days prior to the meeting the sending or supply of notices by post in hard copy form has again become generally possible, Company shall send or supply confirmatory copies of the notice by post to those members who would otherwise receive the notice in hard copy form. (B) Any notice to the bearer of a warrant or to any other person who holds or is interested in shares in the Company in bearer form or any related coupons or talons shall be sufficiently given if advertised in at least two daily newspapers with a national circulation in the United Kingdom and any such notice shall be deemed given on the day when the advertisement appears. DESTRUCTION OF DOCUMENTS Consequences of destruction of documents 134 If the Company destroys: (A) any share certificate which has been cancelled at any time after a period of one year has elapsed from the date of cancellation; or 44 (B) any instruction concerning the payment of dividends or other moneys in respect of any share or any notification of change of name or address at any time after a period of two years has elapsed from the date the instruction or notification was recorded by the Company; or (C) any instrument of transfer of shares which has been registered at any time after a period of six years has elapsed from the date of registration; or (D) any other document on the basis of which any entry is made in the register at any time after a period of six years has elapsed from the date the entry was first made in the register in respect of it, and the Company destroys the document in good faith and without express notice that its preservation was relevant to a claim, it shall be presumed irrefutably in favour of the Company that every share certificate so destroyed was a valid certificate and was properly cancelled, that every instrument of transfer so destroyed was a valid and effective instrument of transfer and was properly registered and that every other document so destroyed was a valid and effective document and that any particulars of it which are recorded in the books or records of the Company were correctly recorded. Nothing contained in this article shall be construed as imposing upon the Company any liability by reason only of the destruction of any document of the kind mentioned above before the relevant period mentioned in this article has elapsed or of the fact that any other condition precedent to its destruction mentioned above has not been fulfilled. References in this article to the destruction of any document include references to its disposal in any manner. WINDING-UP Order of priority in winding-up 135 If the Company shall be wound-up, the assets available for distribution amongst the members (excluding any member holding shares as treasury shares) shall be applied first in repaying to the holders of the Ordinary Shares the capital paid or credited as paid up thereon respectively and any balance of such assets then remaining shall belong to the holders of the Ordinary Shares. INDEMNITY Indemnification of Directors 136 To the extent permitted by the Companies Acts, the Company may: (A) indemnify any Relevant Officer against any liability and may purchase and maintain for any Relevant Officer insurance against any liability. No Relevant Officer shall be accountable to the Company or the members for any benefit provided pursuant to this article and the receipt of any such benefit shall not disqualify any person from being or becoming a Relevant Officer; (B) provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by the Relevant Officer: (i) in defending any criminal or civil proceedings in connection with any negligence, default, breach of duty or breach of trust by the Relevant Officer in relation to the Company or an Associated Company of the Company; or (ii) in connection with any application for relief under the provisions mentioned in Section 205(5) of the Companies Act 2006; and (C) do anything to enable any such Relevant Officer to avoid incurring such expenditure.

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&nbsp;&nbsp;&nbsp;&nbsp;45 For the purpose of this Article 136 and Article 137, "Associated Company" shall have the same meaning as in Section 256 of the Companies Act 2006 and "Relevant Officer" means a Director, former Director or Secretary of the Company or of an Associated Company of the Company. The terms set out in Section 205(2) of the Companies Act 2006 shall apply to any provision of funds or other things done under this Article 136. 137 So far as may be permitted by applicable law, the Company: (A) shall provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by the Relevant Officer in defending himself/herself in an investigation by a regulatory authority or against action proposed to be taken by a regulatory authority in connection with any alleged negligence, default, breach of duty or breach of trust by the Relevant Officer in relation to the Company or any Associated Company of the Company; and (B) may do anything to enable any such Relevant Officer to avoid incurring such expenditure.

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## Exhibit 2.1

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EXECUTION VERSION Twenty-Sixth Supplemental Trust Deed relating to a U.S.$25,000,000,000 Debt Issuance Programme Dated 16 May 2024 UNILEVER FINANCE NETHERLANDS B.V. and UNILEVER CAPITAL CORPORATION and UNILEVER PLC and UNILEVER UNITED STATES, INC. and THE LAW DEBENTURE TRUST CORPORATION P.L.C. Ref: L-346958 A54371967 1 This Twenty-Sixth Supplemental Trust Deed is made 16 May 2024 between: (1) UNILEVER FINANCE NETHERLANDS B.V. ("UFN"), a company incorporated under the laws of the Netherlands, whose corporate seat is in Rotterdam and its address at Weena 455, 3013 AL, Rotterdam, the Netherlands, UNILEVER CAPITAL CORPORATION ("UCC"), a company incorporated under the laws of the state of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America, UNILEVER PLC ("PLC"), a company incorporated under the laws of England, whose registered office is at Port Sunlight, Wirral, Merseyside CH62 4ZD, United Kingdom and UNILEVER UNITED STATES, INC. ("UNUS"), a company incorporated under the laws of the State of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America; and (2) THE LAW DEBENTURE TRUST CORPORATION p.l.c., a company incorporated under the laws of England, whose registered office is at Eighth Floor, 100 Bishopsgate, London EC2N 4AG, United Kingdom (the "Trustee", which expression shall, wherever the context so admits, include any other trustee or trustees for the time being of these presents). Whereas: (A) This Deed is supplemental to the Trust Deed dated 22 July 1994 made between PLC, UNUS, the Trustee, Unilever N.V. and Unilever Japan Holdings K.K. (the "Principal Trust Deed") as amended by the First Supplemental Trust Deed dated 24 July 1995, the Second Supplemental Trust Deed dated 11 July 1996, the Third Supplemental Trust Deed dated 13 November 1997, the Fourth Supplemental Trust Deed dated 11 November 1998, the Fifth Supplemental Trust Deed dated 4 July 2000, the Sixth Supplemental Trust Deed dated 2 July 2001, the Seventh Supplemental Trust Deed dated 1 July 2002, the Eighth Supplemental Trust Deed dated 27 June 2003, the Ninth Supplemental Trust Deed dated 2 June 2004, the Tenth Supplemental Trust Deed dated 10 August 2005, the Eleventh Supplemental Trust Deed dated 15 May 2007, the Twelfth Supplemental Trust Deed dated 13 May 2008, the Thirteenth Supplemental Trust Deed dated 11 May 2009, the Fourteenth Supplemental Trust Deed dated 6 May 2010, the Fifteenth Supplemental Trust Deed dated 5 May 2011, the Sixteenth Supplemental Trust Deed dated 4 May 2012, the Seventeenth Supplemental Trust Deed dated 3 May 2013, the Nineteenth Supplemental Trust Deed dated 2 May 2014, the Twentieth Supplemental Trust Deed dated 1 May 2015, the Twenty-First Supplemental Trust Deed dated 22 April 2016, the Twenty-Second Supplemental Trust Deed dated 15 May 2019, the Twenty-Third Supplemental Trust Deed dated 11 May 2021, the Twenty-Fourth Supplemental Trust Deed dated 10 May 2022 and the Twenty-Fifth Supplemental Trust Deed dated 16 May 2023. (B) The parties of the first part hereto desire to modify certain provisions of the Principal Trust Deed, as amended. Now this Twenty-Sixth Supplemental Trust Deed witnesses and it is agreed and declared as follows: 1 Definitions All expressions defined in the Principal Trust Deed shall, unless there is anything in the subject or context inconsistent therewith, have the same meanings in this Twenty-Sixth Supplemental Trust Deed. A54371967 2 2 The Trust Deed (A) The Principal Trust Deed is hereby amended and restated as of the effective date hereof and as set out in Clause 3 below and shall henceforth be read and construed as one document in the form set out in the Schedule to this Twenty-Sixth Supplemental Trust Deed. (B) Save to the extent specifically referred to in this Twenty-Sixth Supplemental Trust Deed, nothing contained in this Twenty-Sixth Supplemental Trust Deed shall be construed as a waiver, variation, modification or amendment of the provisions of the Principal Trust Deed and the Principal Trust Deed, all issued Notes and all issued Coupons shall continue in full force and effect. For the avoidance of doubt, this Twenty-Sixth Supplemental Trust Deed only governs Notes issued after the date hereof. 3 Effectiveness The amendments to the Principal Trust Deed effected by this Twenty-Sixth Supplemental Trust Deed shall take effect on the date of execution by the last party to this Twenty-Sixth Supplemental Trust Deed. 4 Notices Pursuant to Clause 17(A) of the Principal Trust Deed, the Trustee hereby agrees that notice of the execution of this Twenty-Sixth Supplemental Trust Deed need not be given to the Noteholders in accordance with Condition 14 of the Notes. 5 Counterparts This Twenty-Sixth Supplemental Trust Deed may be executed in any number of counterparts, each of which shall be identical and all of which, when taken together, shall constitute one and the same instrument and any one of the parties hereby may execute this Twenty-Sixth Supplemental Trust Deed by signing any such counterpart. 6 Rights of Third Parties The parties to this Twenty-Sixth Supplemental Trust Deed do not intend that any term of this Twenty-Sixth Supplemental Trust Deed should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this Twenty-Sixth Supplemental Trust Deed. 7 Governing Law This Twenty-Sixth Supplemental Trust Deed, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, the laws of England and the provisions relating to jurisdiction contained in Clause 34 of the Principal Trust Deed shall apply, mutatis mutandis, hereto.

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                                     Margot Martine Fransen Sebastiaan Pieter de Buck (Signature page to the Trust Deed) EXECUTED as a DEED by THE LAW DEBENTURE TRUST CORPORATION p.l.c. in the presence of: Director: Secretary, representing Law Debenture Corporate Services Ltd:

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 i SCHEDULE Dated 22 July 1994 as amended and restated on 16 May 2024 UNILEVER FINANCE NETHERLANDS B.V. and UNILEVER CAPITAL CORPORATION and UNILEVER PLC and UNILEVER UNITED STATES, INC. and THE LAW DEBENTURE TRUST CORPORATION P.L.C. TWENTY-SIXTH SUPPLEMENTAL TRUST DEED relating to a U.S.$25,000,000,000 Debt Issuance Programme (as amended by the First Supplemental Trust Deed dated 24 July 1995, the Second Supplemental Trust Deed dated 11 July 1996, the Third Supplemental Trust Deed dated 13 November 1997, the Fourth Supplemental Trust Deed dated 11 November 1998, the Fifth Supplemental Deed dated 4 July 2000, the Sixth Supplemental Trust Deed dated 2 July 2001, the Seventh Supplemental Trust Deed dated 1 July 2002, the Eighth Supplemental Trust Deed dated 27 June 2003, the Ninth Supplemental Trust Deed dated 2 June 2004, the Tenth Supplemental Trust Deed dated 10 August 2005, the Eleventh Supplemental Trust Deed dated 15 May 2007, the Twelfth Supplemental Trust Deed dated 13 May 2008, the Thirteenth Supplemental Trust Deed dated 11 May 2009, the Fourteenth Supplemental Trust Deed dated 6 May 2010, the Fifteenth Supplemental Trust Deed dated 5 May 2011, the Sixteenth Supplemental Trust Deed dated 4 May 2012, the Seventeenth Supplemental Trust Deed dated 3 May 2013, the Nineteenth Supplemental Trust Deed dated 2 May 2014, the Twentieth Supplemental Trust Deed dated 1 May 2015, the Twenty-First Supplemental Trust Deed dated 22 April 2016, the Twenty-Second Supplemental Trust Deed dated 15 May 2019, the Twenty-Third Supplemental Trust Deed dated 11 May 2021, the Twenty-Fourth Supplemental Trust Deed dated 10 May 2022, the Twenty-Fifth Supplemental Trust Deed dated 16 May 2023 and the Twenty-Sixth Supplemental Trust Deed dated 16 May 2024) Ref: L-346958 Linklaters LLP A54371967 ii **Table of Contents** Contents Page 1 Definitions ................................................................................................................................ 1 2 Amount of the Notes ............................................................................................................... 9 3 Covenant to repay and to pay interest .................................................................................. 10 4 Issue and constitution of Notes ............................................................................................. 12 5 Forms and issue of the Notes ............................................................................................... 13 6 Stamp Duties ......................................................................................................................... 14 7 Covenant to observe provisions of the Trust Deed and Schedules ...................................... 15 8 Guarantee ............................................................................................................................. 16 9 Application of moneys received by the Trustee .................................................................... 18 10 Power to retain and invest less than 10 per cent. ................................................................. 18 11 Authorised investments ......................................................................................................... 19 12 Indemnification of the Trustee upon enforcement ................................................................. 19 13 Payment to Noteholders and Couponholders ....................................................................... 20 14 Production of Notes and Coupons ........................................................................................ 20 15 Covenants by the Issuers and the Guarantors ..................................................................... 20 16 Remuneration of the Trustee ................................................................................................. 23 17 Modifications and Substitution .............................................................................................. 25 18 Redemption, Purchase and Cancellation .............................................................................. 29 19 Noteholders to be treated as holding all Coupons ................................................................ 30 20 No notice to Couponholders .................................................................................................. 31 21 Trustee may enter into other transactions with PLC or any of its group companies............. 31 22 Provisions supplemental to the Trustee Act 1925 and the Trustee Act 2000 in favour of the Trustee .................................................................................................................................. 31 23 Disapplication ........................................................................................................................ 34 24 Trustee entitled to assume due performance........................................................................ 34 25 Waiver ................................................................................................................................... 34 26 Power to delegate ................................................................................................................. 35 A54371967 iii 27 Competence of a majority of Trustees .................................................................................. 35 28 Appointment of New Trustees ............................................................................................... 35 29 Retirement of Trustees .......................................................................................................... 36 30 Powers of the Trustee are additional .................................................................................... 37 31 Currency Indemnity ............................................................................................................... 37 32 Notices .................................................................................................................................. 37 33 Contracts (Rights of Third Parties) Act 1999 ......................................................................... 39 34 Governing Law ...................................................................................................................... 39 The First Schedule Form of Temporary Global Note ....................................................................... 41 The Second Schedule Form of Permanent Global Note ................................................................. 53 The Third Schedule Form of Definitive Note ................................................................................... 61 The Fourth Schedule Form of Global Certificate ............................................................................. 70 The Fifth Schedule Form of Individual Certificate ........................................................................... 76 The Sixth Schedule Terms and Conditions of the Notes ................................................................. 80 The Seventh Schedule Form of Supplemental Deed increasing Programme Limit ...................... 129 The Eighth Schedule Form of Supplemental Deed joining a New Issuer ..................................... 130 The Ninth Schedule Form of Supplemental Deed releasing an Issuer ......................................... 134 The Tenth Schedule Provisions for Meetings of Holders of Notes ................................................ 136 A54371967 1 This Trust Deed is made on the 22nd day of July 1994 and amended and restated on 16 May 2024 between: (1) UNILEVER FINANCE NETHERLANDS B.V. ("UFN"), a company incorporated under the laws of the Netherlands, whose corporate seat is in Rotterdam and its address at Weena 455, 3013 AL, Rotterdam, the Netherlands, UNILEVER CAPITAL CORPORATION ("UCC"), a company incorporated under the laws of the state of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America, UNILEVER PLC ("PLC"), a company incorporated under the laws of England, whose registered office is at Port Sunlight, Wirral, Merseyside CH62 4ZD, United Kingdom and UNILEVER UNITED STATES, INC. ("UNUS"), a company incorporated under the laws of the State of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America; and (2) THE LAW DEBENTURE TRUST CORPORATION p.l.c., a company incorporated under the laws of England, whose registered office is at Eighth Floor, 100 Bishopsgate, London EC2N 4AG, United Kingdom (hereinafter called the "Trustee", which expression shall, wherever the context so admits, include any other trustee or trustees for the time being of these presents). Whereas: (A) UFN, UCC, PLC and UNUS have authorised the establishment of a programme for the issuance of debt instruments (the "Programme") to be constituted in the manner hereinafter appearing. (B) UFN, UCC, PLC and UNUS have duly authorised the issue of a maximum aggregate principal amount of U.S.$25,000,000,000 (or its equivalent in other currencies) (or such greater amount as shall be established pursuant to Clause 2(B) hereof) of notes outstanding under the Programme (the "Programme Limit"). (C) Each issue will be represented by notes issued in either registered or bearer form. (D) Pursuant to powers contained in their constitutional documents, UFN, UCC, PLC and UNUS have duly authorised the execution of these presents as the principal instrument subject to which Notes (as defined below) may from time to time be issued by any of the Issuers (as defined below) and constituted. (E) Each of the Guarantors (as defined below) has agreed to guarantee in the manner hereinafter appearing such obligations of the Issuers as are hereinafter specified and in respect of whose obligations under these presents and under the Notes the relevant Guarantor has given its guarantee hereunder. (F) The Law Debenture Trust Corporation p.l.c. has agreed to act as trustee of these presents for the Noteholders and the Couponholders upon the terms and subject to the conditions hereinafter contained. Now this deed witnesseth and it is hereby declared as follows: 1 Definitions (A) In these presents (including the recitals), unless there is something in the subject or context inconsistent therewith, the expressions following shall have the meanings hereinafter mentioned (that is to say):

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A54371967 2 "Bearer Note" means a Note that is in bearer form, and includes any replacement Bearer Note issued pursuant to the Conditions and any Temporary Global Note or Permanent Global Note; "Calculation Agency Agreement" means any agreement made between the relevant Issuer, the relevant Guarantor(s), the Trustee and the Calculation Agent in the form, or substantially in the form of the Calculation Agency Agreement set out in the first schedule to the Paying Agency Agreement; "Calculation Agent" means the institution appointed as such by the relevant Issuer and relevant Guarantor(s) with the prior approval of the Trustee for any Series of Notes issued by such Issuer and specified in the applicable Final Terms; "Certificate" means a registered certificate representing one or more Registered Notes of the same Series and, save as provided in the Conditions, comprising the entire holding by a Noteholder of his Registered Notes of that Series and, save in the case of Global Certificates, being substantially in the form set out in the Fifth Schedule; "CGN" means a Bearer Note in global form which is not a New Global Note, as so specified in the Final Terms relating to the applicable Tranche; "Clearstream, Luxembourg" means Clearstream Banking S.A.; "Common Safekeeper" means, in relation to a Series where the relevant Global Note is an NGN or the relevant Global Certificate is held under the NSS, an ICSD or such person as may be nominated by the ICSDs to act as common safekeeper; "Conditions" means: (i) In relation to any Tranche of Notes issued on or after 16 May 2024, the terms and conditions in the form or substantially in the form set out in the Schedule to the Twenty-Sixth Supplemental Trust Deed; and (ii) in relation to any Tranche of Notes issued prior to 16 May 2024, the terms and conditions in the form or substantially the form set out in the schedule to the relevant supplemental trust deed applicable as at the issue date of such tranche, in each case, as the same may have been or may be supplemented or modified, with respect to any Notes represented by a Global Certificate or a Global Note, by the provisions of such Global Certificate or Global Note, as described in the Final Terms relating to such Tranche, and as the same may, from time to time, be altered in accordance with the provisions of these presents, and any reference in these presents to a particular numbered Condition shall be construed in relation to such Tranche as a reference to the provision (if any) in the Conditions thereof which corresponds to the particular numbered Condition in the Conditions applicable to such Tranche; "Couponholders" means the several persons who are for the time being Holders of Coupons; "Coupons" means the bearer interest coupons (if any) appertaining to Bearer Notes or, as the context may require, a specific number thereof and includes any replacement Coupon or Coupons issued pursuant to Condition 13 and, unless the A54371967 3 context otherwise requires, includes the Talons, such Coupons being, if appertaining to a Fixed Rate Note, substantially in the form set out in Part B of the Third Schedule or, if appertaining to a Floating Rate Note, substantially in the form set out in Part C of the Third Schedule; "Dealer" means any person or institution appointed as such pursuant to the Dealer Agreement; "Dealer Agreement" means the dealer agreement dated 22 July 1994 between, inter alia, the Issuers, the Guarantors and the Dealers, the terms of which (as novated, amended, amended and restated, varied or supplemented from time to time) are incorporated into any sale and purchase agreement relating to Notes reached between the relevant Issuer, the relevant Guarantor(s) and any Dealer(s); "Definitive Note" means a definitive Bearer Note issued or, as the case may require, to be issued by the relevant Issuer in exchange for a Temporary Global Note or a Permanent Global Note or part thereof, such Definitive Note being substantially in the form set out in Part A of the Third Schedule hereto with such modifications as may be agreed between the relevant Issuer, the relevant Guarantor(s), the Principal Paying Agent, the Trustee and the relevant Dealer(s) and having (where so specified in the applicable Final Terms) Coupons attached thereto on issue; "euro" means the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European Community, as amended; "Euroclear" means Euroclear Bank SA/NV; "Eurosystem" means the central banking system for the Euro; "Eurosystem-eligible Note" means a Note which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the Final Terms relating to the applicable Tranche; "Event of Default" means any of the events listed in Condition 10 upon the happening of which any Series of the Notes would (subject only to notice by the Trustee as provided in that Condition) become immediately due and repayable; "Extraordinary Resolution" has the meaning set out in paragraph 21 of the Tenth Schedule; "Final Terms" means, in relation to a Tranche, a Final Terms or Pricing Supplement duly executed by the relevant Issuer, referring to this Trust Deed and specifying the relevant provisions of such Tranche (including any changes to the Conditions); "Fixed Rate Notes" means Notes on which interest is calculated at a fixed rate payable in arrear on such dates as are specified in the applicable Final Terms; "Floating Rate Notes" means Notes on which interest is calculated at a floating rate payable at intervals of such period of months as are specified in the applicable Final Terms; "Global Certificate" means a Certificate substantially in the form set out in the Fourth Schedule representing Registered Notes of one or more Tranches of the same Series; A54371967 4 "Global Note" means a Temporary Global Note and/or, as the context may require, a Permanent Global Note, a CGN and/or an NGN, as the context may require; "Group Company" has the meaning set out in the Conditions; "Guarantee" means the guarantees contained in these presents pursuant to which the Notes issued by (i) UFN are guaranteed unconditionally and irrevocably on a joint and several basis by PLC and UNUS, (ii) UCC are guaranteed unconditionally and irrevocably on a joint and several basis by PLC and UNUS, and (iii) PLC are guaranteed unconditionally and irrevocably by UNUS; "Guarantors" means PLC and UNUS and any company which, pursuant to Clause 17, has become a Guarantor but excluding any such company which has ceased to be a Guarantor, and "Guarantor" means any of them; "ICSD Direct Agreement" means an agreement between the ICSDs and an Issuer in respect of New Global Notes or a Global Certificate which is held under the NSS that such Issuer may request be made eligible for settlement with the ICSDs; "ICSDs" means Euroclear and Clearstream, Luxembourg; "Individual Certificate" means, in relation to any Series, an individual registered note certificate representing a Noteholder's entire initial holding of Registered Notes of such Series in the form or substantially in the form set out in the Fifth Schedule; "Interest Basis" means the basis on which the relevant Notes will bear interest (which may be a fixed or floating rate or on a zero coupon basis); "Issue Date" means, in respect of any Note, the date of issue and purchase thereof pursuant to, and in accordance with, the Paying Agency Agreement, being, in the case of any Note in the form of a Permanent Global Note or a Definitive Note, the same date as the date of issue of the Temporary Global Note which initially represented such Note; "Issuers" means, at any time, the Original Issuers and any other company which, pursuant to Clause 17, has become an Issuer but excluding any such company which has ceased to be an Issuer, and "Issuer" means any of them; "Maturity Date" means, in respect of any Note, the date (if any) on which it is due to be redeemed in accordance with the provisions of Condition 7; "month" means calendar month; "NGN" or "New Global Note" means a Bearer Note in global form which is a new global note, as so specified in the applicable Final Terms; "NSS" means the new safekeeping structure which applies to Registered Notes held in global form by a Common Safekeeper for Euroclear and Clearstream, Luxembourg and which is required for such Registered Notes to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations; "Non-eligible Note" means a NGN or a Global Certificate held under the NSS which is not intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Final Terms; "Note" means a note in either registered or bearer form (provided that the minimum maturity and/or the maximum maturity (as the case may be) shall comply with all A54371967 5 applicable legal and regulatory requirements of the jurisdiction of the currency in which the relevant Notes are denominated), the actual maturity (if any) being specified in the applicable Final Terms, issued or to be issued by any of the Issuers pursuant to the Dealer Agreement and shall be in, or substantially in, the relevant form set out in the relevant Schedule, which shall, in the case of Bearer Notes, initially be represented by, and comprised in, a Temporary Global Note and in the case of Registered Notes, initially be represented by a Global Certificate. Any Temporary Global Note may (in accordance with the terms of such Temporary Global Note) be exchanged for Definitive Notes (if so specified in the applicable Final Terms) and otherwise for a Permanent Global Note which, in turn, may (in accordance with the terms of such Permanent Global Note) be exchanged for Definitive Notes. Any Global Certificate may (in accordance with the terms of such Global Certificate) be exchanged for Individual Certificates; "Noteholders" means the several persons who are for the time being Holders of outstanding Notes save that, in respect of the Notes of any Series, so long as such Notes or any part thereof are represented by a Global Note or Global Certificate, each person who is for the time being shown in the records of an ICSD or any other relevant clearing system (other than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an accountholder of Euroclear or such other relevant clearing system, and Euroclear, if Euroclear shall be an accountholder of Clearstream, Luxembourg or such other relevant clearing system) as the Holder of a particular nominal amount of the Notes of such Series (in which regard any certificate or other document or such other evidence and/or information and/or certification issued by an ICSD or such other relevant clearing system or any form of record made by any of them as to the nominal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest or proven error) shall, for the purpose only of the exercise by the Trustee of all rights, duties, discretions, powers and authorities imposed or conferred on the Trustee which are to be exercised or performed by reference to, or in favour of, the Noteholders but not for any other purpose, be deemed to be and shall be treated as the Holder of such nominal amount of such Notes; and the expressions "Noteholder", "Holder of Notes" and related expressions shall be construed accordingly; "Notes in global form" means Notes represented by a Temporary Global Note, a Permanent Global Note or a Global Certificate; "Original Issuers" means UFN, UCC and PLC and "Original Issuer" means any of them; "outstanding" means, in relation to the Notes, all the Notes other than: (i) those which have been redeemed in accordance with these presents or the Conditions; (ii) those in respect of which the date for redemption in accordance with the provisions of these presents or the Conditions has occurred and the redemption moneys wherefore (including premium (if any) and all interest in respect thereof) have been duly paid to the Trustee in the manner provided in these presents, or to the Principal Paying Agent in the manner provided in the Paying Agency Agreement (and, where appropriate, notice to that effect

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A54371967 6 has been given to the relative Noteholders in accordance with Condition 14) and remain available for payment against presentation of those Notes, Certificates and/or Coupons (as the case may be); (iii) those which have become void under Condition 12; (iv) those which have been purchased by any of the Issuers, the Guarantors or any Group Company as provided in Condition 7 and not resold; (v) those mutilated or defaced Bearer Notes which have been surrendered and cancelled and in respect of which replacement Bearer Notes have been issued pursuant to Condition 13; (vi) (for the purpose only of ascertaining the amount of the Notes outstanding and without prejudice to the status for any other purpose of the Notes) those Bearer Notes which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 13; (vii) any Temporary Global Note to the extent that it has been exchanged for the relative Permanent Global Note or, as the case may be, the relative Definitive Notes pursuant to its provisions; (viii) any Permanent Global Note to the extent that it has been exchanged for the relative Definitive Notes pursuant to its provisions; and (ix) any Global Certificate to the extent that it has been exchanged for the relevant Individual Certificates pursuant to its provisions. For the purposes of this definition, in the case of each NGN and each Global Certificate to be held under the NSS, the Trustee shall rely on the records of the ICSDs in relation to any determination of the principal amount outstanding on such NGN or Global Certificate; "Paying Agency Agreement" means the paying agency agreement dated 22 July 1994 made between the Issuers, the Guarantors and the various agents named therein and the Trustee (as amended, restated or supplemented from time to time) and includes any other agreement the terms of which have been previously approved by the Trustee in writing appointing further or other Paying Agents or appointing any other Principal Paying Agent or amending the terms of any such appointment; "Paying Agents" means the several institutions (including, where the context permits or requires, the Principal Paying Agent) at their respective specified offices named as such in the Third Schedule or at such other offices as are notified to the Noteholders in accordance with the Paying Agency Agreement or such other or further specified paying agents for all or any Series of Notes or Coupons as may from time to time be appointed in respect thereof by the relevant Issuer and the relevant Guarantor(s) with the prior approval of the Trustee in writing and (in respect only of any Series already issued and remaining outstanding at the time of such appointment) notice of whose appointment is given to the Noteholders of such Series in accordance with Condition 14; "Permanent Global Note" means a Global Note substantially in the form set out in the Second Schedule with such modifications (if any) as may be agreed between the A54371967 7 relevant Issuer, the relevant Guarantor(s), the Principal Paying Agent, the Trustee and the relevant Dealer(s), comprising Bearer Notes of a single Tranche issued or, as the case may require, to be issued by the relevant Issuer pursuant to the Dealer Agreement or any other agreement and these presents in exchange for the whole or part of the Temporary Global Note issued in respect of the Bearer Notes of such Tranche; "Principal Paying Agent" means Deutsche Bank AG, London Branch at its office at 21 Moorfields, London EC2Y 9DB, United Kingdom or such other principal paying agent for Notes, Certificates and Coupons of all or any Series as may from time to time be appointed by the relevant Issuer and the relevant Guarantor(s) with the prior approval of the Trustee in writing and (in respect only of any Series already issued and remaining outstanding at the time of such appointment) notice of whose appointment has been given to the Noteholders of such Series in accordance with Condition 14; "Procedures" means the written administrative procedures and guidelines relating to the terms of Notes which may be issued and the settlement of issues of Notes as shall be agreed upon from time to time by the Issuers, the Guarantors, the Dealers, the Principal Paying Agent and the Trustee; "Register" means the register maintained by the Registrar; "Registered Note" means a Note in registered form; "Registrar" means the person named as such in the Conditions or any successor Registrar in each case at its specified office; "Relevant Date" means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been made available to the Trustee or the Principal Paying Agent, as the case may be, on or prior to such due date, it means the first date on which, the full amount of such moneys having been so made available, notice to that effect shall have been duly given to the Holders of Notes of the relevant Series in accordance with Condition 14; "Relevant Guarantor(s)" means, in respect of an issue of Notes (i) by UFN, PLC and UNUS, (ii) by UCC, PLC and UNUS and (iii) by PLC, UNUS; "repay" shall include "redeem" and vice versa and "repaid", "repayable" and "repayment" and "redeemed", "redeemable" and "redemption" shall be construed accordingly; "Requisite Currency" means, in relation to any Notes, the currency in which such Notes are denominated; "Securities Act" means the United States Securities Act of 1933, as amended; "Series" means all Notes which are denominated in the same currency and which have the same Maturity Date and Interest Basis (both as indicated in the applicable Final Terms) and interest payment dates (if any) and the terms of which (save for the Issue Date, denomination, issue price and first interest payment (all as indicated in the applicable Final Terms)) are otherwise identical (including listing) and the expressions "Notes of the relevant Series", "Holders of Notes of the relevant Series" and kindred expressions shall be construed accordingly; A54371967 8 "Sterling" means the lawful currency for the time being of the United Kingdom; "stock exchange" means the stock exchange or stock exchanges upon which the Notes of any Series are for the time being or are to be listed; "successor in business" means, in relation to any Issuer or any Guarantor, any company which, as the result of any amalgamation, merger, reconstruction or transfer, either: (i) owns beneficially the major part of the undertaking, property and assets owned by such Issuer or Guarantor immediately prior thereto; or (ii) carries on, as successor to such Issuer or Guarantor, the major part of the business carried on by such Issuer or Guarantor immediately prior thereto; "Talon" means a bearer talon for further Coupons in the form set out in Part D of the Third Schedule and includes any replacement talon issued pursuant to Condition 13; "Temporary Global Note" means a Global Note substantially in the form set out in the First Schedule with such modifications (if any) as may be agreed between the relevant Issuer, the relevant Guarantor(s), the Principal Paying Agent, the Trustee and the relevant Dealer(s), comprising Bearer Notes of a single Tranche, issued by any of the Issuers pursuant to the Dealer Agreement or any other agreement and these presents; "Tranche" means all Notes of the same Series with the same Issue Date; "Transfer Agents" means the persons (including the Registrar) referred to as such in the Conditions or any successor Transfer Agents in each case at their specified offices; "these presents" means this Trust Deed and the Schedules (as from time to time modified in accordance with the provisions herein contained) and includes any deed or other document executed in accordance with the provisions hereof (as from time to time modified as aforesaid) and expressed to be supplemental hereto; "trust corporation" means a corporation entitled by rules made under the Public Trustee Act 1906 to act as a custodian trustee; "United States" means the United States of America (including the States and the District of Columbia) and its "possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands; "U.S. Person" means (i) any person who is a citizen or resident of the United States; (ii) a domestic partnership; (iii) a domestic corporation or other entity taxable as a corporation; (iv) any estate the income of which is subject to United States federal income taxation regardless of its source; or (v) a trust if it (x) is subject to the primary supervision of a court within the United States and one or more "United States persons" within the meaning of the Internal Revenue Code of 1986, as amended, have the authority to control all of its substantial decisions or (y) has made a valid election under applicable Treasury Regulations to be treated as a domestic trust provided that the term "U.S. Person" shall not include foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165- 12(c)(1)(iv)) purchasing for their own account or for resale; A54371967 9 Words denoting the masculine gender only shall include the feminine gender also; and Words denoting persons only shall include companies, corporations, partnerships and all other legal entities. (B) In these presents references to: (i) any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; (ii) principal and/or interest in respect of the Notes shall be deemed also to include references to any additional amounts which may be payable under Condition 9 or under any obligation undertaken pursuant to Clause 6; (iii) costs, charges or expenses shall include any value added tax or similar tax charged or chargeable in respect thereof; and (iv) "principal" in the context of the payment of principal on a Note shall be deemed to include a reference to the redemption amount (if any) payable on such Note. (C) References in this Trust Deed to Schedules, Clauses, sub-clauses, paragraphs and sub-paragraphs shall be construed as references to the Schedules to this Trust Deed and to the Clauses, sub-clauses, paragraphs and sub-paragraphs of this Trust Deed respectively. (D) Unless the context otherwise requires, words and expressions contained in these presents shall bear the same meanings as in the Companies Acts 1985, 1989 and 2006. (E) The headings are inserted herein only for convenience and shall not affect the construction hereof. 2 Amount of the Notes (A) The Notes will be issued in Series in an aggregate principal amount from time to time outstanding which shall not exceed U.S.$25,000,000,000 or such greater amount as shall be established pursuant to sub-clause (B) of this Clause, and for this purpose: (i) each Note denominated in a currency other than U.S. dollars shall be converted into U.S. dollars using the spot rate of exchange for the purchase of the relevant currency against payment of U.S. dollars being quoted by the Principal Paying Agent on the date on which the agreement for the issuance of such Notes was made; (ii) the principal amount of each Note with a zero coupon and other Notes issued at a discount shall be the net proceeds receivable by the relevant Issuer for the particular Tranche pursuant to the Dealer Agreement; and (iii) the currency in which any Notes are payable, if different from the currency of their denomination, shall be disregarded,

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A54371967 10 and otherwise, subject to these presents, subject to such provisions and on such terms and conditions and at such time or times as the relevant Issuer and the relevant Guarantor(s) shall determine and the Trustee shall not be responsible for such conversion or the receipt or application of the proceeds of issue by the relevant Issuer. (B) The amount specified in sub-clause (A) of this Clause may be increased from time to time by a deed expressed to be supplemental hereto executed by the Issuers, the Guarantors and the Trustee substantially in the form set out in the Seventh Schedule. 3 Covenant to repay and to pay interest (A) Each Issuer (in respect of Notes issued by it) covenants with the Trustee that it will, as and when the Notes of any Series or any of them become due to be redeemed or any principal or redemption amount on the Notes of any Series or any of them becomes due to be repaid in accordance with the Conditions, unconditionally pay or procure to be paid to, or to the order of, the Trustee in immediately available funds and/or same day funds, as the case may be, in the relevant currency the principal amount or, as the case may be, redemption amount of the Notes of such Series becoming due for redemption or repayment on that date and (where such Notes bear interest) shall (subject to the provisions of the Conditions) until such payment (as well after as before any judgment or other order of any court of competent jurisdiction) is duly made, unconditionally pay or procure to be paid to or to the order of the Trustee as aforesaid on the dates provided for in the Conditions interest on the principal amount (or such other amount as may be specified in the applicable Final Terms) of the Notes of such Series outstanding from time to time in the relevant currency at the rate calculated from time to time in accordance with, and at the times, provided in the Conditions; provided that: (i) every payment of principal, redemption amount or interest in respect of such Notes made to or to the order of the Principal Paying Agent in the manner provided in the Paying Agency Agreement shall be in satisfaction pro tanto of the relevant covenant by such Issuer contained in this Clause and shall be deemed for the purposes of this Clause to have been paid to the order of the Trustee except to the extent that there is default in the subsequent payment thereof to the Holders of the Notes and/or Coupons of such Series (as the case may be) in accordance with the Conditions in which event interest will again commence to accrue from the date of such default until the date upon which payment is duly made in accordance with this Clause; (ii) in the case of any payment of principal, redemption amount or interest in respect of the Notes of such Series made after the due date, payment shall be deemed not to have been made until the full amount due has been received by the Trustee or the Principal Paying Agent (as the case may be) and, unless the Trustee otherwise agrees, notice to that effect has been given to the Holders of Notes of such Series in accordance with Condition 14; and (iii) in any case where payment of the whole or any part of the principal amount or redemption amount due in respect of any Note of such Series is improperly withheld or refused upon due presentation or surrender of such Note, interest shall accrue at the rate aforesaid on the whole or such part of the principal A54371967 11 amount or redemption amount (as the case may be) from the date of such withholding or refusal until the date on which notice is given to the Holders of Notes of such Series either in accordance with Condition 14 or individually that the full amount payable in respect of the amount of principal or redemption amount in the relevant currency has been paid to the Principal Paying Agent and the relevant Issuer covenants that it shall unconditionally pay the interest so accrued to or to the order of the Trustee as aforesaid. (B) Each Issuer may, from time to time without the consent of the Noteholders of any Series, create and issue further notes, bonds or debentures having the same terms and conditions as the Notes of such Series ranking pari passu in all respects (or in all respects except for the first payment of interest, if any, on them and/or the denomination thereof) so as to form a single series with any previously existing Series of Notes. (C) At any time after an Event of Default shall have occurred in respect of the Notes of any Series, the Trustee may: (i) by notice in writing to the relevant Issuer, the relevant Guarantor(s), the Principal Paying Agent, the other Paying Agents, the Transfer Agents and the relevant Calculation Agent, require the Principal Paying Agent, the other Paying Agents, the Transfer Agents and the relevant Calculation Agent or any of them: (a) to act thereafter as Principal Paying Agent, Paying Agents, Transfer Agents and relevant Calculation Agent respectively of the Trustee in relation to payments to be made by or on behalf of the Trustee under the terms of these presents and on the terms provided in the Paying Agency Agreement or, as the case may be, the relevant Calculation Agency Agreement mutatis mutandis in relation to such Notes (save that the Trustee's liability under any provisions thereof for the indemnification of the Paying Agents, Transfer Agents or any Calculation Agent shall be limited to amounts for the time being held by the Trustee on the terms of these presents in relation to such Notes which are available to the Trustee for such purpose) and thereafter to hold all such Notes, Certificates and the relative Coupons (if any) and all sums, documents and records held by them in respect of such Note, Certificate and Coupons (if any) on behalf of the Trustee; and/or (b) to deliver up all Notes, Certificates and Coupons (if any) of such Series and all sums, documents and records held by them in respect of such Notes, Certificates and Coupons to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any document or record which the relative Paying Agent or relevant Calculation Agent is obliged not to release by any law or regulation; and (ii) by notice in writing to the relevant Issuer and the relevant Guarantor(s) require each of them to make all subsequent payments in respect of the Notes and Coupons of the relevant Series to or to the order of the Trustee and not to the Principal Paying Agent or relevant Calculation Agent (as the case may be) and, with effect from the issue of any such notice until such A54371967 12 notice is withdrawn, proviso (i) to sub-clause (A) of this Clause shall cease to have effect. (D) If any Series of Floating Rate Notes becomes immediately due and repayable pursuant to Condition 10, the rate of interest and interest amounts in respect of them shall continue to be calculated in accordance with the Conditions until all such Floating Rate Notes of such Series shall have been repaid, except that the rates of interest and interest amounts need not be notified in accordance with the Conditions. (E) All payments in respect of, under and in connection with these presents and the Notes and Coupons of any Series shall be made to the relevant Noteholders and Couponholders in the relevant currency as specified in the applicable Final Terms. (F) The Notes of each Series shall form a separate Series and accordingly, unless for any purpose the Trustee at its absolute discretion shall otherwise determine, all the provisions of these presents shall apply separately to the Notes of each Series and, in these presents, the expressions "Notes", "Noteholders", "Coupons", and "Couponholders" and, in each case, kindred expressions shall be construed accordingly. 4 Issue and constitution of Notes (A) By not later than the close of business (London time) on the second day (excluding Saturdays, Sundays and bank holidays) on which banks are open for business in the City of London preceding each proposed Issue Date, the relevant Issuer shall: (i) procure that the Trustee receives a copy of the applicable Final Terms; and (ii) deliver to the Trustee a certificate signed by a director of UFN, UCC or PLC, as the case may be, or some other person duly authorised in that behalf certifying to the best of the knowledge and belief of the giver of the certificate having made all reasonable enquiries the absence of any event listed in Condition 10 (whether or not applicable to the Notes of such Tranche) or any event which, with the lapse of time and/or the giving of notice and/or the issue of a certificate would constitute an Event of Default and compliance with the Programme Limit. The relevant Issuer shall also procure that there is delivered to the Trustee an executed copy of the applicable Final Terms prior to the Issue Date in the case where the copy of such Final Terms referred to in (i) above was unexecuted. Forthwith upon the issue of, and full payment for, the relevant Temporary Global Note(s), the Notes of the Tranche to which it or they relate(s) shall become constituted by these presents without further formality. (B) None of the Issuers shall be entitled to, and each Issuer hereby covenants with the Trustee that it will not, issue any Notes pursuant to these presents unless the appropriate Guarantee applies to such Notes. (C) Each of the Issuers and the Guarantors shall procure that legal opinions shall be delivered to the Trustee in any of the following circumstances: (i) on such occasions as the Trustee so requests after consultation with the relevant Issuers and the relevant Guarantor(s), on the occurrence of either a change or a proposed change in any applicable law or regulation (or A54371967 13 interpretation thereof) affecting any of the Issuers, the Guarantors, the Notes, the Certificates or these presents or on the Trustee having any other reasonable grounds; and (ii) on any occasion on which the Dealers receive any legal opinion in accordance with the Dealer Agreement. If, notwithstanding the preceding provisions of this Clause 4, the Trustee is not satisfied with any legal opinion delivered to it pursuant to this Clause 4(C) (not being a legal opinion substantially in the form of the legal opinion delivered to the Trustee on the date hereof) the Trustee shall thereafter be entitled not to approve any new Final Terms in respect of which such legal opinion may, at any time, relate or be connected in any way whatsoever. 5 Forms and issue of the Notes (A) The Notes of each Tranche will be represented on issue by either (i) in the case of Bearer Notes, a Temporary Global Note and, if so specified in the Final Terms, such Temporary Global Note shall be an NGN or (ii) in the case of Registered Notes, one or more Global Certificates and, if so specified in the Final Terms, such Global Certificate(s) shall be held under the NSS. Each Temporary Global Note shall be exchangeable, in accordance with its terms, for a Permanent Global Note or Definitive Notes having Coupons attached all as set out in such Temporary Global Note. Each Permanent Global Note shall be exchangeable, in accordance with its terms, for Definitive Notes having Coupons attached all as set out in such Permanent Global Note. Interests in Global Certificates shall be exchangeable, in accordance with their terms, for Individual Certificates. All Notes in global form shall be signed manually on behalf of the relevant Issuer by a director of UFN, UCC or PLC or, as the case may be, some other person duly authorised in that behalf and may be a master Note in global form supplied by the relevant Issuer under the provisions of the Paying Agency Agreement, authenticated by the Principal Paying Agent and, in the case of each Eurosystem-eligible Note or Non-eligible Note in respect of which the Issuer has notified the Principal Paying Agent or the Registrar that effectuation is to be applicable, effectuated by or on behalf of the specified Common Safekeeper. Each Note in global form which is a CGN shall be delivered to a bank depositary common to the ICSDs or any other relevant clearing system or, in the case of a Note in global form which is a NGN, shall be delivered to the specified Common Safekeeper in accordance with the provisions of the Paying Agency Agreement. All Global Certificates shall be delivered to a bank depositary common to the ICSDs or any other relevant clearing system or, in the case of a Global Certificate which is held under the NSS, shall be delivered to the specified Common Safekeeper in accordance with the provisions of the Paying Agency Agreement. All Definitive Notes shall, unless otherwise specified in the applicable Final Terms, be security printed in accordance with any applicable regulatory requirements from time to time (and Bearer Notes shall be security printed in accordance with the requirements of the applicable stock exchange and any other applicable regulatory requirements from time to time), shall be serially numbered and shall, if interest bearing, have attached thereto Coupons or, if so specified in the applicable Final Terms, have endorsed thereon a grid for recording the payment of interest. The Bearer Notes in global form, the Definitive Notes and Coupons (if any) shall be in bearer form and shall have the Conditions endorsed thereon, attached thereto or incorporated by reference therein.

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A54371967 14 Title to the Notes in global form and the Definitive Notes and Coupons shall pass by delivery. Individual Certificates will be security printed in accordance with applicable legal and stock exchange requirements and will be substantially in the form set out in the Fifth Schedule. Individual Certificates will be endorsed with the Conditions. Title to the Certificates will pass by registration in the Register. (B) The Certificates, Definitive Notes and the Coupons shall be signed manually or in facsimile on behalf of the relevant Issuer (where UFN, UCC or PLC is the Issuer) by a director of UFN, UCC or PLC, as the case may be, or some other person duly authorised in that behalf. Any Issuer may use on any Certificate, Definitive Note or any Coupon facsimile signatures of each of the authorised signatories of the relevant Issuer set out in this sub-clause notwithstanding the fact that when such Certificate, Definitive Note or Coupon shall be issued any such person shall have ceased to hold such office. The Certificates, Definitive Notes or Coupons so executed (and, in the case of the Certificates or Definitive Notes, authenticated) and issued shall be valid and binding obligations of the relevant Issuer. The master Temporary Global Note and the master Permanent Global Note for an Issuer shall be signed manually by or on behalf of such Issuer in accordance with Clause 5(A). Any Issuer may adopt and use the signature of any person who, at the date of signing a master Temporary Global Note, master Permanent Global Note or Global Certificate, is authorised to sign on behalf of the relevant Issuer for such purpose notwithstanding that such person may have ceased to hold such office at the time of the creation and issue of the relevant Tranche or the issue and delivery of the relevant Notes. (C) The relevant Issuer shall procure that, prior to their issue and delivery, the Notes in global form, the Definitive Notes and the Individual Certificates shall be authenticated manually by an authorised signatory on behalf of the Principal Paying Agent (in the case of Global Notes and Definitive Notes) or the Registrar (in the case of Certificates) and, in the case of each Eurosystem-eligible Note or Non-eligible Note in respect of which the Issuer has notified the Principal Paying Agent or the Registrar that effectuation is to be applicable, effectuated by or on behalf of the specified Common Safekeeper. Notes in global form, Definitive Notes and Certifiactes, as the case may be, shall not be valid for any purpose unless and until so authenticated and, in the case of Eurosystem-eligible Notes or Non-eligible Notes in respect of which the Issuer has notified the Principal Paying Agent or the Registrar that effectuation is to be applicable, so effectuated and any Coupons appertaining to the relevant Definitive Notes shall not be valid for any purpose unless and until the Definitive Notes to which they appertain shall have been authenticated but, subject thereto, Notes in global form, Definitive Notes, Certificates and Coupons so executed shall be binding and valid obligations of the relevant Issuer. (D) The Trustee shall be entitled to rely on the records of the ICSDs in relation to any determination of the principal amount outstanding of each NGN or Global Certificate held under the NSS. For this purpose, "records" means the records that each ICSD holds for its customers which reflect the amount of such customers' interest in the Notes. 6 Stamp Duties (A) The relevant Issuer will pay all stamp duties and other similar duties or taxes (if any) payable in the Netherlands, the United States or the United Kingdom on (i) the A54371967 15 constitution and issue of the Notes, Certificates and/or the Coupons and (ii) the initial delivery of the Notes and Certificates. The Issuers will pay all stamp duties and other similar duties or taxes (if any) payable in the aforesaid countries on the execution of these presents. If in consequence of an Event of Default the Trustee (or any Noteholder or Couponholder where permitted under these presents so to do) shall take any proceedings against the relevant Issuer or the relevant Guarantor(s) and/or any proceedings to wind up the relevant Issuer or the relevant Guarantor(s) in the Netherlands and/or the United Kingdom and/or the United States and if for the purposes of any such proceedings these presents or any Notes, Certificates or Coupons are taken into such jurisdiction and any stamp duties or other similar duties or taxes become payable thereon in any such jurisdiction, the relevant Issuer will pay (or reimburse the person making payment of) such stamp duties or other similar duties or taxes. (B) Covenant to give substitute tax undertaking If the relevant Issuer or the relevant Guarantor(s) shall become subject generally to the taxing jurisdiction of any territory other than or in addition to the Netherlands, in the case of UFN, the United Kingdom, in the case of PLC or the United States or any political sub-division thereof, in the case of UNUS or UCC, or any authority in such other territory having power to tax, then the relevant Issuer or the relevant Guarantor(s) (as the case may be) shall (unless the Trustee shall otherwise agree), but only if by virtue of becoming so subject it shall be necessary in order that the net amounts received by the Holder of any Note or Coupon after withholding or deduction for or on account of taxes or duties imposed or levied by or on behalf of such territory or authority, shall equal the respective amounts of principal and/or redemption amount and/or interest as would have been receivable in respect of the Notes, Certificates or Coupons in the absence of such withholding or deduction, give to the Trustee an undertaking or covenant in form and manner reasonably satisfactory to the Trustee in terms corresponding to the terms of Condition 9 with the substitution for, or (as the case may require) the addition to, the references therein to the Netherlands, the United Kingdom or the United States or any authority in the Netherlands, the United Kingdom or the United States having power to tax of references to that other or additional territory or any authority therein having power to tax to whose taxing jurisdiction the relevant Issuer or, as the case may be, the relevant Guarantor(s) shall have become subject as aforesaid and in such event the provisions of these presents shall be read accordingly and the provisions of parts (i) to (iv) of Condition 7(b) shall be amended accordingly. 7 Covenant to observe provisions of the Trust Deed and Schedules (A) Each of the Issuers and each of the Guarantors hereby covenants with the Trustee to comply with those provisions of these presents which are expressed to be binding on each of them and to perform and observe the same. The Notes and the Coupons shall be held subject to the provisions contained in these presents, all of which shall be binding upon each of the Issuers, the Guarantors, the Noteholders and the Couponholders and all persons claiming through or under them respectively. The issue of any Series of Notes shall constitute confirmation of the fact that the Notes of such Series carry the benefit of the Guarantee. A54371967 16 (B) The provisions contained in the Schedules shall have full effect in the like manner as if the same had been incorporated herein. 8 Guarantee (A) Each of: (i) UNUS, in respect of any Notes issued by PLC; (ii) PLC and UNUS, jointly and severally, in respect of any Notes issued by UFN; and (iii) PLC and UNUS, jointly and severally, in respect of any Notes issued by UCC, hereby irrevocably and unconditionally guarantee to the Trustee the due and punctual payment by the relevant Issuer of any moneys payable from time to time by the relevant Issuer in respect of the Notes and the Coupons and under or pursuant to these presents, as the case may be, in the manner hereinafter provided, namely: (i) if and whenever the relevant Issuer shall make default in the payment of any moneys payable by the relevant Issuer in respect of the Notes or the Coupons or under or pursuant to these presents, as the case may be, the relevant Guarantor(s) shall forthwith upon written demand therefor made by the Trustee unconditionally pay to or to the order of the Trustee in the relevant currency the amount in respect of which such default has been made and any payment so made shall pro tanto cure such default by the relevant Issuer provided that every payment of such moneys as aforesaid made by the relevant Guarantor(s) to the Noteholders and/or the Couponholders, as the case may be, or to, or to the order of, the Principal Paying Agent in the manner provided in the Paying Agency Agreement shall be satisfaction pro tanto of the covenants by the Guarantors in this Clause contained (and shall be deemed for the purposes of this Clause to have been paid to or to the order of the Trustee) except, in the case of payment to or to the order of the Principal Paying Agent as aforesaid, to the extent that there is default in the subsequent payment thereof to the Noteholders or the Couponholders, as the case may be, in accordance with the Conditions. The provisions of Condition 9 shall apply with respect to payments by any of the Guarantors made hereunder; (ii) without prejudice to the provisions of paragraph (i) of this sub-clause (A), each of the Guarantors shall, as between the Trustee and itself, be liable as if it were the principal debtor and not merely a surety and none of the Guarantors shall be exonerated or discharged from liability under the Guarantee by time being given to the relevant Issuer or the relevant Guarantor(s) or any of them by the Trustee or by the Noteholders or Couponholders or any of them, by any other indulgence or concession to the relevant Issuer granted by the Trustee or by the Noteholders or Couponholders or any of them or by anything done by the Trustee in exercise of any of the trusts, powers, authorities or discretions vested in it by these presents or by anything which the Noteholders or Couponholders or the Trustee or any of them may omit or neglect to do or by any other dealing or thing which, but for this provision, might operate to exonerate or discharge any of the relevant Guarantor(s) from their covenants herein contained or by A54371967 17 the illegality, invalidity or unenforceability of or any defect in the provisions of any Note or Coupon or these presents or any of the relevant Issuer's obligations thereunder or hereunder; (iii) the Guarantee is to be a continuing guarantee and accordingly shall remain in operation until all moneys owing in respect of the Notes and the Coupons and under these presents have been paid or satisfied and is in addition to and not in substitution for any other rights which the Trustee or the Noteholders or Couponholders or any of them may have under or by virtue of these presents and may be enforced without first having recourse to any such rights and without taking any steps or proceedings against the relevant Issuer. In particular, the Guarantee may be enforced on each and every occasion on which default is made by the relevant Issuer in payment notwithstanding that any call under this Guarantee may have been made previously by the Trustee or that any proceedings may have been commenced against any of the relevant Guarantor(s) in respect of sums already due under the Guarantee; (iv) the Trustee may from time to time make any arrangement or compromise with the relevant Guarantor(s) or any of them in relation to the Guarantee which the Trustee may think fit; (v) the relevant Guarantor(s) or any of them shall not, without the consent of the Trustee, at any time after default has been made by the relevant Issuer in the payment of any moneys payable by the relevant Issuer in respect of the Notes or the Coupons or under or pursuant to these presents and so long as any moneys payable by the relevant Guarantor(s) in respect of such defaulted moneys remain unpaid, exercise in respect of any amounts paid under the Guarantee any right of subrogation or any other right or remedy which may accrue to the relevant Guarantor(s) in respect of or as a result of such payment; and (vi) if any payment received by the Trustee or any Noteholder or Couponholder pursuant to the provisions of these presents shall, on the subsequent bankruptcy or insolvency of the relevant Issuer or the relevant Guarantor(s) or any of them, be avoided under any laws relating to bankruptcy or insolvency, such payment shall not be considered as having discharged or diminished the liability of the relevant Guarantor(s) or any of them, and the Guarantee shall continue to apply as if such payment had at all times remained owing by the relevant Issuer and the relevant Guarantor(s) shall indemnify the Trustee and the Noteholders and Couponholders, as the case may be, in respect thereof. (B) If any moneys shall become payable by any of the Guarantors under the Guarantee, the relevant Issuer shall not, without the consent of the Trustee, so long as such moneys remain unpaid, pay any moneys for the time being due by the relevant Issuer to any of the Guarantors. (C) In this Clause 8, the expression "relevant Issuer" shall mean the Issuer in respect of which the relevant Guarantor(s) have given their Guarantee.

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A54371967 18 9 Application of moneys received by the Trustee (A) The Trustee shall apply all moneys received by it under these presents in respect of the Notes of any Series: (i) first, in payment or satisfaction of the reasonable costs, charges, expenses and liabilities incurred by the Trustee in or about the preparation and execution of, or in carrying out the terms of, or enforcing the trusts of these presents (including remuneration of the Trustee); (ii) secondly, in or towards payment pari passu and rateably of all arrears of interest remaining unpaid in respect of the Notes of the relevant Series and all principal moneys, redemption amounts and premium (if any) due on or in respect of such Notes; provided that where Notes of more than one Series have become so due and payable, such moneys shall be applied as between the amounts outstanding in respect of the different Series pari passu and rateably (except where such moneys are paid in respect of a specific Series or several specific Series, in which event such moneys shall be applied solely to the amounts outstanding in respect of that Series or those Series respectively); and (iii) thirdly, in payment of the balance (if any) to the relevant Issuer or, in the event that any moneys were received from the relevant Guarantor(s), to the extent of such moneys, to the relevant Guarantor(s) (provided that the Trustee shall not have regard as to how any such moneys are apportioned between the Guarantors). Without prejudice to the provisions of this Clause, if the Trustee shall hold any moneys which represent principal, redemption amount, premium or interest in respect of Notes or Coupons which have become void under Condition 12, the Trustee shall (subject to no sums being then overdue to the Trustee in respect of any Notes or Coupons of any Series and to the payment or provision for the payment or satisfaction of the said costs, charges, expenses and liabilities, including the remuneration of the Trustee) pay the same forthwith to the relevant Issuer (without prejudice to any question as to how such surplus should be dealt with as between the relevant Issuer and any other person for the time being entitled thereto in priority to the relevant Issuer). (B) If more than one Series of Notes has become due and payable, the Trustee shall apportion between the relevant Noteholders the payment of the costs, charges, expenses and liabilities referred to in paragraph (i) of sub-clause (A) of this Clause out of moneys received and held upon trust by the Trustee as aforesaid, in such manner and in such amounts as it shall, in its absolute discretion, consider appropriate. (C) The Trustee shall give not less than 14 days' notice to Noteholders in accordance with the Conditions of the day fixed for any payment to the Noteholders under this Clause 9. 10 Power to retain and invest less than 10 per cent. If the amount of the moneys at any time available for payment in respect of the Notes of any Series under Clause 9 shall be less than one-tenth of the principal amount of the Notes of A54371967 19 such Series then repayable, the Trustee may, at its discretion, invest such moneys on behalf of the persons entitled thereto under Clause 9 upon some or one of the investments hereinafter authorised with power from time to time, at the like discretion, to vary such investments. The income resulting from such investments shall be applied in accordance with Clause 9. However, upon such income reaching an amount such that, if that amount were added to the investment and any other funds for the time being under the control of the Trustee and applicable for the purpose, the total sum would be sufficient to pay at least one tenth of the principal amount of the Notes of such Series then repayable, then such investment and funds shall also be applied under Clause 9. 11 Authorised investments Any moneys which under the trusts herein contained ought to, or may be, invested by the Trustee may be invested in the name or under the control of the Trustee in any of the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments, whether similar to those aforesaid or not, which may be selected by the Trustee or by placing the same on deposit in the name or under the control of the Trustee with such bank or other financial institution as the Trustee may think fit and in such currency as the Trustee may think fit (in the case of any currency other than the Requisite Currency), with the approval of the relevant Issuer (such approval not to be unreasonably withheld) and the Trustee may at any time vary or transfer any of such investments for or into other such investments, subject to the proviso in Clause 22, neither it nor the relevant Issuer nor the relevant Guarantor(s) shall be responsible for any loss occasioned by reason of any such investments or such deposit whether by depreciation in value, fluctuation in exchange rates or otherwise. 12 Indemnification of the Trustee upon enforcement (A) The Trustee shall not be bound to take any steps to enforce the performance of any of the provisions of these presents, the Notes or the Coupons unless (i) it shall have been directed to do so by an Extraordinary Resolution or so requested in writing by the Holders of at least one-fourth in principal amount of the Notes of the relevant Series then outstanding and (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction against all liabilities, proceedings, claims and demands to which it may thereby become liable and all costs, charges and expenses which may be incurred by it in connection therewith. (B) Should the Trustee take any proceedings against any Issuer and/or any Guarantor: (i) proof therein that as regards any specified Note of a particular Series, default has been made in paying any principal, redemption amount, premium and/or, where the same is not paid against presentation of a Note in global form or, as the case may be, a Coupon, interest due in respect of such Note shall (unless the contrary be proved) be sufficient evidence that like default has been made as regards all other Notes of such Series in respect of which a corresponding payment is then due; and (ii) proof therein that as regards any specified Coupon appertaining to a Note of a particular Series, default has been made in paying any interest due to the relevant Couponholders shall (unless the contrary be proved) be sufficient evidence that like default has been made as regards all other Coupons A54371967 20 appertaining to the Notes of such Series in respect of which a corresponding payment is then due. 13 Payment to Noteholders and Couponholders Any payment to be made in respect of the Notes of any Series or the Coupons appertaining thereto by the relevant Issuer or relevant Guarantor(s) or the Trustee may be made in the manner provided in the Conditions and any payment so made shall be a good discharge, pro tanto, to such Issuer, or, as the case may be, such Guarantor or the Trustee. Any payment in full of interest made in respect of a Coupon shall extinguish any claim of a Noteholder which may arise directly or indirectly in respect of such interest. 14 Production of Notes and Coupons Upon any payment to Noteholders or Couponholders under Condition 8 the Note, Coupon or Certificate in respect of which such payment is made shall, if the Trustee so requires, be produced to the Trustee, or the Paying Agent by or through whom such payment is made and the Trustee shall: (A) in respect of a Bearer Note or Coupon, (1) in the case of part payment, enface or cause such Paying Agent to enface a memorandum of the amount and date of payment on such Bearer Note or Coupon (or, in the case of part payment of a Temporary Global Note or Permanent Global Note in NGN form cause the Principal Paying Agent to procure that the ICSDs make appropriate entries in their records to reflect such payment) or (2) in the case of payment in full, shall cancel or procure the same to be cancelled and shall certify or procure the certification of such cancellation but such Paying Agent may, in any particular case, dispense with the production and enfacement of a Bearer Note or Coupon upon such indemnity being given as it shall reasonably think sufficient; and (B) in respect of a Registered Note, (1) in the case of part payment, require the Registrar to make a notation in the Register of the amount and date of payment (and in the case of a Registered Note held under the NSS, procure that the ICSDs make appropriate entries in their records to reflect such payment) or (2) in the case of payment in full, cause the relevant Certificate to be surrendered or shall cancel or procure the same to be cancelled and shall certify or procure the certification of such cancellation. 15 Covenants by the Issuers and the Guarantors Each of the Issuers and the Guarantors (provided that UNUS shall have no liability or obligation under this Clause 15 in respect of any of sub-clauses (B), (D), (Q) and (R) below) hereby covenants with the Trustee that, so long as any of the Notes issued or guaranteed by it remains outstanding, it shall: (A) at all times maintain, while any Notes are outstanding, a Paying Agent (in accordance with the Conditions) and at all times maintain any other agents (including but not limited to any Calculation Agent) required by the Conditions relating to any outstanding Notes all in accordance with the Conditions; (B) upon becoming aware of the same, give notice in writing to the Trustee of the occurrence of any Event of Default in relation to it or any event which, with the lapse A54371967 21 of time and/or the giving of notice and/or the issue of a certificate would constitute an Event of Default in relation to it; (C) within 14 days of any written request by the Trustee and at least once in every year (if practicable at the same time as copies of the balance sheet and accounts mentioned under paragraph (E) below are sent) deliver to the Trustee (in the case of UFN, UCC and PLC) a certificate signed by a director of UFN, UCC or PLC, as the case may be, or some other person duly authorised in that behalf to the effect that to the best of the knowledge, information and belief of such person having made all reasonable enquiries: (i) there did not exist as at a date not more than five days prior to the date of the certificate nor had there existed at any other time prior thereto since the date hereof or since the date as of which the last such certificate was given any Event of Default or any event which, with the lapse of time and/or the giving of notice and/or the issue of a certificate would constitute an Event of Default or, if such an Event of Default or event did then exist or had existed, specifying the same; and (ii) during the preceding financial year (or during such period as the Trustee may specify in such request) and since the completion thereof up to the date mentioned in (i) above each of the Issuers and the Guarantors complied in all material respects with its obligations contained in these presents or, if such is not the case, specifying the respects in which it has not so complied; (D) so far as permitted by law, at all times give to the Trustee such other information as it shall reasonably require for the purpose of the discharge of the duties and discretions vested in it hereunder or by operation of law; (E) send to the Trustee a copy in the English language of every publicly available balance sheet, profit and loss account, report or other notice, statement or circular which is (in each case) issued to its members or stockholders, or as soon as practicable after, the time of the issue thereof; (F) so far as permitted by law, at all times execute all such further documents and do all such further acts and things as may be necessary at any time or times to give effect to the terms and conditions of these presents; (G) oblige the Principal Paying Agent to notify the Trustee forthwith if it does not on or before the due date for repayment of the Notes of any Series or any of them or the due date for payment of the relevant Coupons (if any), receive unconditionally the full amount in the relevant currency of the moneys payable on such due date in respect of all such Notes or Coupons, as the case may be; (H) as soon as reasonably practicable and before the time of publication send, or procure to be sent, to the Trustee four copies of the form of all notices to be given to Noteholders; (I) at all times use their reasonable endeavours to maintain a listing of the Notes on such stock exchange as the Notes are, for the time being, quoted or listed or, if it is unable to do so having used such reasonable endeavours or if the maintenance of such listing is agreed by the Trustee to be unduly onerous, use its reasonable endeavours to obtain and maintain a quotation or listing of the Notes on such other stock exchange or exchanges as they may (with the written approval of the Trustee)

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A54371967 22 decide and shall also use its reasonable endeavours to procure that there will at all times be furnished to any stock exchange on which the Notes are for the time being quoted or listed on the application of the relevant Issuer such information as such stock exchange may require in accordance with its normal requirements or in accordance with any arrangements for the time being made with any such stock exchange; (J) not less than 45 days prior to the redemption date in respect of the Notes of any Series give the Trustee notice of the proposed redemption of the Notes pursuant to Condition 7(b) or 7(c); (K) comply with its obligations under the Paying Agency Agreement and any other agreement (including but not limited to any Calculation Agency Agreement) appointing other agents for the purpose of the Programme and the Dealer Agreement, and use its reasonable endeavours to procure that (i) the Principal Paying Agent and the relevant Calculation Agent comply with all their respective obligations thereunder; and (ii) in respect of each Temporary Global Note which is a NGN, Permanent Global Note which is a NGN or Global Certificate which is held under the NSS, the ICSDs maintain their records in accordance with the relevant ICSD Direct Agreement; (L) if, in accordance with the provisions of Condition 8, interest, principal, premium or other redemption amount in respect of Notes becomes payable at the specified office in the United States of any Paying Agent, promptly give notice thereof to the Noteholders in accordance with Condition 14; (M) in the event of the existence of a serious threat as referred to in Clause 5(c) of the Paying Agency Agreement, when satisfactory arrangements pursuant to Clause 5(c) of the Paying Agency Agreement have been put in place, forthwith, unless the Trustee otherwise agrees, give notice to the relevant Noteholders in accordance with Condition 14 of such arrangements; (N) furnish a copy of the Procedures from time to time in effect to the Trustee; (O) ensure that each Note to be issued or other transaction to be effected hereunder shall comply with all applicable laws and regulations of any governmental or other regulatory authority of the country of any relevant currency for the purposes of any relevant Note and that all necessary consents and approvals of, and registrations and filings with, any such authority in connection therewith are obtained and maintained in full force and effect and copies thereof are supplied promptly to the Trustee; (P) forthwith give notice to the Trustee of the appointment of any new Dealer pursuant to the Dealer Agreement or of any modification to the Dealer Agreement; (Q) forthwith give notice to the Trustee of the Issuer's intention to redenominate Notes in accordance with Condition 8C or exchange Notes in accordance with Condition 8D; and (R) in the event of any Issuer giving any notice to redenominate the Notes of any Series pursuant to Condition 8C(1) or for the exchange of any Notes of any Series for Notes denominated in euro pursuant to Condition 8D, such Issuer shall (unless the Trustee otherwise agrees in writing), not later than the date on which the redenomination will become effective or, as the case may be, the Notes become exchangeable enter A54371967 23 into a deed with the Trustee supplemental to these presents in a form satisfactory to the Trustee which records the terms of any amendments to the Conditions which will arise from such redenomination or exchange and effect any other consequential amendments to these presents which, in the opinion of the Trustee, require to be made to give effect to such redenomination or exchange. 16 Remuneration of the Trustee (A) The relevant Issuer, failing whom the relevant Guarantor(s), shall (subject as hereinafter provided) pay to the Trustee such remuneration as shall be agreed from time to time between the Issuers and the Trustee as remuneration for its services as Trustee under these presents. Such remuneration shall, unless otherwise agreed, be deemed to accrue from day to day and shall be paid annually in arrear. At any time after the occurrence of an Event of Default or in the event of the Trustee finding it necessary or being required to undertake any exceptional duties (or duties otherwise outside the scope of the normal duties of the Trustee under these presents) in the performance of its trusteeship under these presents the relevant Issuer, failing whom the relevant Guarantor(s), shall pay such additional remuneration as shall be agreed between the Trustee and the relevant Issuer (and which may be calculated by reference to the Trustee's normal hourly rates in force from time to time). In the event of the Trustee and the relevant Issuer failing to agree upon whether such duties are of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these presents, or failing to agree upon such increased or additional remuneration, such matters shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the relevant Issuer or, failing such approval, nominated by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fee of such investment bank being shared equally between the Trustee and the relevant Issuer), and the decision of any such investment bank shall be conclusive and binding on the relevant Issuer, the relevant Guarantor(s) and the Trustee. (B) The Trustee shall not be entitled to remuneration in respect of any period after the date on which, all the Notes of any Series having become due for redemption, the redemption moneys (including accrued interest thereon) have been paid to the Trustee, the Principal Paying Agent or otherwise duly provided for to the satisfaction of the Trustee unless, upon due presentation of any Note or Coupon, payment of the moneys due in respect thereof is improperly withheld or refused, in which event remuneration will commence again to accrue. (C) In addition to remuneration hereunder the relevant Issuer, failing whom the relevant Guarantor(s), shall, on written request, pay all other reasonable costs, charges and expenses including travelling expenses which the Trustee may properly incur in relation to the preparation and execution of these presents and the exercise of the powers or the execution of the trusts vested in it by or pursuant to these presents and in any other manner in relation to these presents, including but not limited to legal and travelling expenses and any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any other purpose in relation to, these presents. A54371967 24 (D) The relevant Issuer, failing whom the relevant Guarantor(s), shall indemnify the Trustee (i) in respect of all liabilities and expenses properly incurred by it or any liability or expense properly incurred by any person appointed by it to whom any trust, power, authority or discretion may be delegated by it in the execution or purported execution of the trusts, powers, authorities or discretions vested in it by these presents, provided that in the case of any such delegate the Trustee shall have exercised reasonable care in the selection of such delegate and (ii) against all liabilities, actions, proceedings, costs, claims and demands in respect of any matter or thing properly done or omitted in relation to these presents but shall not be liable to indemnify the Trustee or the Noteholders or Couponholders, as the case may be, against any income tax (or similar taxes) which the Trustee pays or for which the Trustee is liable to account by reason of fees payable in respect of its acting as Trustee pursuance to these presents. (E) All sums payable under sub-clauses (C) and (D) of this Clause shall be payable within 30 days of demand. All sums payable by the relevant Issuer, failing whom the relevant Guarantor(s), under this Clause shall carry interest at a rate equal to two per cent. per annum over the NatWest International Bank Base Rate from time to time from the date 30 days after the date of the same being demanded to the day of payment or (where a demand by the Trustee specifies that payment by the Trustee will be made on an earlier date) from 30 days after such earlier date. If practicable, the Trustee will notify the relevant Issuer, failing which the relevant Guarantor(s), of any expenditure prior to incurring the same but the absence of such notice shall not deprive the Trustee of the right to be reimbursed by the relevant Issuer or the relevant Guarantor(s) to the same extent as the Trustee would be entitled to if prior notification had been given. (F) The relevant Issuer, failing whom the relevant Guarantor(s), shall in addition pay to the Trustee (if so required) an amount equal to the amount of any value added tax or similar tax properly charged in respect of its remuneration hereunder. (G) The Trustee shall be entitled in its absolute discretion to determine in respect of which Series of Notes any costs, charges, expenses or liabilities incurred under these presents have been incurred or to allocate any such costs, charges, expenses or liabilities between the different Series of Notes. (H) Unless otherwise specifically stated in any discharge of these presents the provisions of this Clause 16 shall continue in full force and effect notwithstanding such discharge. (I) All payments to be made by the relevant Issuer, failing whom the relevant Guarantor(s), to the Trustee under these presents shall be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or thereof having power to tax, unless such withholding or deduction is required by law. In that event, the Obligor shall pay such additional amount as will, after such deduction or withholding has been made, leave the Trustee with the full amount which would have been received by it had no such withholding or deduction been required. A54371967 25 17 Modifications and Substitution (A) The Trustee may from time to time and at any time without any consent of the Noteholders or the Couponholders (or, as the case may be, the Holders of the Notes or Coupons of any one or more Series) agree with the relevant Issuer (a) to any modification (other than of the provisos to paragraphs 5 and 6 of the Tenth Schedule hereto or any provision of these presents referred to in those provisos) of these presents which in the opinion of the Trustee is not materially prejudicial to the interests of the Holders of the Notes or, as the case may be, the Holders of the Notes of the relevant Series or (b) to any modification of these presents which is of a formal, minor or technical nature or made to correct a manifest error. In addition, the Trustee shall be obliged to concur with the Issuer in effecting any Benchmark Amendment in the circumstances and as otherwise set out in Condition 6(H) without the consent of the Noteholders or Couponholders. Any such modification or any substitution pursuant to sub-clause (B) of this Clause shall be binding on the Noteholders and the Couponholders and, unless the Trustee otherwise agrees, the relevant Issuer shall cause any such modification or substitution to be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 14. (B) The Trustee shall, without the consent of the Noteholders or the Couponholders (or, as the case may be, the Holders of Notes or Coupons of any one or more Series), agree to the substitution (i) in place of the relevant Issuer (or of any previous substitute under this sub-clause (B)) as the principal debtor in respect of the Notes, Certificates the Coupons and these presents of any Group Company (incorporated in any such case in any country in the world) (a "Group Company Substitution") or (ii) in place of the relevant Issuer as principal debtor or of any of the relevant Guarantor(s) (or any of the previous substitute under this sub-clause (B)) of any successor in business of the relevant Issuer or, as the case may be, any such relevant Guarantor(s) or of any previous substitute hereunder (any substitute under this sub-clause being hereinafter in this sub-clause (B) referred to as the "Substituted Company") provided that: (i) (a) a trust deed is executed or some other form of undertaking is given by the Substituted Company to the Trustee, in form and manner reasonably satisfactory to the Trustee, agreeing to be bound by the terms of these presents, the Notes, the Certificates and the Coupons, with any consequential amendments which the Trustee may deem appropriate, as fully as if the Substituted Company had been named in these presents and on the Notes, Certificates and the Coupons as the principal debtor in place of any such relevant Issuer (or of any such previous Substituted Company) or, as the case may be, as a guarantor in place of the relevant Guarantor (or of any such previous Substituted Company); (b) the Trustee shall be satisfied that the Substituted Company has obtained all necessary governmental and regulatory approvals and consents necessary for its assumption of the obligations and liability as the principal debtor or, as the case may be, a guarantor under these presents and in respect of the Notes, the Certificates and the Coupons

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A54371967 26 in place of the relevant Issuer or any such relevant Guarantor (or of any such previous Substituted Company); (c) in the case of a Group Company Substitution only an unconditional and irrevocable guarantee of (a) UNUS and PLC or, (b) where PLC becomes the principal debtor, UNUS, shall have been given in form and substance satisfactory to the Trustee of the payment of all moneys payable by the Substituted Company under these presents, the Notes, the Certificates and the Coupons; (d) the relevant Issuer and the relevant Guarantor(s) (or, where appropriate, any such previous Substituted Company) and the Substituted Company comply with such other requirements as the Trustee may reasonably direct in the interests of the Holders of the Notes of the relevant Series; (e) if the directors of the Substituted Company (or other officers acceptable to the Trustee) shall certify to the Trustee that it is solvent at the time at which the said substitution is proposed to be effected, the Trustee may rely absolutely on such certificate and shall not be bound to have regard to its financial condition, profits or prospects or to compare the same with those of the relevant Issuer or such relevant Guarantor (or of any previous Substituted Company); and (f) (without prejudice to the generality of sub-paragraphs (a) to (e) inclusive of this paragraph (i)), where the Substituted Company is incorporated, domiciled or resident in, or is otherwise subject generally to the taxing jurisdiction of, or of any authority in, a territory or territories other than the Netherlands, the United Kingdom, the United States or the territory applicable in respect of any previous Substituted Company, undertakings or covenants are given in terms corresponding to the provisions of Condition 9 containing, in substitution for or in addition to (as the case may require) the references to the Netherlands, the United Kingdom, the United States or such territory, as the case may be, references to the territory or territories in which the Substituted Company is incorporated, domiciled or resident or the taxing jurisdiction of which, or of any authority of or in which, the Substituted Company is otherwise subject generally and in the event of any such undertaking or covenant being given the provisions of these presents shall be read and construed accordingly and the provisions of parts (i) to (iv) of Condition 7(b) shall be amended accordingly. (ii) Upon the execution of such documents and compliance with the said requirements: (a) the Substituted Company shall be deemed to be named in these presents and on the Notes, Certificates and the Coupons as principal debtor or, as the case may be, as a guarantor in place of the relevant Issuer or such relevant Guarantor (or of any previous Substituted Company) and these presents and the Notes, Certificates and the Coupons shall thereupon be deemed to be amended in such manner A54371967 27 as expressly specified in any supplement to these presents or, failing which, as shall be necessary to give effect to the substitution and the giving of any guarantee; and (b) in the case of a valid substitution of any of the Issuers (or any such previous Substituted Company), the relevant Issuer (or any such previous Substituted Company) shall be released from any or all of its obligations under these presents and the Notes, Certificates and the Coupons, but without prejudice to the obligations of the relevant Guarantor(s) (or the successor company of any such Guarantor(s)) under the Guarantee or their guarantee; and (y) in the case of the valid substitution of any of the Guarantors (or any such previous Substituted Company), the relevant Guarantor (or any such previous Substituted Company) shall be released from all of its obligations under the Guarantee or such guarantee but without prejudice to the obligations of the remaining Guarantor(s) (or the successor company of any such Guarantor(s)) under the Guarantee or their guarantee. Not later than 15 days after the execution of any such undertaking and guarantee and such other deeds, documents and instruments as aforesaid and compliance with the said requirements of the Trustee, the relevant Issuer or the relevant Guarantor or the previous Substituted Company shall, unless the Trustee agrees otherwise, give notice thereof to the Noteholders in accordance with Condition 14. (iii) In connection with any proposed substitution the Trustee may agree, without consent of the Noteholders (or, as the case may be, the Holders of Notes of the relevant Series) to a change of the law governing the Notes (or, as the case may be, the Notes of the relevant Series) and/or these presents provided that such change would not in the opinion of the Trustee be materially prejudicial to the interests of the Holders of the Notes (or, as the case may be, the Holders of the Notes of the relevant Series). (C) The relevant Issuer and PLC each hereby covenants with the Trustee that, so long as any of the Notes or the Coupons is outstanding, it will not, except where the relevant Issuer or PLC, as the case may be, is the continuing company, merge into, or transfer all or substantially all of its assets or undertaking to, another company ("New Company") unless, inter alia, a trust deed is executed or some other form of undertaking is given by the New Company in form and manner reasonably satisfactory to the Trustee, agreeing to be bound by the terms of these presents, the Notes and the Coupons, with any consequential amendments which the Trustee may deem appropriate as fully as if the New Company had been named in these presents and on the Notes and the Coupons in place of the relevant Issuer or PLC, as the case may be (or of any previous substitute under this Clause), and the following further conditions apply: (i) the relevant Issuer or PLC, as the case may be (or any previous substitute under this Clause), and the New Company shall comply with such other requirements as the Trustee may reasonably direct in the interests of the Notes of the relevant Series; (ii) where the New Company is incorporated, domiciled or resident in, or is otherwise subject generally to the taxing jurisdiction of, or of any authority in, A54371967 28 a territory or territories other than, in the case of UFN, the Netherlands, in the case of UCC, the United States, in the case of PLC, the United Kingdom or, in the case of any previous substitute under this Clause, the applicable territory, undertakings or covenants shall be given by the New Company in terms corresponding to the provisions of Condition 9 with the substitution for the references to the Netherlands, the United States, the United Kingdom or such territory, as the case may be, of references to the territory or territories in which the New Company is incorporated, domiciled or resident or to whose taxing jurisdiction it is subject generally and in the event of any such undertaking or covenant being given the provisions of these presents shall be read and construed accordingly and the provisions of parts (i) to (iv) of Condition 7(b) shall be amended accordingly; (iii) in the case of the merger of, or transfer by, the relevant Issuer or any previous substitute under this Clause, an unconditional and irrevocable guarantee is given by the relevant Guarantor(s) in form and substance satisfactory to the Trustee of the payment of all moneys payable by the New Company under these presents and the Notes of the relevant Series; and (iv) if the directors of the New Company (or other officers acceptable to the Trustee) shall certify to the Trustee that it is solvent at the time at which the said merger or transfer is proposed to be effected, the Trustee may rely absolutely on such certificate and shall not be bound to have regard to the financial condition, profits or prospects of the New Company or to compare the same with those of the relevant Issuer or PLC, as the case may be (or of any previous substitute under this Clause). Any such trust deed or undertaking shall, if so expressed, operate to release the relevant Issuer or PLC, as the case may be, or any such previous substitute as aforesaid, from all of its obligations under the Notes, the Coupons and these presents. Not later than 15 days after the execution of any such documents as aforesaid and after compliance with the said requirements of the Trustee, the relevant Issuer or PLC, as the case may be, or such previous substitute shall give notice thereof to the Noteholders in accordance with Condition 14. Upon the execution of such documents and compliance with the said requirements the New Company shall be deemed to be named in these presents and on the Notes and the Coupons in place of the relevant Issuer or PLC, as the case may be (or of any previous substitute under this sub-clause), under these presents, the Notes and the Coupons, and these presents, the Notes and the Coupons shall be deemed to be amended in such manner as shall be necessary to give effect to the above provisions and without prejudice to the generality of the foregoing references in these presents, in the Notes or in the Coupons to the relevant Issuer or PLC, as the case may be, or such previous substitute shall, where the context so requires, be deemed to be references to the New Company. (D) In connection with any proposed substitution, merger or transfer as aforesaid, the Trustee shall, without prejudice to the generality of the foregoing, not have regard to the consequences of such substitution, merger or transfer for individual Noteholders of the relevant Series resulting from their being for any purpose domiciled or resident in, otherwise connected with, or subject to the jurisdiction of, any particular territory or any political subdivision thereof. A54371967 29 (E) PLC may, at any time, appoint any Group Company to become an Issuer of Notes in accordance with the following provisions of this sub-clause without the consent of the Noteholders or the Couponholders. Any Group Company that is to become an Issuer shall do so under the terms of a supplemental deed in or substantially in the form set out in the Eighth Schedule or in such other form as may be approved in writing by the Trustee (which shall take effect in accordance with its terms), whereby such Group Company agrees to be bound as an Issuer under these presents and the Paying Agency Agreement. PLC undertakes to use all reasonable efforts to procure that all such acts and things are done as may be necessary or desirable to ensure the due execution and delivery of such supplemental deed by each such Group Company and that each such Group Company becomes bound by such provisions of these presents and the Paying Agency Agreement as are expressed to be assumed by it in such supplemental deed. The Trustee shall be entitled to rely on the legal opinions referred to in such supplemental deed but otherwise shall not be bound to enquire into the financial condition of any such Group Company or to make any investigation into, or to satisfy itself in any way in relation to the valid existence of, any such Group Company, its power or capacity to enter into such supplemental deed or to perform its obligations under these presents or the Paying Agency Agreement, the due authorisation, execution or delivery of such supplemental deed or performance of any such obligations by such Group Company, the obtaining of any necessary consents or authorisations for such execution, delivery or performance, the taking of any action (including any necessary registration or filing) required to ensure the enforceability as against such Group Company of any obligations expressed to be assumed by it under these presents or the Paying Agency Agreement. (F) If (i) the Trustee does not have actual knowledge or express notice that any Event of Default or any event which, with the lapse of time and/or the giving of notice and/or the issue of a certificate, would constitute an Event of Default has occurred and is continuing and (ii) the relevant Issuer has outstanding Notes issued by it, the Substituted Company (which if not an Issuer shall have become an Issuer pursuant to sub-clause (B) of this Clause) shall have assumed the obligations of such Issuer pursuant to sub-clause (B) of this Clause, the Trustee shall forthwith execute and deliver a supplemental deed in or substantially in the form set out in the Ninth Schedule or in such other form as may be approved by the Trustee whereby such Issuer is released from its covenants and other obligations under these presents. 18 Redemption, Purchase and Cancellation (A) All Notes redeemed or purchased by or on behalf of any of the Issuers, the Guarantors or any Group Company together with all unmatured Coupons attached thereto or surrendered therewith, and all Coupons paid in accordance with and in the manner provided in the Conditions, shall be cancelled forthwith by or on behalf of the relevant Issuer save that the purchaser may elect in the case of Notes so purchased to hold or resell such Notes, together with all unmatured Coupons attached thereto. The relevant Issuer shall, within seven days after being so requested in writing by the Trustee, procure that a certificate stating (i) the amounts paid in respect of Notes and Coupons so redeemed or paid and cancelled, (ii) the certificate numbers of Notes so redeemed, purchased and cancelled and (iii) the total number and maturity dates of such cancelled Coupons shall, within such seven

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A54371967 30 day period, be given to the Trustee by the Principal Paying Agent or the Registrar, as applicable, provided, other than where such Notes are represented by a NGN or a Global Note held under the NSS, delivery thereof to the Principal Paying Agent or the Registrar has been made by any such purchaser as soon as reasonably practicable after the date of such redemption, purchase and cancellation or payment (as the case may be). In the case of purchase and/or cancellation of a Temporary Global Note which is a NGN, a Permanent Global Note which is a NGN or a Global Note held under the NSS, the relevant Issuer shall procure, in accordance with the terms of the Paying Agency Agreement, that the Principal Paying Agent or the Registrar, as the case may be, instructs the ICSDs to make appropriate entries in their respective records to reflect such purchase and/or cancellation. PLC shall, within seven days after being so requested in writing by the Trustee, deliver a certificate in writing signed by a duly authorised signatory thereof setting out the total numbers and aggregate nominal amount of Notes of each Series which up to and including the date of such certificate are held beneficially at such date by the Issuers, the Guarantors or any Group Company, but which have not been cancelled. Such certificates may be accepted by the Trustee as conclusive evidence of: (a) repayment or discharge pro tanto of the Notes and of payment of Coupons; or (b) beneficial ownership of the relevant Notes by the Issuers, the Guarantors or any Group Company. (B) The relevant Issuer shall procure that there shall be kept a full and complete record of all Notes, Certificates and Coupons (other than certificate numbers of Coupons) and their redemption, payment, purchase and cancellation and of all replacement Notes, Certificates or Coupons issued in substitution for mutilated, lost, stolen or destroyed Notes, Certificates or Coupons and the relevant Issuer shall further procure that such record shall be made available to the Trustee, within seven days after being so requested in writing by the Trustee. 19 Noteholders to be treated as holding all Coupons (A) Wherever in these presents the Trustee is required or entitled to exercise a trust, power, authority or discretion by reference to the interests of the Noteholders or any of the same (or, as the case may be, the Holders of the Notes of the relevant Series or any of the same), the Trustee shall assume that each Noteholder is the Holder of all Coupons appertaining to each Note of such Series of which he is the Holder. (B) Each of the Trustee, the Paying Agents, the relevant Issuer and the relevant Guarantor(s) (whether or not it is overdue and regardless of any notice of ownership or writing thereon, or notice of any previous theft or loss thereof) shall for the purpose of making payments and for all other purposes (save as provided in (ii) below) be entitled to deem and treat: (i) the bearer of any Note in global form or Definitive Note or the relative Coupon; and (ii) in the case of any Notes in global form, for the purpose only of the exercise by the Trustee of all rights, duties, discretions, powers and authorities imposed or conferred on the Trustee which are to be exercised or performed by reference to or in favour of Noteholders but not for any other purpose, A54371967 31 each person for the time being shown in the records of an ICSD or any other relevant clearing system as having a particular nominal amount of any Notes in global form credited to his securities account, as the absolute owner thereof and of all rights thereunder free from encumbrances and shall not be required to obtain proof of such ownership (other than, in the case of any person for the time being so shown in the records of an ICSD or any other relevant clearing system, a certificate or letter of confirmation signed on behalf of an ICSD or the relevant clearing system, or any such certificate or document which may comprise a statement or print-out of electronic records provided by Euroclear's EUCLID and/or Easy-Way System or Clearstream, Luxembourg's Cedrom System or any other relevant clearing system) as to the identity of the bearer of any Definitive Notes or Coupon. 20 No notice to Couponholders None of the relevant Issuer, the relevant Guarantor(s), nor the Trustee shall be required to give any notice to the Couponholders for any purpose under these presents and the Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with Condition 14. 21 Trustee may enter into other transactions with PLC or any of its group companies No Trustee and no director or officer of any corporation being a trustee of these presents shall by reason of the fiduciary position of such trustee be in any way precluded from making any contracts or entering into any transactions in the ordinary course of business with PLC or any of its group companies, whether directly or through any other Group Company or associated company, or from accepting the trusteeship of any other debenture stock, debentures or securities of PLC or any of its group companies or any company in which UFN, UCC, PLC or UNUS, as the case may be, is interested and without prejudice to the generality of these provisions it is expressly declared that such contracts and transactions may include any contract or transaction in relation to the placing, underwriting, purchasing, subscribing for or dealing with or lending money upon or making payments in respect of the Notes or any other stock, shares, debenture stock, debentures or other securities of PLC or any of its group companies or any company in which UFN, UCC, PLC or UNUS, as the case may be, is interested or any contract or banking or insurance with PLC or any of its group companies and neither the Trustee nor any such director or officer shall be accountable to the Noteholders or Couponholders or PLC or any of its group companies for any profit, fees, commissions, interest, discounts or share of brokerage earned, arising or resulting from any such contracts or transactions and the Trustee and any such director or officer shall also be at liberty to retain the same for its or his own benefit. 22 Provisions supplemental to the Trustee Act 1925 and the Trustee Act 2000 in favour of the Trustee By way of supplement to the Trustee Act 1925 and the Trustee Act 2000 (the "Trustee Acts") it is expressly declared as follows: (A) the Trustee may in relation to these presents act on the opinion or advice of or a certificate or any information obtained from any lawyer, banker, valuer, surveyor, A54371967 32 broker, auctioneer, accountant or other expert in the Netherlands, the United Kingdom, the United States or elsewhere (whether obtained by the Trustee, UFN, UCC, PLC, UNUS, any Group Company or any Paying Agent) and shall not be responsible for any loss occasioned by so acting; any such opinion, advice, certificate or information may be sent or obtained by letter or facsimile copy and the Trustee shall not be liable for acting on any opinion, advice, certificate or information purporting to be so conveyed although the same shall contain some error or shall not be authentic; (B) the Trustee shall be at liberty to accept a certificate signed by (i) any Director or other person duly authorised of UFN, UCC or PLC (as the case may be) or (ii) the President, any Vice President or the Treasurer or other person duly authorised of UNUS as to any fact or matter prima facie within the knowledge of UFN, UCC, PLC or, as the case may be, UNUS as sufficient evidence thereof and a like certificate to the effect that any particular dealing or transaction or step or thing is, in the opinion of the person so certifying, expedient as sufficient evidence that it is expedient and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any loss that may be occasioned by its failing so to do; (C) the Trustee shall (save as expressly otherwise provided herein) as regards all the trusts, powers, authorities and discretions vested in it by these presents or by operation of law have absolute and uncontrolled discretion as to the exercise or non- exercise thereof and, provided it shall not have acted fraudulently, the Trustee shall not be responsible for any loss, costs, damages, expenses or inconvenience that may result from the exercise or non-exercise thereof; (D) the Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trust as the Trustee may determine, including for the purpose of depositing with a custodian these presents and all deeds and other documents relating to these presents or the notes of any series, and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder, or be bound to supervise the proceedings or acts of any such person; the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer; (E) the Trustee as between itself, the Noteholders and the Couponholders shall have full power to determine all questions and doubts arising in relation to any of the provisions of these presents and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee, the Noteholders and the Couponholders; (F) the Trustee shall not be responsible for acting upon any resolution purporting (i) to have been passed at any meeting of the Noteholders (or, as the case may be, the Noteholders of any Series) in respect whereof minutes have been made and signed or (ii) to be a written resolution or electronic consent made in accordance with the Tenth Schedule, even though it may subsequently be found that there was some defect in the constitution of the meeting or the passing of the resolution or that for any reason the resolution was not valid or binding upon the Noteholders and/or the relative Couponholders (or, as the case may be, the Noteholders of any Series and the Couponholders (if any)); A54371967 33 (G) the Trustee may, in the conduct of the trust business, instead of acting personally, employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money) and the Trustee shall not be responsible for any misconduct on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; (H) any trustee being a banker, lawyer, broker or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of these presents and also his reasonable and properly incurred charges in addition to disbursements for all other work and business done and all time spent by him or his partner or firm on matters arising in connection with these presents, including matters which might or should have been attended to in person by a trustee not being a banker, lawyer, broker or other professional person; (I) the Trustee shall not be responsible for the receipt or application by the relevant Issuer of the proceeds of the issue of the Notes of any Series, the exchange of any Temporary Global Note for a Permanent Global Note or, as the case may be, Definitive Notes or the exchange of any Permanent Global Note for Definitive Notes or the exchange of any Global Certificates for Individual Certificates or for the delivery of the Definitive Notes to the persons entitled thereto; (J) the Trustee shall not be liable to the relevant Issuer or the relevant Guarantor(s) or any Noteholder or Couponholder by reason of having accepted as valid or not having rejected any Note, Certificate or Coupon purporting to be such and subsequently found to be forged or not authentic; (K) the Trustee shall not (unless ordered so to do by a court of competent jurisdiction) be required to disclose to any Noteholder or Couponholder confidential, financial or other information made available to the Trustee by any Issuer and/or any Guarantor in connection with these presents and no Noteholder or Couponholder shall be entitled to take any action to obtain from the Trustee any such information; (L) where it is necessary or desirable for any purpose in connection with these presents to convert any sum from one currency to another it shall (unless otherwise provided by these presents or required by law) be converted at such rate or rates, in accordance with such method and as at such date for the determination of such rate of exchange, as may be specified by the Trustee in its absolute discretion but having regard to current rates of exchange, if available, and any rate, method and date so specified shall be binding on the relevant Issuer, the relevant Guarantor(s), the Noteholders and the Couponholders; (M) any consent given by the Trustee for the purposes of these presents may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit; (N) whenever in these presents the Trustee is required in connection with any exercise of its powers, trusts, authorities or discretions to have regard to the interests of the Noteholders, (or, as the case may be, the Holders of the Notes of any one or more Series) it shall have regard to the interests of such Noteholders as a class and in particular, but without prejudice to the generality of the foregoing, shall not be obliged

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A54371967 34 to have regard to the consequences of such exercise for any individual Noteholder resulting from his or its being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim from the relevant Issuer or the relevant Guarantor(s) any indemnification or payment in respect of any tax consequence of any such exercise upon any individual Noteholder or Couponholder; (O) the Trustee may call for and shall be at liberty to accept and place full reliance on as sufficient evidence thereof and shall not be liable to any Issuer, any Guarantor or any Noteholder or Couponholder by reason only of either having accepted as valid or not having rejected an original certificate or letter of confirmation purporting to be signed on behalf of an ICSD or any other relevant clearing system or any form of record made and verified by either of them to the effect that at any particular time or throughout any particular period any particular person is, was or will be shown in its records as having a particular nominal amount of Notes of a particular Series credited to his securities account; and (P) no provision of the Trust Deed or the Conditions shall require the Trustee to do anything which may in its opinion be illegal or contrary to applicable law or regulation. Provided nevertheless that none of the provisions of these presents shall in any case in which the Trustee has failed to show the degree of care and diligence required of it, having regard to the provisions of these presents conferring on the Trustee any powers, authorities or discretions, relieve or indemnify the Trustee against any liabilities which by virtue of any rule of law would otherwise attach to it in respect of any negligence, default, breach of duty or breach of trust of which it or any of its employees, agents or delegates may be guilty in relation to its duties under these presents. 23 Disapplication Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by these presents. Where there are any inconsistencies between the Trustee Acts and the provisions of these presents, the provisions of these presents shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. 24 Trustee entitled to assume due performance Except as herein otherwise expressly provided the Trustee shall be and is hereby authorised to assume without enquiry, in the absence of knowledge or express notice to the contrary, that each of the Issuers and the Guarantors is duly performing and observing all the covenants and provisions contained in these presents relating to the Issuers and/or the Guarantors (as the case may be) and on their respective parts to be performed and observed and that no event has happened upon the happening of which any of the Notes of any Series may become repayable. 25 Waiver The Trustee may, without prejudice to its rights in respect of any subsequent breach, condition, event or act, from time to time and at any time, but only if and in so far as in its A54371967 35 opinion the interests of the Noteholders (or, as the case may be, the Holders of Notes of the relevant Series) shall not be materially prejudiced thereby, authorise or waive, on such terms and conditions (if any) as shall seem expedient to it, any proposed breach or breach of any of the covenants or provisions contained in these presents or the Notes or Coupons (or, as the case may be, the Notes of such Series and the relative Coupons) or determine, in relation to any Series, that any condition, event or act which constitutes, or which with the giving of notice and/or the lapse of time and/or the issue of a certificate would constitute, but for such determination, an Event of Default for the purposes of these presents shall not do so provided always that the Trustee shall not exercise any powers conferred upon it by this Clause in respect of the Notes of any Series in contravention of any express direction by an Extraordinary Resolution of the Notes of such Series then outstanding (but so that no such direction or request shall affect any authorisation, waiver or determination previously given or made). Any such waiver, authorisation or determination shall be binding on the Noteholders and the Couponholders (or, as the case may be, the Holders of the Notes and Coupons of such Series) and if, but only if, the Trustee shall so require, shall be notified by the relevant Issuer to the Noteholders (or, as the case may be, the Holders of Notes of such Series) in accordance with Condition 14 as soon as practicable thereafter. 26 Power to delegate The Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in it by these presents, act by responsible officers or a responsible officer for the time being of the Trustee and the Trustee may also whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person or persons all or any of the trusts, powers, authorities and discretions vested in it by these presents and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate) as the Trustee may think fit in the interests of the Noteholders (or, as the case may be, the Holders of Notes of any one or more Series) and provided that the Trustee shall have exercised reasonable care in the selection of such delegate and subject to the proviso in Clause 22, it shall not be bound to supervise the proceedings and shall not in any way or to any extent be responsible for any loss incurred by any misconduct or default on the part of such delegate or sub-delegate. The Trustee shall give prompt notice to the relevant Issuer of the appointment of any delegate as aforesaid and shall procure that any delegate shall also give prompt notice to the relevant Issuer or any sub-delegate. 27 Competence of a majority of Trustees Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the trusts, powers, authorities and discretions vested by these presents in the Trustee generally. 28 Appointment of New Trustees (A) The power of appointing new trustees shall be vested in the Issuers but, subject to sub-clause (B) of this Clause, no person shall be appointed as Trustee in relation to any Series who shall not previously have been approved by an Extraordinary Resolution of the Holders of Notes of that Series. A trust corporation may be appointed sole trustee of the presents but subject thereto there shall be at least two trustees of these presents one at least of which shall be a trust corporation. Any A54371967 36 appointment of a new trustee hereof shall as soon as practicable thereafter be notified by the Issuers to the Paying Agents and to the Noteholders. The Noteholders shall together have the power, exercisable by Extraordinary Resolution, to remove any trustee or trustees for the time being of these presents. The removal of any trustee shall not become effective unless there remains a trustee of these presents (being a trust corporation) in office after such removal. (B) Notwithstanding the provisions of sub-clause (A) of this Clause, the Trustee may, upon giving prior notice to but without the consent of the Issuers or the Guarantors or the Noteholders or Couponholders (or, as the case may be, the Holders of Notes or Coupons of any one or more Series), appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Trustee (i) if the Trustee considers such appointment to be in the interests of the Holders of the Notes of the relevant Series or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts are to be performed. The Issuers hereby irrevocably appoint the Trustee to be their attorney in their name and on their behalf to execute any such instrument of appointment. Such person shall (subject always to the provisions of these presents) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee by these presents) and such duties and obligations as shall be conferred on or imposed by the instrument of appointment (which shall include all relevant obligations which are imposed on the Trustee). The Trustee shall have power in like manner to remove any such person. Such reasonable remuneration as the Trustee may pay to any such person, together with any attributable costs, charges and expenses incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of these presents be treated as costs, charges and expenses incurred by the Trustee. 29 Retirement of Trustees (A) Any Trustee for the time being of these presents may retire at any time upon giving not less than three months' notice in writing to each Issuer and each Guarantor without assigning any reason and without being responsible for any costs occasioned by such retirement. The retirement of any Trustee shall not become effective unless there remains a trustee of the presents (being a trust corporation) in office after such retirement. Each of the Issuers covenants that in the event of a trustee giving such notice under this Clause it shall use its best endeavours to procure a new trustee to be appointed. (B) Where there are outstanding separate Series of Notes constituted by this Deed the powers conferred upon the Issuers and the Guarantors, the Noteholders and the Trustee by Clause 28 and sub-clause (A) of this Clause 29 shall, at the discretion of the person exercising such power, be capable of being exercised, and shall be effective where so expressed to be exercised, to enable a new trustee to be appointed, a trustee to be removed, a trustee to retire and a separate trustee or co- trustee to be appointed separately in relation to each such separate Series of Notes as aforesaid, and "Trustee" as used in this Deed shall be construed accordingly. In the event of the foregoing provisions of this sub-clause (B) resulting in there being more than one Trustee at any one time, executed originals of this Deed and all other original documentation shall be held by or to the order of The Law Debenture Trust A54371967 37 Corporation p.l.c. if still trustee of any of the said separate Series of the Notes, or by such one of the trustees as the Issuers or Guarantors may, subject to any contrary direction of the Noteholders of the relevant Series by Extraordinary Resolution, from time to time designate. 30 Powers of the Trustee are additional The powers conferred by these presents upon the Trustee shall be in addition to any powers which may from time to time be vested in it by general law or as the Holder of any of the Notes or Coupons. 31 Currency Indemnity (A) If a judgment or order is rendered by a court of any particular jurisdiction for the payment of any amounts owing to the Trustee or any of the Noteholders or, as the case may be, Couponholders under these presents or any of the Notes or Coupons or under a judgment or order of a court of any other jurisdiction in respect thereof or for the payment of damages in respect of either thereof and any such judgment or order is expressed in a currency (in this Clause referred to as the "Judgment Currency") other than the currency in which such amounts are so owing (the "relevant currency") and the Trustee or the Noteholders or, as the case may be, Couponholders do not have an option to have such judgment or order of such court expressed in the relevant currency, the relevant Issuer (failing which the relevant Guarantor(s)) shall be liable, as a separate and independent obligation, to indemnify and hold the Trustee and the Noteholders and Couponholders harmless against any deficiency arising or resulting from any variation between (1) the rate of exchange applied in converting any amount expressed in the relevant currency into the Judgment Currency for the purposes of such judgment or order and (2) the rate of exchange of the Judgment Currency for the relevant currency as at the date or dates of discharge of the said judgment or order. (B) If as a result of any judgment expressed in a Judgment Currency as is referred to in sub-clause (A) of this Clause and a variation in rates of exchange as therein mentioned the amount received by the Trustee, if converted on the date of payment into the relevant currency, would yield a sum in excess of the sum (expressed in the relevant currency) due to the Trustee, the Trustee shall hold such excess to the order of the relevant Issuer. 32 Notices Any notice or demand to any Issuer, or any Guarantor or the Trustee or any approval or certificate of the Trustee required to be given, made or served for any purpose of these presents shall be given, made or served by sending the same by pre-paid post (first-class if inland, airmail if overseas), electronic communication or by delivering the same by hand as follows: if to Unilever Finance Netherlands B.V.: Address: Weena 455 3013 AL Rotterdam the Netherlands

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A54371967 38 Tel: +31 10 217 4000 Email: emily.craske@unilever.com and rebecca.rigby@unilever.com Attention: Company Secretarial Department if to Unilever PLC: Address: Unilever House 100 Victoria Embankment London EC4Y 0DY Tel: +44 20 7822 5252 Email: emily.craske@unilever.com and rebecca.rigby@unilever.com Attention: Group Secretary if to Unilever Capital Corporation: Address: 700 Sylvan Avenue Englewood Cliffs New Jersey 07632 United States of America Tel: +1 855 983 7830 Email: natalia.cavaliere@unilever.com, david.schwartz@unilever.com, legalnotices.us@unilever.com Attention: Corporate & Transactions Team if to Unilever United States, Inc.: Address: 700 Sylvan Avenue Englewood Cliffs New Jersey 07632 United States of America Tel: +1 885 983-7830 Email: natalia.cavaliere@unilever.com, david.schwartz@unilever.com, legalnotices.us@unilever.com Attention: Corporate & Transactions Team A54371967 39 if to the Trustee to: Address: Eighth Floor 100 Bishopsgate London EC2N 4AG Email: trust.solutions@lawdeb.com Attention: The Manager, Commercial Trusts (ref: 6671) or at such other address as shall have been notified (in accordance with this Clause) by the party in question to the other parties hereto for the purposes of this Clause and any notice sent by post as provided in this Clause shall be deemed to have been given, made or served 48 hours (in the case of inland post) or 14 days (in the case of overseas post) after despatch, (if in writing) when delivered and (if by electronic communication) when the relevant receipt of such communication being read is given, or where no read receipt is requested by the sender, at the time of sending, provided that no delivery failure notification is received by the sender within 24 hours of sending such communication. A notice given under this Trust Deed but received on a day which is not a Business Day (as defined in the Sixth Schedule to this Trust Deed) or after 5.00 p.m. on a Business Day in the place of receipt will only be deemed to be given on the next Business Day in that place. In the case of a notice or demand to any Issuer, a copy of such notice or demand shall, in addition, be given, made or served hereunder to each of the Guarantors. 33 Contracts (Rights of Third Parties) Act 1999 The parties to this Trust Deed do not intend that any term of this Trust Deed should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this Trust Deed. 34 Governing Law These presents, the Notes and the Coupons, and any non-contractual obligations arising out of or in connection with them, shall be governed by, and construed in accordance with, English law and, in relation to all claims arising hereunder, whether contractual or non-contractual, UFN, UCC and UNUS severally agree that the courts of England are to have jurisdiction to settle any such claim and that accordingly any suit, action or proceedings arising hereunder (together referred to as "Proceedings") may be brought in such courts. Nothing contained in this Clause shall limit any right to take Proceedings against UFN, UCC, UNUS or PLC in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. Each of UFN, UCC and UNUS irrevocably agrees that any Proceedings in England or any demand or any notice in respect of Notes may be made or served on it by the same being posted in a prepaid registered or recorded delivery letter addressed to it at the address set out in Clause 32 for the time being of PLC (or at such other office as it may have notified in writing to the Trustee and as the Trustee shall from time to time have approved) and marked for the attention of the Group Secretary of PLC or such other official of PLC as UFN, UCC or, as the case may be UNUS may have notified in writing to the Trustee and the Trustee shall from time to time have approved. A54371967 40 In witness whereof this Trust Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on the date first above written. A54371967 41 The First Schedule Form of Temporary Global Note Series Number: [●] Serial Number: [●] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1 THIS GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED HEREIN HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] TEMPORARY GLOBAL NOTE representing up to [Aggregate principal amount of Series] [Title of Notes] irrevocably and unconditionally guaranteed by [UNILEVER PLC][UNILEVER UNITED STATES, INC.] [(incorporated with limited liability under the laws of England)][(incorporated with limited liability under the laws of the state of Delaware)] This Temporary Global Note is issued in respect of [principal amount of Temporary Global Note] in principal amount of an issue of [aggregate principal amount of Series] in aggregate principal amount of [title of Notes] (the "Notes") by [name of Issuer] (the "Issuer") and has the benefit of the guarantee of [●] (the "Guarantor[s]") contained in the Trust Deed as defined below. The Notes are constituted by a trust deed dated 22 July 1994 (the "Trust Deed", which expression shall include any amendments or supplements thereto) made between the Issuer and the other parties named therein as issuers, the Guarantor[s] and the other parties named therein as guarantors and The Law Debenture Trust Corporation p.l.c. (the "Trustee", which expression shall include any successor to The Law Debenture Trust Corporation p.l.c. in its capacity as such for the holders of Notes from time to time). The Issuer for value received promises, all in accordance with the Conditions (as defined in the Trust Deed) and the final terms or the pricing supplement (as applicable) (the "Final Terms") prepared in relation to the Notes to pay to the bearer upon surrender hereof on [maturity date] or on such earlier 1 Include bracketed language on all Notes with maturities of more than 365 days.

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A54371967 42 date as the same may become payable in accordance therewith the principal sum of [denomination in words and numerals] or such other redemption amount as may be specified therein [and to pay in arrear on the dates specified therein interest on such principal amount at the rate or rates specified therein] all subject to and in accordance with the Conditions. If the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Temporary Global Note shall be aggregate amount from time to time entered in the records of both Euroclear Bank SA/NV and Clearstream Banking S.A. (together, the "ICSDs"). The records of the ICSDs (which expression in this Temporary Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers' interests in the Notes represented by this Temporary Global Note) shall be conclusive evidence of the nominal amount of Notes represented by this Temporary Global Note and, for these purposes, a statement issued by an ICSD stating the nominal amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence of the records of such ICSD at that time. If the applicable Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by this Temporary Global Note shall be the amount stated in the applicable Final Terms or, if lower, the nominal amount most recently entered by or on behalf of the Issuer in the relevant column in the Schedule hereto. Except as specified herein, the bearer of this Temporary Global Note is entitled to the benefit of the same obligations on the part of the Issuer as if such bearer were the bearer of the Notes represented hereby, and all payments under and to the bearer of this Temporary Global Note shall be valid and effective to satisfy and discharge the corresponding liabilities of the Issuer in respect of the Notes. On or after the date (the "Exchange Date") which is 40 days after the original issue date of the Notes, upon notice being given to the Principal Paying Agent, not earlier than the Exchange Date in substantially the form set out in Annex 1 hereto, by an ICSD acting on the instructions of any holder of an interest in this Temporary Global Note, this Temporary Global Note is exchangeable in whole or in part for, as specified in the applicable Final Terms, either (a) either, if the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note, interests recorded in the records of the ICSDs in a Permanent Global Note or, if the applicable Final Terms indicated this Temporary Global Note is not intended to be a New Global Note, a permanent global note (the "Permanent Global Note") representing the Notes and in substantially the form (subject to completion) set out in the Second Schedule to the Trust Deed or (b) definitive notes ("Definitive Notes") in substantially the form (subject to completion) set out in the Third Schedule to the Trust Deed. On an exchange of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to or to the order of Deutsche Bank AG, London Branch as principal paying agent (the "Principal Paying Agent", which expression shall include any successor to Deutsche Bank AG, London Branch in its capacity as such at its specified office in relation to the Notes). The Issuer shall procure that: (a) if the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note and this Temporary Global Note is to be exchanged for a Permanent Global Note, on an exchange of the whole or part only of this Temporary Global Note, details of such exchange shall be entered pro rata in the records of the ICSDs such that the nominal amount of Notes represented by this Temporary Global Note shall be reduced by the nominal amount of this Temporary Global Note so exchanged; or A54371967 43 (b) if the applicable Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note or if the applicable Final Terms indicate that this Temporary Global Note is intended to be a New Global Note and this Temporary Global Note is to be exchanged for Definitive Notes, on an exchange of part only of this Temporary Global Note details of such exchange shall be entered by or on behalf of the Issuer in the Schedule hereto, whereupon the nominal amount of this Temporary Global Note and the Notes represented by this Temporary Global Note shall be reduced by the nominal amount of this Temporary Global Note so exchanged. On any exchange of this Temporary Global Note for a Permanent Global Note, details of such exchange shall be entered by or on behalf of the Issuer in the Schedule to the Permanent Global Note. If interests in a Temporary Global Note are exchanged for a Permanent Global Note as provided above, interests in such Permanent Global Note may thereafter be exchanged for Definitive Notes, as provided above. [Payments of interest otherwise falling due before the Exchange Date will be made only: (a) upon presentation of the Temporary Global Note to the Principal Paying Agent at its specified office in relation to the Notes provided that no such presentation shall be required if the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note; and (b) upon or to the extent of delivery to the Principal Paying Agent of a certificate or certificates issued by Euroclear Bank SA/NV or Clearstream Banking S.A. or the operator of any other relevant clearing system and dated not earlier than the relevant interest payment date in substantially the form set out in Annex II hereto.] [On any occasion on which a payment of interest is made in respect of this Temporary Global Note, the Issuer shall procure that either: (a) if the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note, details of such payment shall be entered in the records of the ICSDs; or (b) if the applicable Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note, the same is noted on the Schedule hereto.] On any occasion on which a payment of principal or redemption amount is made in respect of this Temporary Global Note or on which Notes represented by this Temporary Global Note are to be cancelled, the Issuer shall procure that: (a) if the applicable Final Terms indicates that this Temporary Global Note is intended to be a New Global Note, details of such payment, redemption or cancellation (as the case may be) shall be entered pro rata in the records of the ICSDs and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the ICSDs and represented by this Temporary Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed and cancelled or by the aggregate amount of the Notes in respect of which such payment is made (or, in the case of partial payment, the corresponding part thereof); and (b) if the applicable Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note, (i) the aggregate principal amount of the Notes in respect of which such payment is made (or, in the case of a partial payment, the corresponding part thereof) or which are delivered in definitive form or which are to be cancelled and (ii) the remaining principal amount of this Temporary Global Note (which shall be the previous principal amount A54371967 44 hereof less the amount referred to at (i) above) are noted on the Schedule hereto, whereupon the principal amount of this Temporary Global Note shall for all purposes be as most recently so noted. Payments due in respect of Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary Global Note and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. This Temporary Global Note, and any non-contractual obligations arising out of or in connection with it, is governed by, and will be construed in accordance with, English law. [The Issuer has, in the Trust Deed, agreed, for the benefit of the Trustee and the Holders of the Notes that the courts of England shall have jurisdiction to hear and determine any suit, action or proceedings which may arise out of or in connection with the Trust Deed or the Notes (including a claim or dispute relating to any non-contractual obligations arising out of or in connection with the Trust Deed or the Notes) ("Proceedings") and, for such purposes, irrevocably submitted to the jurisdiction of such courts. The Issuer has, in the Trust Deed, agreed that the process by which any Proceedings in England are begun may be served on it by being posted in a prepaid registered or recorded delivery letter addressed to it at the address set out in Clause 32 of the Trust Deed of Unilever PLC. Nothing contained herein or in the Trust Deed shall affect the right to serve process in any other manner permitted by law. The submission to the jurisdiction of the courts of England shall not (and shall not be construed so as to) limit the right of the Trustee or Holders of the Notes or any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law preclude the taking of proceedings in any other jurisdiction.]2 This Temporary Global Note shall not be valid for any purpose until authenticated for and on behalf of Deutsche Bank AG, London Branch as Principal Paying Agent and, if the applicable Final Terms indicate that this Temporary Global Note is intended to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility or (ii) in respect of which the Issuer has notified the Principal Paying Agent that effectuation is to be applicable, effectuated by the entity appointed as common safekeeper by the ICSDs. As witness the manual signature of a duly authorised officer on behalf of the Issuer. [Name of Issuer] By [manual signature] (duly authorised) Name: Title: ISSUED in London as of [●] [●] 2 Insert where Issuer is not incorporated in England and Wales. A54371967 45 AUTHENTICATED for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH as Principal Paying Agent without recourse, warranty or liability By [manual signature] (duly authorised) Name: Title: [EFFECTUATED without recourse, warranty or liability by By as common safekeeper [manual signature]3 Name: Title: 3 Effectuation is only required if this Temporary Global Note is a New Global Note (i) which is intended to be a Eurosystem- eligible New Global Note, as specified in the applicable Final Terms or (ii) in respect of which the Issuer has instructed the Principal Paying Agent that effectuation is to be applicable.

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A54371967 46 The Schedule4 Payments, Delivery of Definitive Notes, Exchange for Permanent Global Note and Cancellation of Notes Date of payment, delivery or cancellation Amount of interest then paid Amount of principal or, as the case may be, redemption amount then paid Aggregate principal amount of Definitive then delivered Aggregate principal amount of this Temporary Global Note then exchanged for the Permanent Global Note Aggregate principal amount of Note then cancelled Remaining principal amount of this Temporary Global Note Authorised Signatory 4 This Schedule should only be completed where the applicable Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note. A54371967 47 Annex I [Form of certificate to be given in relation to exchanges of this Temporary Global Note for the Permanent Global Note or Definitive Notes:] [Name of Issuer] [Aggregate principal amount and title of Notes] This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our "Member Organisations") substantially to the effect set forth in the Trust Deed dated 22 July 1994 as amended, restated or supplemented from time to time, as of the date hereof [●] principal amount of the above-captioned Securities (i) is owned by persons that are not (a) citizens or residents of the United States, (b) domestic partnerships, (c) domestic corporations or other entities taxable as corporations, (d) estates, the income of which is subject to United States federal income taxation regardless of its source, or (e) trusts if they (x) are subject to the primary supervision of a court within the United States and one or more "United States persons" within the meaning of the Internal Revenue Code of 1986, as amended, have the authority to control all of each such trust's substantial decisions or (y) have made a valid election under applicable Treasury Regulations to be treated as domestic trusts ("United States persons"), (ii) is owned by United States persons that (a) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) ("financial institutions")) purchasing for their own account or for resale, or (b) acquired the Securities through and are holding through on the date hereof (as such terms "acquired through" and "holding through" are described in U.S. Treasury Regulations Section 1.163- 5(c)(2)(i)(D)(6)) foreign branches of United States financial institutions (and in either case (a) or (b), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the issuer or the issuer's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), or (iv) is beneficially owned either by non-U.S. persons or U.S. persons who purchased such securities in a transaction that did not require registration under the U.S. Securities Act of 1933 (the "Securities Act") (terms used in this clause (iv) shall have the meanings assigned to them in Regulation S under the Securities Act) or state securities laws, and to the further effect that United States or foreign financial institutions described in clause (iii) above (whether or not also described in clause (i), (ii) or (iv)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any portion of the temporary global security excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as at the date hereof. As used herein, "United States" means the United States of America (including the States and the District of Columbia); and its "possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. A54371967 48 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested party in such proceedings. Dated: 5[●] [Euroclear Bank SA/NV/ Clearstream Banking S.A.] By [authorised signature] Name: Title: 5 To be dated not earlier than the Exchange Date. A54371967 49 Annex II [Form of certificate to be given in relation to payments of interest falling due before the Exchange Date:] [Name of Issuer] [Aggregate principal amount and title of Notes] This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our "Member Organisations") substantially to the effect set forth in the Trust Deed dated 22 July 1994, as of the date hereof [●] principal amount of the above-captioned Securities (i) is owned by persons that are not (a) citizens or residents of the United States, (b) domestic partnerships, (c) domestic corporations or other entities taxable as corporations, (d) estates, the income of which is subject to United States federal income taxation regardless of its source, or (e) trusts if they (x) are subject to the primary supervision of a court within the United States and one or more "United States persons" within the meaning of the Internal Revenue Code of 1986, as amended, have the authority to control all of each such trust's substantial decisions or (y) have made a valid election under applicable Treasury Regulations to be treated as domestic trust ("United States persons"), (ii) is owned by United States persons that (a) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) ("financial institutions")) purchasing for their own account or for resale, or (b) acquired the Securities through and are holding through on the date hereof (as such terms "acquired through" and "holding through" and described in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6)) foreign branches of United States financial institutions (and in either case (a) or (b), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the issuer or the issuer's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163- 5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. As used herein, "United States" means the United States of America (including the States and the District of Columbia); and its "possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any portion of the temporary global security excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as at the date hereof. We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested party in such proceedings.

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A54371967 50 Dated: 6[●] [Euroclear Bank SA/NV/ Clearstream Banking S.A.] By [authorised signature] Name: Title: 6 To be dated not earlier than the relevant interest payment date. A54371967 51 Annex III [Form of account-holder's certification referred to in preceding certificates:] [Name of Issuer] [Aggregate principal amount and title of Notes] This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by persons that are not (a) citizens or residents of the United States, (b) domestic partnerships, (c) domestic corporations or other entities taxable as corporations, (d) estates, the income of which is subject to United States federal income taxation regardless of its source, or (e) trusts if they (x) are subject to the primary supervision of a court within the United States and one or more "United States persons" within the meaning of the Internal Revenue Code of 1986, as amended, have the authority to control all of each such trust's substantial decisions or (y) have made a valid election under applicable Treasury Regulations to be treated as domestic trust ("United States persons"), (ii) are owned by United States person(s) that (a) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) ("financial institutions")) purchasing for their own account or for resale, or (b) acquired the Securities through and are holding through on the date hereof (as such terms "acquired through" and "holding through" are described in U.S. Treasury Regulations Section 1.163- 5(c)(2)(i)(D)(6)) foreign branches of United States financial institutions (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the issuer or the issuer's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Securities is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)) this is further to certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. As used herein, "United States" means the United States of America (including the States and the District of Columbia); and its "possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date. This certification excepts and does not relate to [●] of such interest in the above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so certify. We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested party in such proceedings. A54371967 52 Dated: 7[●] [Account-holder] as or as agent for the beneficial owner of the Notes. By [authorised signature] Name: Title: 7 To be dated not earlier than 15 days before the Exchange Date or, as the case may be, the relevant interest payment date. A54371967 53 The Second Schedule Form of Permanent Global Note Series Number: [●] Serial Number: [●] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1 THIS GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED HEREIN HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 1 Include bracketed language on all Notes will maturities of more than 365 days.

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A54371967 54 [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] PERMANENT GLOBAL NOTE in respect of [principal amount of Global Note] representing up to [Aggregate principal amount of Series] [Title of Notes] unconditionally and irrevocably guaranteed by [UNILEVER PLC][UNILEVER UNITED STATES, INC.] [(incorporated with limited liability under the laws of England)][(incorporated with limited liability under the laws of the state of Delaware)] This Permanent Global Note is issued in respect of [principal amount of Permanent Global Note] in principal amount of an issue of [aggregate principal amount of Series] in aggregate principal amount of [title of Notes] (the "Notes") by [NAME OF ISSUER] (the "Issuer") and has the benefit of the guarantee (the "Guarantee") of [●] (the "Guarantor[s]") contained in the Trust Deed as defined below. The Notes are constituted by a trust deed dated 22 July 1994 (the "Trust Deed", which expression shall include any amendments or supplements thereto) made between the Issuer and the other parties named therein as issuers, the Guarantor[s] and the other parties named therein as guarantors and The Law Debenture Trust Corporation p.l.c. as trustee (the "Trustee", which expression shall include any successor to The Law Debenture Trust Corporation p.l.c. in its capacity as such for the holders of the Notes from time to time). The Issuer for value received promises, all in accordance with the Conditions (as defined in the Trust Deed) of the Notes and the final terms or the pricing supplement (as applicable) (the "Final Terms") prepared in relation to the Notes, to pay to the bearer upon surrender hereof on [maturity date] or on such earlier date as the same may become payable in accordance therewith the principal sum of [denomination in words and numeral] or such other redemption amount as may be specified therein [and to pay in arrear on the dates specified therein interest on such principal amount at the rate or rates specified therein], all subject to and in accordance with the Conditions. If the applicable Final Terms indicates that this Permanent Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this New Global Note shall be aggregate amount from time to time entered in the records of both Euroclear Bank SA/NV and Clearstream Banking S.A. (together, the "ICSDs"). The records of the ICSDs (which expression in this Permanent Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers' interests in the Notes represented by this Permanent Global Note) shall be conclusive evidence of the nominal amount of Notes represented by this Permanent Global Note and, for these purposes, a statement issued by an ICSD stating the nominal amount of Notes represented by this Permanent Global Note at any time shall be conclusive evidence of the records of such ICSD at that time. If the applicable Final Terms indicates that this Permanent Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by this Permanent Global Note shall be A54371967 55 the amount stated in the applicable Final Terms or, if lower, the nominal amount most recently entered by or on behalf of the Issuer in the relevant column in the Schedule hereto. The bearer of this Permanent Global Note is entitled to the benefit of the same obligations on the part of the Issuer as if such bearer were the bearer of the Notes represented hereby, and all payments under and to the bearer of this Permanent Global Note shall be valid and effective to satisfy and discharge the corresponding liabilities of the Issuer in respect of the Notes. If so specified in the applicable Final Terms, this Permanent Global Note is exchangeable in whole (but not in part only) for definitive Notes ("Definitive Notes") in substantially the form (subject to completion) set out in the Third Schedule to the Trust Deed upon the exercise of the relevant option by the bearer hereof and, unless otherwise specified in the applicable Final Terms, at the cost of the Issuer. In order to exercise such option, the bearer hereof must, not less than forty-five days before the date upon which the delivery of such Definitive Notes is required, deposit this Permanent Global Note with Deutsche Bank AG, London Branch as principal paying agent (the "Principal Paying Agent"), which expression shall include any successor to Deutsche Bank AG, London Branch in its capacity as such) at its specified office with the form of exchange endorsed hereon duly completed. This Permanent Global Note will, in any event, be exchangeable in whole, but not in part, (at the cost of the Issuer) for Definitive Notes if: (i) Closure of clearing systems: Euroclear Bank SA/NV ("Euroclear") or Clearstream Banking S.A. ("Clearstream Luxembourg") or any other relevant clearing system is closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention permanently to cease business; (ii) Default: any of the circumstances described in Condition 10A occur and the Notes become due and payable; or (iii) Upon withholding or deduction: if the Trustee is satisfied that, on the occasion of the next payment due in respect of the Notes of the relevant Series, the Issuer or any of the Paying Agents would be required to make any deduction or withholding from any payment in respect of such Notes which would not be required were such Notes in definitive form. [On any occasion on which a payment of interest is made in respect of this Permanent Global Note, the Issuer shall procure that either: (a) if the applicable Final Terms indicates that this Permanent Global Note is intended to be a New Global Note, details of such payment shall be entered in the records of the ICSDs; or (b) if the applicable Final Terms indicates that this Permanent Global Note is not intended to be a New Global Note, the same is noted on the Schedule hereto.] On any occasion on which a payment of principal or redemption amount is made in respect of this Permanent Global Note or on which this Permanent Global Note is exchanged as aforesaid or on which any Notes represented by this Permanent Global Note are to be cancelled, the Issuer shall procure that: (a) if the applicable Final Terms indicates that this Permanent Global Note is intended to be a New Global Note, details of such payment, redemption, exchange or cancellation (as the case may be) shall be entered pro rata in the records of the ICSDs and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the ICSDs and represented by this Permanent Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed and cancelled or by the aggregate amount of the Notes A54371967 56 in respect of which such payment is made (or, in the case of a partial payment, the corresponding part thereof); and (b) if the applicable Final Terms indicates that this Permanent Global Note is not intended to be a New Global Note, (i) the aggregate principal amount of the Notes in respect of which such payment is made (or, in the case of a partial payment, the corresponding part thereof) or which are delivered in definitive form or which are to be cancelled and (ii) the remaining principal amount of this Permanent Global Note (which shall be the previous principal amount hereof less the amount referred to at (i) above) are noted on the Schedule hereto, whereupon the principal amount of this Permanent Global Note shall for all purposes be as most recently so noted. Payments due in respect of Notes for the time being represented by this Permanent Global Note shall be made to the bearer of this Permanent Global Note and each payment so made will discharge the Issuer's obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. Insofar as the Temporary Global Note by which the Notes were initially represented has been exchanged in part only for this Permanent Global Note and is then to be further exchanged as to the remaining principal amount or part thereof for this Permanent Global Note, then upon presentation of this Permanent Global Note to the Principal Paying Agent at its specified office in relation to the Notes and to the extent that the aggregate principal amount of such Temporary Global Note is then reduced by reason of such further exchange, the Issuer shall procure that: (a) if the applicable Final Terms indicates that this Permanent Global Note is intended to be a New Global Note, details of such exchange shall be entered in the records of the ICSDs; or (b) if the applicable Final Terms indicates that this Permanent Global Note is not intended to be a New Global Note, details of such exchange shall be entered by or on behalf of the Issuer in the Schedule hereto. Upon any such exchange, the nominal amount of the Notes represented by this Permanent Global Note shall be increased by the nominal amount of the Notes so exchanged. This Permanent Global Note, and any non-contractual obligations arising out of or in connection with it, is governed by, and will be construed in accordance with, English law. [The Issuer has, in the Trust Deed, agreed for the benefit of the Trustee and the Holders of the Notes that the courts of England shall have jurisdiction to hear and determine any suit, action, proceedings which may arise out of or in connection with the Trust Deed or the Notes (including a claim or dispute relating to any non-contractual obligations arising out of or in connection with the Trust Deed or the Notes) ("Proceedings") and, for such purposes, irrevocably submitted to the jurisdiction of such courts. The Issuer has, in the Trust Deed, agreed that the process by which any Proceedings in England are begun may be served on it by being posted in a prepaid registered or recorded delivery letter addressed to it at the address set out in Clause 32 of the Trust Deed for the time being of Unilever PLC. Nothing contained herein or in the Trust Deed shall affect the right to serve process in any other manner permitted by law. The submission to the jurisdiction of the courts of England shall not (and shall not be construed so as to) limit the right of the Trustee or the holders of the Notes or any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law.]2 2 Insert where Issuer is not incorporated in England or Wales. A54371967 57 This Permanent Global Note shall not be valid for any purpose until authenticated for and on behalf of Deutsche Bank AG, London Branch as Principal Paying Agent and, if the applicable Final Terms indicate that this Permanent Global Note is intended to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility or (ii) in respect of which the Issuer has notified the Principal Paying Agent that effectuation is to be applicable, effectuated by the entity appointed as common safekeeper by the ICSDs. AS WITNESS the manual signature of a duly authorised officer on behalf of the Issuer. [NAME OF ISSUER] By [manual signature] (duly authorised) Name: Title: ISSUED in London as of [●] [●]

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A54371967 58 AUTHENTICATED for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH as Principal Paying Agent without recourse, warranty or liability By [manual signature] (duly authorised) Name: Title: [EFFECTUATED without recourse, warranty or liability by By as common safekeeper [manual signature]3 Name: Title: 3 Effectuation is only required if this Permanent Global Note is a New Global Note (i) which is intended to be a Eurosystem- eligible New Global Note, as specified in the applicable Final Terms or (ii) in respect of which the Issuer has instructed the Principal Paying Agent that effectuation is to be applicable. A54371967 59 Exchange Notice ……...................., being the bearer of this Permanent Global Note at the time of its deposit with the Principal Paying Agent at its specified office for the purposes of the Notes, hereby exercises the option to have this Permanent Global Note exchanged in whole for Notes in definitive form and directs that such Notes in definitive form be made available for collection by it from the Principal Paying Agent's specified office. By (duly authorised) Name: Title: A54371967 60 The Schedule4 Payments, Delivery of Definitive Notes, further exchanges of the Temporary Global Note and Cancellation of Notes Date of payment, delivery, further exchange of Temporary Global Note or cancellation Amount of interest then paid Amount of principal or, as the case may be, redemption amount then paid Aggregate principal amount of Definitive then delivered Aggregate principal amount of further exchanges of Temporary Global Note Current principal amount of this Permanent Global Note Authorised Signatures 4 The Schedule should only be completed where the applicable Final Terms indicates that this Global Note is not intended to be a New Global Note. A54371967 61 The Third Schedule Form of Definitive Note Part A [On the face of the Notes:] [Denomination] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]12 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED HEREIN HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] [Aggregate principal amount of Series] [Title of Notes] unconditionally and irrevocably guaranteed by [UNILEVER PLC AND UNILEVER UNITED STATES, INC. on a joint and several basis /UNILEVER UNITED STATES, INC.] This [title of Notes] forms one of a series of [title of Notes] (the "Notes") in an aggregate principal amount of [insert aggregate principal amount of series] issued by [Unilever Finance Netherlands B.V./Unilever Capital Corporation/Unilever PLC]2 as issuer (the "Issuer") and has the benefit of the guarantee of [Unilever PLC and Unilever United States, Inc./Unilever United States, Inc.]3 (the "Guarantor[s]" contained in the trust deed defined below) [on a joint and several basis ]and is issued pursuant to a trust deed (the "Trust Deed" which expression shall include any amendments or supplements thereto) dated 22 July 1994 and made between, inter alios, the Issuer and the other companies named therein as issuers, the Guarantor[s] and the other companies named therein as guarantors and The Law Debenture Trust Corporation p.l.c., as trustee. The Issuer for value received promises, all in accordance with the terms and conditions [endorsed hereon/attached hereto/incorporated by reference herein] and the Final Terms referred to therein and prepared in relation to the Notes and the Trust Deed, to pay to the bearer upon surrender hereof on [maturity date] or on such earlier date as the same may become payable in accordance therewith the principal amount of: 12 Include bracketed language on all Notes with maturities of more than 365 days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 62 [denomination in words and numerals] or such other redemption amount as may be specified therein [and to pay in arrear on the dates specified therein interest on the principal amount hereof at the rate or rates specified therein]13. [Pursuant to the Dutch Saving Certificates Act (Wet inzake spaarbewijzen), each transfer and acceptance of this Note (other than between individuals who do not act in the conduct of a profession or trade): (a) must be made through the mediation of either the Issuer or a Member of Euronext Amsterdam N.V.; and (b) if it involves its physical delivery, must be recorded in a transaction note which includes the name and address of each party, the nature of the transaction and the number and serial numbers of the Notes transferred.]14 [Pursuant to the Dutch Saving Certificates Act (Wet inzake spaarbewijzen), each transfer and acceptance of this Note (other than between individuals who do not act in the conduct of a profession or trade): (a) must be made through the mediation of either the Issuer or a Member of Euronext Amsterdam N.V.; and (b) it if involves its physical delivery and unless it is made between a professional borrower and a professional lender, must be recorded in a transaction note which includes the name and address of each party, the nature of the transaction and the number and serial numbers of the Notes transferred.]15 [This Note shall not]16 [Neither this Note nor any of the interest coupons appertaining hereto shall17 be valid for any purpose until this Note has been authenticated for and on behalf of as principal paying agent. This Note, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, English law. As witness the facsimile signature of a duly authorised officer on behalf of the Issuer. [UNILEVER FINANCE NETHERLANDS B.V./UNILEVER CAPITAL CORPORATION/UNILEVER PLC]18 [Name of Issuer] 13 Insert only where Notes are interest bearing. 14 Include if the Notes (i) are Zero Coupon Notes or other Notes which qualify as savings certificates as defined in the Dutch Savings Certificates Act (Wet inzake spaarbewijzen), (ii) are physically issued in the Netherlands or distributed in the Netherlands in the course of primary trading or immediately thereafter, (iii) are not listed on the stock exchange of Euronext Amsterdam N.V. and (iv) do not qualify as commercial paper or certificates of deposit. 15 Include if the Notes (i) are Zero Coupon Notes or other Notes which qualify as saving certificates as defined in the Dutch Savings Certificates Act (Wet inzake spaarbewijzen), (ii) are physically issued in the Netherlands or distributed in the Netherlands in the course of primary trading or immediately thereafter, (iii) are not listed on the stock exchange of Euronext Amsterdam N.V. and (iv) qualify as commercial paper or certificates of deposit. 16 Insert only where Notes are not interest bearing. 17 Insert only where Notes are interest bearing. 18 Amend as appropriate. A54371967 63 By [manual or facsimile signature] (duly authorised) Name: Title: ISSUED in London as of [●] [●] AUTHENTICATED for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH as Principal Paying Agent without recourse, warranty or liability By [manual signature] (duly authorised) Name: Title: [Where no provision is made for separate coupons for the payment of interest the appropriate grid to record payments of principal and/or interest, as the case may be, should be included.] [On the reverse of the Notes:] TERMS AND CONDITIONS [As set out in the Sixth Schedule and as supplemented by the applicable Final Terms] [At the foot of the Terms and Conditions:] PRINCIPAL PAYING AGENT Deutsche Bank AG, London Branch 21 Moorfields London EC2Y 9DB A54371967 64 Part B Forms of Coupon [Attached to the Notes (interest-bearing, fixed rate and having Coupons):] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]19 [UNILEVER FINANCE NETHERLANDS B.V., a company having its corporate seat in Rotterdam, the Netherlands/UNILEVER CAPITAL CORPORATION/UNILEVER PLC]20 Unconditionally and irrevocably guaranteed by [UNILEVER PLC AND UNILEVER UNITED STATES, INC. on a joint and several basis/ UNILEVER UNITED STATES, INC.]21 [Amount and title of Notes] [Serial Number: [●]] Coupon for [●] due on [●] This Coupon is payable to bearer (subject to the terms and conditions [endorsed on/attached to/incorporated by reference to] the [title of Notes] (the "Note") to which this Coupon appertains and the Final Terms referred to therein, which shall be binding on the Holder of this Coupon whether or not it is for the time being attached to such Note) at the office of the Principal Paying Agent or any of the Paying Agents set out on the reverse hereof (or any other or further paying agents and/or specified offices from time to time duly appointed and notified to the Noteholders). [The Note to which this Coupon appertains may, in certain circumstances specified in such terms and conditions, fall due for redemption before the due date in relation to this Coupon. In such event, this Coupon will become void and no payment will be made in respect hereof.]22 [●] [UNILEVER FINANCE NETHERLANDS B.V./UNILEVER CAPITAL CORPORATION/UNILEVER PLC]23 By [manual or facsimile signature]24 (duly authorised) Name: Title: 19 Include bracketed language on all Notes with maturities of more than 365 days. 20 Amend as appropriate. 21 Amend as appropriate. 22 Delete if the Coupons are not to become void upon early redemption of the Note(s). 23 Amend as appropriate 24 In the case of Unilever Finance Netherlands B.V., include the name and the title of the signatory. A54371967 65 [On the reverse of each Coupon] PRINCIPAL PAYING AGENT Deutsche Bank AG, London Branch 21 Moorfields London EC2Y 9DB

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 66 Part C [Attached to the Notes (interest-bearing, floating rate and having Coupons):] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]25 [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] Unconditionally and irrevocably guaranteed by [UNILEVER PLC AND UNILEVER UNITED STATES, INC. on a joint and several basis/ UNILEVER UNITED STATES, INC.]26 [Amount and title of Notes] Coupon for the amount of interest due on [●] Such amount is payable (subject to the terms and conditions [endorsed on/attached to/incorporated by reference to] the [title of Notes] (the "Notes") to which this Coupon appertains and the Final Terms referred to therein, which shall be binding on the Holder of this Coupon whether or not it is for the time being attached to such Note) at the office of the Principal Paying Agent or any of the Paying Agents set out on the reverse hereof (or any other or further paying agents and/or specified offices from time to time duly appointed and notified to the Noteholders). [The Note to which this Coupon appertains may, in certain circumstances specified in such terms and conditions, fall due for redemption before the due date in relation to this Coupon. In such event, this Coupon will become void and no payment will be made in respect hereof.]27 [●] [UNILEVER FINANCE NETHERLANDS B.V./UNILEVER CAPITAL CORPORATION/UNILEVER PLC]28 By [manual or facsimile signature]29 (duly authorised) Name: Title: 25 Include bracketed language on all Notes with maturities of more than 365 days. 26 Amend as appropriate. 27 Delete if the Coupons are not to become void upon early redemption of the Notes. 28 Amend as appropriate. 29 In the case of Unilever Finance Netherlands B.V., include the name and the title of the signatory. A54371967 67 [On the reverse of each Coupon:] PRINCIPAL PAYING AGENT Deutsche Bank AG, London Branch 21 Moorfields London EC2Y 9DB A54371967 68 Part D Form of Talon [Attached to the Notes (interest-bearing and having Coupons):] [ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]30 [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] Unconditionally and irrevocably guaranteed by [UNILEVER PLC AND UNILEVER UNITED STATES, INC. on a joint and several basis/ UNILEVER UNITED STATES, INC.]23 [Amount and title of Notes] Talon for further Coupons After all the Coupons appertaining to the Note to which this Talon appertains have matured, further Coupons [(including a Talon for further Coupons)] will be issued at the specified office of the Principal Paying Agent or any of the Paying Agents set out on the reverse hereof (or any other or further paying agents and/or specified offices from time to time duly given in accordance with the terms and conditions [endorsed on/attached to/incorporated by reference to] the [title of Notes] (the "Notes") to which this Talon appertains and the Final Terms referred to therein (which shall be binding on the Holder of this Talon whether or not it is for the time being attached to such Note) upon production and surrender of this Talon. The initial Paying Agents and their specified offices are set out on the reverse hereof. Under the said terms and conditions, such Notes may, in certain circumstances, fall due for redemption before the original due date for exchange of this Talon and in any such event this Talon shall become void and no exchange shall be made in respect hereof. [●] [UNILEVER FINANCE NETHERLANDS B.V./UNILEVER CAPITAL CORPORATION/UNILEVER PLC]31 By [manual or facsimile signature]32 (duly authorised) 30 Include bracketed language on all Notes with maturities of more than 365 days. 31 Amend as appropriate. 32 In the case of Unilever Finance Netherlands B.V., include the name and the title of the signatory. A54371967 69 Name: Title: [On the reverse of each Talon:] PRINCIPAL PAYING AGENT Deutsche Bank AG, London Branch 21 Moorfields London EC2Y 9DB

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 70 The Fourth Schedule Form of Global Certificate [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] guaranteed by [UNILEVER PLC] [and] [UNILEVER UNITED STATES, INC.] [(incorporated with limited liability under the laws of England)][(incorporated with limited liability under the laws of the state of Delaware)] GLOBAL CERTIFICATE Global Certificate No. [●] This Global Certificate is issued in respect of the Notes (the "Notes") of the Tranche and Series specified in Part A of the Schedule hereto of [Unilever Finance Netherlands B.V.][Unilever Capital Corporation][Unilever PLC] (the "Issuer") and guaranteed by [Unilever PLC] [and] [Unilever United States, INC.] (the "Guarantor[s]"). This Global Certificate certifies that the person whose name is entered in the Register (the "Registered Holder") is registered as the holder of an issue of Notes of the nominal amount, specified currency and specified denomination set out in Part A of the Schedule hereto. Interpretation and Definitions References in this Global Certificate to the "Conditions" are to the Terms and Conditions applicable to the Notes (which are in the form set out in the Sixth Schedule to the Trust Deed (as amended or supplemented as at the Issue Date) dated 22 July 1994 (the "Trust Deed", which expression shall include any amendments or supplements thereto) between the Issuer and the other parties names therein as issuers, the Guarantor[s] and the other parties named therein as guarantors and The Law Debenture Trust Corporation p.l.c. as trustee, as such form is supplemented and/or modified and/or superseded by the provisions of this Global Certificate (including the supplemental definitions and any modifications or additions set out in Part A of the Schedule hereto), which in the event of any conflict shall prevail). Other capitalised terms used in this Global Certificate shall have the meanings given to them in the Conditions or the Trust Deed. Promise to Pay The Issuer, for value received, promises to pay to the holder of the Notes represented by this Global Certificate (subject to surrender of this Global Certificate if no further payment falls to be made in respect of such Notes) on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the Notes represented by this Global Certificate and (unless the Notes represented by this Certificate do not bear interest) to pay interest in respect of such Notes from the Interest Commencement Date in arrear at the rates, on the dates for payment, and in accordance with the methods of calculation provided for in the Conditions, save that the calculation is made in respect of the total aggregate amount of the Notes represented by this Global Certificate, together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the Conditions. Each payment will be made to, or to the order of, the person whose name is entered on the Register at the close of business on the record date which shall be on the Clearing System Business Day immediately prior A54371967 71 to the date for payment, where "Clearing System Business Day" means Monday to Friday inclusive except 25 December and 1 January. For the purposes of this Global Certificate, (a) the holder of the Notes represented by this Global Certificate is bound by the provisions of the Paying Agency Agreement, (b) the Issuer certifies that the Registered Holder is, at the date hereof, entered in the Register as the holder of the Notes represented by this Global Certificate, (c) this Global Certificate is evidence of entitlement only, (d) title to the Notes represented by this Global Certificate passes only on due registration on the Register, and (e) only the holder of the Notes represented by this Global Certificate is entitled to payments in respect of the Notes represented by this Global Certificate. Exchange for Individual Certificates This Global Certificate will be exchanged in whole (but not in part) for duly authenticated and completed Individual Certificates (which expression has the meaning given in the Trust Deed) in accordance with the Paying Agency Agreement if the Final Terms specifies "In the limited circumstances described in the Global Certificate", then if either of the following events occurs: (i) Closure of clearing systems: Euroclear Bank SA/NV ("Euroclear") or Clearstream Banking S.A. ("Clearstream Luxembourg") or any other relevant clearing system is closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention permanently to cease business; (ii) Default: any of the circumstances described in Condition 10A occur and the Notes become due and payable; or (iii) Upon withholding or deduction: if the Trustee is satisfied that, on the occasion of the next payment due in respect of the Notes of the relevant Series, the Issuer or any of the Paying Agents would be required to make any deduction or withholding from any payment in respect of such Notes which would not be required were such Notes in definitive form. Delivery of Individual Certificates Whenever this Global Certificate is to be exchanged for Individual Certificates, such Individual Certificates shall be issued in an aggregate principal amount equal to the principal amount of this Global Certificate within five business days of the delivery, by or on behalf of the registered holder of the Global Certificate to the Registrar of such information as is required to complete and deliver such Individual Certificates (including, without limitation, the names and addresses of the persons in whose names the Individual Certificates are to be registered and the principal amount of each such person's holding) against the surrender of this Global Certificate at the specified office of the Registrar. Such exchange shall be effected in accordance with the provisions of the Trust Deed and the Paying Agency Agreement and the regulations concerning the transfer and registration of Notes scheduled to the Paying Agency Agreement and, in particular, shall be effected without charge to any holder, but against such indemnity as the Registrar may require in respect of any tax or other duty of whatsoever nature which may be imposed in connection with such exchange. Transfer of Notes represented by permanent Global Certificates If the Schedule hereto states that the Notes are to be represented by a permanent Global Certificate on issue, transfers of the holding of Notes represented by this Global Certificate pursuant to Condition 1(j) may only be made in part: (i) if the Notes represented by this Global Certificate are held on behalf of Euroclear or Clearstream, Luxembourg or any other clearing system (an "Alternative Clearing System") A54371967 72 and any such clearing system is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so; or (ii) with the consent of the Issuer, provided that, in the case of the first transfer of part of a holding pursuant to (i) above, the holder of the Notes represented by this Global Certificate has given the Registrar not less than 30 days' notice at its specified office of such holder's intention to effect such transfer. Where the holding of Notes represented by this Global Certificate is only transferable in its entirety, the Certificate issued to the transferee upon transfer of such holding shall be a Global Certificate. Where transfers are permitted in part, Certificates issued to transferees shall not be Global Certificates unless the transferee so requests and certifies to the Registrar that it is, or is acting as a nominee for, Clearstream, Luxembourg, Euroclear and/or an Alternative Clearing System. Meetings For the purposes of any meeting of Noteholders, the holder of the Notes represented by this Global Certificate shall (unless this Global Certificate represents only one Note) be treated as two persons for the purposes of any quorum requirements of a meeting of Noteholders and as being entitled to one vote in respect of each integral currency unit of the Specified Currency of the Notes. This Global Certificate shall not become valid for any purpose until authenticated by or on behalf of the Registrar and, in the case of Registered Notes held under the NSS only, effectuated by the entity appointed as Common Safekeeper by the relevant Clearing Systems. This Global Certificate and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. SIGNATURE PAGE TO THE GLOBAL CERTIFICATE In witness whereof the Issuer has caused this Global Certificate to be signed on its behalf. Dated as of the Issue Date. [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] By: CERTIFICATE OF AUTHENTICATION This Global Certificate is authenticated by or on behalf of the Registrar. DEUTSCHE BANK LUXEMBOURG S.A. as Registrar By: Authorised Signatory For the purposes of authentication only. Effectuation This Global Certificate is effectuated by or on behalf of the Common Safekeeper [COMMON SAFEKEEPER] as Common Safekeeper By: Authorised Signatory For the purposes of effectuation of Registered Notes held through the NSS only

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 74 Form of Transfer For value received the undersigned transfers to .................................................................... .................................................................... (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE) [●] nominal amount of the Notes represented by this Global Certificate, and all rights under them. Dated ........................................................ Signed ............................................. Certifying Signature Notes: (i) The signature of the person effecting a transfer shall conform to a list of duly authorised specimen signatures supplied by the holder of the Notes represented by this Global Certificate or (if such signature corresponds with the name as it appears on the face of this Global Certificate) be certified by a notary public or a recognised bank or be supported by such other evidence as a Transfer Agent or the Registrar may reasonably require. (ii) A representative of the Noteholder should state the capacity in which he signs e.g. executor. A54371967 75 Schedule [Insert the provisions of the applicable Final Terms that relate to the Conditions or the Global Certificate as the Schedule.] A54371967 76 The Fifth Schedule Form of Individual Certificate [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] [(incorporated with limited liability under the laws of the Netherlands, whose corporate seat is in Rotterdam, the Netherlands)][(incorporated with limited liability under the laws of the state of Delaware)][(incorporated with limited liability under the laws of England)] guaranteed by [UNILEVER PLC] [and] [UNILEVER UNITED STATES, INC.] [(incorporated with limited liability under the laws of England)][(incorporated with limited liability under the laws of the state of Delaware)] Series No. [●] [Title of issue] This Certificate certifies that [●] of [●] (the "Registered Holder") is, as at the date hereof, registered as the holder of [nominal amount] of Notes of the Series of Notes referred to above (the "Notes") of [Unilever Finance Netherlands B.V.][Unilever Capital Corporation][Unilever PLC] (the "Issuer") guaranteed by [Unilever PLC] [and] [Unilever United States, INC.] (the "Guarantor[s]"), designated as specified in the title hereof. The Notes are subject to the Terms and Conditions (the "Conditions") endorsed hereon and are issued subject to, and with the benefit of, the Trust Deed referred to in the Conditions. Expressions defined in the Conditions have the same meanings in this Certificate. The Issuer, for value received, promises to pay to the holder of the Note(s) represented by this Certificate (subject to surrender of this Certificate if no further payment falls to be made in respect of such Notes) on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the Notes represented by this Certificate and (unless the Note(s) represented by this Certificate do not bear interest) to pay interest in respect of such Notes from the Interest Commencement Date in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the Conditions. For the purposes of this Certificate, (a) the holder of the Note(s) represented by this Certificate is bound by the provisions of the Paying Agency Agreement, (b) the Issuer certifies that the Registered Holder is, at the date hereof, entered in the Register as the holder of the Note(s) represented by this Certificate, (c) this Certificate is evidence of entitlement only, (d) title to the Note(s) represented by this Certificate passes only on due registration on the Register, and (e) only the holder of the Note(s) represented by this Certificate is entitled to payments in respect of the Note(s) represented by this Certificate. This Certificate shall not become valid for any purpose until authenticated by or on behalf of the Registrar. A54371967 77 In witness whereof the Issuer has caused this Certificate to be signed on its behalf. Dated as of the Issue Date. [UNILEVER FINANCE NETHERLANDS B.V.][UNILEVER CAPITAL CORPORATION][UNILEVER PLC] By: CERTIFICATE OF AUTHENTICATION This Certificate is authenticated by or on behalf of the Registrar. DEUTSCHE BANK LUXEMBOURG S.A. as Registrar By: Authorised Signatory For the purposes of authentication only.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 78 On the back:i Terms and Conditions of the Notes [The Terms and Conditions that are set out in the Sixth Schedule to the Trust Deed as amended by and incorporating any additional provisions forming part of such Terms and Conditions and set out in Part A of the applicable Final Terms shall be set out here.] A54371967 79 Form of Transfer For value received the undersigned transfers to .................................................................... .................................................................... (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE) [●] nominal amount of the Notes represented by this Certificate, and all rights under them. Dated ........................................................ Signed ............................................. Certifying Signature Notes: (i) The signature of the person effecting a transfer shall conform to a list of duly authorised specimen signatures supplied by the holder of the Notes represented by this Certificate or (if such signature corresponds with the name as it appears on the face of this Certificate) be certified by a notary public or a recognised bank or be supported by such other evidence as a Transfer Agent or the Registrar may reasonably require. (ii) A representative of the Noteholder should state the capacity in which he signs. Unless the context otherwise requires capitalised terms used in this Form of Transfer have the same meaning as in the Trust Deed dated 16 May 2024 between the Issuer and the other parties named therein as issuers, the Guarantor[s][ and the other parties named therein as guarantors] and The Law Debenture Trust Corporation p.l.c. as trustee. [TO BE COMPLETED BY TRANSFEREE: [INSERT ANY REQUIRED TRANSFEREE REPRESENTATIONS, CERTIFICATIONS, ETC.]] PRINCIPAL PAYING AGENT & TRANSFER AGENT Deutsche Bank AG, London Branch 21 Moorfields London EC2Y 9DB United Kingdom REGISTRAR Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg Luxembourg A54371967 80 The Sixth Schedule Terms and Conditions of the Notes The Notes are constituted by a trust deed dated 16 May 2024 (the "Trust Deed", which expression shall include any amendments or supplements thereto or any restatement thereof) made between Unilever Finance Netherlands B.V. ("UFN"), Unilever PLC ("PLC") and Unilever Capital Corporation ("UCC") as issuers (the "Issuers" and each an "Issuer", which expression shall include any Group Company (as defined below) which becomes an Issuer as contemplated by Condition 15 or 17), PLC and Unilever United States, Inc. ("UNUS") as guarantors of the Notes as hereinafter described (the "Guarantors" and each a "Guarantor") and The Law Debenture Trust Corporation p.l.c. (the "Trustee", which expression shall include any successor to The Law Debenture Trust Corporation p.l.c. in its capacity as such) as trustee for the holders of each Series of the Notes (the "Noteholders"). Pursuant to the Trust Deed, the Notes issued by (i) UFN (the "UFN Notes") are guaranteed unconditionally and irrevocably on a joint and several basis by PLC and UNUS, (ii) PLC (the "PLC Notes") are guaranteed unconditionally and irrevocably by UNUS and (iii) UCC (the "UCC Notes" and, together with the UFN Notes and the PLC Notes, the "Notes") are guaranteed unconditionally and irrevocably on a joint and several basis by PLC and UNUS. These terms and conditions (the "Conditions") are summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the form of the Bearer Notes, Certificates, Coupons and Talons referred to below. A paying agency agreement dated 22 July 1994 (the "Paying Agency Agreement", which expression shall include any amendments or supplements thereto or any restatement thereof) has been entered into between UFN, PLC, UNUS and UCC in their capacities as Issuers and Guarantors (as applicable), Deutsche Bank AG, London Branch as principal paying agent (the "Principal Paying Agent", which expression shall include any successor to Deutsche Bank AG, London Branch in its capacity as such and any substitute or additional principal paying agent appointed in accordance with the Paying Agency Agreement), any paying agents named therein (the "Paying Agents", which expression shall, unless the context otherwise requires, include the Principal Paying Agent and any substitute or additional paying agents appointed in accordance with the Paying Agency Agreement), the registrar for the time being (the "Registrar"), the transfer agents for the time being (the "Transfer Agents") (which expression shall include the Registrar) and the Trustee. Noteholders and the holders of the interest coupons relating to interest bearing Notes in bearer form (the "Coupons") and, where applicable in the case of such Notes, talons for further Coupons (the "Talons") (the "Couponholders") are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the Paying Agency Agreement which are applicable to them. Copies of the Trust Deed and the Paying Agency Agreement are available for inspection during normal business hours at the registered office for the time being of the Trustee (being at the date of this Information Memorandum at Eighth Floor, 100 Bishopsgate, London EC2N 4AG) and at the specified office of each of the Paying Agents. The Notes are issued in series (each a "Series"), and each Series may comprise one or more tranches ("Tranches" and each a "Tranche") of Notes. Each Tranche will be the subject of final terms or a pricing supplement ("Final Terms") prepared by, or on behalf of, the Issuer, a copy of which will, in the case of a Tranche of Notes which are listed on the official list of the Financial Conduct Authority (the "Official List") and admitted to trading on the London Stock Exchange plc's ("London Stock Exchange") Main Market (the "Market") and/or the Stock Exchange of Hong Kong and/or the Singapore Exchange, be lodged with the London Stock Exchange and/or the Stock Exchange of Hong Kong and/or the Singapore Exchange and be available for inspection at the specified office of each of the Paying Agents appointed in respect of such Notes. In these Conditions, unless otherwise expressly stated, references to Notes are to Notes of the relevant Series, references to Coupons are to Coupons appertaining to interest bearing Notes in bearer form of the relevant A54371967 81 Series, references to the Issuer are to the Issuer of such Notes, references to the Guarantor(s) are references to the Guarantor(s) of such Issuer's obligations under such Notes and references to the Paying Agents are references to the Paying Agents appointed in respect of such Notes. Subject thereto, capitalised terms shall, unless defined herein, have the meanings ascribed thereto in the Trust Deed. 1 Form and Denomination (a) The Notes are issued in bearer form ("Bearer Notes") or in registered form ("Registered Notes"). UCC may only issue Registered Notes. Each Note is a Fixed Rate Note, a Floating Rate Note or a Zero Coupon Note or a combination of any of the foregoing. All payments in respect of each Note shall be made in the currency shown on its face. Bearer Notes (b) Each Tranche of Bearer Notes will be represented upon issue by a temporary global note (a "Temporary Global Note") in substantially the form (subject to amendment and completion) scheduled to the Trust Deed and, if so specified in the relevant Final Terms, such Temporary Global Note shall be a New Global Note. On or after the date (the "Exchange Date") which is 40 days after the completion of distribution of the Bearer Notes of the relevant Tranche and provided certification as to the beneficial ownership thereof as required by U.S. Treasury regulations (in the form set out in the Temporary Global Note or such other form as may replace it) has been received, interests in the Temporary Global Note may be exchanged for: (i) interests in a permanent global note (a "Permanent Global Note") representing the Bearer Notes of that Tranche and in substantially the form (subject to amendment and completion) scheduled to the Trust Deed; or (ii) definitive Bearer Notes in bearer form ("Definitive Notes") which will be serially numbered and in substantially the form (subject to amendment and completion) scheduled to the Trust Deed. If interests in the Temporary Global Note are exchanged for interests in a Permanent Global Note pursuant to sub-paragraph (i) above, interests in such Permanent Global Note may thereafter be exchanged for Definitive Notes described in sub-paragraph (ii) above. Each exchange of an interest in a Temporary Global Note for an interest in a Permanent Global Note or for a Definitive Note, and each exchange of an interest in a Permanent Global Note for a Definitive Note, shall be made outside the United States. (c) If any date on which a payment of interest is due on the Bearer Notes of a Tranche occurs while any of the Bearer Notes of that Tranche are represented by the Temporary Global Note, the related interest payment will be made on the Temporary Global Note only to the extent that certification as to the beneficial ownership thereof as required by U.S. Treasury regulations (in the form set out in the Temporary Global Note or such other form as may replace it) has been received by Euroclear Bank SA/NV ("Euroclear"), Clearstream Banking S.A. ("Clearstream, Luxembourg") or any other relevant clearing system. Payments of principal or interest (if any) on a Permanent Global Note will be made through Euroclear or Clearstream, Luxembourg without any requirement for certification. If so specified in the relevant Final Terms, interests in a Permanent Global Note will be exchangeable in whole (but not in part only), at the option of the holder of such Permanent Global Note and in accordance with the rules and procedures for the time being of Euroclear, Clearstream, Luxembourg and/or any other relevant clearing system and, unless otherwise specified in the relevant Final Terms, at the Issuer's cost, for Definitive Notes. In order to exercise such option, the holder must, not less than 45 days before the

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 82 date on which delivery of Definitive Notes in global or definitive form is required, deposit the relevant Permanent Global Note with the Principal Paying Agent with the form of exchange notice endorsed thereon duly completed. Interests in a Permanent Global Note will, in any event, be exchangeable in whole (but not in part only) at the cost of the Issuer, for Definitive Notes: (i) if any Bearer Note of the relevant Series becomes due and repayable following a Default (as defined in Condition 10A), or (ii) if either Euroclear or Clearstream, Luxembourg or any other relevant clearing system should cease to operate as a clearing system (other than by reason of public holiday) or should announce an intention permanently to cease business and it shall not be practicable to transfer the relevant Notes to another clearing system within 90 days. (d) Interest-bearing Definitive Notes will have attached thereto at the time of their initial delivery Coupons, the presentation of which will be a prerequisite to the payment of interest in certain circumstances specified below. Interest-bearing Definitive Notes will also, if applicable, have attached thereto, at the time of their initial delivery, a Talon for further coupons and the expression "Coupons" shall, where the context so permits, include Talons. (e) The following legend will appear on all Bearer Notes with maturities of more than 365 days and (in the case of Definitive Notes) on Coupons and Talons appertaining thereto: "Any United States person who holds this obligation will be subject to the limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code". The Internal Revenue Code sections referred to above provide that United States holders, with certain exceptions, will not be entitled to deduct any loss on Bearer Notes, Coupons or Talons and will not be entitled to capital gains treatment in respect of any gain recognised on any sale, disposition, redemption or payment of principal in respect of Bearer Notes or Coupons. (f) Bearer Notes of one Specified Denomination may not be exchanged for Bearer Notes of another Specified Denomination. Bearer Notes may not be exchanged for Registered Notes. Registered Notes (g) Each Tranche of Registered Notes will be represented by either: (i) individual note certificates in registered form ("Individual Certificates"); or (ii) one or more global note certificates ("Global Certificate(s)"), in each case, as specified in the relevant Final Terms. A certificate ("Certificate") will be issued to each holder of Registered Notes in respect of its registered holding. Each Note represented by a Global Certificate will either be: (A) in the case of a Global Certificate which is not to be held under the new safekeeping structure ("NSS"), registered in the name of a common depositary (or its nominee) for Euroclear and/or Clearstream, Luxembourg and/or any other relevant clearing system and the relevant Global Certificate will be deposited on or about the issue date with the common depositary and/or the sub-custodian; or (B) in the case of a Global Certificate to be held under the NSS, registered in the name of a common safekeeper (or its nominee) for Euroclear and/or Clearstream, Luxembourg and the relevant Global Certificate will be deposited on or about the issue date with the common safekeeper for Euroclear and/or Clearstream, Luxembourg. A54371967 83 If the relevant Final Terms specifies the form of Notes as being "Individual Certificates", then the Notes will at all times be represented by Individual Certificates issued to each Noteholder in respect of their respective holdings. (h) Registered Notes may not be exchanged for Bearer Notes. (i) If the relevant Final Terms specifies the form of Notes as being "Global Certificate exchangeable for Individual Certificates", then the Notes will initially be represented by one or more Global Certificates each of which will be exchangeable in whole, but not in part, for Individual Certificates: (i) on the expiry of such period of notice as may be specified in the relevant Final Terms; or (ii) at any time, if so specified in the relevant Final Terms; or (iii) if the relevant Final Terms specifies "in the limited circumstances described in the Global Certificate", then: a. if any Registered Note of the relevant Series becomes due and repayable following a Default (as defined in Condition 10A), or b. if either Euroclear or Clearstream, Luxembourg or any other relevant clearing system should cease to operate as a clearing system (other than by reason of public holiday) or should announce an intention permanently to cease business and it shall not be practicable to transfer the relevant Notes to another clearing system within 90 days. Whenever a Global Certificate is to be exchanged for Individual Certificates, each person having an interest in a Global Certificate must provide the Registrar (through the relevant clearing system) with such information as the Issuer and the Registrar may require to complete and deliver Individual Certificates (including the name and address of each person in which the Notes represented by the Individual Certificates are to be registered and the principal amount of each such person's holding). Whenever a Global Certificate is to be exchanged for Individual Certificates, the Issuer shall procure that Individual Certificates will be issued in an aggregate principal amount equal to the principal amount of the Global Certificate within five business days of the delivery, by or on behalf of the registered holder of the Global Certificate to the Registrar of such information as is required to complete and deliver such Individual Certificates against the surrender of the Global Certificate at the specified office of the Registrar. Such exchange will be effected in accordance with the provisions of the Trust Deed and the Paying Agency Agreement and the regulations concerning the transfer and registration of Notes scheduled to the Paying Agency Agreement and, in particular, shall be effected without charge to any holder, but against such indemnity as the Registrar may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection with such exchange. (j) One or more Registered Notes may be transferred upon the surrender (at the specified office of the Registrar or any Transfer Agent) of the Certificate representing such Registered Notes to be transferred, together with the form of transfer endorsed on such Certificate (or another form of transfer substantially in the same form and containing the same representations and certifications (if any), unless otherwise agreed by the Issuer), duly completed and executed and any other evidence as the Registrar or Transfer Agent may reasonably require. In the case of a transfer of part only of a holding of Registered Notes represented by one Certificate, a new Certificate shall be issued to the transferee in respect of the part transferred and a further new Certificate in respect of the balance of the holding not transferred shall be issued to the transferor. All transfers of Notes and entries on the Register (as defined below) will be made subject to the detailed regulations concerning transfers of Notes scheduled to the Paying Agency A54371967 84 Agreement. The regulations may be changed by the Issuer, with the prior written approval of the Registrar and the Trustee. A copy of the current regulations will be made available by the Registrar to any Noteholder upon request. (k) In the case of an exercise of an Issuer's or Noteholders' option in respect of, or a partial redemption of, a holding of Registered Notes represented by a single Certificate, a new Certificate shall be issued to the holder to reflect the exercise of such option or in respect of the balance of the holding not redeemed. In the case of a partial exercise of an option resulting in Registered Notes of the same holding having different terms, separate Certificates shall be issued in respect of those Notes of that holding that have the same terms. New Certificates shall only be issued against surrender of the existing Certificates to the Registrar or any Transfer Agent. In the case of a transfer of Registered Notes to a person who is already a holder of Registered Notes, a new Certificate representing the enlarged holding shall only be issued against surrender of the Certificate representing the existing holding. (l) Each new Certificate to be issued pursuant to Conditions 1(j) or 1(k) shall be available for delivery within three business days of receipt of the form of transfer or Exercise Notice (as defined in Condition 7(f)) and surrender of the Certificate for exchange. Delivery of the new Certificate(s) shall be made at the specified office of the Transfer Agent or of the Registrar (as the case may be) to whom delivery or surrender of such form of transfer, Exercise Notice or Certificate shall have been made or, at the option of the holder making such delivery or surrender as aforesaid and as specified in the relevant form of transfer, Exercise Notice or otherwise in writing, be mailed by uninsured post at the risk of the holder entitled to the new Certificate to such address as may be so specified, unless such holder requests otherwise and pays in advance to the relevant Transfer Agent the costs of such other method of delivery and/or such insurance as it may specify. In this Condition 1(m), "business day" means a day, other than a Saturday or Sunday, on which banks are open for business in the place of the specified office of the relevant Transfer Agent or the Registrar (as the case may be). (m) Transfers of Notes and Certificates on registration, transfer, exercise of an option or partial redemption shall be effected without charge by or on behalf of the Issuer, the Registrar or the Transfer Agents, but upon payment of any tax or other governmental charges that may be imposed in relation to it (or the giving of such indemnity as the Registrar or the relevant Transfer Agent may require). (n) No Noteholder may require the transfer of a Registered Note to be registered (i) during the period of 15 days prior to any date on which Notes may be called for redemption by the Issuer at its option pursuant to Condition 7(c)(1), 7(c)(2) or 7(c)(4), (ii) after any such Note has been called for redemption or (iii) during the period of seven days ending on (and including) any Record Date. Denomination of Notes (o) Subject to any then applicable legal and regulatory requirements, (i) Notes will be in the denomination or denominations (each of which denominations must be integrally divisible by either the smallest denomination or by the smallest increment between denominations, whichever is smaller) specified in the relevant Final Terms and (ii) Notes may not be issued under the Programme which have a minimum denomination of less than €100,000 (or its equivalent in another currency). Notes of one denomination will not be exchangeable, after their initial delivery, for Notes of any other denomination. Currency of Notes (p) Notes may be denominated in any currency (including, without limitation, euro (as defined in Condition 8C(3)) subject to compliance with all applicable legal or regulatory requirements. A54371967 85 References to "Notes" (q) For the purposes of these Conditions, references to "Notes" shall, as the context may require, be deemed to be to Temporary Global Notes, Permanent Global Notes, Definitive Notes, Global Certificates or Individual Certificates. 2 Status of the Notes Subject to Condition 4, the Notes constitute direct, unconditional and unsecured obligations of the Issuer and (subject as aforesaid) rank and will rank pari passu without any preference among themselves with all other present and future unsecured and unsubordinated obligations of the Issuer (other than obligations preferred by law). 3 Status of the Guarantee Subject to Condition 4, the obligations of each Guarantor under the guarantee constitute unsecured obligations of such Guarantor and (subject as aforesaid) rank and will rank (subject to any obligations preferred by law) pari passu with all other present and future unsecured and unsubordinated obligations of such Guarantor. 4 Negative Pledge (A) Negative Pledge for UFN Notes So long as any UFN Notes remain outstanding (as defined in the Trust Deed): (a) UFN will not create or have outstanding any mortgage, charge, lien, pledge or other security interest upon the whole or any part of its undertaking or assets (including any uncalled capital), present or future; and (b) PLC will not create or have outstanding any mortgage, charge, lien, pledge or other security interest upon the whole or any substantial part of its undertaking or assets (including any uncalled capital), present or future, to secure any Indebtedness of any person (or any guarantee or indemnity given in respect thereof) unless the UFN Notes and the Coupons thereon shall be secured by such mortgage, charge, lien, pledge or other security interest equally and rateably therewith in the same manner or in a manner satisfactory to the Trustee or such other security for the UFN Notes and the Coupons thereon shall be provided as the Trustee shall, in its absolute discretion, deem not less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of Noteholders, provided that the restriction contained in this Condition 4(A) shall not apply to: (i) any mortgage, charge, lien, pledge or other security interest arising solely by mandatory operation of law; and (ii) any security over assets of PLC or UFN arising pursuant to the Algemene Voorwaarden (general terms and conditions) of the Nederlandse Vereniging van Banken (Dutch Bankers' Association) and/or similar terms applied by financial institutions, if and insofar as applicable. (B) Negative Pledge for PLC Notes So long as any PLC Notes remain outstanding (as defined in the Trust Deed), PLC will not create or have outstanding any mortgage, charge, lien, pledge or other security interest upon the whole or any substantial part of its undertaking or assets (including any uncalled capital), present or future, to secure

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 86 any Indebtedness of any person (or any guarantee or indemnity given in respect thereof) unless the PLC Notes and the Coupons thereon shall be secured by such mortgage, charge, lien, pledge or other security interest equally and rateably therewith in the same manner or in a manner satisfactory to the Trustee or such other security for the PLC Notes and the Coupons thereon shall be provided as the Trustee shall, in its absolute discretion, deem not less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of Noteholders, provided that the restriction contained in this Condition 4(B) shall not apply to: (i) any mortgage, charge, lien, pledge or other security interest arising solely by mandatory operation of law; and (ii) any security over assets of PLC arising pursuant to the Algemene Voorwaarden (general terms and conditions) of the Nederlandse Vereniging van Banken (Dutch Bankers' Association) and/or similar terms applied by financial institutions, if and insofar as applicable. (C) Negative Pledge for UCC Notes So long as any UCC Notes remain outstanding (as defined in the Trust Deed): (a) UCC will not create or have outstanding any mortgage, charge, lien, pledge or other security interest upon the whole or any part of its undertaking or assets (including any uncalled capital), present or future; and (b) PLC will not create or have outstanding any mortgage, charge, lien, pledge or other security interest upon the whole or any substantial part of its undertaking or assets (including any uncalled capital), present or future, to secure any Indebtedness of any person (or any guarantee or indemnity given in respect thereof) unless the UCC Notes and the Coupons thereon shall be secured by such mortgage, charge, lien, pledge or other security interest equally and rateably therewith in the same manner or in a manner satisfactory to the Trustee or such other security for the UCC Notes and the Coupons thereon shall be provided as the Trustee shall, in its absolute discretion, deem not less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of Noteholders, provided that the restriction contained in this Condition 4(C) shall not apply to: (i) any mortgage, charge, lien, pledge or other security interest arising solely by mandatory operation of law; and (ii) any security over assets of PLC or UCC arising pursuant to the Algemene Voorwaarden (general terms and conditions) of the Nederlandse Vereniging van Banken (Dutch Bankers' Association) and/or similar terms applied by financial institutions, if and insofar as applicable. For the purposes of this Condition 4: "Indebtedness" means any loan or other indebtedness in the form of, or represented by, bonds, notes, debentures or other securities which at the time of issue thereof either is, or is intended to be, quoted, listed or ordinarily dealt in on any stock exchange, over-the-counter or other recognised securities market and which by its terms has an initial stated maturity of more than one year; and "substantial" means an aggregate amount equal to or greater than 25 per cent. of the aggregate value of the fixed assets and current assets of PLC and its group companies (being those companies required to be consolidated in accordance with United Kingdom legislative requirements relating to consolidated accounts) (the "Unilever Group", and any company within the Unilever Group being referred to herein as a "Group Company"), such value and such assets being determined by reference to the then most recently published A54371967 87 audited consolidated balance sheet of the Unilever Group. A report by the Auditors of PLC that, in their opinion, (1) the amounts shown in a certificate provided by PLC (showing the fixed assets and current assets of the relevant part and those fixed assets and current assets expressed as a percentage of the fixed assets and current assets of the Unilever Group) have been accurately extracted from the accounting records of the Unilever Group, and (2) the percentage of the fixed assets and current assets of that part to the fixed assets and the current assets of the Unilever Group has been correctly calculated, shall, in the absence of manifest error, be conclusive evidence of the matters to which it relates. 5 Title (a) Title to the Bearer Notes, the Coupons and the Talons will pass by delivery. Title to the Registered Notes shall pass by registration in the register that the Issuer shall procure to be kept by the Registrar in accordance with the provisions of the Paying Agency Agreement (the "Register"). In these Conditions, "Noteholder" means the bearer of any Bearer Note relating to it or the person in whose name a Registered Note is registered (as the case may be), "holder" (in relation to a Note, Coupon or Talon) means the bearer of any Bearer Note, Coupon or Talon or the person in whose name a Registered Note is registered (as the case may be). (b) The Issuer, the Guarantor(s), the Trustee, the Paying Agents, the Registrar and the Transfer Agents may deem and treat the holder of any Note or Coupon as the absolute owner thereof (whether or not such Note or Coupon shall be overdue and notwithstanding any notice of any previous loss or theft thereof (or that of the related Certificate) or any express or constructive notice of any claim by any other person of any interest therein) for the purpose of making payments and for all other purposes. 6 Interest Notes may be interest-bearing or non-interest-bearing, as specified in the relevant Final Terms. The Final Terms in relation to each Tranche of interest-bearing Notes shall specify which one (and one only) of Condition 6A, 6B or 6C shall be applicable and Condition 6D will be applicable to each Tranche of interest-bearing Notes as specified therein. Condition 6G shall be applicable to Zero Coupon Notes. (A) Interest – Fixed Rate Notes, in relation to which this Condition 6A is specified in the relevant Final Terms as being applicable, shall bear interest from their date of issue (the "Issue Date") (as specified in the relevant Final Terms) or from such other date as may be specified in the relevant Final Terms at the rate or rates per annum (or otherwise) (the "Fixed Rate of Interest") specified in the relevant Final Terms. Such interest will be payable in arrear on such dates (the "Fixed Interest Payment Dates") as are specified in the relevant Final Terms and on the date of final maturity thereof (the "Maturity Date"). The amount of interest payable in respect of any Note in relation to which this Condition 6A is specified in the relevant Final Terms as being applicable shall be calculated by multiplying the product of the Fixed Rate of Interest and: (i) in the case of any such Note in global form, the principal amount of such Note; or (ii) in the case of any such Note in definitive form, the Calculation Amount, in each case, by the applicable Day Count Fraction (as defined in Condition 6E(6)) as specified in the relevant Final Terms and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Denomination of a Note in relation to which this Condition 6A is specified A54371967 88 in the relevant Final Terms as being applicable and which is in definitive form comprises more than one Calculation Amount, the amount of interest payable in respect of such Note shall be the aggregate of the amounts (determined in the manner provided above) for each Calculation Amount comprising the Denomination without any further rounding. If no Day Count Fraction is specified in the relevant Final Terms then, in the case of Notes denominated in any currency other than U.S. dollars, the applicable Day Count Fraction shall be Actual/Actual (ICMA) (as defined in Condition 6E(5)(ii)) and, in the case of Notes denominated in U.S. dollars, the applicable Day Count Fraction shall be 30/360 (as defined in Condition 6E(5)(v)). (B) Interest – Floating Rate (Screen Rate Determination) (1) Notes, in relation to which this Condition 6B is specified in the relevant Final Terms as being applicable, shall bear interest at the rates per annum (or otherwise) determined in accordance with this Condition 6B. (2) Such Notes shall bear interest from their Issue Date (as specified in the relevant Final Terms) or from such other date as may be specified in the relevant Final Terms. Such interest will be payable on each Interest Payment Date (as defined in Condition 6E(1)) and on the date of the final maturity thereof (the "Maturity Date") (if any). (3) The relevant Final Terms, in relation to Notes in relation to which this Condition 6B is specified as being applicable, shall specify which page (the "Relevant Screen Page"), on the Reuters Screen or any other information vending service, shall be applicable. For these purposes, "Reuters Screen" means the Reuters Money Market Rates Service (or such other service as may be nominated as the information vendor for the purpose of displaying comparable rates in succession thereto). The reference rate for such Notes shall be the Euro interbank offered rate ("EURIBOR"), in each case for the relevant period, as specified in the relevant Final Terms (the "Reference Rate"). Screen Rate Determination for Floating Rate Notes not referencing Compounded Daily SONIA, Compounded Daily SOFR or Weighted Average SOFR (4) The rate of interest (the "Rate of Interest") for each Interest Period (as defined in Condition 6E(1)) in relation to Notes in relation to which this Condition 6B is specified as being applicable and the Reference Rate in respect of the Notes is not specified in the relevant Final Terms as being "Compounded Daily SONIA", "Compounded Daily SOFR" or "Weighted Average SOFR" shall, subject to Condition 6H or 6I (as applicable), be determined by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms) on the following basis: (i) the Determination Agent will determine the rate for deposits (or, as the case may require, the arithmetic mean of the rates for deposits rounded (if necessary) to the fourth decimal place, with 0.00005 being rounded upwards) in the relevant currency for a period of the duration of the relevant Interest Period according to the rate (or rates) appearing for the Reference Rate on the Relevant Screen Page as at the Relevant Time on the Interest Determination Date (as defined in Condition 6B(6)). If five or more rates for deposits appear for the Reference Rate on the Relevant Screen Page as at the Relevant Time on the Interest Determination Date, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Determination Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such rates for deposits; A54371967 89 (ii) if, on any Interest Determination Date, no such rate for deposits so appears (or, as the case may require, if fewer than three such rates for deposits so appear) or if the Relevant Screen Page (or any replacement therefor) is unavailable or if the Reference Rate is unavailable on the Relevant Screen Page, the Issuer will request appropriate quotations and the Determination Agent will determine the arithmetic mean of the rates at which deposits in the relevant currency are offered by four major banks in, in the case of Notes denominated in any currency other than euro, the London interbank market or, in the case of Notes denominated in euro, the Euro-zone interbank market, selected by the Determination Agent, at the Relevant Time on the Interest Determination Date to prime banks in, in the case of Notes denominated in any currency other than euro, the London interbank market or, in the case of Notes denominated in euro, the Euro-zone interbank market for a period of the duration of the relevant Interest Period and in an amount that is representative for a single transaction in the relevant market at the relevant time. If two or more of such banks provide the Issuer with such quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded (if necessary) to the fourth decimal place, with 0.00005 being rounded upwards) of such quotations. "Euro-zone" means the zone comprising the member states of the European Union that from time to time have the euro as their currency; (iii) if, on any Interest Determination Date, only three such rates for deposits are so quoted by such banks, the Determination Agent will determine the arithmetic mean (rounded as aforesaid) of the rates so quoted; or (iv) if fewer than three or no rates are so quoted by such banks, the Determination Agent will determine the arithmetic mean of the rates quoted by four major banks in the Relevant Financial Centre (as defined in Condition 8B(1)) (or, in the case of Notes denominated in euro, in such financial centre or centres as the Issuer may select), selected by the Issuer, at approximately 11.00 a.m. (Relevant Financial Centre time (or local time at such other financial centre or centres as aforesaid)) on the Interest Determination Date for loans in the relevant currency to leading European banks for a period of the duration of the relevant Interest Period and in an amount that is representative for a single transaction in the relevant market at the relevant time, and the Rate of Interest applicable to such Notes during each Interest Period will be the sum of the relevant margin (the "Margin") specified in the relevant Final Terms and the rate (or, as the case may be, the arithmetic mean) so determined; provided that, if the Determination Agent is unable to determine a rate (or, as the case may be, an arithmetic mean) in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable to such Notes during such Interest Period will be the sum of the Margin and the rate (or, as the case may be, the arithmetic mean) last determined in relation to such Notes in respect of the preceding Interest Period; and provided always that, if there is specified in the relevant Final Terms a minimum interest rate (the "Minimum Rate of Interest") or a maximum interest rate (the "Maximum Rate of Interest"), then the Rate of Interest shall in no event be less than or, as the case may be, exceed such Minimum Rate of Interest or Maximum Rate of Interest. Unless otherwise specified in the relevant Final Terms, the Minimum Rate of Interest shall be deemed to be zero. (5) The Determination Agent will, as soon as practicable after determining the Rate of Interest in relation to each Interest Period, calculate the amount of interest (the "Interest Amount") payable in respect of the principal amount of each denomination of such Notes specified in the relevant

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 90 Final Terms for the relevant Interest Period. The Interest Amount will be calculated by multiplying the product of the Rate of Interest for such Interest Period and: (i) in the case of such Notes in global form, the principal amount of such Notes; or (ii) in the case of such Notes in definitive form, the Calculation Amount, in each case, by the applicable Day Count Fraction specified in the relevant Final Terms and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Denomination of a Note to which this Condition 6B is specified in the relevant Final Terms as being applicable and which is in definitive form comprises more than one Calculation Amount, the Interest Amount payable in respect of such Note shall be the aggregate of the amounts (determined in the manner provided above) for each Calculation Amount comprising the Denomination without any further rounding. If no Day Count Fraction is specified in the relevant Final Terms then, in the case of Notes denominated in any currency other than sterling, the applicable Day Count Fraction shall be Actual/360 (as defined in Condition 6E(5)) and, in the case of Notes denominated in sterling, the applicable Day Count Fraction shall be Actual/Actual (ISDA) (as defined in Condition 6E(5)). (6) For the purposes of these Conditions: (i) "Interest Determination Date" means, in respect of any Interest Period, the date falling such number (if any) of London Banking Days or, as the case may be, TARGET Days as may be specified in the relevant Final Terms prior to the first day of such Interest Period or, if none is specified: (a) in the case of Notes denominated in sterling, the first day of such Interest Period; or (b) in the case of Notes denominated in euro, the date falling two TARGET Days prior to the first day of such Interest Period; or (c) in any other case, the date falling two London Banking Days prior to the first day of such Interest Period; (ii) "London Banking Day" means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London; (iii) "Relevant Time" means the time as of which any rate is to be determined as may be specified in the relevant Final Terms or, if none is specified: (a) in the case of Notes denominated in euro, approximately 11.00 a.m. (Brussels time); or (b) in any other case, approximately 11.00 a.m. (London time); (iv) "TARGET Day" means any day on which T2 (as defined in Condition 8B(1)(c)) is open for the settlement of payments in euro; and (v) "sub-unit" means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent. A54371967 91 Screen Rate Determination for Floating Rate Notes referencing Compounded Daily SONIA – Non- Index Determination (7) The Rate of Interest for each Interest Period (as defined in Condition 6E(1)) in relation to Notes in relation to which: (i) this Condition 6B is specified as being applicable; (ii) the Reference Rate in respect of the Notes is specified in the relevant Final Terms as being "Compounded Daily SONIA"; and (iii) "Index Determination" is specified as "Not Applicable" in the relevant Final Terms shall, subject to Condition 6H or as provided below, be Compounded Daily SONIA with respect to such Interest Period plus or minus (as indicated in the relevant Final Terms) the applicable Margin all as determined by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms). "Compounded Daily SONIA" means, with respect to an Interest Period, the rate of return of a daily compound interest investment during the Observation Period corresponding to such Interest Period (with the daily Sterling overnight reference rate as reference rate for the calculation of interest) as calculated by the Determination Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the relevant Final Terms) as at the relevant Interest Determination Date in accordance with the following formula (and the resulting percentage will be rounded if necessary to the nearest fifth decimal place, with 0.000005 being rounded upwards): 1+ SONIAi-pLBD × ni 365 -1 do i=1 × 365 d where: (i) "d" is the number of calendar days in: a. where "Lag" is specified as the Observation Method in the relevant Final Terms, the relevant Interest Period; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the relevant Observation Period; (ii) "do" means: a. where "Lag" is specified in as the Observation Method in the relevant Final Terms, the number of London Banking Days in the relevant Interest Period; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the number of London Banking Days in the relevant Observation Period; (iii) "i" is a series of whole numbers from one to do, each representing the relevant London Banking Day in chronological order from, and including, the first London Banking Day in: a. where "Lag" is specified in as the Observation Method in the relevant Final Terms, the relevant Interest Period; or b. where "Shift" is specified in as the Observation Method in the relevant Final Terms, the relevant Observation Period; A54371967 92 (iv) "London Banking Day" or "LBD" means any day on which commercial banks are open for general business (including dealing in foreign exchange and foreign currency deposits) in London; (v) "ni" for any London Banking Day "i", means the number of calendar days from (and including) such London Banking Day "i" up to (but excluding) the following London Banking Day; (vi) "Observation Period" means the period from (and including) the date falling "p" London Banking Days prior to the first day of the relevant Interest Period to (but excluding) the date falling "p" London Banking Days prior to (A) (in the case of an Interest Period) the Interest Payment Date for such Interest Period or (B) (in the case of any other Interest Period) the date on which the relevant payment of interest falls due; (vii) "p" means: a. where "Lag" is specified as the Observation Method in the relevant Final Terms, the number of London Banking Days by which an Observation Period precedes the corresponding Interest Period, being the number of London Banking Days specified as the "Lag Period (p)" in the relevant Final Terms (which shall not, without the prior agreement of the Determination Agent be less than five, or, if no such number is so specified, five London Banking Days); or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the number of London Banking Days by which an Observation Period precedes the corresponding Interest Period, being the number of London Banking Days specified as the "Shift Period (p)" in the relevant Final Terms (which shall not, without the prior agreement of the Determination Agent be less than five, or, if no such number is so specified, five London Banking Days); (viii) the "SONIA reference rate", in respect of any London Banking Day ("LBDx"), is a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such LBDx as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following LBDx; and (ix) "SONIAi-pLBD" means: a. where "Lag" is specified as the Observation Method in the relevant Final Terms, in respect of any London Banking Day falling in the relevant Observation Period, the SONIA reference rate for the London Banking Day falling "p" London Banking Days prior to the relevant London Banking Day "i"; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the SONIA reference rate for the relevant London Banking Day "i". If, in respect of any London Banking Day in the relevant Observation Period, the applicable SONIA reference rate is not made available on the Relevant Screen Page or has not otherwise been published by the relevant authorised distributors, then (unless the Determination Agent (or other party responsible for the calculation of the Rate of Interest, as specified in the relevant Final Terms) has been notified of any Successor Rate or Alternative Rate (and any related Adjustment Spread and/or Benchmark Amendments) pursuant to Condition 6H, if applicable) the SONIA reference rate in respect of such London Banking Day shall be: (i) the Bank of England's Bank Rate (the "Bank Rate") prevailing at 5.00 p.m. (or, if earlier, close of business) on such London A54371967 93 Banking Day; plus (ii) the mean of the spread of the SONIA reference rate to the Bank Rate over the previous five London Banking Days on which a SONIA reference rate has been published, excluding the highest spread (or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest spread, one only of those lowest spreads). Screen Rate Determination for Floating Rate Notes referencing Compounded Daily SONIA – Index Determination (8) The Rate of Interest for each Interest Period (as defined in Condition 6E(1)) in relation to Notes in relation to which: (i) this Condition 6B is specified as being applicable; (ii) the Reference Rate in respect of the Notes is specified in the relevant Final Terms as being "Compounded Daily SONIA"; and (iii) "Index Determination" is specified as "Applicable" in the relevant Final Terms shall, subject to Condition 6H and as provided below, be the SONIA Compounded Index Rate with respect to such Interest Period plus or minus (as indicated in the relevant Final Terms) the Margin. "SONIA Compounded Index Rate" means, with respect to an Interest Period, the rate of return of a daily compound interest investment during the Observation Period corresponding to such Interest Period (with the daily Sterling overnight reference rate as reference rate for the calculation of interest) (expressed as a percentage and rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards) and will be calculated by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms) on the Interest Determination Date in accordance with the following formula: 𝑆𝑂𝑁𝐼𝐴 𝐶𝑜𝑚𝑝𝑜𝑢𝑛𝑑𝑒𝑑 𝐼𝑛𝑑𝑒𝑥 𝑆𝑂𝑁𝐼𝐴 𝐶𝑜𝑚𝑝𝑜𝑢𝑛𝑑𝑒𝑑 𝐼𝑛𝑑𝑒𝑥 - 1 × 365 𝑑 where: (i) "London Banking Day" and "Observation Period" have the meanings set out in Condition 6B(7) above; (ii) "d" means the number of calendar days in the relevant Observation Period; (iii) "p" means the number of London Banking Days included in the SONIA Compounded Index Observation Period specified in the relevant Final Terms (or, if no such number is specified, five London Banking Days); (iv) "SONIA Compounded Index" means the index known as the SONIA Compounded Index administered by the Bank of England (or any successor administrator thereof); (v) "SONIA Compounded IndexStart" means, with respect to an Interest Period, the SONIA Compounded Index Value on the first day of the relevant Observation Period; (vi) "SONIA Compounded IndexEnd" means the SONIA Compounded Index Value on the last day of the relevant Observation Period; and (vii) "SONIA Compounded Index Value" means, in relation to any London Banking Day, the value of the SONIA Compounded Index as published on the Relevant Screen Page on such London Banking Day or, if the value of the SONIA Compounded Index cannot be obtained from the Relevant Screen Page, as published on the Bank of England's website at www.bankofengland.co.uk/boeapps/database/(or such other page or website as may replace such

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 94 page for the purposes of publishing the SONIA Compounded Index) in respect of the relevant London Banking Day. Subject to Condition 6H, if the SONIA Compounded Index Value is not available in relation to any Interest Period on the Relevant Screen Page or the Bank of England's website (or such other page or website referred to in the definition of "SONIA Compounded Index Value" above) for the determination of either or both of SONIA Compounded IndexStart and SONIA Compounded IndexEnd, the Rate of Interest for such Interest Period shall be "Compounded Daily SONIA" determined in accordance with Condition 6B(7) above plus or minus (as indicated in the relevant Final Terms) the applicable Margin and as if Index Determination were specified in the relevant Final Terms as being "Not Applicable", and for these purposes: (A) (i) the "Observation Method" shall be deemed to be "Shift" and (ii) the "Observation Period" shall be deemed to be equal to the "SONIA Compounded Index Observation Period", as if those alternative elections had been made in the relevant Final Terms; and (B) the "Relevant Screen Page" shall be deemed to be the "Relevant Fallback Screen Page" specified in the relevant Final Terms. Screen Rate Determination for Floating Rate Notes referencing SOFR – Non-Index Determination (9) Compounded Daily SOFR The Rate of Interest for each Interest Period (as defined in Condition 6E(1)) in relation to Notes and in relation to which: (i) this Condition 6B is specified as being applicable; (ii) the Reference Rate in respect of the Notes is specified in the relevant Final Terms as being "Compounded Daily SOFR"; and (iii) "Index Determination" is specified as 'Not Applicable' in the relevant Final Terms shall, subject to Condition 6H or 6I (as applicable), be Compounded Daily SOFR with respect to such Interest Period plus or minus (as indicated in the relevant Final Terms) the applicable Margin all as determined by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms). "Compounded Daily SOFR" means, with respect to an Interest Period, the rate of return of a daily compound interest investment during the Observation Period corresponding to such Interest Period (with the daily U.S. dollars secured overnight financing rate as reference rate for the calculation of interest) as calculated by the Determination Agent as at the relevant Interest Determination Date in accordance with the following formula (and the resulting percentage will be rounded if necessary to the nearest fifth decimal place, with 0.000005 being rounded upwards): 1 + 𝑆𝑂𝐹𝑅 × 𝑛 360 - 1 × 360 𝑑 where: (i) "d" is the number of calendar days in: a. where "Lag" or "Lock-out" is specified as the Observation Method in the relevant Final Terms, the relevant Interest Period; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the relevant Observation Period; (ii) "do" means: A54371967 95 a. where "Lag" or "Lock-out" is specified as the Observation Method in the relevant Final Terms, the number of U.S. Government Securities Business Days in the relevant Interest Period; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the number of U.S. Government Securities Business Days in the relevant Observation Period; (iii) "i" is a series of whole numbers from one to "do", each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in: a. where "Lag" or "Lock-out" is specified as the Observation Method in the relevant Final Terms, the relevant Interest Period; or b. where "Shift" is specified as the Observation Method in the relevant Final Terms, the relevant Observation Period; (iv) "Lock-out Period" means the period from, and including, the day following the Interest Determination Date to, but excluding, the corresponding Interest Payment Date; (v) "New York Fed's Website" means the website of the Federal Reserve Bank of New York (or a successor administrator of SOFR) or any successor source; (vi) "ni" for any U.S. Government Securities Business Day "i", means the number of calendar days from, and including, such U.S. Government Securities Business Day "i" up to, but excluding, the following U.S. Government Securities Business Day; (vii) "Observation Period" means the period from, and including, the date falling "p" U.S. Government Securities Business Days prior to the first day of the relevant Interest Period to, but excluding, the date which is "p" U.S. Government Securities Business Days prior to the Interest Payment Date for such Interest Period (or the date falling "p" U.S. Government Securities Business Days prior to such earlier date, if any, on which the Notes become due and payable); (viii) "p" means: a. where "Lag" is specified as the Observation Method in the relevant Final Terms, the number of U.S. Government Securities Business Days specified as the "Lag Period" in the relevant Final Terms (or, if no such number is so specified, five U.S. Government Securities Business Days); b. where "Lock-out" is specified as the Observation Method in the relevant Final Terms, zero U.S. Government Securities Business Days; or (iii) where "Shift" is specified as the Observation Method in the relevant Final Terms, the number of U.S. Government Securities Business Days specified as the "Observation Period" in the relevant Final Terms (or, if no such number is specified, five U.S. Government Securities Business Days); (ix) "Reference Day" means each U.S. Government Securities Business Day in the relevant Interest Period, other than any U.S. Government Securities Business Day in the Lock-out Period; (x) "SOFR" in respect of any U.S. Government Securities Business Day ("USBDx"), is a reference rate equal to the daily secured overnight financing rate as provided by the Federal Reserve Bank of New York, as the administrator of such rate (or any successor administrator of such rate) on the New York Fed's Website, in each case at or around 3.00 p.m. (New York City time) on the U.S. Government Securities Business Day immediately following such USBDx; A54371967 96 (xi) "SOFRi" means the SOFR for: a. where "Lag" is specified as the Observation Method in the relevant Final Terms, the U.S. Government Securities Business Day falling "p" U.S. Government Securities Business Days prior to the relevant U.S. Government Securities Business Day "i"; b. where "Lock-out" is specified as the Observation Method in the relevant Final Terms: (i) in respect of each U.S. Government Securities Business Day "i" that is a Reference Day, the SOFR in respect of the U.S. Government Securities Business Day immediately preceding such Reference Day; or (ii) in respect of each U.S. Government Securities Business Day "i" that is not a Reference Day (being a U.S. Government Securities Business Day in the Lock-out Period), the SOFR in respect of the U.S. Government Securities Business Day immediately preceding the last Reference Day of the relevant Interest Period (such last Reference Day coinciding with the Interest Determination Date); or c. where "Shift" is specified as the Observation Method in the relevant Final Terms, the relevant U.S. Government Securities Business Day "i"; (xii) "U.S. dollar" means the currency of the United States of America; and (xiii) "U.S. Government Securities Business Day" means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. (10) Weighted Average SOFR The Rate of Interest for each Interest Period (as defined in Condition 6E(1)) in relation to Notes in relation to which (i) this Condition 6B is specified as being applicable; (ii) the Reference Rate in respect of the Notes is specified in the relevant Final Terms as being "Weighted Average SOFR" and (iii) "Index Determination" is specified as 'Not Applicable' in the relevant Final Terms shall, subject to Condition 6H or Condition 6I (as applicable), be Weighted Average SOFR with respect to such Interest Period plus or minus (as indicated in the relevant Final Terms) the applicable Margin all as determined by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms). "Weighted Average SOFR" means: (a) where "Lag" is specified as the Observation Method in the relevant Final Terms, the arithmetic mean of the SOFR in effect for each calendar day during the relevant Observation Period, calculated by multiplying each relevant SOFR by the number of calendar days such rate is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Observation Period. For these purposes, the SOFR in effect for any calendar day which is not a U.S. Government Securities Business Day shall be deemed to be the SOFR in effect for the U.S. Government Securities Business Day immediately preceding such calendar day; and (b) where "Lock-out" is specified as the Observation Method in the relevant Final Terms, the arithmetic mean of the SOFR in effect for each calendar day during the relevant Interest Period, calculated by multiplying each relevant SOFR by the number of days such rate is in effect, determining the sum of such products and dividing such sum by the number of A54371967 97 calendar days in the relevant Interest Period, provided however that for any calendar day of such Interest Period falling in the Lock-out Period, the relevant SOFR for each day during that Lock-out Period will be deemed to be the SOFR in effect for the Reference Day immediately preceding the first day of such Lock-out Period. For these purposes, the SOFR in effect for any calendar day which is not a U.S. Government Securities Business Day shall, subject to the proviso above, be deemed to be the SOFR in effect for the U.S. Government Securities Business Day immediately preceding such calendar day. Defined terms used in this Condition 6B(10) and not otherwise defined herein have the meanings given to them in Condition 6B(9). (11) SOFR Unavailable Subject to Condition 6H or 6I (as applicable), if, where any Rate of Interest is to be calculated pursuant to Condition 6B(9) or 6B(10), in respect of any U.S. Government Securities Business Day in respect of which an applicable SOFR is required to be determined, such SOFR is not available, such SOFR shall be the SOFR for the first preceding U.S. Government Securities Business Day in respect of which the SOFR was published on the New York Fed's Website. Screen Rate Determination for Floating Rate Notes referencing SOFR – Index Determination (12) The Rate of Interest for each Interest Period (as defined in Condition 6E(1)) in relation to Notes and in relation to which: (i) this Condition 6B is specified as being applicable; (ii) the Reference Rate in respect of the Notes is specified in the relevant Final Terms as being "Compounded Daily SOFR"; and (iii) "Index Determination" is specified as "Applicable" in the relevant Final Terms shall, subject to Condition 6H or 6I (as applicable), be the sum of Compounded SOFR with respect to such Interest Period plus or minus (as indicated in the relevant Final Terms) the applicable Margin all as determined by the Determination Agent (being the Principal Paying Agent or any other party named in the relevant Final Terms). "Compounded SOFR" means, with respect to an Interest Period, the rate (expressed as a percentage and rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) determined by the Determination Agent in accordance with the following formula: 𝑆𝑂𝐹𝑅 𝐼𝑛𝑑𝑒𝑥 𝑆𝑂𝐹𝑅 𝐼𝑛𝑑𝑒𝑥 - 1 𝑥 360 𝑑 where: (i) "dc" is the number of calendar days from, and including, the day in relation to which SOFR IndexStart is determined to, but excluding, the day in relation to which SOFR IndexEnd is determined; (ii) "Relevant Number" is the number specified as such in the relevant Final Terms (or, if no such number is specified, five); (iii) "SOFR" means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator's Website; (iv) "SOFR Administrator" means the Federal Reserve Bank of New York (or a successor administrator of SOFR); (v) "SOFR Administrator's Website" means the website of the SOFR Administrator, or any successor source;

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 98 (vi) "SOFR Index", with respect to any U.S. Government Securities Business Day, means the SOFR index value as published by the SOFR Administrator as such index appears on the SOFR Administrator's Website at or around 3.00 p.m. (New York time) on such U.S. Government Securities Business Day (the "SOFR Determination Time"); (vii) "SOFR IndexStart", with respect to an Interest Period, is the SOFR Index value for the day which is the Relevant Number of U.S. Government Securities Business Days preceding the first day of such Interest Period; (viii) "SOFR IndexEnd", with respect to an Interest Period, is the SOFR Index value for the day which is the Relevant Number of U.S. Government Securities Business Days preceding (A) the Interest Payment Date for such Interest Period, or (B) such other date on which the relevant payment of interest falls due (but which by its definition or the operation of the relevant provisions is excluded from such Interest Period); and If, as at any relevant SOFR Determination Time, the relevant SOFR Index is not published or displayed on the SOFR Administrator's Website by the SOFR Administrator, the Compounded SOFR for the applicable Interest Period for which the relevant SOFR Index is not available shall be "Compounded Daily SOFR" determined in accordance with Condition 6B(9) above as if "Index Determination" were specified in the relevant Final Terms as being "Not Applicable", and for these purposes: (i) the "Observation Method" shall be deemed to be "Shift"; and (ii) the "Observation Period" shall be deemed to be equal to the Relevant Number of U.S. Government Securities Business Days, as if such alternative elections had been made in the relevant Final Terms. Defined terms used in this Condition 6B(12) and not otherwise defined herein have the meanings given to them in Condition 6B(9). (13) Subject to Condition 6H or 6I (as applicable), in the event that the Rate of Interest cannot be determined in accordance with the relevant paragraph of this Condition 6(B), the Rate of Interest shall be: (i) that determined as at the last preceding Interest Determination Date (though substituting, where a different Margin, Maximum Rate of Interest and/or Minimum Rate of Interest is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin, Maximum Rate of Interest and/or Minimum Rate of Interest (as the case may be) relating to the relevant Interest Period, in place of the Margin, Maximum Rate of Interest and/or Minimum Rate of Interest (as applicable) relating to that last preceding Interest Period); or (ii) if there is no such preceding Interest Determination Date, the initial Rate of Interest which would have been applicable to such Series of Notes for the first scheduled Interest Period had the Notes been in issue for a period equal in duration to the first scheduled Interest Period but ending on (and excluding) the Issue Date (applying the Margin and, if applicable, any Maximum Rate of Interest and/or Minimum Rate of Interest, applicable to the first scheduled Interest Period). (14) If the relevant Series of Notes becomes due and payable in accordance with Condition 10, the final Rate of Interest shall be calculated for the Interest Period to (but excluding) the date on which the Notes become so due and payable, and such Rate of Interest shall continue to apply to the Notes for so long as interest continues to accrue thereon as provided in Condition 6E(4). A54371967 99 (C) Interest – Floating Rate (ISDA Determination) (1) Notes, in relation to which this Condition 6C is specified in the relevant Final Terms as being applicable, shall bear interest at the rates per annum (or otherwise) determined in accordance with this Condition 6C. (2) The Rate of Interest for such Notes for each Interest Period shall be determined by the Calculation Agent as a rate equal to the relevant ISDA Rate. For the purposes of this Condition 6C(2), "ISDA Rate" for an Interest Period means a rate equal to the Floating Rate that would be determined by the Calculation Agent under a Swap Transaction under the terms of an agreement incorporating the ISDA Definitions and under which: (a) the Floating Rate Option is as specified in the relevant Final Terms; (b) the Designated Maturity is a period specified in the relevant Final Terms; and (c) the relevant Reset Date is the first day of that Interest Period unless otherwise specified in the relevant Final Terms. (3) For the purposes of this Condition 6C(3), "Floating Rate", "Calculation Agent", "Floating Rate Option", "Designated Maturity", "Reset Date" and "Swap Transaction" have the meanings given to those terms in the ISDA Definitions. (D) Interest – Supplemental Provision Conditions 6E(1), 6E(2), 6E(3) and 6E(5) shall be applicable to all Notes which are interest-bearing in the manner specified therein and, as appropriate, in the relevant Final Terms. (E) Interest Payment Date Conventions (1) The Final Terms in relation to each Tranche of Notes to which Condition 6B is applicable shall specify which of the following conventions shall be applicable, namely: (i) the "FRN Convention", in which case interest shall be payable in arrear on each date (each, an "Interest Payment Date") which numerically corresponds to their Issue Date or such other date as may be specified in the relevant Final Terms or, as the case may be, the preceding Interest Payment Date in the calendar month which is the number of months specified in the relevant Final Terms after the calendar month in which such Issue Date or such other date as aforesaid or, as the case may be, the preceding Interest Payment Date occurred, provided that: (a) if there is no such numerically corresponding day in the calendar month in which an Interest Payment Date should occur, then the relevant Interest Payment Date will be the last day which is a Business Day in that calendar month; (b) if an Interest Payment Date would otherwise fall on a day which is not a Business Day, then the relevant Interest Payment Date will be the first following day which is a Business Day unless that day falls in the next calendar month, in which case it will be the first preceding day which is a Business Day; and (c) if such Issue Date or such other date as aforesaid or the preceding Interest Payment Date occurred on the last day in a calendar month which was a Business Day, then all subsequent Interest Payment Dates will be the last day which is a Business Day in the calendar month which is the specified number of months after the calendar A54371967 100 month in which such Issue Date or such other date as aforesaid or, as the case may be, the preceding Interest Payment Date occurred; or (ii) the "Modified Following Business Day Convention", in which case interest shall be payable in arrear on such dates (each, an "Interest Payment Date") as are specified in the relevant Final Terms; provided that, if any Interest Payment Date would otherwise fall on a date which is not a Business Day, the relevant Interest Payment Date will be the first following day which is a Business Day unless that day falls in the next calendar month, in which case the relevant Interest Payment Date will be the first preceding day which is a Business Day, save in respect of Notes for which the reference rate is specified to be Compounded Daily SOFR or Weighted Average SOFR in the relevant Final Terms, in which case, the payment of principal or interest will be made on the next succeeding Business Day, but the final Interest Payment Date will not be postponed and interest on that payment will not accrue during the period from and after the scheduled final Interest Payment Date. Each period beginning on (and including) such Issue Date or such other date as aforesaid and ending on (but excluding) the first Interest Payment Date and each period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next Interest Payment Date is herein called an "Interest Period". Notification of Rates of Interest, Interest Amounts and Interest Payment Dates (2) The Determination Agent will cause each Rate of Interest, floating rate, Interest Payment Date, final day of an interest calculation period, Interest Amount, floating amount or other item, as the case may be, determined or calculated by it to be notified to the Issuer, the Guarantor(s), the Trustee and the Principal Paying Agent (from whose respective specified offices such information will be available) and, in the case of Notes admitted to the Official List and trading on the London Stock Exchange and/or the Stock Exchange of Hong Kong and/or the Singapore Exchange (as specified in the relevant Final Terms), cause each such Rate of Interest, floating rate, Interest Payment Date, final day of an interest calculation period, Interest Amount, floating amount or other item, as the case may be, to be notified to the Financial Conduct Authority and/or the London Stock Exchange and/or the Stock Exchange of Hong Kong and/or the Singapore Exchange (as specified in the relevant Final Terms) as soon as practicable after such determination but in any event not later than the fourth London Banking Day thereafter. The Determination Agent will be entitled (with the prior written consent of the Trustee) to amend any Interest Amount, floating amount, Interest Payment Date or final day of an interest calculation period (or to make appropriate alternative arrangements by way of adjustment) without prior notice in the event of the extension or abbreviation of the relevant Interest Period or an interest calculation period and such amendment or adjustment will be notified in accordance with the first sentence of this Condition 6E(2). (3) The determination or calculation by the Determination Agent of all rates of interest and amounts of interest and other items falling to be determined or calculated by it for the purposes of this Condition 6 shall, in the absence of manifest error, be final and binding on all parties. Accrual of Interest (4) Interest shall accrue on the principal amount of each Note or, in the case of a partly paid Note, on the paid-up principal amount of such Note or otherwise as indicated in the relevant Final Terms. Interest will cease to accrue as from the due date for redemption therefor unless (except in the case of any payment where presentation and/or surrender of the relevant Note is not required as A54371967 101 a precondition of payment), upon due presentation or surrender thereof, payment in full of the principal amount or, as the case may be, redemption amount is improperly withheld or refused, in which case, interest shall continue to accrue thereon as provided in the Trust Deed. (5) The applicable "Day Count Fraction" means, in respect of the calculation of an amount for any period of time (from and including the first day of such period to but excluding the last day of such period) whether or not constituting an Interest Period (a "Calculation Period"), such Day Count Fraction as may be specified in the relevant Final Terms or, if no Day Count Fraction is specified in the relevant Final Terms, such Day Count Fraction as is specified in Condition 6A or Condition 6B(5), as the case may be, and: (i) if "Actual/Actual (ISDA)" or "Actual/Actual" is so specified, means the actual number of days in such Calculation Period divided by 365 (or, if any portion of such Calculation Period falls in a leap year, the sum of (a) the actual number of days in such portion of such Calculation Period falling in a leap year divided by 366 and (b) the actual number of days in such portion of such Calculation Period falling in a non-leap year divided by 365); (ii) if "Actual/Actual (ICMA)" is so specified: (a) if such Calculation Period falls within a single Determination Period, means the actual number of days in such Calculation Period divided by the product of the number of days in the Determination Period in which it falls and the number of Determination Periods in any year; and (b) if such Calculation Period does not fall within a single Determination Period, means the sum of (x) the actual number of days in such Calculation Period falling in the Determination Period in which it begins divided by the product of the actual number of days in that Determination Period and the number of Determination Periods in any year and (y) the actual number of days in such Calculation Period falling in the subsequent Determination Period divided by the product of the actual number of days in the subsequent Determination Period and the number of Determination Periods in any year; "Determination Period" means, in the case of Notes in relation to which Condition 6A is specified in the relevant Final Terms, the period from, and including, a Fixed Interest Payment Date in any year to, and excluding, the next Fixed Interest Payment Date; (iii) if "Actual/365 (Fixed)" is so specified, means the actual number of days in such Calculation Period divided by 365; (iv) if "Actual/360" is so specified, means the actual number of days in such Calculation Period divided by 360; (v) if "30/360", "360/360" or "Bond Basis" is so specified, means the number of days in such Calculation Period divided by 360, calculated on a formula basis as follows: Day Count Fraction = 360)()](30[)](360[ 121212 DDMMxYYx  where: "Y1" is the year, expressed as a number, in which the first day of such Calculation Period falls;

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 102 "Y2" is the year, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; "M1" is the calendar month, expressed as a number, in which the first day of such Calculation Period falls; "M2" is the calendar month, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; "D1" is the first calendar day, expressed as a number, of such Calculation Period, unless such number is 31, in which case D1 will be 30; and "D2" is the calendar day, expressed as a number, immediately following the last day included in such Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30; (vi) if "30E/360" or "Eurobond Basis" is so specified, means the number of days in such Calculation Period divided by 360, calculated on a formula basis as follows: Day Count Fraction = 360)()](30[)](360[ 121212 DDMMxYYx  where: "Y1" is the year, expressed as a number, in which the first day of such Calculation Period falls; "Y2" is the year, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; "M1" is the calendar month, expressed as a number, in which the first day of such Calculation Period falls; "M2" is the calendar month, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; "D1" is the first calendar day, expressed as a number, of such Calculation Period, unless such number would be 31, in which case D1 will be 30; and "D2" is the calendar day, expressed as a number, immediately following the last day included in such Calculation Period, unless such number would be 31, in which case D2 will be 30; and (vii) if "30E/360 (ISDA)" is so` specified, means the number of days in such Calculation Period divided by 360, calculated on a formula basis as follows: Day Count Fraction = 360)()](30[)](360[ 121212 DDMMxYYx  where: "Y1" is the year, expressed as a number, in which the first day of such Calculation Period falls; "Y2" is the year, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; A54371967 103 "M1" is the calendar month, expressed as a number, in which the first day of such Calculation Period falls; "M2" is the calendar month, expressed as a number, in which the day immediately following the last day of such Calculation Period falls; "D1" is the first calendar day, expressed as a number, of such Calculation Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30; and "D2" is the calendar day, expressed as a number, immediately following the last day included in such Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31 and in which case D2 will be 30. (F) Interest – Floating Rate – Linear Interpolation Where Linear Interpolation is specified in the relevant final terms as applicable in respect of an Interest Period, the Rate of Interest for such Interest Period shall be calculated by the Determination Agent by straight line linear interpolation by reference to two rates based on the relevant Reference Rate (where Condition 6B is specified hereon as applicable) or the relevant Floating Rate Option (where Condition 6C is specified hereon as applicable), one of which shall be determined as if the Applicable Maturity were the period of time for which rates are available next shorter than the length of the relevant Interest Period and the other of which shall be determined as if the Applicable Maturity were the period of time for which rates are available next longer than the length of the relevant Interest Period provided however that if there is no rate available for the period of time next shorter or, as the case may be, next longer, then the Determination Agent shall determine such rate at such time and by reference to such sources as it determines appropriate. "Applicable Maturity" means: (a) in relation to Screen Rate Determination, the period of time designated in the Reference Rate, and (b) in relation to ISDA Determination, the Designated Maturity. (G) Zero Coupon Notes Where a Note the interest basis of which is specified in the relevant Final Terms to be Zero Coupon is repayable prior to the Maturity Date and is not paid when due, the amount due and payable prior to the Maturity Date shall be the early redemption amount of such Note. As from the Maturity Date, the Rate of Interest for any overdue principal of such a Note shall be a rate per annum (expressed as a percentage) equal to the Amortisation Yield (as described in Condition 7(i)). (H) Benchmark Discontinuation – Independent Adviser This Condition 6H shall apply to Notes only if "Benchmark Discontinuation – Independent Adviser" is specified in the relevant Final Terms. (1) Independent Adviser If the Issuer determines that a Benchmark Event occurs in relation to an Original Reference Rate when any Rate of Interest (or any component part thereof) remains to be determined by reference to such Original Reference Rate then the Issuer shall use its reasonable endeavours to appoint an Independent Adviser, as soon as reasonably practicable, to determine, in consultation with the Issuer, a Successor Rate, failing which an Alternative Rate (in accordance with Condition 6H(2)) and, in either case, an Adjustment Spread if any (in accordance with Condition 6H(3)) and any Benchmark Amendments (in accordance with Condition 6H(4)). A54371967 104 For the avoidance of doubt, the Principal Paying Agent shall not be obliged to monitor or inquire whether a Benchmark Event has occurred or have any liability in respect thereof. An Independent Adviser appointed pursuant to this Condition 6H shall act in good faith and in a commercially reasonable manner as an expert and in consultation with the Issuer. In the absence of bad faith or fraud, the Independent Adviser shall have no liability whatsoever to the Issuer, the Trustee, the Paying Agents, the Noteholders or the Couponholders for any determination made by it, pursuant to this Condition 6H. If: (i) the Issuer is unable to appoint an Independent Adviser; or (ii) the Independent Adviser appointed by it fails to determine a Successor Rate or, failing which, an Alternative Rate in accordance with Condition 6H(2) prior to the relevant Interest Determination Date, the Rate of Interest applicable to the next succeeding Interest Period shall be equal to the Rate of Interest last determined in relation to the Notes in respect of the immediately preceding Interest Period. If there has not been a first Interest Payment Date, the Rate of Interest shall be the initial Rate of Interest. Where a different Margin or Maximum or Minimum Rate of Interest is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin or Maximum or Minimum Rate of Interest relating to the relevant Interest Period shall be substituted in place of the Margin or Maximum or Minimum Rate of Interest relating to that last preceding Interest Period. For the avoidance of doubt, this Condition 6H(1) shall apply to the relevant next succeeding Interest Period only and any subsequent Interest Periods are subject to the subsequent operation of, and to adjustment as provided in, this Condition 6H(1). (2) Successor Rate or Alternative Rate If the Independent Adviser, determines that: (a) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 6H(3)) subsequently be used in place of the Original Reference Rate to determine the Rate of Interest (or the relevant component part thereof) for all future payments of interest on the Notes (subject to the operation of this Condition 6H); or (b) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 6H(3)) subsequently be used in place of the Original Reference Rate to determine the Rate of Interest (or the relevant component part thereof) for all future payments of interest on the Notes (subject to the operation of this Condition 6H). (3) Adjustment Spread If the Independent Adviser determines (i) that an Adjustment Spread is required to be applied to the Successor Rate or the Alternative Rate (as the case may be) and (ii) the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall be applied to the Successor Rate or the Alternative Rate (as the case may be). If the Independent Adviser is unable to determine the quantum of, or a formula or methodology for determining, such Adjustment Spread, or determines that no Adjustment Spread is required to be applied, then the Successor Rate or Alternative Rate (as applicable) will apply without an Adjustment Spread. Notwithstanding any other provision of this Condition 6, if in the Determination Agent's opinion there is any uncertainty between two or more alternative courses of action in making any determination or calculation under this Condition 6, the Determination Agent shall promptly notify the Issuer thereof and the Issuer or the Independent Adviser on behalf of the Issuer shall direct the Determination Agent in writing as to which alternative course of action to adopt. If the Determination Agent is not promptly provided with such direction, or is otherwise unable to make such calculation or determination for any A54371967 105 reason, it shall notify the Issuer and the Trustee thereof and the Determination Agent shall be under no obligation to make such calculation or determination and shall not incur any liability for not doing so. (4) Benchmark Amendments If any Successor Rate, Alternative Rate or Adjustment Spread is determined in accordance with this Condition 6H and the Independent Adviser determines (i) that amendments to the Conditions, the Paying Agency Agreement and/or the Trust Deed are necessary to ensure the proper operation of such Successor Rate, Alternative Rate and/or Adjustment Spread or to follow market practice in relation thereof (such amendments, the "Benchmark Amendments") and (ii) the terms of the Benchmark Amendments, then the Issuer shall, subject to giving notice thereof in accordance with Condition 6H(5), without any requirement for the consent or approval of Noteholders, vary these Conditions, the Paying Agency Agreement and/or the Trust Deed to give effect to such Benchmark Amendments with effect from the date specified in such notice. Such Benchmark Amendments shall not, without the prior consent of the party responsible for determining the Rate of Interest, either impose more onerous obligations on such party or expose such party to any additional duties. At the request of the Issuer, but subject to receipt by the Trustee of a certificate signed by an authorised signatory of the Issuer pursuant to Condition 6H(5), the Trustee shall (at the expense of the Issuer), without any requirement for the consent or approval of the Noteholders, be obliged to concur with the Issuer in effecting any Benchmark Amendments (including, inter alia, by the execution of a deed supplemental to or amending the Trust Deed and/or the Paying Agency Agreement), provided that the Trustee shall not be obliged so to concur if in the opinion of the Trustee doing so would impose more onerous obligations upon it or expose it to any additional duties, responsibilities or liabilities or reduce or amend the protective provisions afforded to the Trustee in these Conditions or the Trust Deed or the Paying Agency Agreement (including, for the avoidance of doubt, any supplemental trust deed or supplemental paying agency agreement) in any way. Notwithstanding any other provision of this Condition 6H, the Determination Agent or any Paying Agent is not obliged to concur with the Issuer or the Independent Adviser in respect of any changes or amendments as contemplated under this Condition 6H which, in the sole opinion of the Determination Agent or the relevant Paying Agent, as the case may be, would impose more onerous obligations upon it or expose it to any additional duties, responsibilities or liabilities or reduce or amend the protective provisions afforded to the Determination Agent or the relevant Paying Agent (as applicable) in the Paying Agency Agreement and/or these Conditions. In connection with any such variation in accordance with this Condition 6H(4), the Issuer shall comply with the rules of any stock exchange on which the Notes are for the time being listed or admitted to trading. (5) Notices Any Successor Rate, Alternative Rate, Adjustment Spread and the specific terms of any Benchmark Amendments, determined under this Condition 6H will be notified promptly by the Issuer to the Trustee, the Determination Agent, the Paying Agents and, in accordance with Condition 14, the Noteholders. Such notice shall be irrevocable and shall specify the effective date of the Benchmark Amendments, if any. No later than notifying the Noteholders of the same, the Issuer shall deliver to the Trustee, the Determination Agent and the Paying Agents a certificate signed by an authorised signatory of the Issuer:

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 106 (a) confirming (i) that a Benchmark Event has occurred, (ii) the Successor Rate or, as the case may be, the Alternative Rate and, (iii) where applicable, any Adjustment Spread and/or the specific terms of any Benchmark Amendments, in each case as determined in accordance with the provisions of this Condition 6H; and (b) certifying that the Benchmark Amendments are necessary to ensure the proper operation of such Successor Rate, Alternative Rate and/or Adjustment Spread or to follow market practice in relation thereof. Each of the Trustee, the Determination Agent and the Paying Agents shall be entitled to rely on such certificate (without liability to any person) as sufficient evidence thereof. The Successor Rate or Alternative Rate and the Adjustment Spread (if any) and the Benchmark Amendments (if any) specified in such certificate will (in the absence of manifest error in the determination of the Successor Rate or Alternative Rate and the Adjustment Spread (if any) and the Benchmark Amendments (if any) and without prejudice to the Trustee's or the Determination Agent's or the Paying Agents' ability to rely on such certificate as aforesaid) be binding on the Issuer, the Trustee, the Determination Agent, the Paying Agents and the Noteholders. (6) Survival of Original Reference Rate Without prejudice to the obligations of the Issuer under Conditions 6H(1), (2) and (3), the Original Reference Rate and the fallback provisions provided for in Condition 6B(4) will continue to apply unless and until the Issuer determines that a Benchmark Event has occurred, and the Trustee and the Principal Paying Agent have been notified of the Successor Rate or Alternative Rate (as the case may be) and the Adjustment Spread and any Benchmark Amendments in accordance with this Condition. (7) Definitions As used in this Condition 6H: "Adjustment Spread" means either a spread (which may be positive or negative), or the formula or methodology for calculating a spread, in each case to be applied to the Successor Rate or the Alternative Rate (as the case may be) and is the spread, formula or methodology which: (i) in the case of a Successor Rate, is formally recommended in relation to the replacement of the Original Reference Rate with the Successor Rate by any Relevant Nominating Body; or (if no such recommendation has been made, or in the case of an Alternative Rate); (ii) the Independent Adviser determines is customarily applied to the relevant Successor Rate or the Alternative Rate (as the case may be) in international debt capital markets transactions to produce an industry-accepted replacement rate for the Original Reference Rate; or (if the Independent Advisor determines no such spread is customarily applied); or (iii) the Independent Adviser determines, is recognised or acknowledged as being the industry standard for over-the-counter derivative transactions which reference the Original Reference Rate, where such rate has been replaced by the Successor Rate or the Alternative Rate (as the case may be). "Alternative Rate" means an alternative benchmark or screen rate which the Independent Adviser, determines in accordance with Condition 6H(2) is customary in market usage in the international debt capital markets for the purposes of determining rates of interest (or the relevant component part thereof) in the same Specified Currency as the Notes. "Benchmark Amendments" has the meaning given to it in Condition 6H(4). A54371967 107 "Benchmark Event" means: (1) the Original Reference Rate ceasing be published for a period of at least 5 Business Days or ceasing to exist; or (2) the making of a public statement by the administrator of the Original Reference Rate that it has ceased or that it will by a specified future date cease publishing the Original Reference Rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of the Original Reference Rate); or (3) the making of a public statement by the supervisor of the administrator of the Original Reference Rate, that the Original Reference Rate has been or will be permanently or indefinitely discontinued; or (4) the making of a public statement by the supervisor of the administrator of the Original Reference Rate as a consequence of which the Original Reference Rate will be prohibited from being used either generally, or in respect of the Notes; or (5) the making of a public statement by the supervisor of the administrator of the Original Reference Rate that the Original Reference Rate is or will be (or is or will be deemed by such supervisor to be) no longer representative of its relevant underlying market; or (6) it has become unlawful for any Paying Agent, Determination Agent or the Issuer to calculate any payments due to be made to any Noteholder using the Original Reference Rate, provided that the Benchmark Event shall be deemed to occur (a) in the case of sub-paragraphs (2) and (3) above, on the date of the cessation of publication of the Original Reference Rate or the discontinuation of the Original Reference Rate, as the case may be, (b) in the case of sub-paragraph (4) above, on the date of the prohibition of use of the Original Reference Rate and (c) in the case of sub- paragraph (5) above, on the date with effect from which the Original Reference Rate will no longer be (or will be deemed by the relevant supervisor to no longer be) representative of its relevant underlying market and which is specified in the relevant public statement, and, in each case, not the date of the relevant public statement. The occurrence of a Benchmark Event shall be determined by the Issuer and promptly notified to the Trustee, the Determination Agent and the Paying Agents. For the avoidance of doubt, neither the Trustee, the Determination Agent nor the Paying Agents shall have any responsibility for making such determination. "Independent Adviser" means an independent financial institution of international repute or an independent financial adviser with appropriate expertise appointed by the Issuer under Condition 6H(1). "Original Reference Rate" means the originally-specified benchmark or screen rate (as applicable) used to determine the Rate of Interest (or any component part thereof) on the Notes. "Relevant Nominating Body" means, in respect of a benchmark or screen rate (as applicable): (i) the central bank, reserve bank, monetary authority or any such similar institution for the currency to which the benchmark or screen rate (as applicable) relates, or any other central bank or other supervisory authority which is responsible for supervising the administrator of the benchmark or screen rate (as applicable); or (ii) any working group or committee sponsored by, chaired or co-chaired by or constituted at the request of (a) the central bank, reserve bank, monetary authority or any such similar institution A54371967 108 for the currency to which the benchmark or screen rate (as applicable) relates, (b) any central bank or other supervisory authority which is responsible for supervising the administrator of the benchmark or screen rate (as applicable), (c) a group of the aforementioned central banks or other supervisory authorities or (d) the Financial Stability Board or any part thereof. "Successor Rate" means a successor to or replacement of the Original Reference Rate (and related alternative screen page or source if available) which is formally recommended by any Relevant Nominating Body. (I) Benchmark Discontinuation – ARRC SOFR This Condition 6I shall apply to Notes only if "Benchmark Discontinuation – ARRC – SOFR" is specified in the relevant Final Terms. (1) Benchmark Replacement If the Issuer determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in respect of such determination on such date and for all determinations on all subsequent dates. (2) Benchmark Replacement Conforming Changes In connection with the implementation of a Benchmark Replacement, the Issuer will have the right to make Benchmark Replacement Conforming Changes from time to time, without any requirement for the consent or approval of Noteholders. At the request of the Issuer, but subject to receipt by the Trustee of a certificate signed by an authorised signatory of the Issuer pursuant to Condition 6I(4), the Trustee shall (at the expense of the Issuer), without any requirement for the consent or approval of the Noteholders, be obliged to concur with the Issuer in effecting any Benchmark Replacement Conforming Changes (including, inter alia, by the execution of a deed supplemental to or amending the Trust Deed and/or the Paying Agency Agreement), provided that the Trustee shall not be obliged so to concur if in the opinion of the Trustee doing so would impose more onerous obligations upon it or expose it to any additional duties, responsibilities or liabilities or reduce or amend the protective provisions afforded to the Trustee in these Conditions or the Trust Deed or the Paying Agency Agreement (including, for the avoidance of doubt, any supplemental trust deed or supplemental agency agreement) in any way. (3) Decisions and Determinations Any determination, decision or election that may be made by the Issuer pursuant to this Condition 6I, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non- occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection: (i) will be conclusive and binding absent manifest error; (ii) will be made in the sole discretion of the Issuer; and (iii) notwithstanding anything to the contrary in the documentation relating to the Notes, shall become effective without consent from the holders of the Notes or any other party. (4) Notices, etc A54371967 109 Any Benchmark Replacement and the specific terms of any Benchmark Replacement Conforming Changes determined under this Condition 6I will be notified promptly by the Issuer to the Trustee, the Determination Agent, the Paying Agents and, in accordance with Condition 14, the Noteholders. Such notice shall be irrevocable and shall specify the effective date of the Benchmark Replacement Conforming Changes, if any. No later than notifying the Noteholders of the same, the Issuer shall deliver to the Trustee, the Determination Agent and the Paying Agents a certificate signed by an authorised signatory of the Issuer: (a) confirming (i) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, (ii) the relevant Benchmark Replacement and (iii) where applicable, the specific terms of any Benchmark Replacement Conforming Changes, in each case as determined in accordance with the provisions of this Condition 6I; and (b) certifying that the Benchmark Replacement Conforming Changes (if applicable) are appropriate to reflect the adoption of the relevant Benchmark Replacement. Each of the Trustee, the Determination Agent and the Paying Agents shall be entitled to rely on such certificate (without liability to any person) as sufficient evidence thereof. The Benchmark Replacement and the Benchmark Replacement Conforming Changes (if any) specified in such certificate will (in the absence of manifest error and without prejudice to the Trustee's or the Determination Agent's or the Paying Agents' ability to rely on such certificate as aforesaid) be binding on the Issuer, the Trustee, the Determination Agent, the Paying Agents and the Noteholders. (5) Definitions For the purposes of this Condition 6I: "Benchmark" means, initially, Compounded SOFR or Weighted Average SOFR, as specified in the relevant Final Terms; provided that, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR or Weighted Average SOFR (or the published daily SOFR used in the calculation thereof) or the then-current Benchmark, then "Benchmark" shall mean the applicable Benchmark Replacement; "Benchmark Replacement" means the first alternative set forth in the order below that can be determined by the Issuer as of the Benchmark Replacement Date: (i) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; (ii) the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or (iii) the sum of (a) the alternate rate of interest that has been selected by the Issuer as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; "Benchmark Replacement Adjustment" means the first alternative set forth in the order below that can be determined by the Issuer as of the Benchmark Replacement Date: (i) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; or

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 110 (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or (iii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar- denominated floating rate notes at such time; "Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing and frequency of determining rates and making payments of interest) that the Issuer decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Issuer decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer determines is reasonably necessary); "Benchmark Replacement Date" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): (i) in the case of sub-paragraph (i) or (ii) of the definition of "Benchmark Transition Event", the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark (or such component) permanently or indefinitely ceases to provide the Benchmark (or such component); or (ii) in the case of sub-paragraph (iii) of the definition of "Benchmark Transition Event", the date of the public statement or publication of information referenced therein. For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination; "Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): (i) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or (ii) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or A54371967 111 (iii) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative; "ISDA Definitions" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time; "ISDA Fallback Adjustment" means the spread adjustment, (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark; "ISDA Fallback Rate" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor, excluding the applicable ISDA Fallback Adjustment; "Reference Time" with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the Relevant Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Issuer after giving effect to the Benchmark Replacement Conforming Changes; "Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto; and "Unadjusted Benchmark Replacement" means the Benchmark Replacement, excluding the Benchmark Replacement Adjustment. 7 Redemption and Purchase (a) Final Redemption Unless previously redeemed, or purchased and cancelled, Notes shall be redeemed at their principal amount (or at such other redemption amount as may be specified in the relevant Final Terms) on the date or dates (or, in the case of Notes which bear interest at a floating rate, on the date or dates upon which interest is payable) specified in the relevant Final Terms. Notes may be redeemed before such date or dates in accordance with Condition 7(b). If stated as being applicable in the relevant Final Terms, Notes may also be redeemed before such date or dates in accordance with Condition 7(c) and/or Condition 7(f). The Issuer, each Guarantor and any other Group Company may also purchase Notes in accordance with Condition 7(g). (b) Redemption for taxation reasons The Issuer may, at its option, redeem the Notes in whole, but not in part, upon giving not more than the Maximum Period of Notice nor less than the Minimum Period of Notice, each as specified in the relevant Final Terms (specifying, in the case of Notes which bear interest at a floating rate, a date for such redemption which is an Interest Payment Date) to the holders of such Notes at their principal amount (or such other redemption amount as may be specified in the relevant Final Terms) less any additional amounts payable under Condition 9 or under any additional or substitute undertaking given pursuant to the Trust Deed (each a "Tax Early Redemption Amount") provided that the Issuer or a Guarantor shall provide to the Trustee an opinion in writing of a reputable firm of lawyers of good standing (such opinion to be in a form, and such firm to be a firm, to which the Trustee shall have no reasonable objection) to the effect that there is a substantial likelihood that the Issuer or such Guarantor would be required to pay Additional Amounts in accordance with Condition 9 or under any additional or substitute undertaking A54371967 112 given pursuant to the Trust Deed upon the next due date for a payment in respect of the Notes by reason of: (i) any actual or proposed change in or amendment to the laws, regulations or rulings of the Netherlands, the United Kingdom or the United States or any political subdivision or taxing authority thereof or therein; or (ii) any actual or proposed change in the official application or interpretation of such laws, regulations or rulings; or (iii) any action which shall have been taken by any taxing authority or any court of competent jurisdiction of the Netherlands, the United Kingdom or the United States or any political subdivision or taxing authority thereof or therein, whether or not such action was taken or brought with respect to the relevant Issuer or Guarantor; or (iv) any actual or proposed change in the official application or interpretation of, or any actual or proposed execution of, or amendment to, any treaty or treaties affecting taxation to which the Netherlands, the United Kingdom or the United States is or is to be a party, which change, amendment or execution becomes effective, taking of action occurs, or proposal is made, on or after the Issue Date of such Notes. (c) Optional Early Redemption (Call, Issuer Par Call, Make Whole Redemption and Clean-Up Call) (1) Call If this Condition 7(c) – Call is specified in the relevant Final Terms as being applicable, then the Issuer may, upon the expiry of the appropriate notice (as specified in Condition 7(d)) redeem all (but not, unless and to the extent that the relevant Final Terms specifies otherwise, some only) of the Notes at any time or from time to time (i) where no particular period during which Call is applicable is specified, prior to their Maturity Date, or (ii) where Call is specified as only being applicable for a certain period, during such period, at their call early redemption amount (which shall be their principal amount or such other call early redemption amount as may be specified in the relevant Final Terms) (each, a "Call Early Redemption Amount"). (2) Issuer Par Call If this Condition 7(c) – Issuer Par Call is specified in the relevant Final Terms as being applicable, then the Issuer may, upon the expiry of the appropriate notice (as specified in Condition 7(d)) redeem all (but not some only) of the Notes at any time during the Par Call Period specified in the relevant Final Terms at their Final Redemption Amount (which, unless otherwise specified in the relevant Final Terms, is their nominal amount) specified in the relevant Final Terms. (3) Make Whole Redemption If this Condition 7(c) – Make Whole Redemption is specified in the relevant Final Terms as being applicable, then the Issuer may, upon the expiry of the appropriate notice (as specified in Condition 7(d)), redeem all (but not, unless and to the extent that the relevant Final Terms specifies otherwise, some only) of the Notes at any time or from time to time (i) where no particular period during which Make-Whole Redemption is applicable is specified, prior to their Maturity Date, or (ii) where Make- Whole Redemption is specified as only being applicable for a certain period, during such period, in each case on the date for redemption specified in such notice (the "Make Whole Redemption Date") at the Make Whole Redemption Amount. The "Make Whole Redemption Amount" shall be equal to the higher of the following, in each case together with accrued interest (if any) on the relevant Notes A54371967 113 (calculated as provided in these Conditions and the Trust Deed) to but excluding the date fixed for redemption: (i) the nominal amount of the Notes; and (ii) the sum of the then present values of the remaining scheduled payments of principal and the Remaining Term Interest on such Notes (exclusive of interest accrued to the Make Whole Redemption Date) and such present values shall be calculated by discounting such amounts to the Make Whole Redemption Date on an annual basis (based on the Day Count Fraction specified hereon) at the Reference Dealer Rate (as defined below) plus any applicable Make Whole Redemption Margin specified in the relevant Final Terms, in each case as determined by the Determination Agent. Any such redemption or exercise must relate to Notes of a nominal amount at least equal to the Minimum Redemption Amount specified in the relevant Final Terms and no greater than the Maximum Redemption Amount specified in the relevant Final Terms. In the case of a partial redemption, the notice to Noteholders shall also contain the certificate numbers of the Bearer Notes, or in the case of Registered Notes shall specify the nominal amount of Registered Notes drawn and the holder(s) of such Registered Notes, to be redeemed, which shall have been drawn in such place as the Trustee may approve and in such manner as it deems appropriate, subject to compliance with any applicable laws and stock exchange or other relevant authority requirements. In this Condition: "Determination Agent" means a financial adviser or bank which is independent of the Issuer appointed by the Issuer and approved by the Trustee for the purpose of determining the Make Whole Redemption Price. "Determination Date" means the date specified as such in the relevant Final Terms. "Gross Redemption Yield" means a yield calculated in accordance with generally accepted market practice at such time, as advised to the Issuer by the Determination Agent. "Reference Dealers" means those Reference Dealers specified in the relevant Final Terms; "Reference Dealer Rate" means, with respect to the Reference Dealers and the Make Whole Redemption Date, the average of the five quotations of the mid-market annual yield to maturity of the Reference Bond specified in the relevant Final Terms or, if the Reference Bond is no longer outstanding, a similar security in the reasonable judgement of the Reference Dealers, at the Quotation Time specified in the relevant Final Terms on the Determination Date specified in the relevant Final Terms quoted in writing to the Determination Agent and the Trustee by the Reference Dealers; and "Remaining Term Interest" means, with respect to any Note, the aggregate amount of scheduled payment(s) of interest on such Notes for the remaining term to maturity of such Notes (or if this Condition 7(c) – Issuer Par Call is specified as being applicable in the relevant Final Terms, the remaining term up to the Par Call Period Commencement Date as specified in the relevant Final Terms) determined on the basis of the rate of interest applicable to such Note from and including the date on which such Note is to be redeemed by the Issuer pursuant to this Condition 7(c). (4) Clean-Up Call If this Condition 7(c) – Clean-Up Call is specified in the relevant Final Terms as being applicable, in the event that at least 75 per cent. of the initial aggregate principal amount of the Notes has been purchased

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 114 and cancelled by the Issuer, then the Issuer may, at its option, upon the expiry of the appropriate notice (as specified in Condition 7(d)) redeem all (but not some only) of the Notes at their Final Redemption Amount specified in the relevant Final Terms. (d) The Appropriate Notice The appropriate notice referred to in the relevant provision of Condition 7(c) is a notice given by the Issuer to the Trustee and the Principal Paying Agent which notice shall be signed by an authorised signatory of the Issuer and shall specify: (i) the Notes subject to redemption; (ii) (if the relevant Final Terms specifies that some only of the Notes may be redeemed) whether Notes are to be redeemed in whole or in part only and, if in part only, the aggregate principal amount of the Notes which are to be redeemed; (iii) the due date for such redemption, which shall be a Business Day (as defined in Condition 8B(1)) which shall be not less than 10 days after the date on which such notice is validly given, which shall be, in the case of Notes which bear interest at a floating rate, an Interest Payment Date; and (iv) the Call Early Redemption Amount at which such Notes are to be redeemed or, as applicable, the Determination Date on which the Make Whole Redemption Amount shall be determined. In addition, if Condition 7(c) – Make Whole Redemption is specified in the relevant Final Terms as being applicable, then the notice may, at the Issuer's discretion, be subject to one or more conditions precedent, in which case such notice shall state that, in the Issuer's discretion, the Make Whole Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion) by the Make Whole Redemption Date, or by the Make Whole Redemption Date so delayed. Any such notice shall be given not more than the Maximum Period of Notice and not less than the Minimum Period of Notice, each as specified in the relevant Final Terms prior to the date fixed for redemption, shall also be given to the holders of the Notes in accordance with Condition 14, shall be irrevocable (unless the Trustee otherwise agrees), and the delivery thereof shall oblige the Issuer to make the redemption therein specified. (e) Partial Redemption If the Notes are to be redeemed in part only on any date in accordance with Condition 7(c), the Notes to be redeemed shall be drawn by lot in such European city as the Issuer and the Trustee may agree, or identified in such other manner or in such other place as the Trustee may, in its absolute discretion, approve and deem appropriate and fair, subject always to compliance with all applicable laws and the requirements and procedures of any stock exchange on which the relevant Notes may be listed and of any clearing system in which the Notes are held and, in the case of such clearing system being Euroclear and Clearstream, Luxembourg, such redemption to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction in nominal amount, at their discretion. (f) Optional Early Redemption (Put) If this Condition 7(f) is specified in the relevant Final Terms as being applicable, then the Issuer shall, upon the exercise of the relevant option by the holder of any Note, redeem such Note on the date or the next of the dates specified in the relevant Final Terms at its principal amount (or such other redemption A54371967 115 amount as may be specified in the relevant Final Terms) (each, a "Put Early Redemption Amount"). In order to exercise such option, the holder must, not less than 45 days before the date so specified, deposit (in the case of Bearer Notes) the relevant Note (together, in the case of an interest-bearing Definitive Note, with any unmatured Coupons appertaining thereto) with any Paying Agent or (in the case of Registered Notes) the Certificate representing such Note(s) with the Registrar or any Transfer Agent at its specified office, together with a duly completed redemption notice ("Exercise Notice") in the form which is available from the specified office of any of the Paying Agents, the Registrar or any Transfer Agent. (g) Purchase of Notes The Issuer, each Guarantor and any other Group Company may at any time purchase Notes at any price in the open market or otherwise. If purchases are made by tender, tenders must be made available to all Noteholders alike. (h) Cancellation All Notes redeemed in accordance with this Condition 7 shall be cancelled forthwith and may not be reissued or resold, and Notes purchased in accordance with this Condition 7 may, at the option of the purchaser, be cancelled, held or resold. In the case of cancellation and in the case of Bearer Notes, each such Note shall be surrendered at the specified office of any of the Paying Agents together with all unmatured Coupons and all unexchanged Talons and, in the case of Registered Notes, the Certificate representing such Notes shall be surrendered to the Registrar. (i) Zero Coupon Notes (i) The early redemption amount payable in respect of any Zero Coupon Note, upon redemption of such Note pursuant to Condition 7(b), Condition 7(c) or Condition 7(f) or upon it becoming due and payable as provided in Condition 10 shall be the Amortised Face Amount (calculated as provided below) of such Note unless otherwise specified in the relevant final terms. (ii) Subject to the provisions of sub-paragraph (iii) below, the "Amortised Face Amount" of any such Note shall be the scheduled Final Redemption Amount of such Note on the Maturity Date discounted at a rate per annum (expressed as a percentage) equal to the Amortisation Yield (which, if none is shown hereon, shall be such rate as would produce an Amortised Face Amount equal to the issue price of the Notes if they were discounted back to their issue price on the Issue Date) compounded annually. (iii) If the early redemption amount payable in respect of any such Note upon its redemption pursuant to Condition 7(b), Condition 7(c) or Condition 7(f) or upon it becoming due and payable as provided in Condition 10 is not paid when due, the early redemption amount due and payable in respect of such Note shall be the Amortised Face Amount of such Note as defined in sub- paragraph (ii) above, except that such sub-paragraph shall have effect as though the date on which the Note becomes due and payable were the Relevant Date. The calculation of the Amortised Face Amount in accordance with this sub-paragraph shall continue to be made (both before and after judgement) until the Relevant Date, unless the Relevant Date falls on or after the Maturity Date, in which case the amount due and payable shall be the scheduled Final Redemption Amount of such Note on the Maturity Date together with any interest that may accrue in accordance with Condition 6G. Where such calculation is to be made for a period of less than one year, it shall be made on the basis of the Day Count Fraction specified in the relevant Final Terms. A54371967 116 8 Payments (A) Payments Bearer Notes: (1A) Payment of amounts (whether principal, redemption amount or otherwise and including accrued interest other than interest due against surrender of matured Coupons) due in respect of a Bearer Note will be made against presentation of the relevant Note at the specified office of any of the Paying Agents outside (unless Condition 8A(3) applies) the United States, provided that such payment is not made into the United States or into an account maintained in the United States. (1B) Payment of amounts due in respect of interest on Bearer Notes will be made: (a) in the case of a Temporary Global Note or Permanent Global Note, against presentation of the relevant Temporary Global Note or Permanent Global Note at the specified office of any of the Paying Agents outside (unless Condition 8A(3) applies) the United States and, in the case of a Temporary Global Note, upon due certification as required therein; (b) in the case of Definitive Notes without Coupons attached thereto at the time of their initial delivery, against presentation of the relevant Definitive Notes at the specified office of any of the Paying Agents outside (unless Condition 8A(3) applies) the United States; and (c) in the case of Definitive Notes initially delivered with Coupons attached thereto, against surrender of the relevant Coupons at the specified office of any of the Paying Agents outside (unless Condition 8A(3) applies) the United States. Registered Notes: (2A) Payments of principal in respect of Registered Notes shall be made to the person shown on the Register at the close of business on the 15th day before the due date for payment thereof (the "Record Date") by transfer to an account denominated in that currency (or, if that currency is euro, any other account to which euro may be credited or transferred) and maintained by the payee with, a bank in the principal financial centre of that currency and (in the case of redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates at the specified office of any of the Transfer Agents or of the Registrar. (2B) Interest on Registered Notes shall be paid to the person shown on the Register on the Record Date by transfer to an account denominated in that currency (or, if that currency is euro, any other account to which euro may be credited or transferred) and maintained by the payee with, a bank in the principal financial centre of that currency and (in the case of interest payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates at the specified office of any of the Transfer Agents or of the Registrar. Payments of amounts due in respect of interest on Bearer Notes and exchanges of Talons for Coupon sheets in accordance with Condition 8A(6) will not be made at the specified office of any Paying Agent in the United States (as defined in the United States Internal Revenue Code of 1986, as amended, and U.S. Treasury regulations thereunder) unless: (a) payment in full of amounts due or, as the case may be, the exchange of Talons in respect of interest on such Bearer Notes when due at all the specified offices of the Paying Agents outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions; A54371967 117 (b) such payment or, as the case may be, exchange is permitted by applicable United States law; and (c) the Bearer Notes are denominated in and payable in United States Dollars. If paragraphs (a) to (c) above apply, the Issuer and the Guarantor(s) shall forthwith appoint a further Paying Agent with a specified office in New York City. (4) If the due date for payment of any amount due in respect of any Note is not both a Relevant Financial Centre Day and a local banking day, then the holder thereof will not be entitled to payment thereof until the next day which is such a day and, thereafter, will be entitled to receive payment by cheque on any local banking day, and will be entitled to payment by transfer to a designated account, on any day which is a local banking day, a Relevant Financial Centre Day and a day on which commercial banks and foreign exchange markets settle payments in the relevant currency in the place where the relevant designated account is located. No further payment on account of interest or otherwise shall be due in respect of such postponed payment unless there is subsequent failure to pay in accordance with these Conditions in which event interest shall continue to accrue as provided in Condition 6E(5). For the purpose of this Condition 8A(4), "Relevant Financial Centre Day" means, in the case of a currency other than euro, a day on which commercial banks and foreign exchange markets settle payments in the Relevant Financial Centre and any other place specified in the relevant Final Terms and, in the case of payment in euro, a TARGET Day and a "local banking day" means a day (other than a Saturday or Sunday) on which commercial banks are open for business in the place of presentation of the relevant Note or, as the case may be, Coupon. (5) Each Definitive Note initially delivered with Coupons attached thereto shall be presented and, save in the case of partial redemption of such Note, surrendered for final redemption together with all unmatured Coupons appertaining thereto, failing which: (a) in the case of Definitive Notes which bear interest at a fixed rate or rates, the amount of any missing unmatured Coupons (or, in the case of a payment not being made in full, that portion of the amount of such missing unmatured Coupon which that redemption amount paid bears to the total redemption amount due) (excluding for this purpose Talons) will be deducted from the amount otherwise payable on such final redemption, the principal amount so deducted being payable against surrender of the relevant Coupon at the specified office of any of the Paying Agents at any time within 10 years of the Relevant Date applicable to payment of such final redemption amount; and (b) in the case of Definitive Notes which bear interest at, or at a margin above or below, a floating rate, all unmatured Coupons relating to such Notes (whether or not surrendered therewith) shall become void and no payment shall be made thereafter in respect of them. The provisions of paragraph (i) of this Condition 8A(5) notwithstanding, if any Definitive Notes which bear interest at a fixed rate or rates should be issued with a maturity date and a fixed rate or fixed rates such that, on the presentation for payment of any such Definitive Note without any unmatured Coupons attached thereto or surrendered therewith, the amount required by paragraph (i) to be deducted would be greater than the amount otherwise due for payment, then, upon the due date for redemption of any such Definitive Note, such unmatured Coupons (whether or not attached) being Coupons representing an amount in excess of the relevant redemption amount shall become void (and no payment shall be made in respect thereof) as shall be required so that, upon application of the provisions of paragraph (i) in respect of such Coupons as have not so become void, the amount required by paragraph (i) to be deducted would not be greater than the

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 118 amount otherwise due for payment. Where the application of the foregoing sentence requires some but not all of the unmatured Coupons relating to a Definitive Note to become void, the relevant Paying Agent shall determine which unmatured Coupons are to become void, and shall select for such purpose Coupons maturing on later dates in preference to Coupons maturing on earlier dates. (6) In relation to Definitive Notes initially delivered with Talons attached thereto, on or after the due date for the payment of interest on which the final Coupon comprised in any Coupon sheet matures, the Talon comprised in the Coupon sheet may be surrendered at the specified office of any Paying Agent outside (unless Condition 8A(3) applies) the United States in exchange for a further Coupon sheet (including any appropriate further Talon), subject to the provisions of Condition 12 below. Each Talon shall, for the purpose of these Conditions, be deemed to mature on the due date for the payment of interest on which the final Coupon comprised in the relative Coupon sheet matures. (7) Payments of amounts due (whether principal, redemption amount, interest or otherwise) in respect of Notes will be made by (a) transfer to an account in the relevant currency specified by the payee or (b) cheque in the relevant currency drawn on a bank in the Relevant Financial Centre provided, however, that in the case of (a), payment shall not be made to an account within the United States unless permitted by applicable U.S. tax law requirements. (B) Payments – General Provisions (1) Save as otherwise specified herein, for the purposes of these Conditions: (a) "Business Day" means:  in relation to Notes payable in euro, a TARGET Day;  in relation to Notes payable in any other currency, a day on which commercial banks are open for business and foreign exchange markets settle payments in the Relevant Financial Centre in respect of the relevant currency;  a day on which commercial banks are open for business and foreign exchange markets settle payments in any place specified in the relevant Final Terms; and  in relation to Floating Rate Notes where the Reference Rate is specified in the relevant Final Terms as Compounded Daily SOFR or Weighted Average SOFR, a U.S. Government Securities Business Day; (b) "Relevant Financial Centre" means, in relation to the Notes denominated in a currency other than euro, such financial centre or centres as may be specified in relation to the relevant currency for the purposes of the definition of "Business Day" in the ISDA Definitions and, in relation to Notes denominated in euro, the principal financial centre of any of the member states in the Euro-zone; and (c) "T2" means the real time gross settlement system operated by the Eurosystem, or any successor system thereto. (2) Payments will, without prejudice to the provisions of Condition 9, be subject in all cases to: (i) any applicable fiscal or other laws and regulations; and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended (the "Code") or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official guidance thereunder or A54371967 119 official interpretations thereof, any intergovernmental agreement with respect thereto, or any law, regulations or official guidance implementing an intergovernmental agreement or an intergovernmental approach with respect thereto ("FATCA"). (C) Redenomination (1) Unless disapplied in the relevant Final Terms, the Issuer may, without the consent of the Noteholders and the Couponholders, on giving prior notice to the Trustee, the Principal Paying Agent, the Registrar, Transfer Agent, Euroclear and Clearstream, Luxembourg and at least 30 days' prior notice to the Noteholders in accordance with Condition 14, elect that, in the case of Notes denominated in the currency of a member state of the European Union that has not adopted the single currency in accordance with the Treaty, with effect from the Redenomination Date specified in the notice, Notes denominated in the currency of such member state of the European Union that adopts the single currency in accordance with the Treaty shall be redenominated in euro. (2) The election will have effect as follows: (a) each Specified Denomination and, in the case of Fixed Rate Notes, each amount of interest specified, in the case of Bearer Notes in the Coupons, will be deemed to be such amount of euro as is equivalent to its denomination or the amount of interest so specified in the Specified Currency at the Established Rate, rounded down to the nearest €0.01 (any fraction arising therefrom shall be paid on the Redenomination Date to the Noteholder in addition to the payment of interest otherwise payable on such Redenomination Date); (b) if definitive notes are required to be issued after the Redenomination Date, they shall be issued at the expense of the Issuer in denominations of at least €100,000, or such higher denominations as the Agent shall determine and notify to the Noteholders; (c) after the Redenomination Date, all payments in respect of the Notes and the Coupons, other than payments of interest in respect of periods commencing before the Redenomination Date, will be made solely in euro as though references in the Notes to the Specified Currency were to euro. Payments will be made in euro by credit or transfer to a euro account (or any other account to which euro may be credited or transferred) specified by the payee or, at the option of the payee, by a euro cheque; (d) if the Notes are Fixed Rate Notes and interest for any period ending on or after the Redenomination Date is required to be calculated for a period ending other than on an Interest Payment Date it will be calculated: (A) in the case of the Notes in global form, by applying the Rate of Interest to the principal amount of such Notes; and (B) in the case of Notes in definitive form, by applying the Rate of Interest to the Calculation Amount, and, in each case, multiplying such sum by the applicable Day Count Fraction, which, in this case, shall be Actual/Actual (ICMA) and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with the applicable market convention. Where the Denomination of a Fixed Rate Note in definitive form comprises more than one Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note A54371967 120 shall be the aggregate of the amounts (determined in the manner provided above) for each Calculation Amount comprising the Denomination without any further rounding; (e) if the Notes are Floating Rate Notes the relevant Final Terms will specify any relevant changes to the provisions relating to interest; and (f) such other changes shall be made to these Conditions as the Issuer may decide, after consultation with the Principal Paying Agent, and as may be specified in the notice, to conform them to conventions then applicable to instruments denominated in euro to the satisfaction of the Trustee. (3) For the purposes of these Conditions: (a) "Established Rate" means the rate for the conversion of the Specified Currency (including compliance with rules relating to roundings in accordance with applicable European Community regulations) into euro established by the Council of the European Union pursuant to Article 123 of the Treaty; (b) "euro" means the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty; (c) "Redenomination Date" means (in the case of interest-bearing Notes) any date for payment of interest under the Notes or (in the case of Zero Coupon Notes) any date, in each case specified by the Issuer in the notice given to the Noteholders pursuant to paragraph 8C(1) above and which falls on or after the date on which the relevant member state of the European Union that has not adopted the single currency in accordance with the Treaty, adopts the single currency in accordance with the Treaty; (d) "Specified Currency" means the currency specified in the relevant Final Terms; (e) "Specified Denomination" means the denomination (of the relevant Notes in the Specified Currency) specified in the relevant Final Terms; and (f) "Treaty" means the Treaty establishing the European Community as amended. (D) Exchange The Issuer may, without the consent of the Noteholders and the Couponholders, on giving prior notice to the Trustee, the Principal Paying Agent, Registrar, Transfer Agents, Euroclear and Clearstream, Luxembourg and not less than 30 days' prior notice to the Noteholders in accordance with Condition 14, elect that, with effect from the Redenomination Date specified in the notice, the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such arrangements as the Issuer may decide, after consultation with the Principal Paying Agent and the Registrar (if applicable), and as may be specified in the notice, including arrangements under which Coupons unmatured at the date so specified become void. (E) The Paying Agents (1) The Issuer and the Guarantor(s) together reserve the right, in accordance with the provisions of the Paying Agency Agreement, to vary or terminate the appointment of any Paying Agent (including the Principal Paying Agent), the Registrar or any Transfer Agent and to appoint additional or other Paying Agents or Transfer Agents, provided that they will at all times maintain (i) a Principal Paying Agent, (ii) so long as any Notes are listed on any stock exchange, a Paying Agent in such place as may be required by such relevant stock exchange, (iii) in the circumstances A54371967 121 described in Condition 8A(3), a Paying Agent with a specified office in New York City, (iv) a Registrar in relation to Registered Notes and (v) a Transfer Agent in relation to Registered Notes. The Paying Agents, Registrar and Transfer Agent(s) reserve the right at any time to change their respective offices to some other specified office in the same city. Notice of all changes in the identities or specified offices of the Paying Agents, Registrar and Transfer Agent(s) will be notified promptly by the Issuer to the holders of the Notes in accordance with Condition 14. (2) The Paying Agents, Registrar and Transfer Agent(s) act solely as agents of the Issuer and the Guarantor(s) or, following the occurrence of a Default (as defined in Condition 10), the Trustee and, save as provided in the Paying Agency Agreement, do not assume any obligations towards or relationship of agency or trust for any holder of any Note or Coupon and each of them shall only be responsible for the performance of the duties and obligations expressly imposed upon them in the Paying Agency Agreement or incidental thereto. (3) The initial Paying Agents, Registrar and Transfer Agents and their respective initial specified offices are specified below. 9 Taxation All payments of principal of, and interest on, Notes by the Issuer or, as the case may be, a Guarantor will be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the Netherlands (in the case of payment by UFN), the United Kingdom (in the case of payment by PLC) or the United States (in the case of payment by UNUS or UCC or a Guarantor of Notes issued by UCC) or (in any such case) any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by law. In such event, except to the extent that the withholding or deduction is made in respect of FATCA, the Issuer or, as the case may be, such Guarantor, will pay such additional amounts ("Additional Amounts") as shall be necessary in order that the net amounts received by the holder of any Note or, as the case may be, Coupon, after such withholding or deduction, shall equal the respective amounts of principal and interest which would have been receivable in respect of the Notes or, as the case may be, Coupons in the absence of such withholding or deduction, provided however that no such Additional Amounts shall be payable: (A) by UFN or PLC (as the case may be) with respect to: (i) any Note (or Certificate representing it) or Coupon held or presented for payment by, or on behalf of, a holder who is liable to such taxes or duties in respect of such Note or Coupon by reason of his having some connection with the Netherlands or, as the case may be, the United Kingdom other than the mere holding of such Note or Coupon; or (ii) any payment in respect of a Note or Coupon where the holder thereof would be able to avoid such withholding or deduction by making a declaration of non-residence or other similar claim for exemption to the relevant tax authority; or (iii) if presentment is required, any Note or Coupon presented (or in respect of which the Certificate representing it is presented) for payment more than 30 days after the Relevant Date except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on such thirtieth day; or (iv) any tax, assessment or other governmental charge required to be withheld or deducted by any Paying Agent from any payment by UFN or, as the case may be, PLC if such payment can be made without such withholding or deduction by any other Paying Agent; or

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 122 (v) any estate, inheritance, gift, sales, transfer, excise, personal property or any similar tax, assessment or other governmental charge; or (vi) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal, premium, if any, or interest, if any, with respect to such Note or Coupon; or (vii) any payment in respect of a Note or Coupon to any holder who is not the sole beneficial owner of such Note or Coupon to the extent that a beneficial owner thereof would not have been entitled to payment thereof had such beneficial owner been the holder of such Note or Coupon; or (viii) any withholding or deduction which is required to be made pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021); or (ix) any combination of (i) to (viii); or (B) by UNUS or UCC or a Guarantor of Notes issued by UCC with respect to: (i) any Note (or Certificate representing it) or Coupon held or presented for payment by, or on behalf of, a holder who is liable for such taxes or duties in respect of such Note or Coupon by reason of his having some connection with the United States other than the mere holding of such Note or Coupon; or (ii) any payment in respect of a Note or Coupon where the holder thereof would be able to avoid such withholding or deduction by making a declaration of non-residence or other similar claim for exemption to the relevant tax authority; or (iii) if presentment is required, any Note or Coupon presented (or in respect of which the Certificate representing it is presented) for payment more than 30 days after the Relevant Date except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on such 30th day; or (iv) any tax, assessment or other governmental charge required to be withheld or deducted by any Paying Agent from any payment by UNUS (in its capacity as Guarantor) or UCC or Guarantor of Notes issued by UCC if such payment can be made without such withholding or deduction by any other Paying Agent; or (v) any estate, inheritance, gift, sales, transfer, excise, personal property or any similar tax, assessment or other governmental charge; or (vi) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal, premium, if any, or interest, if any, with respect to such Note or Coupon; or (vii) any Note (or Certificate representing it) or Coupon held or presented for payment by, or on behalf of, a holder, if the holder or beneficial owner is or was a controlled foreign corporation, personal holding company or passive foreign investment company with respect to the United States or a corporation that accumulates earnings to avoid United States federal income tax; or (viii) any Note (or Certificate representing it) or Coupon held or presented for payment by, or on behalf of, a holder if the holder or beneficial owner is or has been (i) a "10 per cent. shareholder" of the relevant Issuer as defined in Section 871(h)(3) of the Code or any successor provisions, (ii) a bank receiving such interest pursuant to a loan agreement entered into in the ordinary course of its trade or business as described in section 881(c)(3)(A) of the Code, or (iii) a controlled foreign A54371967 123 corporation within the meaning of section 957 of the Code that is related to the Issuer within the meaning of section 864(d)(4) of the Code; or (ix) any Note (or Certificate representing it) or Coupon held or presented for payment by, or on behalf of, a holder, if the holder or beneficial owner would have been able to avoid such withholding or deduction by satisfying any statutory or procedural requirements (including, without limitation, the provision of information or an appropriate, properly completed, United States Internal Revenue Service Form W-8 or Form W-9 (or a successor form)); or (x) any payment in respect of a Note or Coupon to any holder who is a fiduciary, partnership, limited liability company or otherwise not the sole beneficial owner of such Note or Coupon to the extent that a beneficiary or partner or settlor with respect to such fiduciary, a partner or member with respect to such partnership or limited liability company, or the beneficial owner, would not have been entitled to payment of Additional Amount had such person been the holder of such Note or Coupon; or (xi) any combination of (i) to (x). As used herein, "Relevant Date" means whichever is the later of (i) the date on which such payment first becomes due and (ii) if the full amount of the moneys payable has not been made available to the Principal Paying Agent on or prior to such date, the date on which, the full amount of such moneys having been made available, notice to that effect shall have been given to the Noteholders in accordance with Condition 14. References herein to principal of, or interest on, the Notes shall be deemed also to refer to any Additional Amounts which may be payable with respect thereto under this Condition or any undertakings given in addition thereto or in substitution therefor pursuant to the Trust Deed. The provisions of this Condition shall be without prejudice to the rights of substitution conferred by Condition 15. 10 Repayment Upon Event of Default (A) The following events or circumstances (each, a "Default") shall be acceleration events in relation to the Notes of a Series: (a) there is a default in the payment of any principal of, or for more than 15 days in the payment of any interest due on, any of the Notes; or (b) there is a default in the performance or observance by (in the case of UFN Notes) UFN or PLC, (in the case of UCC Notes) UCC or PLC, or (in the case of PLC Notes) PLC, of any other obligation under the Trust Deed or the UFN Notes, UCC Notes or PLC Notes (as applicable) and such default continues for 30 days after written notice thereof shall have been given to the Issuer and the Guarantor(s) by the Trustee requiring the same to be remedied; or (c) (i) any other indebtedness in respect of borrowed money (amounting in aggregate principal amount to not less than U.S.$100,000,000 or the equivalent thereof in any other currency or currencies) of either (in the case of UFN Notes) UFN or PLC, (in the case of UCC Notes) UCC or PLC, or (in the case of PLC Notes) PLC becomes prematurely repayable as a result of a default under the terms thereof, or (ii) (in the case of UFN Notes) either UFN or PLC, (in the case of UCC Notes) either UCC or PLC, or (in the case of PLC Notes) PLC, defaults in the repayment of any indebtedness in respect of borrowed money (amounting in aggregate principal amount to not less than U.S.$100,000,000 or the equivalent thereof in any other currency or currencies) at A54371967 124 the maturity thereof (taking into account any applicable grace period therefor), or (iii) any guarantee or indemnity given by (in the case of UFN Notes) either UFN or PLC, (in the case of UCC Notes) either UCC or PLC, or (in the case of PLC Notes) PLC, in respect of any indebtedness in respect of borrowed money (amounting in aggregate principal amount to not less than U.S.$100,000,000 or the equivalent thereof in any other currency or currencies) shall not be honoured when due and called upon (taking into account any applicable grace period therefor) save where the Trustee is satisfied that liability under such guarantee or indemnity is being contested in good faith; or (d) an order is made or a decree or an effective resolution is passed for the winding-up, liquidation or dissolution of (in the case of UFN Notes) UFN or PLC, (in the case of UCC Notes) UCC or PLC, or (in the case of PLC Notes) PLC or (in any case) an administration order is made or an administrator is appointed in relation to PLC (except for the purpose of a merger, reconstruction or amalgamation, under the terms of Condition 15 or the terms of which have previously been approved in writing by the Trustee) and (except where such order, decree or resolution is initiated or consented to by the relevant company or its shareholders) such order, decree or resolution is not discharged or stayed within a period of 60 days; or (e) (in the case of UFN Notes) UFN or PLC or (in the case of UCC Notes) UCC or PLC, (except for the purpose of a merger, reconstruction or amalgamation, under the terms of Condition 15 or the terms of which have previously been approved in writing by the Trustee) ceases or threatens to cease to carry on the whole or substantially the whole of its business; or (f) an administrative receiver or other receiver, trustee, assignee or like officer is appointed in respect of the whole or a substantial part of the undertaking or assets of PLC or (in the case of UFN Notes only) an administrator (bewindvoerder) is provisionally or definitively appointed by the District Court in the event of a moratorium (surséance van betaling) over the whole or any part of the undertaking or assets of UFN and (except where any such appointment is made by or at the instigation or motion of the relevant company or its shareholders) such appointment is not discharged within 30 days; or (g) (in the case of UFN Notes only) a trustee in bankruptcy (curator) is appointed by the District Court in the event of bankruptcy (faillissement) affecting the whole or any part of the undertaking or assets of UFN and such appointment is not discharged within 30 days; or (h) a distress or execution is levied or enforced upon or sued out against (in the case of the UFN Notes) any part of the assets of UFN (being either an executory attachment (executoriaal beslag) or a conservatory attachment (conservatoir beslag)), any part of the assets of UCC, or (in any case) a substantial part of the assets of PLC and, in either case, is not removed, discharged, cancelled or paid out within 30 days of the making thereof or any encumbrancer takes possession of (in the case of UFN Notes) the whole or any part of the undertaking or assets of UFN, (in the case of UCC Notes) the whole or any part of the undertaking or assets of UCC, or (in any case) the whole or any substantial part of the undertaking or assets of PLC and is not discharged within 30 days; or (i) (in the case of UFN Notes and UCC Notes only) for any reason the guarantee of PLC in respect of the UFN Notes or the UCC Notes ceases to be in full force and effect. For the purposes of sub-paragraphs (f) and (h) the expression "a substantial part" means a part whose value is equal to or greater than 25 per cent. of the aggregate value of the fixed assets and current assets of the Unilever Group, such value and such assets being determined by reference to the then most recently published audited consolidated balance sheet of the Unilever Group. A report by the auditors of A54371967 125 PLC that, in their opinion, (i) the amounts shown in a certificate provided by PLC (showing the fixed assets and current assets of the relevant part and those fixed assets and current assets expressed as a percentage of the fixed assets and current assets of the Unilever Group) have been correctly extracted from the accounting records of the Unilever Group and (ii) the percentage of the fixed assets and current assets of that part to the fixed assets and the current assets of the Unilever Group has been correctly calculated, shall, in the absence of manifest error, be conclusive evidence of the matters to which it relates. (B) If any Default shall occur in relation to the Notes of a Series, the Trustee in its discretion may, and (subject to its rights under the Trust Deed to be indemnified and/or secured and/or prefunded to its satisfaction), if so directed by an Extraordinary Resolution of the holders of the Notes of the relevant Series or if so requested in writing by the holders of not less than 25 per cent. in principal amount of the Notes of the relevant Series, shall, but, in the case of the happening of any of the events referred to in Condition 10A(b), (c), (e), (f), (g) or (h), only if the Trustee shall have certified to the Issuer and the Guarantor(s) that such event is, in its opinion, materially prejudicial to the interests of the holders of the Notes of the relevant Series, by written notice to the Issuer and the Guarantor(s) declare that such Notes are immediately repayable whereupon the same shall become immediately repayable at their default early redemption amount (which shall be their principal amount or such other default early redemption amount as may be specified in the relevant Final Terms) together with all interest (if any) accrued thereon (calculated as provided in these Conditions and in the Trust Deed). 11 Enforcement At any time after the Notes of a Series shall have become repayable, the Trustee may, at its discretion and without further notice, institute such proceedings against the Issuer and the Guarantor(s) as it may think fit to enforce repayment of such Notes together with accrued interest and to enforce the provisions of the Trust Deed, but it shall not be bound to take any such proceedings unless (i) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders of at least 25 per cent. in principal amount of the Notes of the relevant Series then outstanding and (ii) it shall have been indemnified and/or prefunded and/or received security to its satisfaction. Only the Trustee may enforce the provisions of the Notes or the Trust Deed and no holder or Couponholder shall be entitled to proceed directly against the Issuer or the Guarantor(s) unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing. 12 Prescription (a) Claims against the Issuer and/or any Guarantor(s) in respect of Notes and Coupons will become void unless presented for payment within a period of 10 years, in the case of Notes and five years, in the case of Coupons, from the Relevant Date (as defined in Condition 9) relating thereto. (b) In relation to Definitive Notes initially delivered with Talons attached thereto, there shall not be included in any Coupon sheet issued upon exchange of a Talon pursuant to Condition 8A(6) any Coupon which would be void upon issue or the due date for payment of which would fall after the due date for the redemption of the relevant Note or which would be void pursuant to this Condition 12. 13 Replacement of Notes, Certificates and Coupons If any Note, Certificate or Coupon is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Principal Paying Agent (in the case of Bearer Notes or Coupons) and of the Registrar (in the case of Certificates) upon payment by the claimant of all expenses incurred in connection with such

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&nbsp;&nbsp;&nbsp;&nbsp;A54371967 126 replacement and upon such terms as to evidence, security, indemnity and otherwise as the Issuer, the Principal Paying Agent (in respect of Bearer Notes or Coupons) or the Registrar (in the case of Certificates) may require. Mutilated or defaced Notes, Certificates and Coupons must be surrendered before replacements will be delivered. 14 Notices Notices required to be given to the holder of Registered Notes pursuant to the Conditions shall be mailed to them at their respective addresses in the Register and deemed to have been given on the fourth weekday (being a day other than a Saturday or a Sunday) after the date of mailing. Notices required to be given to holders of Bearer Notes will be deemed to be validly given if published in one leading English language daily newspaper with circulation in London (which is expected to be the Financial Times) or, if this is not possible, in one other leading English language daily newspaper with circulation in Europe or, in the case of a Temporary Global Note or Permanent Global Note, if delivered to Euroclear and/or Clearstream, Luxembourg and/or any other applicable clearing system for communication by them to the persons shown in their respective records as having interests therein, provided that the requirements of the relevant stock exchange(s) have been complied with. Any such notice shall be deemed to have been given on the date of such publication or, if so published more than once, on the date of first publication or, as the case may be, on the fourth day after the date of such delivery to Euroclear and/or Clearstream, Luxembourg and/or such other clearing system. If publication is not practicable in any such newspaper, notice will be validly given if made in such other manner, and shall be deemed to have been given on such date, as the Trustee may, in each case approve in writing. holders of Coupons will be deemed for all purposes to have notice of the contents of any notice given to holders of Notes in accordance with this Condition 14. 15 Meetings of Noteholders; Modification; Waiver; Substitution The Trust Deed contains provisions for convening meetings of holders (including meetings held by virtual means via an electronic platform) of any Series of Notes to consider any matter affecting their interests, including the modification by Extraordinary Resolution of these Conditions or the provisions of the Trust Deed. The quorum at any such meeting for passing an Extraordinary Resolution will be two or more persons holding or representing a clear majority in principal amount of the Notes of that Series for the time being outstanding or, at any adjourned meeting, two or more persons being or representing Noteholders whatever the principal amount of the Notes of that Series so held or represented, except that, at any meeting the business of which includes the modification of certain of these Conditions or provisions of the Trust Deed, the necessary quorum for passing an Extraordinary Resolution will be two or more persons holding or representing not less than 66 per cent., or at any adjourned such meeting not less than 33 per cent., of the principal amount of the Notes of that Series for the time being outstanding. An Extraordinary Resolution passed at any meeting of Noteholders of any Series of Notes will be binding on all Noteholders of that Series, whether or not they are present at the meeting, and on all Couponholders of that Series. The Trust Deed contains provisions for the convening of a single meeting of holders of Notes of more than one Series where the Trustee so decides. The Trustee may agree, without the consent of the Noteholders or Couponholders of any Series, to any modification (subject to certain exceptions) of, or to the waiver or authorisation of any breach or proposed breach of, any of these Conditions or any of the provisions of the Trust Deed which, in the opinion of the Trustee, is not materially prejudicial to the interests of the holders of such Notes or to any modification which is of a formal, minor or technical nature or is made to correct a manifest error. The Trustee may also determine that any event which would or might otherwise constitute a Default under Condition 10 shall not do so, provided A54371967 127 that, in the opinion of the Trustee, such event is not materially prejudicial to the interests of the holders of the Notes of the relevant Series. In addition, the Trustee shall be obliged to concur with the Issuer in effecting any Benchmark Amendment in the circumstances and as otherwise set out in Condition 6H without the consent of the Noteholders or Couponholders. Any such modification, waiver, authorisation or determination shall be binding on the holders of the Notes of such Series and of the Coupons (if any) relating thereto and (unless the Trustee agrees otherwise) any such modification shall be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 14. The Trustee shall also agree, subject to certain conditions set out in the Trust Deed, but without the consent of the holders of the Notes of such Series and of the Coupons (if any) relating thereto, (i) to the substitution of any Group Company in place of the Issuer as principal debtor in respect of the Notes of any Series or (ii) to the substitution in place of the Issuer as principal debtor, or of any Guarantor, of any successor in business (as defined in the Trust Deed) of the Issuer or, as the case may be, that Guarantor. It is a condition of any such substitution in accordance with (i) above that such Notes and Coupons (if any) relating thereto thereupon become or remain, as the case may be, unconditionally and irrevocably guaranteed on a joint and several basis by PLC (except where PLC is the new principal debtor) and UNUS. So long as any Notes remain outstanding (as defined in the Trust Deed), neither UFN, UCC nor PLC will merge with, or transfer all or substantially all of its assets or undertaking to, another company (except where UFN, UCC or PLC, as the case may be, is the continuing company) unless that other company agrees, in form and manner reasonably satisfactory to the Trustee, to be bound by the terms of the Notes and the Coupons (if any) appertaining thereto and the Trust Deed in place of UFN, UCC or PLC and the Trustee is satisfied that the conditions set out in the Trust Deed are complied with. In considering the interests of the Noteholders for the purposes of any substitution, merger or transfer as aforesaid the Trustee shall not have regard to the consequences for individual Noteholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political subdivision thereof. 16 Indemnification of the Trustee The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions relieving it from taking proceedings to enforce repayment unless indemnified to its satisfaction. The Trustee is entitled to enter into business transactions with PLC, UFN, UCC, UNUS and/or any Group Company without accounting to any Noteholders or Couponholders for any profit resulting therefrom. 17 Further Issues and Additional Issuers (A) The Issuer may, from time to time, without the consent of the holders of any Notes or Coupons of any Series, create and issue further notes, bonds or debentures having the same terms and conditions as the Notes of an existing Series in all respects (or, in all respects except for the first payment of interest, if any, on them and/or the denomination thereof) so as to form a single series with the Notes of the existing Series. (B) Subject as provided in the Trust Deed, PLC may designate any Group Company to become an Issuer of Notes under the Trust Deed. As provided in the Trust Deed, any such Group Company which is to become an Issuer of any Series of Notes shall become such under the terms of a supplemental deed in or substantially in the form scheduled to the Trust Deed (or in such other form as may be approved by the Trustee in writing) (which shall take effect in accordance with its terms) whereby such Group Company agrees to be bound as an Issuer under the Trust Deed and the Paying Agency Agreement, all as more fully provided in the Trust Deed. A54371967 128 18 Governing Law The Trust Deed, the Paying Agency Agreement, the Notes and the Coupons, and any non-contractual obligations arising out of or in connection with them, are governed by, and will be construed in accordance with, English law. 19 Jurisdiction UFN, UCC and UNUS have, in the Trust Deed, submitted to the jurisdiction of the English courts for all purposes in connection with the Trust Deed, the Notes and the Coupons. 20 Rights of Third Parties No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties) Act 1999. A54371967 129 The Seventh Schedule Form of Supplemental Deed increasing Programme Limit This deed made the [●] day of [●], [●] between: (1) UNILEVER FINANCE NETHERLANDS B.V., UNILEVER CAPITAL CORPORATION, UNILEVER PLC and UNILEVER UNITED STATES, INC.; and (2) THE LAW DEBENTURE TRUST CORPORATION p.l.c. as Trustee. Supplemental to a Trust Deed dated 22 July 1994 made between the parties hereto relating to a Programme for the Issuance of Debt Instruments witnesses that the limit of U.S.$25,000,000,000 imposed by Clause 2(A) of the said Trust Deed as amended by Deeds supplemental thereto dated 24 July 1995, 11 July 1996, 13 November 1997, 11 November 1998, 4 July 2000, 2 July 2001, 1 July 2002, 27 June 2003, 2 June 2004, 10 August 2005, 15 May 2007, 13 May 2008, 11 May 2009, 6 May 2010, 5 May 2011, 4 May 2012, 3 May 2013, 2 May 2014, 1 May 2015, 22 April 2016, 15 May 2019, 11 May 2021, 10 May 2022, 16 May 2023 and 16 May 2024 is hereby increased to U.S.$[●]. In witness thereof the parties hereto have executed this Deed as a deed the day and year first above written.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 130 The Eighth Schedule Form of Supplemental Deed joining a New Issuer This Supplemental Deed is made this [●] day of [●], [●] by: (1) [●] a company incorporated in [●] having its registered office at [●] (the "New Issuer"); (2) UNILEVER FINANCE NETHERLANDS B.V., a company incorporated under the laws of the Netherlands, whose corporate seat is in Rotterdam and its address at Weena 455, 3013 AL, Rotterdam, the Netherlands, UNILEVER CAPITAL CORPORATION, a company incorporated under the laws of the state of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America, UNILEVER PLC, a company incorporated under the laws of England, whose registered office is at Port Sunlight, Wirral, Merseyside CH62 4ZD, United Kingdom and UNILEVER UNITED STATES, INC., a company incorporated under the laws of the State of Delaware, United States of America, whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States of America; (3) THE LAW DEBENTURE TRUST CORPORATION p.l.c., a company incorporated under the laws of England, whose registered office is at Eighth Floor, 100 Bishopsgate, London EC2N 4AG, United Kingdom (the "Trustee"); (4) [●] in its capacity as principal paying agent (the "Principal Paying Agent", which expression shall include any successor to [●] in its capacity as such); and (5) [●] and [●] in their capacities as paying agents (the "Paying Agents", which expression shall include the Principal Paying Agent and any substitute or additional paying agents so appointed). Whereas: (A) This Supplemental Deed is supplemental to the trust deed dated 22 July 1994 (such trust deed, as from time to time amended and restated or supplemented in accordance with its terms being referred to herein as the "Trust Deed") made between Unilever Finance Netherlands B.V., Unilever Capital Corporation and Unilever PLC as issuers (the "Original Issuers"), Unilever PLC and Unilever United States, Inc. as guarantors (the "Original Guarantors") and the Trustee and to the paying agency agreement dated 22 July 1994 (such paying agency agreement, as from time to time amended and restated or supplemented with the prior consent of the Trustee being referred to herein as the "Paying Agency Agreement") made between the Original Issuers, the Original Guarantors, the Trustee, the Principal Paying Agent and the Paying Agents. (B) The New Issuer is a Group Company. (C) At the request of [●], the New Issuer wishes to execute this Supplemental Deed (being a deed supplemental to the Trust Deed in order to become an Issuer as defined in the Trust Deed) and pursuant to the provisions therein contained, and pursuant to the provisions contained in the Paying Agency Agreement. (D) Each of the Agents (as defined in Clause 1 hereof) wishes, pursuant to the terms of the Paying Agency Agreement to act as an agent (in the capacity in which it has been appointed under the Paying Agency Agreement and in accordance with the terms thereof) of [●] which becomes an Issuer pursuant to, and in the manner provided in, Clause 17(E) of the Trust Deed. A54371967 131 (E) [●] has agreed to guarantee the payment of all moneys payable by the New Issuer under the Trust Deed and in respect of any Notes issued by the New Issuer in the manner appearing hereunder and under the Trust Deed. (F) [The Trustee has received legal opinion(s) from legal counsel in the country of incorporation of the New Issuer and of [●] and from legal counsel in England, reasonably satisfactory to it, to the effect, inter alia, that the New Issuer and [●] each have the capacity and power to enter into this supplemental deed and that, when executed and delivered by such New Issuer and [●], this supplemental deed will constitute valid and legally binding obligations of such New Issuer.]1 Now therefore this Supplemental Deed witnesseth and it is hereby declared as follows: 1 Definitions and Interpretations (A) In this Supplemental Deed, any reference to "Agents" is to the Principal Paying Agent, the other Paying Agents, the Calculation Agent, the Registrar, the other Transfer Agents or any of them. (B) To the extent to which the same are applicable and unless otherwise defined herein, the definitions and provisions contained in Clause 1 of the Trust Deed shall apply to and be incorporated in this Supplemental Deed (including the recitals hereto). 2 Acknowledgement by New Issuer The New Issuer hereby appoints the Trustee (and the Trustee hereby accepts such appointment) to act as Trustee on the same terms as set out in the Trust Deed. 3 Guarantee [●] hereby confirms that the guarantee contained in Clause 8 of the Trust Deed applies to all amounts owing by the New Issuer under or pursuant to the Trust Deed and any Notes or Coupons appertaining thereto. 4 Appointment of Agents The New Issuer hereby appoints each of the Agents as its agent on the same terms set out in the Paying Agency Agreement and each of the Agents accepts its appointment as agent of the New Issuer in relation to any Notes issued by the New Issuer and shall comply with the terms and conditions applicable thereto, the provisions of the Paying Agency Agreement and, in connection therewith, shall take all such action as may be incidental thereto. 5 Incorporation of Terms It is declared that there shall be deemed to be incorporated in this Supplemental Deed all the covenants, undertakings, powers, obligations and/or other provisions of the Trust Deed, the Schedules thereto, the Conditions and the Paying Agency Agreement relating to or affecting the Issuers in the same manner and to the same extent as if the same had been, mutatis mutandis, set out in full in this Supplemental Deed and made applicable to the New 1 Recital (F) and Clause 6 of this Supplemental Deed are alternatives, one of which (to be determined by the Trustee) should be deleted. A54371967 132 Issuer, and (without prejudice to the generality of the foregoing) the New Issuer accordingly covenants: (iii) in favour of the Trustee to duly perform and observe and be bound by the said covenants, undertakings, powers, obligations and/or other provisions imposed on or relating to or affecting it by or under the Trust Deed or the Schedules or the Conditions; and (iv) in favour of the Trustee and each of the Agents, to duly perform and observe and be bound by the said covenants, undertakings, powers, obligations and/or other provisions imposed on or relating to or affecting it by or under the Paying Agency Agreement. 6 [Conditions This Supplemental Deed shall not take effect unless and until the Trustee shall have received opinions of legal counsel in the country of incorporation of the New Issuer and of [●] and in England, reasonably satisfactory to it, to the effect, inter alia, that the New Issuer and [●] each have the capacity and power to enter into this Supplemental Deed and that this Supplemental Deed constitutes valid and legally binding obligations of the New Issuer and [●].] 7 Counterparts This Supplemental Deed may be executed in any number of counterparts, each of which shall be identical and all of which, when taken together, shall constitute one and the same instrument and any one of the parties hereby may execute this Supplemental Deed by signing any such counterpart. 8 Governing Law This Supplemental Deed, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, the laws of England. 9 [Jurisdiction In relation to all claims arising hereunder (including a claim relating to any non-contractual obligations arising out of or in connection with this Supplemental Deed) [●] severally agree that the courts of England are to have jurisdiction to settle any such claim and that accordingly any suit, action or proceedings (together referred to as "Proceedings") arising hereunder may be brought in such courts. Nothing contained in this Clause shall limit any right to take proceedings against [●] in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. Each of [●] irrevocably agrees that any legal proceedings or any demand or any notice may be made or served on it by the same being posted in a prepaid registered or recorded delivery letter addressed to it at the address set out in Clause 32 of the Trust Deed for the time being of Unilever PLC (or at such other office as it may have notified in writing to the Trustee and as the Trustee shall from time to time have approved) and marked for the attention of the Group Secretary of Unilever PLC or such other official of Unilever PLC as [●] may have notified in writing to the Trustee and the Trustee shall from time to time have approved.] A54371967 133 In witness whereof this Supplemental Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on the date first above written.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 134 The Ninth Schedule Form of Supplemental Deed releasing an Issuer This Supplemental Deed is made this [●] day of [●], [●] by: (1) [●] a duly incorporated company having its [registered office at [●]]2 [corporate seat in Rotterdam, the Netherlands]3 (the "Retiring Issuer"); (2) THE LAW DEBENTURE TRUST CORPORATION p.l.c., a company incorporated under the laws of England, whose registered office is at Eighth Floor, 100 Bishopsgate, London EC2N 4AG, United Kingdom (the "Trustee"); (3) [●] in its capacity as principal paying agent (the "Principal Paying Agent", which expression shall include any successor to [●] in its capacity as such); (4) [●] and [●] in their capacities as paying agents (the "Paying Agents", which expression shall include the Principal Paying Agent and any substitute or additional paying agents so appointed). Whereas: (A) This supplemental deed is supplemental to the trust deed dated 22 July 1994 (such trust deed, as from time to time amended and restated or supplemented in accordance with its terms being referred to herein as the "Trust Deed") made between Unilever Finance Netherlands B.V., Unilever Capital Corporation and Unilever PLC as Issuers (the "Original Issuers"), Unilever PLC and Unilever United States, Inc. as Guarantors (the "Original Guarantors") and the Trustee and to the paying agency agreement dated 22 July 1994 (such paying agency agreement, as from time to time amended and restated or supplemented with the prior consent of the Trustee being referred to herein as the "Paying Agency Agreement") made between the Original Issuers, the Original Guarantors, the Trustee, the Principal Paying Agent and the other Paying Agents. (B) [There are not outstanding any Notes issued by the Retiring Issuer.]/[●] has assumed the obligations under the Notes.]4 (C) At the request of the Retiring Issuer, the Trustee has agreed to execute this supplemental deed in order to release the Retiring Issuer from its obligations, undertakings and covenants under the Trust Deed. (D) The Trustee and each of the Agents (as defined in Clause 1 of these presents) have agreed that the Retiring Issuer shall be released from its obligations, undertakings and covenants under the Paying Agency Agreement upon the execution and delivery of this supplemental deed. Now therefore this Supplemental Deed witnesseth and it is hereby declared as follows: 1 (A) In this supplemental deed, any reference to "Agents" is to the Principal Paying Agent, the other Paying Agents, the Calculation Agent, the Registrar, the other Transfer 2 Delete if UFN is the Retiring Issuer. 3 Include if UFN is the Retiring Issuer. 4 Delete as applicable. A54371967 135 Agents or any of them as such expressions are defined in the Paying Agency Agreement. (B) To the extent to which the same are applicable, the definitions and provisions contained in Clause 1 of the Trust Deed shall apply to and be incorporated in this supplemental deed (including the recitals hereto). 2 At the request of the Retiring Issuer: (a) the Trustee hereby releases the Retiring Issuer from its obligations, undertakings and covenants under the Trust Deed; and (b) the Trustee and each of the Agents hereby releases the Retiring Issuer from its obligations, undertakings and covenants under the Paying Agency Agreement. 3 The release of the Retiring Issuer shall not affect any accrued rights and liabilities as between the Retiring Issuer, the Trustee and the Agents pursuant to the Trust Deed and the Paying Agency Agreement. 4 This supplemental deed may be executed in any number of counterparts, each of which shall be identical and all of which, when taken together, shall constitute one and the same instrument and any one of the parties hereby may execute this supplemental deed by signing any such counterpart. 5 This supplemental deed, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, the laws of England. In witness whereof this supplemental deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on the date first above written. A54371967 136 The Tenth Schedule Provisions for Meetings of Holders of Notes 1 (A) As used in this Schedule, the following expressions shall have the meanings hereinafter mentioned unless the context otherwise requires: (1) "voting certificate" shall mean a certificate in the English language issued by any Paying Agent and dated, in which it is stated: (a) that on the date thereof, Bearer Notes of any Series (not being Notes in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate or any adjournment thereof) of the principal amount(s) specified and bearing specified serial numbers (if applicable) have been deposited with such Paying Agent and that no such Notes will be released until the first to occur of: (i) the conclusion of the meeting specified in such certificate or if applicable any adjournment thereof or any poll taken on any resolution proposed thereat (whichever is the later); and (ii) the surrender of the voting certificate to the Paying Agent who issued the same; or (b) that until the release of the Notes represented thereby the bearer thereof is entitled to attend and vote at such meeting or any adjournment thereof in respect of the Notes represented by such certificate; (2) "block voting instruction" shall mean a document in the English language issued by any Paying Agent and dated, in which: (a) it is certified that Bearer Notes of the relevant Series (not being Notes in respect of which a voting certificate has been issued and is outstanding in respect of the meeting specified in such block voting instruction or any adjournment thereof) have been deposited with such Paying Agent and that no such Notes will be released until the first to occur of: (i) the conclusion of the meeting specified in such document or if applicable any adjournment thereof or any poll taken on any resolution proposed thereat (whichever is the later); and (ii) the surrender, not less than 48 hours before the time for which such meeting or adjourned meeting is convened or poll called, of the respective receipts to the Paying Agent who issued the same in respect of each such deposited Note which is to be released coupled with notice from the Paying Agent to the relevant Issuer of such surrender; (b) it is certified that each depositor of such Notes has instructed such Paying Agent that the vote(s) attributable to his or its Notes so deposited should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjournment thereof and that all such instructions are, during the period of 48 hours prior to the time for which such meeting or adjourned meeting is convened, neither revocable nor subject to amendment; A54371967 137 (c) the total number, the principal amounts and the certificate numbers of the Notes (if applicable) so deposited are listed, distinguishing with regard to principal amount and with regard to each such resolution between those in respect of which instructions have been given as aforesaid that the votes attributable thereto should be cast in favour of the resolution, and those in respect of which instructions have been given that the votes attributable thereto should be cast against the resolution; and (d) one or more persons named in such document (hereinafter called a "proxy") is or are authorised and instructed by such Paying Agent to cast the votes attributable to the Notes so listed in accordance with the instructions referred to in (c) above as set out in such document; (3) "electronic platform" means any form of telephony or electronic platform or facility and includes, without limitation, telephone and video conference call and application technology systems; (4) "hybrid meeting" means a combined physical meeting and virtual meeting convened pursuant to this Schedule by the relevant Issuer or the Guarantor or the Trustee at which persons may attend either at the physical location specified in the notice of such meeting or via an electronic platform; (5) "meeting" means a meeting convened pursuant to this Schedule by the relevant Issuer or the relevant Guarantor(s) or the Trustee and whether held as a physical meeting, as a virtual meeting or as a hybrid meeting; (6) "physical meeting" means any meeting attended by persons present in person at the physical location specified in the notice of such meeting; (7) "present" means physically present in person at a physical meeting or a hybrid meeting, or able to participate in or join a virtual meeting or a hybrid meeting held via an electronic platform; (8) "virtual meeting" means any meeting held via an electronic platform; and (9) "Alternative Clearing System" means any clearing system other than Euroclear or Clearstream, Luxembourg. (B) In respect of Bearer Notes, voting certificates and block voting instructions shall only be issued in respect of Notes deposited with any Paying Agent not less than 48 hours before the time for which the meeting or the poll to which the same relate has been convened or called and shall be valid only for so long as the relevant Notes will not be released pursuant to this paragraph 1 hereof and during the validity thereof the Holder of any such voting certificate or (as the case may be) the proxy or proxies named in any block voting instruction shall, for all purposes in connection with any meeting of Holders of Notes, be deemed to be the Holder of the Notes of the relevant Series to which such voting certificate or block voting instruction relates and the Paying Agent with which such Notes have been deposited shall nevertheless be deemed for such purposes not to be the Holder of those Notes. 2 The Trustee, the relevant Issuer or the relevant Guarantor(s) at any time may, and the Trustee shall (subject to its being indemnified to its satisfaction against all costs and expenses thereby occasioned) upon a request in writing at the time by Holders of Notes holding not less than one- tenth of the principal amount outstanding of the Notes of any particular Series for the time being outstanding shall, convene a meeting of the Holders of Notes of such Series. Whenever the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 138 relevant Issuer or the relevant Guarantor(s) is or, as the case may be, are about to convene any such meeting it shall forthwith give notice in writing to the Trustee of the day, time and place (or the details of the electronic platform to be used in the case of a virtual meeting) thereof and of the nature of the business to be transacted thereat. Every physical meeting shall be held at such place as the Trustee may approve. Every virtual meeting shall be held via an electronic platform and at a time approved by the Trustee. Every hybrid meeting shall be held at a time and place and via an electronic platform approved by the Trustee. 3 At least 21 days' notice (exclusive of the day on which the notice is given and of the day on which the meeting is held) specifying the day and time of the meeting and manner in which it is to be held, and the place of meeting in the case of a physical meeting or a hybrid meeting, or the details of the electronic platform to be used in the case of a virtual meeting or a hybrid meeting, shall be given to the Holders of the Notes of the relevant Series in the manner provided in the Conditions. A copy of the notice shall be given to the Trustee unless the meeting shall be convened by the Trustee, and to the relevant Issuer or the relevant Guarantor(s) unless the meeting shall be convened by such relevant Issuer or the relevant Guarantor(s). Such notice shall be given in the manner provided in these presents and shall, unless in any particular case the Trustee otherwise agrees, specify the terms of the resolutions to be proposed and shall include to the extent applicable to the relevant Series, inter alia, statements to the effect that Notes of the relevant Series may be deposited with any Paying Agent for the purpose of obtaining voting certificates or appointing proxies until 48 hours before the time fixed for the meeting but not thereafter. With respect to a virtual meeting or a hybrid meeting, each such notice shall set out such other and further details as are required under paragraph 26. 4 A person (who may, but need not, be the Holder of a Note of the relevant Series) nominated in writing by the Trustee shall be entitled to take the chair at every such meeting but if no such nomination is made or if at any meeting the person nominated shall not be present within 15 minutes after the time appointed for the holding of such meeting the Holders of Notes present shall choose one of their number to be chairperson and, failing such choice, the relevant Issuer may appoint a chairperson who may, but need not, be the Holder of a Note. The chairperson of an adjourned meeting need not be the same person as the chairperson of the original meeting. 5 At any such meeting two or more persons present in person holding Notes of the relevant Series and/or voting certificates and/or being proxies or representatives and being or representing in the aggregate a clear majority in principal amount of the Notes of the relevant Series for the time being outstanding shall form a quorum for the action of business and no business (other than the choosing of a chairperson) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be two or more persons present in person holding Notes of the relevant Series or voting certificates or being proxies and holding or representing in the aggregate a clear majority in principal amount of the Notes of the relevant Series for the time being outstanding; PROVIDED THAT at any meeting the business of which includes any of the following matters (each of which shall only be capable of being effected after having been approved by Extraordinary Resolution) namely: (i) varies the date of maturity or any date of redemption of any of the Notes of the relevant Series or any date for payment of any principal or interest in respect thereof; or (ii) reduces or cancels the principal amount of the Notes of the relevant Series, varies any provision regarding the calculation of the amount or the rate of interest payable thereon or varies the rate of discount, rate of amortisation or any other rate of return applicable thereto or reduces the amount of principal or interest payable on any date; or A54371967 139 (iii) modifies the provisions contained in this Schedule concerning the quorum required at any meeting of Holders of Notes in respect of the Notes of the relevant Series or any adjournment thereof or concerning the majority required to pass an Extraordinary Resolution; or (iv) varies the currency in which any payment (or other obligation) in respect of the Notes of the relevant Series is to be made; or (v) amends this proviso in any manner, the quorum shall be two or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than 66 per cent. of the principal amount of the Notes of the relevant Series for the time being outstanding. 6 If within half an hour from the time appointed for any such meeting a quorum is not present the meeting shall, if convened upon the requisition of Holders of Notes, be dissolved. In any other case it shall be adjourned for such period, not being less than fourteen days nor more than 42 days, and to such time and place or electronic platform (as the case may be) as may be appointed by the chairperson. Save as otherwise provided in the proviso to this paragraph, at such adjourned meeting two or more persons present in person holding Notes of the relevant Series and/or voting certificates and/or being proxies or representatives (whatever the principal amount of the Notes so held or represented) shall form a quorum and shall have the power to pass any resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had a quorum been present at such meeting provided that at any adjourned meeting the business of which includes any of the matters specified in the proviso to paragraph 5 above, the quorum shall be two or more persons present holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate no less than 33 per cent. of the principal amount of the Notes of the relevant Series for the time being outstanding. 7 The chairperson may with the consent of (and shall if directed by) any meeting adjourn the same from time to time and from place to place (including, for this purpose, an electronic platform) but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 8 At least fourteen days' notice of any meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and such notice shall state the quorum required at such adjourned meeting. Subject as aforesaid, it shall not be necessary to give any notice of an adjourned meeting. 9 At a meeting which is held only as a physical meeting, every question submitted to such meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairperson shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Holder of a Note or as a Holder of a voting certificate and/or as a proxy or representative. 10 At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chairperson or the relevant Issuer or the relevant Guarantor(s) or by one or more persons holding one or more Notes of the relevant Series or voting certificates and/or being proxies or representatives and holding or representing in the aggregate not less than one-fiftieth part of the principal amount outstanding of the Notes of the relevant Series for the time being outstanding, a declaration by the chairperson that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive A54371967 140 evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 11 If at any meeting a poll is so demanded, it shall be taken in such manner and (subject as hereinafter provided) either at once or after such an adjournment as the chairperson directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded. 12 Any poll demanded at any meeting on the election of a chairperson or on any question of adjournment shall be taken at the meeting without adjournment. 13 At a virtual meeting, a resolution put to the vote of the meeting shall be decided on a poll in accordance with paragraph 28, and any such poll will be deemed to have been validly demanded at the time fixed for holding the meeting to which it relates. 14 The Trustee, the relevant Issuer and the relevant Guarantor(s) (through their respective representatives) and their respective financial and legal advisers shall be entitled to attend, participate and/or and speak at any meeting of the Holders of Notes. Save as aforesaid, no person shall be entitled to attend, participate and/or vote at any meeting of the Holders of Notes or to join with others in requesting the convening of such a meeting unless he is the Holder of a voting certificate or is a proxy or representative. Neither the relevant Issuer nor the relevant Guarantor(s) nor any of their group companies shall be entitled to vote in respect of Notes held by or on its behalf but this shall not prevent any proxy or representative named in the block voting instructions from being a director, officer or representative of, or otherwise connected with, the relevant Issuer, the relevant Guarantor(s) or any of their group companies. 15 Subject as provided in paragraph 14 above, at any such meeting (a) on a show of hands every person who is present in person or who produces his appointment as a representative or a Note or a Certificate of which he is the registered holder or a voting certificate or who is a proxy, shall have one vote and (b) on a poll every person who is so present shall have one vote in respect of each integral currency unit of the Specified Currency (a "Unit") of Notes of the relevant Series so produced or represented by the voting certificate so produced or in respect of which he is a proxy. Without prejudice to the obligations of the proxies named in any block voting instruction or form of proxy, any person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way. 16 A proxy named in any block voting instruction need not be a Holder of any Note. 17 Each block voting instruction and each form of proxy, together (if so required by the Trustee) with proof satisfactory to the Trustee of its due execution on behalf of the relevant Paying Agent, shall be deposited at the registered office of the relevant Issuer (or at such other place or electronic platform as the Trustee shall designate or approve) not less than 24 hours before the time appointed for holding the meeting or adjourned meeting or for the taking of the poll at which the proxy named in the block voting instruction or form of proxy proposes to vote and in default the block voting instruction or form of proxy shall not be treated as valid unless the chairperson of the meeting decides otherwise before such meeting or adjourned meeting or poll proceeds to business. A notarially certified copy of each such block voting instruction and form of proxy and satisfactory proof as aforesaid (if applicable) shall be deposited with the Trustee before the commencement of the meeting, adjourned meeting or poll but the Trustee A54371967 141 shall not thereby be obliged to investigate or be concerned with the validity of, or the authority of the proxy named in, any such block voting instruction or form of proxy. 18 A proxy or representative may be appointed in respect of Registered Notes in the following circumstances: (i) Proxy: A holder of Registered Notes may, by an instrument in writing in the English language (a "form of proxy") signed by the holder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the specified office of the Registrar or the Principal Paying Agent not less than 48 hours before the time fixed for the relevant meeting, appoint one or more persons (each a "proxy") to act on his or its behalf in connection with any meeting of the Noteholders and any adjourned such meeting. A proxy need not be a Holder of any Note. (ii) Representative: Any holder of Registered Notes which is a corporation may, by delivering to the Registrar or the Principal Paying Agent not later than 48 hours before the time fixed for any meeting a resolution of its directors or other governing body, authorise any person to act as its representative (a "representative") in connection with any meeting of the Noteholders and any adjourned such meeting. (iii) Other Proxies: If the holder of a Registered Note is an Alternative Clearing System or a nominee of an Alternative Clearing System and the rules or procedures of such Alternative Clearing System so require, such nominee or Alternative Clearing System may appoint proxies in accordance with, and in the form used, by such Alternative Clearing System as part of its usual procedures from time to time in relation to meetings of Noteholders. Any proxy so appointed may, by an instrument in writing in the English language in the form available from the specified office of the Registrar or the Principal Paying Agent, or in such other form as may have been approved by the Trustee at least seven days before the date fixed for a meeting, signed by the proxy or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the Registrar or the Principal Paying Agent not later than 48 hours before the time fixed for any meeting, appoint any person or the Principal Paying Agent or any employee(s) of it nominated by it (the "sub- proxy") to act on his or its behalf in connection with any meeting or proposed meeting of Noteholders. All references to "proxy" or "proxies" in this Schedule other than in this sub-paragraph 18(iii) shall be read so as to include references to "sub-proxy" or "sub- proxies". (iv) Record Date: For so long as the Notes are eligible for settlement through an Alternative Clearing System's book-entry settlement system and the rules or procedures of such Alternative Clearing System so require, the Issuer may fix a record date for the purpose of any meeting, provided such record date is no more than 10 days prior to the date fixed for such meeting which shall be specified in the notice convening the meeting. (v) Any proxy or sub-proxy appointed pursuant to sub-paragraph 18(i) or 18(iii) above or representative appointed pursuant to sub-paragraph 18(ii) above shall, so long as such appointment remains in full force, be deemed, for all purposes in connection with the relevant meeting or adjourned meeting of the Noteholders, to be the holder of the Notes to which such appointment relates and the holder of the Notes shall be deemed for such purposes not to be the holder or owner, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A54371967 142 19 Any vote given in accordance with the terms of a block voting instruction or form of proxy shall be valid notwithstanding the previous revocation or amendment of the block voting instruction or form of proxy or of any of the Noteholders' instructions pursuant to which it was executed; provided that no intimation in writing of such revocation or amendment shall have been received from the Principal Paying Agent by the relevant Issuer at its registered office or by the chairperson of the meeting in each case not less than 24 hours before the commencement of the meeting or adjourned meeting at which the block voting instruction or form of proxy is intended to be used. 20 A meeting of the Holders of Notes shall, in respect of the Notes of the relevant Series and subject to the provisions contained in the Conditions, in addition to the powers hereinbefore given, but without prejudice to any powers conferred on other persons by these presents, have the following powers exercisable by Extraordinary Resolution namely: (a) to sanction any proposal by the relevant Issuer or the relevant Guarantor(s) for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the Holders of Notes and/or the Couponholders in respect of the Notes of the relevant Series, against the relevant Issuer and/or Guarantor(s) whether such rights shall arise under these presents, the Notes or Coupons (if any) of that Series or otherwise; (b) power to sanction any scheme or proposal for the exchange or sale of the Notes of any Series, for the conversion of the Notes of any Series, into or the cancellation of the Notes of any Series, in consideration of, shares, stock, bonds, notes, debentures, debenture stocks and/or other obligations and/or securities of the relevant Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, bonds, notes, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash; (c) to assent to any modification or alteration of the provisions contained in the Notes or the Coupons of the relevant Series, the Conditions thereof or these presents which shall be proposed by the relevant Issuer, the relevant Guarantor(s) or the Trustee; (d) to waive or authorise any breach or proposed breach by the relevant Issuer or the relevant Guarantor(s) of its or their obligations under the Conditions applicable to the Notes of the relevant Series or these presents or determine that any act or omission which might otherwise constitute an Event of Default under the Conditions applicable to the Notes of the relevant Series shall not be treated as such; (e) to authorise the Trustee to concur in and execute and do all such documents, acts and things as may be necessary to carry out and give effect to any Extraordinary Resolution; (f) to give any authority, direction or sanction which under these presents or the Conditions applicable to the Notes of the relevant Series is required to be given by Extraordinary Resolution; (g) to appoint any persons (whether Holders of Notes or not) as a committee or committees to represent the interests of the Holders of Notes in respect of the Notes of the relevant Series and to confer upon such committee or committees any powers or discretions which such Holders of Notes could themselves exercise by Extraordinary Resolution; (h) to approve a person proposed to be appointed a new Trustee under these presents and to remove any Trustee or Trustees for the time thereof; and A54371967 143 (i) to discharge or exonerate the Trustee from any liability in respect of any act or omission for which the Trustee may have become responsible under these presents or under the Notes of the relevant Series. 21 An Extraordinary Resolution passed at a meeting of the Holders of Notes in respect of the Notes of the relevant Series duly convened and held in accordance with these presents shall be binding upon all the Holders of Notes of the relevant Series, whether present or not present at such meeting, and upon all the Couponholders in respect of Notes of the relevant Series and each of the Holders of Notes and Couponholders shall, in respect of the Notes of that Series, be bound to give effect thereto accordingly. The passing of any such resolution shall be conclusive evidence that the circumstances of such resolution justify the passing thereof. 22 The expression "Extraordinary Resolution" when used in these presents means a resolution passed at a meeting of the Holders of Notes in respect of the Notes of the relevant Series duly convened and held in accordance with the provisions contained herein by a majority consisting of not less than three-fourths of the votes cast thereon or an instrument or instruments in writing signed by the Holder or Holders of not less than 75 per cent. of the Notes of the relevant Series for the time being outstanding. 23 If and whenever an Issuer shall have issued and have outstanding any Notes which do not form one single Series then the foregoing provisions of this Schedule shall have effect subject to the following modifications: (i) a resolution which in the opinion of the Trustee affects one Series only of the Notes shall be deemed to have been duly passed if passed at a separate meeting of the Holders of the Notes of the relevant Series; (ii) a resolution which in the opinion of the Trustee affects more than one Series of the Notes but does not give rise to a conflict of interest between the Holders of Notes of any of the Series affected shall be deemed to have been duly passed if passed at a single meeting of the Holders of the Notes of all Series so affected; (iii) a resolution which in the opinion of the Trustee affects more than one Series of Notes and gives or may give rise to a conflict of interest between the Holders of the Notes of one Series or group of Series so affected and the Holders of the Notes of another Series or group of Series so affected shall be deemed to have been duly passed only if in lieu of being passed at a single meeting of the Holders of the Notes of all such Series it shall be duly passed at separate meetings of the Holders of the Notes of each Series so affected; and (iv) to all such meetings as aforesaid all preceding provisions of this Schedule shall, mutatis mutandis, apply as if references therein to Notes and Noteholders or Holders of Notes of the relevant Series were references to the Notes of the Series or group of Series in question and to the Holders of such Notes respectively. 24 Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the relevant Issuer or the Trustee and any such minutes as aforesaid, if purporting to be signed by the chairperson of the meeting at which such resolutions were passed or proceedings transacted or by the chairperson of the next succeeding meeting of the Holders of Notes in respect of the Notes of the relevant Series, shall be conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made and signed as aforesaid shall be deemed to have been duly held and A54371967 144 convened and all resolutions passed or proceedings transacted thereat to have been duly passed and transacted. Subject to all other provisions contained in these presents, the Trustee may by agreement with UFN, UCC and PLC, without the consent of the Noteholders or the Couponholders, prescribe or approve such further and/or alternative regulations regarding the holding of meetings of Noteholders and attendance and voting thereat as the Trustee may in its discretion determine or as proposed by the relevant Issuer or the relevant Guarantor(s). 25 So long as the Notes of the relevant Series are represented by any Notes in global form, the Holder of the relevant Notes in global form shall for the purposes of this Schedule be deemed to be two persons and, at any such meeting, as having one vote in respect of each Unit for which such Notes in global form may be exchanged. 26 The relevant Issuer, the relevant Guarantor(s) (in each case, with the Trustee's prior approval) or the Trustee in its sole discretion may decide to hold a virtual meeting or a hybrid meeting and, in such case, shall provide details of the means for Holders of the relevant Notes or their proxies or representatives to attend and participate in the meeting, including the electronic platform to be used. 27 The relevant Issuer, or the relevant Guarantor(s) or the chairperson (in each case, with the Trustee's prior approval) or the Trustee in its sole discretion may make any arrangement and impose any requirement or restriction as is necessary to ensure the identification of those entitled to take part in the virtual meeting or a hybrid meeting and the suitability of the electronic platform. All documentation that is required to be passed between persons at or for the purposes of the virtual meeting or the hybrid meeting (in whatever capacity) shall be communicated by email (or such other medium of electronic communication as the Trustee may approve). 28 All resolutions put to a virtual meeting or a hybrid meeting shall be voted on by a poll in accordance with paragraphs 9-13 above (inclusive) and such poll votes may be cast by such means as the relevant Issuer, or the relevant Guarantor(s) (in each case, with the Trustee's prior approval) or the Trustee in its sole discretion considers appropriate for the purposes of the virtual meeting. 29 Persons seeking to attend, participate in, speak at or join a virtual meeting or a hybrid meeting via the electronic platform shall be responsible for ensuring that they have access to the facilities (including, without limitation, IT systems, equipment and connectivity) which are necessary to enable them to do so. 30 In determining whether persons are attending, participating in or joining a virtual meeting or a hybrid meeting via the electronic platform, it is immaterial whether any two or more members attending it are in the same physical location as each other or how they are able to communicate with each other. 31 Two or more persons who are not in the same physical location as each other attend a virtual meeting or a hybrid meeting if their circumstances are such that if they have (or were to have) rights to speak or vote at that meeting, they are (or would be) able to exercise them. 32 The chairperson of the meeting reserves the right to take such steps as the chairperson shall determine in its absolute discretion to avoid or minimise disruption at the meeting, which steps may include (without limitation), in the case of a virtual meeting or a hybrid meeting, muting the A54371967 145 electronic connection to the meeting of the person causing such disruption for such period of time as the chairperson may determine.5 33 The relevant Issuer, or the relevant Guarantor(s) (in each case, with the Trustee's prior approval) or the Trustee in its sole discretion may make whatever arrangements they consider appropriate to enable those attending a virtual meeting or a hybrid meeting to exercise their rights to speak or vote at it. 34 A person is able to exercise the right to speak at a virtual meeting or a hybrid meeting when that person is in a position to communicate to all those attending the meeting, during the meeting, as contemplated by the relevant provisions of this Schedule. 35 A person is able to exercise the right to vote at a virtual meeting or a hybrid meeting when: (i) that person is able to vote, during the meeting, on resolutions put to the vote at the meeting; and (ii) that person's vote can be taken into account in determining whether or not such resolutions are passed at the same time as the votes of all the other persons attending the meeting who are entitled to vote at such meeting. 5 In circumstances where there is a persistent speaker or questioner who is disruptive, the chairperson may, having given due consideration to the points or questions raised, as a last resort, put that attendee's line on mute so that the business of the meeting may proceed whilst allowing them to continue to be part of the meeting and to vote at the relevant stage in the meeting.

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## Exhibit 2.2

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UNILEVER CAPITAL CORPORATION, Issuer UNILEVER FINANCE NETHERLANDS B.V., Issuer UNILEVER PLC, Guarantor UNILEVER UNITED STATES, INC., Guarantor TO THE BANK OF NEW YORK MELLON, Trustee ____________ AMENDED AND RESTATED INDENTURE Dated as of July 26, 2023 ____ Guaranteed Debt Securities 1 TABLE OF CONTENTS1 Page PARTIES ...........................................................................................................................................11 RECITALS OF UCC, UFN, UNILEVER PLC and UNUS .................................................................11 RECITALS OF EACH OF THE GUARANTORS ..............................................................................11 ARTICLE I Definitions and Other Provisions of General Application SECTION 1.01. Definitions: ................................................................................................ 12 Act ................................................................................................................. 12 Affiliate .......................................................................................................... 12 Attributable Debt ........................................................................................... 12 Authenticating Agent ..................................................................................... 12 Authorized Newspaper .................................................................................. 13 Board of Directors ......................................................................................... 13 Board Resolution ........................................................................................... 13 Business Day ................................................................................................ 13 Capital Employed .......................................................................................... 13 Commission .................................................................................................. 13 Corporate Trust Office................................................................................... 13 corporation .................................................................................................... 13 Coupon or Coupons ...................................................................................... 13 Debt ............................................................................................................... 13 1 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 2 Debt Securities .............................................................................................. 13 Defaulted Interest .......................................................................................... 13 Depository ..................................................................................................... 13 Discharged .................................................................................................... 13 endorsed ....................................................................................................... 14 Event of Default ............................................................................................. 14 Exchange Act ................................................................................................ 14 Exchange Date .............................................................................................. 14 Foreign Currency .......................................................................................... 14 Foreign Government Securities .................................................................... 14 Global Security .............................................................................................. 14 Guarantee ..................................................................................................... 14 Guarantors .................................................................................................... 14 Holder ............................................................................................................ 14 Indenture ....................................................................................................... 14 interest .......................................................................................................... 14 Interest Payment Date .................................................................................. 14 Investment Company Act .............................................................................. 15 Issuer ............................................................................................................ 15 Issuer Request and Issuer Order .................................................................. 15 Maturity ......................................................................................................... 15 Netherlands ................................................................................................... 15 Notice of Default ............................................................................................ 15 N.V. Shares ..................................................... Error! Bookmark not defined. Officer's Certificate ........................................................................................ 15 3 Opinion of Counsel........................................................................................ 15 Original Issue Discount Security ................................................................... 15 Outstanding ................................................................................................... 15 Paying Agent ................................................................................................. 16 Person ........................................................................................................... 16 Place of Payment .......................................................................................... 16 Predecessor Debt Security ........................................................................... 16 Principal Property .......................................................................................... 17 Redemption Date .......................................................................................... 17 Redemption Price .......................................................................................... 17 Regular Record Date .................................................................................... 17 Responsible Officer ....................................................................................... 17 Restricted Subsidiary .................................................................................... 17 Securities Act ................................................................................................ 17 Security Register and Security Registrar ...................................................... 17 Senior Debt ................................................................................................... 17 Special Record Date ..................................................................................... 18 Stated Maturity .............................................................................................. 18 Subsidiary ..................................................................................................... 18 Trust Indenture Act........................................................................................ 18 Trustee .......................................................................................................... 18 United Kingdom ............................................................................................. 18 United States Alien........................................................................................ 18 United States of America .............................................................................. 18 U.S. Governmental Obligations .................................................................... 18

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4 U.S. Person ................................................................................................... 19 Vice President ............................................................................................... 19 Voting Stock .................................................................................................. 19 Yield to Maturity ............................................................................................ 19 SECTION 1.02. Compliance Certificates and Opinions. .................................................... 19 SECTION 1.03. Form of Documents Delivered to Trustee. ............................................... 20 SECTION 1.04. Acts of Holders. ........................................................................................ 20 SECTION 1.05. Notices, Etc., to Trustee, UCC, UFN, Unilever PLC or UNUS ................. 21 SECTION 1.06. Notice to Holders; Waiver. ........................................................................ 22 SECTION 1.07. Conflict with Trust Indenture Act. .............................................................. 23 SECTION 1.08. Effect of Headings and **Table of Contents**. ............................................... 23 SECTION 1.09. Successors and Assigns. ......................................................................... 23 SECTION 1.10. Separability Clause. ................................................................................. 23 SECTION 1.11. Benefits of Indenture. ............................................................................... 23 SECTION 1.12. Governing Law. ........................................................................................ 23 SECTION 1.13. Saturdays, Sundays and Legal Holidays. ................................................ 24 SECTION 1.14. Appointment of Agent for Service. ............................................................ 24 ARTICLE II Debt Security Forms SECTION 2.01. Forms Generally. ...................................................................................... 25 SECTION 2.02. Guarantee by Guarantors; Form of Guarantee. ....................................... 25 SECTION 2.03. Form of Trustee's Certificate of Authentication. ....................................... 28 ARTICLE III The Debt Securities SECTION 3.01. Amount Unlimited; Issuable in Series. ..................................................... 28 5 SECTION 3.02. Denominations. ........................................................................................ 31 SECTION 3.03. Execution, Authentication, Delivery and Dating. ...................................... 31 SECTION 3.04. Temporary Debt Securities. ...................................................................... 32 SECTION 3.05. Registration, Registration of Transfer and Exchange. ............................. 33 SECTION 3.06. Mutilated, Destroyed, Lost and Stolen Debt Securities. ........................... 34 SECTION 3.07. Payment of Interest; Interest Rights Preserved. ...................................... 35 SECTION 3.08. Persons Deemed Owners. ....................................................................... 37 SECTION 3.09. Cancellation. ............................................................................................. 37 SECTION 3.10. Computation of Interest. ........................................................................... 37 SECTION 3.11. Compliance with Certain Laws and Regulations. ..................................... 37 SECTION 3.12. Global Security. ........................................................................................ 37 SECTION 3.13. CUSIP Numbers. ...................................................................................... 39 ARTICLE IV ..................................................................................................................................... 39 SECTION 4.01. Satisfaction and Discharge of Indenture. ................................................. 39 SECTION 4.02. Application of Trust Money. ...................................................................... 41 SECTION 5.01. Events of Default. ..................................................................................... 41 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. .............................. 42 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. ......... 43 SECTION 5.04. Trustee May File Proofs of Claim. ............................................................ 44 SECTION 5.05. Trustee May Enforce Claims Without Possession of Debt Securities. ................................................................................................. 45 SECTION 5.06. Application of Money Collected. ............................................................... 45 SECTION 5.07. Limitation on Suits. ................................................................................... 45 SECTION 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest...................................................................................................... 46 SECTION 5.09. Restoration of Rights and Remedies. ...................................................... 46 6 SECTION 5.10. Rights and Remedies Cumulative. ........................................................... 46 SECTION 5.11. Delay or Omission Not Waiver. ................................................................ 47 SECTION 5.12. Control by Holders. ................................................................................... 47 SECTION 5.13. Waiver of Past Defaults. ........................................................................... 47 SECTION 5.14. Undertaking for Costs. .............................................................................. 47 SECTION 5.15. Waiver of Usury, Stay or Extension Laws. ............................................... 48 ARTICLE VI The Trustee SECTION 6.01. Certain Duties and Responsibilities. ........................................................ 48 SECTION 6.02. Notice of Defaults. .................................................................................... 49 SECTION 6.03. Certain Rights of Trustee.......................................................................... 49 SECTION 6.04. Not Responsible for Recitals or Issuance of Debt Securities................... 51 SECTION 6.05. May Hold Debt Securities. ........................................................................ 51 SECTION 6.06. Money Held in Trust. ................................................................................ 51 SECTION 6.07. Compensation and Reimbursement. ........................................................ 51 SECTION 6.08. Disqualification; Conflicting Interests. ...................................................... 52 SECTION 6.09. Corporate Trustee Required; Eligibility. .................................................... 52 SECTION 6.10. Resignation and Removal; Appointment of Successor. ........................... 52 SECTION 6.11. Acceptance of Appointment by Successor. .............................................. 54 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business............... 55 SECTION 6.13. Preferential Collection of Claims. ............................................................. 55 SECTION 6.14. Appointment of Authenticating Agent. ...................................................... 55 7 ARTICLE VII Holders' Lists and Reports by Trustee, Company and Guarantors SECTION 7.01. Issuer and Guarantors to Furnish Trustee Names and Addresses of Holders. ................................................................................................ 57 SECTION 7.02. Preservation of Information; Communication to Holders. ........................ 57 SECTION 7.03. Reports by Trustee. .................................................................................. 57 SECTION 7.04. Reports by Issuer and Guarantors. .......................................................... 58 ARTICLE VIII Consolidation, Merger, Conveyance, Transfer or Lease SECTION 8.01. UCC, UFN, UNUS or Unilever PLC May Consolidate, Etc., Only on Certain Terms. ..................................................................................... 58 SECTION 8.02. Successor Corporation Substituted. ......................................................... 59 SECTION 8.03. Assumption by Guarantors or Subsidiary of Any Issuer's Obligations. .............................................................................................. 59 ARTICLE IX Supplemental Indentures SECTION 9.01. Supplemental Indentures without Consent of Holders. ............................ 61 SECTION 9.02. Supplemental Indentures with Consent of Holders. ................................. 62 SECTION 9.03. Execution of Supplemental Indentures. ................................................... 63 SECTION 9.04. Effect of Supplemental Indentures. .......................................................... 63 SECTION 9.05. Conformity with Trust Indenture Act. ........................................................ 64 SECTION 9.06. Reference in Debt Securities to Supplemental Indentures. ..................... 64 ARTICLE X Covenants SECTION 10.01. Payment of Principal, Premium and Interest. ........................................... 64 SECTION 10.02. Maintenance of Office or Agency. ............................................................. 64

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8 SECTION 10.03. Money for Debt Security Payments to be Held in Trust. .......................... 65 SECTION 10.04. Corporate Existence. ................................................................................ 66 SECTION 10.05. Limitation of Liens. ................................................................................... 66 SECTION 10.06. Limitation on Sales and Leasebacks. ....................................................... 68 SECTION 10.07. Issuers to be Wholly Owned Subsidiaries. ............................................... 69 SECTION 10.08. Statement as to Compliance. ................................................................... 69 SECTION 10.09. Waiver of Certain Covenants. .................................................................. 69 SECTION 10.10. Additional Payments by the Guarantors. .................................................. 70 SECTION 10.11. Additional Payments of Each Issuer. ........................................................ 71 SECTION 10.12. Calculation of Original Issue Discount. .................................................... 73 ARTICLE XI Redemption of Debt Securities SECTION 11.01. Applicability of Article. ............................................................................... 73 SECTION 11.02. Election to Redeem; Notice to Trustee. .................................................... 73 SECTION 11.03. Selection by Trustee of Debt Securities to be Redeemed. ...................... 74 SECTION 11.04. Notice of Redemption. .............................................................................. 74 SECTION 11.05. Deposit of Redemption Price. .................................................................. 75 SECTION 11.06. Debt Securities Payable on Redemption Date. ........................................ 75 SECTION 11.07. Debt Securities Redeemed in Part. .......................................................... 75 SECTION 11.08. Optional Redemption Due to Changes in United States, United Kingdom or the Netherlands Tax Treatment. ............................................ 75 ARTICLE XII Sinking Fund SECTION 12.01. Applicability of Article. ............................................................................... 76 SECTION 12.02. Satisfaction of Sinking Fund Payments. ................................................... 76 9 SECTION 12.03. Redemption of Debt Securities for Sinking Fund. .................................... 77 SECTION 12.04. Sinking Fund Moneys Not to be Applied to Redemption of Debt Securities Under Certain Circumstances. ................................................ 77 ARTICLE XIII Meetings of Holders of Debt Securities SECTION 13.01. Purpose of Meetings. ............................................................................... 77 SECTION 13.02. Call of Meeting by Trustee........................................................................ 78 SECTION 13.03. Call of Meeting by UCC, UFN, Unilever PLC, UNUS or Holders of Debt Securities. ........................................................................................ 78 SECTION 13.04. Qualifications for Voting............................................................................ 78 SECTION 13.05. Regulations. ............................................................................................. 78 SECTION 13.06. Voting........................................................................................................ 79 SECTION 13.07. No Delay of Rights by Meeting. ................................................................ 80 ARTICLE XIV Defeasance SECTION 14.01. Defeasance Upon Deposit of Moneys, U.S. Government Obligations or Foreign Government Securities. ....................................... 80 SECTION 14.02. Application of Trust Money. ...................................................................... 82 SECTION 14.03. Repayment to Issuer. ............................................................................... 82 SECTION 14.04. Indemnity for U.S. Government Obligations and Foreign Government Securities. ............................................................................ 82 SECTION 14.05. Reinstatement. ......................................................................................... 82 SECTION 14.06. Return of Unclaimed Money. .................................................................... 83 ARTICLE XV Conversion of Debt Securities SECTION 15.01. Applicability of Article. ............................................................................... 83 SECTION 15.02. Conversion Privilege. ............................................................................... 83 10 SECTION 15.03. Exercise of Conversion Privilege. ............................................................ 83 SECTION 15.04. Fractional Interests. .................................................................................. 85 SECTION 15.05. Conversion Price. ..................................................................................... 85 SECTION 15.06. Adjustment of Conversion Price. .............................................................. 85 SECTION 15.07. Continuation of Conversion Privilege in Case of Reclassification, Change, Merger, Consolidation or Sale of Assets. .................................. 88 SECTION 15.08. Notice of Certain Events........................................................................... 89 SECTION 15.09. Disclaimer of Responsibility for Certain Matters. ..................................... 89 SECTION 15.10. Return of Funds Deposited for Redemption of Converted Debt Securities. ................................................................................................. 90 ARTICLE XVI Subordination of Debt Securities SECTION 16.01. Applicability of Article. ............................................................................... 90 SECTION 16.02. Agreement to Subordinate. ...................................................................... 90 SECTION 16.03. Payments by an Issuer to Holders. .......................................................... 90 SECTION 16.04. Payments by Guarantors to Holders. ....................................................... 91 SECTION 16.05. "Cash, Property or Securities" .................................................................. 92 SECTION 16.06. Subrogation of Debt Securities. ............................................................... 93 SECTION 16.07. Authorization by Holders. ......................................................................... 94 SECTION 16.08. Notice to Trustee. ..................................................................................... 94 SECTION 16.09. Trustee's Relation to Senior Debt. ........................................................... 95 SECTION 16.10. No Impairment of Subordination. ............................................................. 95 TESTIMONIUM ............................................................................................................................... 96 SIGNATURES AND SEALS ............................................................................................................ 96 ACKNOWLEDGEMENTS ............................................................................................................... 99 11 INDENTURE, amended and restated as of July 26, 2023, among UNILEVER CAPITAL CORPORATION, a corporation organized under the laws of the State of Delaware (herein called "UCC"), having its principal office at 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632; UNILEVER FINANCE NETHERLANDS B.V., a corporation organized under the laws of the Netherlands (herein called "UFN"), with its corporate seat (statutaire zetel) at Rotterdam, the Netherlands, having its registered office at Weena 455, Rotterdam 3013 AL, the Netherlands, and registered with the Trade Register of the Dutch Chamber of Commerce under number 81003889; UNILEVER PLC, a company organized under the laws of and registered in England (herein called "Unilever PLC"), having its registered office at Unilever House, 100 Victoria Embankment, Blackfriars, London EC4Y 0DY, England; UNILEVER UNITED STATES INC., a corporation organized under the laws of the State of Delaware (herein called "UNUS"), having its principal office at 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632 (UNUS herein called individually a "Guarantor" and, with Unilever PLC, collectively, the "Guarantors"); and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (herein called the "Trustee"), having its Corporate Trust Office at 240 Greenwich Street, Floor 7 West, New York, New York 10286. RECITALS OF UCC, UFN, UNILEVER PLC and UNUS UCC, Unilever N.V., a corporation formerly organized under the laws of Netherlands (herein called "Unilever N.V."), Unilever PLC and UNUS have been parties to an amended and restated Indenture dated as of September 22, 2014, pursuant to which UCC has issued, and may from time to time issue, unsecured debentures, notes or other evidences of indebtedness (herein called the "Debt Securities"), to be issued in one or more series by any of UCC, in registered form without coupons or in bearer form with interest coupons attached (except in the case of Debt Securities that do not pay current interest), the amount and terms of each such series to be determined as hereinafter provided. The Indenture was supplemented by the first supplemental indenture dated as of November 30, 2020 (the "First Supplemental Indenture"), pursuant to which Unilever PLC assumed the rights and obligations of Unilever N.V. as an issuer and guarantor under the Indenture following the cross-border merger in which Unilever N.V. was merged into Unilever PLC and thereafter ceased to exist ("Unification"). This Indenture was amended and restated on July 26, 2023, pursuant to Section 9.01 below to add UFN as an issuer thereunder and make certain conforming changes throughout, such action not adversely affecting the interest of the Holders of Debt Securities, or holder of Coupons of any series in any material respect. All things necessary to make this Indenture a valid agreement of UCC, UFN, Unilever PLC and UNUS, in accordance with its terms, have been done. RECITALS OF EACH OF THE GUARANTORS Each Guarantor desires to make the Guarantees provided for herein. All things necessary to make this Indenture a valid agreement of each such Guarantor, in accordance with its terms, have been done. NOW, THEREFORE, THIS INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the Debt Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Debt Securities and holders of Coupons, as follows:

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12 ARTICLE I Definitions and Other Provisions of General Application SECTION 1.01. Definitions: For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular and the singular as well as the plural; (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; and (3) the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. Certain terms, used principally in Articles VI, X and XIII, are defined in those Articles. "Act", when used with respect to any Holder, has the meaning specified in Section 1.04. "Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Annual Accounts of Unilever PLC" means the accounts of Unilever PLC containing financial information published annually by Unilever PLC and sent to its shareholders in accordance with the law or such other annually published similar information as may be published by Unilever PLC in substitution for the foregoing. "Attributable Debt" means, as to any particular lease under which Unilever PLC or any Restricted Subsidiary is at any time liable as lessee and at any date as of which the amount thereof is to be determined, the total net obligations of the lessee for rental payments during the remaining term of the lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended) discounted from the respective due dates thereof to such date at a rate per annum equivalent to the lesser of (a) the weighted average Yield to Maturity of the Outstanding Debt Securities hereunder, such average being weighted by the principal amount of the Debt Securities of each series or, in the case of Original Issue Discount Securities, such amount to be the principal amount of such Outstanding Original Issue Discount Securities that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.02, and (b) the interest rate inherent in such lease (as determined in good faith by Unilever PLC), both to be compounded semi-annually. "Authenticating Agent" means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Debt Securities. 13 "Authorized Newspaper" means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place or places in connection with which the term is used, which, in the United Kingdom, will be the Financial Times of London if practicable, in the United States will be The Wall Street Journal if practicable, and in the Netherlands will be Het Financieele Dagblad if practicable and if it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in any such newspapers, shall mean any publication or other notice in lieu thereof which is acceptable to the Trustee. "Board of Directors", when used with reference to UCC, UFN, Unilever PLC or UNUS, means either the board of directors, or any committee of such board duly authorized to act with respect hereto, of UCC, UFN, Unilever PLC or UNUS, as the case may be. "Board Resolution", when used with reference to UCC, UFN, Unilever PLC or UNUS, means a copy of a resolution certified by the Secretary or a Deputy or Assistant Secretary of UCC or of Unilever PLC or UNUS and, in the case of UFN, any person authorized under its Articles of Association so to certify, as the case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City of New York, New York, in London, England or in Rotterdam, The Netherlands are generally authorized or obligated by law or executive order to close. "Capital Employed" means the capital and reserves, outside interests in group companies, creditors due after more than one year and provisions for liabilities and charges, as shown on the consolidated balance sheet of Unilever PLC and its Subsidiaries as published in the most recent Annual Accounts of Unilever PLC. "Commission" means the Securities and Exchange Commission, as from time to time constituted, created under the United States Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. "Corporate Trust Office" means the principal office of the Trustee in New York, New York at which at any particular time its corporate trust business shall be administered. The term "corporation" includes corporations, associations, companies, joint stock companies and business trusts. "Coupon" or "Coupons" means any interest coupon or coupons, as the case may be, appertaining to any Debt Securities. "Debt" means any indebtedness for money borrowed. "Debt Securities" has the meaning set forth in the first recital of UCC and Unilever PLC herein. "Defaulted Interest" has the meaning specified in Section 3.07. "Depository" has the meaning set forth in Section 3.12. "Discharged" has the meaning set forth in Section 14.01. 14 "Electronic Means" shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. "endorsed" means, as to any Guarantee, to set forth on the reverse of any Debt Security. "Event of Default" has the meaning specified in Section 5.01. "Exchange Act" means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. "Exchange Date" has the meaning specified in Section 3.12. "Foreign Currency" means a currency or cash issued by the government of any country other than the United States of America or units based on or relating to such currencies (including European Currency Units) (such Units, including European Currency Units, being hereinafter referred to as "basket currencies"). "Foreign Government Securities" means with respect to Debt Securities and Coupons, if any, of any series that are denominated in a Foreign Currency, noncallable (i) direct obligations of the government that issued such Foreign Currency, the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government, the payment of which obligations is unconditionally guaranteed as a full faith and credit obligation of such government. "Global Security" means for any Debt Securities of a particular series, a temporary global security in bearer form without interest coupons, in such form as shall be established by or pursuant to action or the authority of the Board of Directors of UCC, UFN, Unilever PLC or UNUS, as the case may be, interests in which may be exchanged as described in Section 3.12 for Debt Securities of such series in definitive form. "Guarantee" means any guarantee of any Guarantor endorsed on a Debt Security authenticated and delivered pursuant to this Indenture and shall include the guarantees set forth in Section 2.02. "Guarantors" means the Persons named as "Guarantors" in the first paragraph of this Indenture until, in the case of any Guarantor, a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Guarantors" shall include such successor corporation. "Holder" means a Person who shall at the time be the bearer of any bearer Debt Security or in whose name a registered Debt Security is registered in the Security Register. "Indenture" means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms and forms of particular series of Debt Securities established pursuant to Section 3.01. The term "interest", when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. "Interest Payment Date", when used with respect to any Debt Security or Coupon, means the Stated Maturity of an installment of interest on such Debt Security or Coupon. 15 "Investment Company Act" means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. "Issuer" means the issuer of any series of Debt Securities issued under this Indenture, whether UCC or UFN (until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Issuer" shall mean such successor Person). Issuer shall also mean any new issuer of Debt Securities under this Indenture as contemplated by Section 9.01(1). "Issuer Request" and "Issuer Order" mean, respectively, a written request or order delivered to the Trustee and signed in the name of UCC, UFN, Unilever PLC or UNUS by, (i) in the case of UCC or UNUS, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, or (ii) in the case of UFN, any person or persons authorized pursuant to its Articles of Association to represent UFN, or (iii) in the case of Unilever PLC, a Director, the Secretary, the Deputy Secretary, any Assistant Secretary, or any other person thereunto duly authorized; provided that in the case of (ii) and (iii), any person signing such Issuer Request or Issuer Order shall represent that he or she is duly authorized to sign such Request or Order and The Bank of New York Mellon shall not be required to undertake any independent investigation of its own to verify such authority. "Maturity", when used with respect to any Debt Security, means the date on which the principal of such Debt Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. "Netherlands" mean the European part of the Kingdom of The Netherlands. "Notice of Default" means a written notice of the kind specified in Section 5.01(4). "Officer's Certificate" means a certificate delivered to the Trustee and signed in the name of UCC, UFN, Unilever PLC or UNUS by, (i) in the case of UCC or UNUS, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, or (ii) in the case of UFN, any person or persons authorized pursuant to its Articles of Association to represent UFN, or (iii) in the case of Unilever PLC, a Director, the Secretary, the Deputy Secretary or any Assistant Secretary or any other person thereunto duly authorized, or, (iv) in the case of a Subsidiary of Unilever PLC or UNUS (other than UCC or UFN), an officer holding similar positions. The officer signing an Officer's Certificate given on behalf of UCC, UFN, Unilever PLC or UNUS pursuant to Section 10.08 shall be the principal executive, financial or accounting officer of UCC, UFN, Unilever PLC or UNUS, as the case may be, and delivered to the Trustee. "Opinion of Counsel" means a written opinion of legal advisors, reasonably acceptable to the Trustee, who may be legal advisors for UCC, UFN, Unilever PLC or UNUS, and delivered to the Trustee. "Original Issue Discount Security" means any Debt Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. "Outstanding", when used with respect to Debt Securities or any series of Debt Securities means, as of the date of determination, all Debt Securities or all Debt Securities of such series, as the case may be, theretofore authenticated and delivered under this Indenture except: Debt Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

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16 Debt Securities, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with Trustee or any Paying Agent (other than the Issuer of such Debt Securities or a Guarantor) in trust or set aside and segregated in trust by an Issuer or a Guarantor, as the case may be (if the Issuer of such Securities or a Guarantor shall act as its own or their own Paying Agent) for the Holders of such Debt Securities; provided that, if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; Debt Securities as to which Discharge has been effected pursuant to Section 14.01(a); and Debt Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Debt Securities have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Debt Securities are held by a bona fide purchaser in whose hands such Debt Securities are valid obligations of UCC, UFN or Unilever PLC, as the case may be; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder (i) Debt Securities beneficially owned by UCC, UFN, Unilever PLC or UNUS or any other obligor upon the Debt Securities or any Affiliate of UCC, either Unilever PLC or UNUS or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows to be so beneficially owned shall be so disregarded; provided further, however, that Debt Securities so beneficially owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes the pledgee's right so to act with respect to such Debt Securities and that the pledgee is not UCC, UFN, Unilever PLC or UNUS or any other obligor upon the Debt Securities or any Affiliate of UCC, UFN, Unilever PLC or UNUS or such other obligor, and (ii) the principal amount of an Outstanding Original Issue Discount Security that shall be deemed to be Outstanding shall be in the amount that would be due and payable as of the date of such determination upon a declaration of acceleration of maturity thereof pursuant to Section 5.02. "Paying Agent" means any Person (which may include UCC, UFN, Unilever PLC or UNUS) authorized by UCC, UFN or Unilever PLC, as the case may be, to pay the principal of (and premium, if any) or any interest on any Debt Securities on behalf of an Issuer. "Person" means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. "Place of Payment", when used with respect to the Debt Securities of any series, means the place or places where the principal of (and premium, if any) and any interest on the Debt Securities of that series are payable as specified pursuant to Section 3.01, or if not so specified, as specified in Section 10.02. "Predecessor Debt Security" of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that evidenced by such particular 17 Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Debt Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Debt Security. "Principal Property" means any manufacturing or processing plant or warehouse located in the United States of America, the United Kingdom or Canada, owned or leased by Unilever PLC or any Restricted Subsidiary, other than (i) any such property which, in the opinion of the Board of Directors of Unilever PLC, is not of material importance to the total business conducted by Unilever PLC and its Subsidiaries and associated companies or (ii) any portion of any such property which, in the opinion of the Board of Directors of Unilever PLC, is not of material importance to the use or operation of such property. "Redemption Date", when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. "Redemption Price", when used with respect to any Debt Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. "Regular Record Date" for the interest payable on any Interest Payment Date on registered Debt Securities of any series means the date specified for that purpose pursuant to Section 3.01. "Responsible Officer", when used with respect to the Trustee, means any vice president, any assistant treasurer, any trust officer or assistant trust officer, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above- designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. "Restricted Subsidiary" means any Subsidiary (i) substantially all of the property of which is located, and substantially all of the operations of which are conducted, in the United States of America, the United Kingdom or Canada, and (ii) which owns or leases a Principal Property. "Securities Act" means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. "Security Register" and "Security Registrar" have the respective meanings specified in Section 3.05. "Senior Debt" when used with reference to any Issuer or any Guarantor, means the principal of, premium, if any, and interest, if any, which is due and payable on: (a) all indebtedness of such Issuer or such Guarantor, as the case may be (other than the subordinated Debt Securities or the Guarantees appertaining thereto), whether outstanding on the date of execution of this Indenture or thereafter created, incurred or assumed, which (i) is for money borrowed, (ii) is evidenced by a note, debenture, bond or similar instrument, whether or not for money borrowed, (iii) constitutes obligations under any agreement to lease, or any lease of, any real or personal property which are required to be capitalized on the balance sheet of lessee in accordance with generally accepted United Kingdom and Dutch accounting principles applicable in the preparation of the most recent audited financial statements of such Issuer or such Guarantor or made as part of any sale and leaseback transaction to which such Issuer or such Guarantor is a party, or (iv) constitutes purchase money indebtedness; (b) any indebtedness of others of the kinds described in the preceding clause (a) for the payment of which such Issuer or such Guarantor, as 18 the case may be, is responsible or liable as guarantor or otherwise; and (c) amendments, renewals, extensions and refunding of any such indebtedness; unless in any instrument or instruments evidencing or securing such indebtedness or pursuant to which the same is outstanding, or in any such amendment, renewal, extension or refunding, it is provided that such indebtedness is subordinate to all other indebtedness of such Issuer or such Guarantor, as the case may be, or that such indebtedness is not superior in right of payment to the subordinated Debt Securities or the Guarantees; provided, however, that Senior Debt shall not be deemed to include any obligation of any Issuer or any Guarantor to any Subsidiary or to Unilever PLC. "Special Record Date" for the payment of any Defaulted Interest in respect of registered Debt Securities means a date fixed by the Trustee pursuant to Section 3.07. "Stated Maturity", when used with respect to any Debt Security or any installment of principal thereof or interest thereon, means the date specified in such Debt Security or in the relevant Coupon, if any, appertaining thereto as the fixed date on which the principal of such Debt Security or such installment of interest is due and payable. "Subsidiary" means any corporation which qualifies to be included as a group company of Unilever PLC in the consolidated balance sheet of Unilever PLC and its Subsidiaries as published in the most recent Annual Accounts of Unilever PLC. "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, "Trust Indenture Act" means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. "Trustee" means the Person named as the "Trustee" in the first paragraph of this instrument until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean the Person who is then the Trustee hereunder, and if at any time there is more than one such Person, "Trustee" shall mean and include each such Person; and "Trustee" as used with respect to the Debt Securities of any series shall mean the Trustee with respect to the Debt Securities of such series. "Unilever PLC Shares" means fully paid ordinary shares in the capital of Unilever PLC, having (as of the date of execution and delivery of this Indenture) a par value of 3 1/9 pence each, as the same exist on the date of execution and delivery of this Indenture or as such shares may be reconstituted from time to time. "United Kingdom" means the United Kingdom of Great Britain and Northern Ireland. "United States Alien" means any corporation, individual, fiduciary or partnership that is, as to the United States of America, a foreign corporation, a nonresident alien individual, a nonresident alien fiduciary of a foreign estate or trust, or a foreign partnership if one or more of its members is, as to the United States of America, a foreign corporation, nonresident alien individual or nonresident alien fiduciary of a foreign estate or trust. "United States" or "United States of America" includes the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction. "U.S. Governmental Obligations" means noncallable (i) direct obligations of the United States of America for which its full faith and credit are pledged and/or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation 19 of the United States of America, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt. "U.S. Person" means a citizen or resident of the United States of America, a corporation, partnership or other entity created or organized in or under the laws of the United States of America and an estate or trust the income of which is subject to United States federal income taxation regardless of its source. "Vice President", when used with respect to UCC, UFN, Unilever PLC, UNUS or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title "vice president". "Voting Stock" shall mean stock or shares, as the case may be, of any class or classes, however designated, having ordinary voting power for the election of a majority of the board of directors of a corporation, other than stock or shares, as the case may be, having such power only by reason of the happening of a contingency. "Yield to Maturity" means the yield to maturity, calculated at the time of issuance of a series of Debt Securities or, if applicable, at the most recent redetermination of interest on such series and calculated in accordance with generally accepted financial practice in the United States of America. SECTION 1.02. Compliance Certificates and Opinions. Upon any application or request by UCC, UFN, Unilever PLC or UNUS, as the case may be, to the Trustee to take any action under any provision of this Indenture, UCC, UFN, Unilever PLC or UNUS, as the case may be, shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officer's Certificate, if to be given by an officer, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: (1) a statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

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20 (4) a statement as to whether, in the opinion of each such Person, such condition or covenant has been complied with. SECTION 1.03. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Any certificate or opinion of an officer of UCC, UFN, Unilever PLC or UNUS may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of, or representation by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of UCC, UFN, Unilever PLC or UNUS, as the case may be, stating that the information with respect to such factual matters is in the possession of UCC, UFN, Unilever PLC or UNUS, as the case may be, unless such legal advisors know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. SECTION 1.04. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver, proxy or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when it is hereby expressly required, to UCC, UFN, Unilever PLC and UNUS. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and UCC, UFN, Unilever PLC and UNUS, if made in the manner provided in this Section. (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. When such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner satisfactory to the Trustee. 21 (c) The ownership of registered Debt Securities shall be proved by the Security Register. (d) The ownership of a bearer Debt Security and the principal amount and serial number of such Debt Security and the date of holding the same, may be proved by the production of such Debt Security or by a certificate executed by any trust company, bank, banker or securities dealer satisfactory to the Trustee if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated, and shall state that on the date thereof a bearer Debt Security of a particular series of a specified principal amount and bearing a specified serial number was deposited with or exhibited to such trust company, bank, banker or securities dealer by the Person named in such certificate. Any such certificate may be issued in respect of one or more Debt Securities specified therein. The holding by the Person named in any such certificate of any Debt Security specified therein shall be presumed to continue for a period of one year from the date of such certificate unless at the time of any determination of such holding (1) another certificate bearing the same or a later date issued in respect of the same Debt Security shall be produced, (2) the Debt Security specified in such certificate shall be produced by some other Person, or (3) the Debt Security specified in such certificate shall have ceased to be Outstanding. (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Debt Security shall bind every future Holder of the same Debt Security and the Holder of every Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, UCC, UFN, Unilever PLC or UNUS in reliance thereon, whether or not notation of such action is made upon such Debt Security or such other Debt Security. If UCC, UFN, Unilever PLC or UNUS shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other act, UCC, UFN, Unilever PLC or UNUS may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but UCC, UFN, Unilever PLC or UNUS shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Debt Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act and for that purpose the Outstanding Debt Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. SECTION 1.05. Notices, Etc., to Trustee, UCC, UFN, Unilever PLC or UNUS Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, (1) the Trustee by any Holder or by UCC, UFN, Unilever PLC or UNUS shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be via facsimile) to or with the Trustee at its Corporate Trust Office, or 22 (2) UCC, UFN, Unilever PLC or UNUS by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, addressed to it at the address of its principal office specified in the first paragraph of this Indenture (unless another address has been previously furnished in writing to the Trustee) with a copy to each Guarantor (Unilever PLC and UNUS) and addressed in the case of each such Guarantor to it at the respective address of its registered or principal office, as the case may be, specified in the first paragraph of this Indenture (unless another address has been previously furnished in writing to the Trustee by any such Guarantor, in which case at the last such address). The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions ("Instructions") given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Issuer and/or each Guarantor, as applicable, shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions ("Authorized Officers") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer and/or each Guarantor, as applicable, whenever a person is to be added or deleted from the listing. If the Issuer and/or each Guarantor, as applicable, elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall be deemed controlling. The Issuer and each Guarantor understand and agree that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Issuer and each Guarantor shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Issuer, each Guarantor and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer and/or each Guarantor, as applicable. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer and each Guarantor agree: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer and/or each Guarantor, as applicable; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. SECTION 1.06. Notice to Holders; Waiver. When this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if (i) in writing and mailed, first-class postage prepaid, to each Holder of a Debt Security affected by such event in the manner and to the extent provided in Section 7.03 with respect to reports pursuant to Section 7.03, and (ii) if Outstanding bearer Debt Securities are affected by such event, published at least once in an Authorized Newspaper in London, England and Rotterdam, The Netherlands not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. When notice to Holders is given by mail, 23 neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the acceptance of the Trustee shall constitute a sufficient notification for every purpose hereunder. Notwithstanding any other provision of this Indenture or any Debt Security, where this Indenture or any Debt Security provides for notice of any event or any other communication (including any notice of redemption) to a holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. SECTION 1.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. SECTION 1.08. Effect of Headings and **Table of Contents**. The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof. SECTION 1.09. Successors and Assigns. All covenants and agreements in this Indenture by UCC, UFN, Unilever PLC or UNUS shall bind their respective successors and assigns, whether so expressed or not. SECTION 1.10. Separability Clause. In case any provision in this Indenture or in the Debt Securities, the Guarantees or the Coupons shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. SECTION 1.11. Benefits of Indenture. Nothing in this Indenture or in the Debt Securities, the Guarantees or the Coupons, express or implied, shall give to any Person, other than the parties hereto and their successors and assigns hereunder, the Holders of Debt Securities, the holders of Coupons and the holders of Senior Debt, any benefit or any legal or equitable right, remedy or claim under this Indenture. SECTION 1.12. Governing Law. This Indenture and the Debt Securities, the Guarantees and the Coupons and any transfer or disposition of registered Debt Securities and the Guarantees endorsed thereon shall be governed by and construed in accordance with the laws of the State of New York, except that the authorization of this Indenture, the Debt Securities and the

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24 Coupons shall be governed by the laws of the respective jurisdictions of organization of UCC, UFN, Unilever PLC and UNUS, as the case may be, the authorization and the execution of the Guarantees shall be governed by the laws of the jurisdiction of organization of each respective Guarantor and the execution of the Guarantees shall be governed by the laws of the jurisdiction of organization of each respective Guarantor. SECTION 1.13. Saturdays, Sundays and Legal Holidays. The terms of the Debt Securities (and Coupons, if any) shall provide that, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of a Debt Security shall not be a Business Day in a Place of Payment, then payment of any interest (and premium, if any) or principal need not be made in such Place of Payment on such date, but may be made on the next succeeding Business Day in such Place of Payment (or such other Business Day in a Place of Payment as shall be provided in such Debt Security or Coupon) with the same force and effect as if made on such Interest Payment Date or Redemption Date, or at such Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. SECTION 1.14. Appointment of Agent for Service. Each of UCC, UFN, Unilever PLC and UNUS hereby designates and appoints UNUS, at its office located at 700 Sylvan Avenue Englewood Cliffs, New Jersey 07632 as its authorized agent upon which process may be served in any suit, action or proceeding in any federal or state court in the Borough of Manhattan, The City of New York, arising out of or relating to the Debt Securities, the Guarantees, the Coupons or this Indenture, but for that purpose only, and agrees that service of process upon UNUS, directed to the attention of its Legal Department, and written notice of said service given by the Person serving the same to it, addressed as provided in Section 1.05, shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding. Such appointment shall be irrevocable so long as any of the Debt Securities remain Outstanding until the appointment of a successor by UCC, UFN, Unilever PLC or UNUS, as the case may be, and such successor's acceptance of such appointment. UNUS hereby agrees to give each of UCC, UFN and Unilever PLC notice of any process served upon it as provided in this Section 1.14. SECTION 1.15. Submission to Jurisdiction. Each of UCC, UFN, Unilever PLC and UNUS hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture, the Guarantees and the Debt Securities, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts. SECTION 1.16. Waiver of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE DEBT SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 25 ARTICLE II Debt Security Forms SECTION 2.01. Forms Generally. The Debt Securities of each series and the Coupons, if any, to be attached thereto shall be in such forms as shall be established by or pursuant to action of the Board of Directors of UCC or UFN, as the case may be, in its capacity as Issuer of any series of Debt Securities issued hereunder or in one or more indentures supplemental hereto, pursuant to Section 3.01. The Guarantees by the Guarantors to be endorsed on the Debt Securities of each series shall be substantially in the form set forth in Section 2.02, or as shall be established by or pursuant to the authority of each Guarantor's Board of Directors, or in one or more indentures supplemental hereto, pursuant to Section 3.01. The Trustee's certificates of authentication shall be in substantially the form set forth in Section 2.03 or Section 6.14. The Debt Securities, the Guarantees and the Coupons may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed, engraved or otherwise reproduced thereon as UCC, UFN, Unilever PLC or UNUS, as the case may be, in its capacity as Issuer of any series of Debt Securities issued hereunder may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any applicable law or with any applicable rule or regulation made pursuant thereto or with any applicable rule or regulation of any securities exchange on which the Debt Securities, the Guarantees or the Coupons, as the case may be, may be listed, or to conform to usage. SECTION 2.02. Guarantee by Guarantors; Form of Guarantee. Each Guarantor (Unilever PLC and UNUS) by its execution of this Indenture hereby agrees with each Holder of a Debt Security of each series authenticated and delivered by the Trustee, and with each holder of any Coupon appertaining to any such Debt Security, and with the Trustee on behalf of each such Holder and each such holder, to be jointly and severally unconditionally bound by the terms and provisions of the Guarantee set forth below and authorizes the Issuer of the relevant series of Debt Securities (whether UCC or UFN), in the name and on behalf of such Guarantor, to confirm such Guarantee to the Holder of each such Debt Security by its execution and delivery of each such Debt Security, with such Guarantee endorsed thereon, authenticated and delivered by the Trustee. When delivered pursuant to the provisions of Section 3.03 and, if applicable, Section 3.12 hereof, the Guarantees so set forth on the Debt Securities shall bind each such Guarantor notwithstanding the fact that such Guarantee does not bear the signature of any such Guarantor. For purposes of this Section 2.02 the term Debt Securities shall also include, unless the context may otherwise require, any Global Security. Guarantees to be endorsed on the Debt Securities shall, subject to Section 2.01, be in substantially the form set forth below depending on whether the issuer of such Debt Securities shall be UCC or UFN: Guarantee For value received, UNILEVER PLC, a company organized under the laws of England and Wales and registered in England, and UNILEVER UNITED STATES, INC., a corporation organized under the laws of the State of Delaware (herein individually called a 26 "Guarantor" and collectively called the "Guarantors", which terms include any successor corporation under the Indenture referred to in the Debt Security upon which this Guarantee is endorsed), hereby jointly and severally unconditionally guarantee to the Holder of the Debt Security upon which this Guarantee is endorsed, the holder of any Coupon appertaining thereto and to the Trustee on behalf of each such Holder the due and punctual payment of the principal of, premium, if any, and any interest on such Debt Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein and to the Trustee any and all amounts due it under the Indenture. In case of the failure of [Unilever Capital Corporation, a corporation organized under the laws of the State of Delaware (herein called "UCC", which term includes any successor corporation under such Indenture)] [Unilever Finance Netherlands B.V., a corporation organized under the laws of the Netherlands (herein called "UFN", which term includes any successor corporation under such Indenture) with its corporate seat (statutaire zetel) at Rotterdam, the Netherlands, having its registered office at Weena 455, Rotterdam 3013 AL, the Netherlands, and registered with the Trade Register of the Dutch Chamber of Commerce under number 81003889], punctually to make any such payment of principal, premium, if any, or any interest or any sinking fund or analogous payment, each Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and to the Trustee any and all amounts due it under the Indenture, and as if such payment were made by [UCC] [UFN]. [If the Debt Security is of a convertible series as provided in Article XV of the Indenture, insert — For value received, Unilever PLC and UNUS hereby jointly and severally unconditionally guarantee to the Holder of the Debt Security upon which this Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and punctual payment by [UCC] of all sums payable to the Trustee pursuant to Section 15.03 of such Indenture in connection with the conversion of such Debt Security. In case of the failure of [UCC] punctually to make any such payment pursuant to such Indenture, Unilever PLC and UNUS hereby agrees to cause such payment to be made punctually when and as the same shall become due and payable, as if such payment were made by [UCC].] Each Guarantor jointly and severally hereby agrees, pursuant to such Indenture, to provide for the payment of additional interest in respect of taxes, assessments or other governmental charges of the United Kingdom or the Netherlands or, if applicable, the United States of America (or any political subdivision or taxing authority of or in the United Kingdom or the Netherlands, or, if applicable, the United States of America, as the case may be) that shall at any time be required by the United Kingdom or the Netherlands or, if applicable, the United States of America (or any such subdivision or authority) to be deducted or withheld on or with respect to payments by UCC, UFN, Unilever PLC or UNUS, as the case may be; provided, however, that such obligations of each Guarantor shall be subject to the limitations and exceptions to which the obligation of [UCC] [UFN] to pay additional interest is subject as set forth on the face of such Debt Security. Each Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Debt Security or Coupon or such Indenture, any failure to enforce the provisions of such Debt Security or Coupon or such Indenture, or any waiver, modification or indulgence granted to [UCC] [UFN] with respect thereto, by the Holder of such Debt Security or the holder of such Coupon or the Trustee or any 27 other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of each such Guarantor, increase the principal amount of such Debt Security, or increase any interest rate or rates thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of such Indenture. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of [UCC] [UFN] any right to require a proceeding first against [UCC] [UFN], protest or notice with respect to such Debt Security or Coupon or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under such Debt Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in such Debt Security or Coupon and this Guarantee; provided, however, that each Guarantor receives prompt written notice of any failure by [UCC] [UFN] to make any such payment of principal, premium, if any, or any interest or sinking fund or analogous payment. [If the Debt Security is of a subordinated series as provided in Article XVI, insert — The guarantee of each Guarantor hereunder is, to the extent and in the manner provided in such Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt (as defined in such Indenture) of such Guarantor. This Guarantee is issued subject to the provisions of such Indenture with respect to such subordination, and each Holder of such Debt Security and holder of such coupon, by accepting the same, agrees to and shall be bound by such provisions.] Each Guarantor shall be subrogated to all rights of the Holder of such Debt Security, the holder of such Coupon and the Trustee against [UCC] [UFN] in respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of this Guarantee; provided, however, that such Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of, premium, if any, and any interest on all Debt Securities or Coupons, if any, of the same series issued under such Indenture [If the Debt Security is of a convertible series as provided in Article XV of the Indenture, insert — (other than Debt Securities converted as provided in such Indenture)] shall have been paid in full. No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of any Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of, premium, if any, and any interest on, and sinking fund or analogous payments with respect to, the Debt Securities upon which this Guarantee is endorsed or Coupon appertaining thereto. [If the Debt Security is of a convertible series as provided in Article XV of the Indenture, insert — and, in the case of [Unilever PLC and] UNUS, of all sums payable by [UCC] [UFN] to the Trustee pursuant to Section 15.03 of such Indenture in connection with the conversion of such Debt Security.] This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Debt Security shall have been manually, electronically or by facsimile executed by or on behalf of the Trustee under such Indenture. [UCC] [UFN] [Unilever PLC] has been duly authorized to execute this Guarantee on behalf of each Guarantor. All terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture.

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28 This Guarantee shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be governed by and construed in accordance with the laws of the State of New York, except that the authorization of this Guarantee shall be governed by the laws of the respective jurisdictions of organization of each Guarantor and the execution of this Guarantee shall be governed by the laws of the respective jurisdictions of organization of each Guarantor. Executed and dated the date on the face hereof. SECTION 2.03. Form of Trustee's Certificate of Authentication. The Trustee's certificate of authentication shall be in substantially the following form: Certification of Authentication This is one of the Debt Securities of the series designated herein referred to in the within-mentioned Indenture. THE BANK OF NEW YORK MELLON, as Trustee, by Authorized Signatory Dated:_____ ARTICLE III The Debt Securities SECTION 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Debt Securities which may be authenticated and delivered under this Indenture is unlimited. The Debt Securities may be issued in one or more series. There shall be established by or pursuant to action of the Board of Directors of UCC or UFN, as the case may be and by or pursuant to the authority of the Board of Directors of each Guarantor, as appropriate, or established in one or more indentures supplemental hereto, prior to the initial issuance of Debt Securities of the applicable Issuer of any series, (1) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from all other series of Debt Securities); (2) any limit upon the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07); (3) the date or dates on which the principal of (and premium, if any, on) the Debt Securities of the series is payable, which may be serial; (4) the rate or rates at which the Debt Securities of the series shall bear any interest or the manner of calculation of such rate or rates, if any, the date and dates from 29 which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable or the manner of determination of such Interest Payment Dates and, in the case of registered Debt Securities, the Regular Record Date for the interest payable on any Interest Payment Date; (5) the obligation, if any, of UCC or UFN, as the case may be or any Guarantor to pay additional interest in respect of the withholding or deduction of taxes, assessments or other governmental charges of the United States of America imposed upon payments under the Debt Securities or Coupons by UCC or UFN, as the case may be or any Guarantor to a United States Alien; (6) if other than as specified in Section 10.02, the place or places where the principal of (and premium, if any) and any interest on Debt Securities of the series shall be payable by UCC or UFN or the Guarantors, as the case may be; (7) the period or periods within which, the price or prices at which and the terms and conditions upon which, Debt Securities of the series may be redeemed, in whole or in part, at the option of UCC or UFN, as the case may be and, if other than by Board Resolution, the manner in which such election by UCC or UFN, as the case be, to redeem such Debt Securities shall be evidenced; (8) the obligation, if any, of UCC or UFN, as the case may be to redeem or purchase any Debt Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which Debt Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligations (except with respect to any redemption of Debt Securities pursuant to Section 11.08); (9) Events of Default with respect to the Debt Securities of the series and the remedies with respect thereto, if other than as specified herein; (10) if other than denominations of $1,000 and any integral multiple thereof (in the case of registered Debt Securities) and $1,000 (in the case of bearer Debt Securities), the denominations in which Debt Securities of the series in each applicable form shall be issuable and, if less than $1,000, the principal amount which shall be entitled to one vote pursuant to Section 13.05 hereof; (11) whether the Debt Securities of the series, in whole or any specified part, shall be defeasible pursuant to Article XIV and, if other than by a Board Resolution, the manner in which any election by UCC, UFN or Unilever PLC to defease such Securities shall be evidenced; (12) provisions, if any, for the Debt Securities of the series to be convertible as provided in Article XV of this Indenture, including the period or periods within which Debt Securities of such series may be converted into Unilever PLC Shares, the initial conversion price per Unilever PLC Share, deliverable upon such conversion and the denominations in which portions of Debt Securities of such series may be converted, if other than denominations of $1,000 and any integral multiple thereof; 30 (13) the attachment, if any, of stock, warrants, options or other rights to purchase stock or other securities of UCC, UFN, Unilever PLC or any other corporation; (14) the Guarantee of the Debt Securities of such series pursuant to Article II hereof and, if applicable. Section 3.12 hereof; (15) if other than the principal amount thereof, the portion, or the manner of calculation of such portion, of the principal amount of Debt Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of Debt Securities of any series which are redeemable before their Stated Maturity, or which the Trustee shall be entitled to claim pursuant to Section 5.04; (16) whether the Debt Securities of the series will be issued in registered form or in bearer form with Coupons attached or both and, if bearer series will be issued, the date or dates thereof, whether bearer Debt Securities of the series may be exchanged for registered Debt Securities of the series, whether a Global Security will initially be executed and delivered, and whether registered Debt Securities of the series may be exchanged, if permitted under applicable laws and regulations, for bearer Debt Securities of the series and the circumstance under which any such exchanges, if permitted, may be made and whether the procedures set forth in Section 3.11 and Section 3.12 shall apply to bearer Debt Securities of any series; (17) provisions, if any, for the Debt Securities of the series to be denominated, and payments thereon to be made, in Foreign Currencies; (18) additional covenants, if any, of the Issuer for the benefit of the Debt Securities of such series; (19) provisions, if any, for the Debt Securities (and the Guarantees endorsed thereon) to be subordinated to and subject in right of payment to the prior payment in full of all Senior Debt of the Issuer or the Guarantors, as the case may be, of such series of Debt Securities (whether UCC or UFN); (20) any other terms of the series, which terms shall not be inconsistent with the provisions of this Indenture; provided, however, that the addition to, subtraction from or variation of Articles IV, V, VIII, IX, X, XI, XIV and XV with regard to the Debt Securities of a particular series shall not be deemed to constitute a conflict with the provisions of those Articles to the extent permitted by the Trust Indenture Act; provided further that no such addition to, subtraction from or variation shall adversely affect the Holders of any other series of the Debt Securities; (21) the form of Debt Securities of the series, the Guarantees to be endorsed thereon and any Coupons appertaining thereto; and (22) Applicable CUSIP Numbers. All Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above or in any such indenture supplemental hereto. 31 When the forms of Debt Securities of any series, Guarantees to be endorsed thereon and any Coupons to be attached thereto, or any of the terms thereof are established by action taken by or pursuant to the authority of the Board of Directors of UCC or UFN, as the case may be, or by or pursuant to the authority of the Board or Directors of each Guarantor of such series, copies of Board Resolutions of UCC or UFN, as the case may be, and of each Guarantor of such series in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Issuer Order pursuant to Section 3.03 for the authentication and delivery of such Debt Securities. SECTION 3.02. Denominations. Registered Debt Securities shall be issuable in registered form without Coupons in such denominations as shall be specified pursuant to Section 3.01. In the absence of any such specification with respect to registered Debt Securities of any series, such Debt Securities shall be issuable in denominations of $1,000 and any integral multiple thereof. Bearer Debt Securities shall be issuable in bearer form with Coupons attached (except in the case of Debt Securities that do not bear interest) in such denominations as shall be specified pursuant to Section 3.01. In the absence of any such specification with respect to bearer Debt Securities of any series, such Debt Securities shall be issuable in the denomination of $1,000. SECTION 3.03. Execution, Authentication, Delivery and Dating. The Debt Securities shall be executed on behalf of UCC or UFN, as the case may be, by, (i) in the case of UCC, its President or one of its Vice Presidents, or (ii) in the case of UFN, any person or persons authorized pursuant to its Articles of Association to represent UFN or, (iii) in the case of Unilever PLC, any other person thereunto duly authorized. The signature of any of these officers, certified to the satisfaction of The Bank of New York Mellon, on the Debt Securities may be manual or facsimile. Any Coupons attached to any bearer Debt Securities shall be executed in the name of UCC or UFN, as the case may be, by the facsimile signature of the Treasurer thereof. Debt Securities or Coupons bearing the manual, electronic or facsimile signatures of individuals who were at any time the proper officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Debt Securities or Coupons or did not hold such offices at the date of such Debt Securities or Coupons. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Debt Securities of any series executed by such Issuer having endorsed thereon Guarantees of each Guarantor and, in the case of bearer Debt Securities, having attached thereto appropriate Coupons, if any, to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Debt Securities and an Issuer Order from each Guarantor approving the delivery of the Guarantees endorsed thereon and the Trustee in accordance with such Issuer Orders shall authenticate and deliver such Debt Securities having such Guarantees endorsed thereon. In authenticating such Debt Securities and accepting the additional responsibilities under the Indenture in relation to such Debt Securities the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture and that such Debt Securities constitute the legal, valid, binding and enforceable obligation of the Issuer thereof. The Trustee shall not be required to authenticate such Debt Securities if the issue of such Debt Securities pursuant to this Indenture will affect the Trustee's own rights, duties or immunities under the Debt Securities or any Coupons and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

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32 Each registered Debt Security shall be dated the date of its authentication unless otherwise provided by or pursuant to action or the authority of the Board of Directors of UCC or UFN, as the case may be, and by or pursuant to the action or authority of the Board of Directors of each Guarantor, as appropriate or established in one or more indentures supplemental hereto. Each bearer Debt Security shall be dated the date specified pursuant to Section 3.01 unless otherwise provided by or pursuant to action or the authority of the Board of Directors of UCC or UFN, as the case may be, and the Board of Directors of each Guarantor, as appropriate, or established in one or more indentures supplemental hereto. No Debt Security or Guarantee endorsed thereon or Coupon appertaining thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by manual or electronic signature, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and delivered hereunder and that such Debt Security, Guarantee or Coupon is entitled to the benefits of this Indenture. The delivery of any Debt Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee endorsed thereon on behalf of each Guarantor. The Trustee shall not authenticate or deliver any bearer Debt Securities until any matured Coupons appertaining thereto shall have been detached and canceled, except as otherwise provided in Section 3.04, 3.05 or 9.06 or as permitted in Section 3.06. Notwithstanding the foregoing, if any Debt Security shall have been authenticated and delivered hereunder but never issued and sold by the applicable Issuer, and the applicable Issuer shall deliver such Debt Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. SECTION 3.04. Temporary Debt Securities. Pending the preparation of definitive Debt Securities of any series, UCC or UFN, as the case may be, may execute, and upon an Issuer Order the Trustee shall authenticate and deliver, temporary Debt Securities substantially of the tenor of the definitive Debt Securities in lieu of which they are issued, and having endorsed thereon Guarantees of each Guarantor substantially of the tenor of the definitive Guarantee, which Debt Securities and Guarantees may be printed, lithographed, typewritten, photocopied or otherwise produced. Temporary Debt Securities may be issued as bearer Debt Securities with or without Coupons attached thereto or as registered Debt Securities in any authorized denomination, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Debt Securities and the directors or officers delivering such Guarantees may determine, all as evidenced by such execution or delivery, as the case may be. If temporary Debt Securities of any series are issued, the Issuer will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt Securities of such series shall be exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt Securities of such series (including any and all unmatured Coupons or matured Coupons in default attached thereto) at the office or agency of the Issuer in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Issuer shall execute, and the Trustee shall authenticate in exchange therefor, a like aggregate principal amount of definitive Debt Securities of the same series of authorized denominations having endorsed thereon Guarantees of each 33 Guarantor and, in the case of bearer Debt Securities, having attached thereto any appropriate Coupons. Until so exchanged, unless otherwise provided therein or in a supplemental indenture relating thereto, the temporary Debt Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities of such series. The provisions of this Section 3.04 are subject to any restrictions or limitations on the issue and delivery of temporary bearer Debt Securities of any series that may be established pursuant to Section 3.01 (including any provision that bearer Debt Securities of such series initially be issued in the form of a Global Security to be delivered to a Depository of UCC or UFN, as the case may be, located outside the United States of America and the procedures pursuant to which definitive bearer Debt Securities of such series would be issued in exchange for such Global Security). SECTION 3.05. Registration, Registration of Transfer and Exchange. Registered Debt Securities of any series may be exchanged for a like aggregate principal amount of registered Debt Securities of such series of other authorized denominations. If bearer Debt Securities of any series are issued in more than one authorized denomination, unless otherwise specified pursuant to Section 3.01, bearer Debt Securities of one authorized denomination may be exchanged for a like aggregate principal amount of bearer Debt Securities of other authorized denominations. If Debt Securities of any series are issued in both registered and bearer form, to the extent and under the circumstances specified pursuant to Section 3.01, registered Debt Securities may be exchanged, if permitted under United States of America tax law without adverse consequences to UCC or UFN, as the case may be, or the Holders, for a like aggregate principal amount of bearer Debt Securities of such series of authorized denominations and bearer Debt Securities of such series may be exchanged for a like aggregate principal amount of registered Debt Securities of such series of authorized denominations. The Debt Securities to be exchanged shall be surrendered at an office or agency of UCC or UFN, as the case may be, designated pursuant to Section 10.02 for such purpose, and UCC or UFN, as the case may be, shall execute, and the Trustee shall authenticate and deliver, in exchange therefor the Debt Security or Debt Securities of the same series which the Holder making the exchange shall be entitled to receive, each such Debt Security having endorsed thereon a Guarantee of each Guarantor. All bearer Debt Securities surrendered for exchange shall have attached all unmatured Coupons appertaining thereto, if any, and in case at the time of any such exchange interest on such Debt Securities is in default, shall in addition have attached all matured Coupons in default appertaining thereto. In case a bearer Debt Security is surrendered in exchange for a registered Debt Security after the close of business on any Regular Record Date and before the opening of business on the next succeeding Interest Payment Date, such bearer Debt Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the registered Debt Security issued in exchange for such bearer Debt Security, but will be payable only to the Holder of such Coupon when due. UCC or UFN, as the case may be, shall cause to be kept in the Borough of Manhattan, The City of New York a register (the register maintained in such office and in any other office or agency of any Issuer in a Place of Payment being herein sometimes collectively referred to as the "Security Register") in which" subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of registered Debt Securities and of transfers of such Debt Securities. The Bank of New York Mellon has been appointed initially as "Security Registrar" for the purpose of registering Debt Series and transfers of Debt Securities as herein provided. Registered Debt Securities shall be transferable only on the Security Register and only upon the execution by the Holder of written instrument of transfer. Upon surrender for 34 registration of transfer of any registered Debt Security of any series at an office or agency of the Issuer of such Debt Security designated pursuant to Section 10.02 for such purpose, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new registered Debt Securities of the same series of any authorized denominations, of a like aggregate principal amount, having endorsed thereon a Guarantee of each Guarantor. Bearer Debt Securities and Coupons shall be transferable by delivery. All Debt Securities and any Coupons issued upon any registration of transfer or exchange of Debt Securities shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities and any Coupons surrendered upon such registration of transfer or exchange. Every registered Debt Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar, duly executed by the registered Holder thereof or his attorney duly authorized in writing. No service charge shall be made for any registration of transfer or exchange of Debt Securities, but the Issuer of such Debt Securities may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Debt Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. The Issuer shall not be required (i) to issue, register the transfer of or exchange any Debt Security of any series during a period beginning at the opening of business 15 days before the day of the giving of a notice of redemption of Debt Securities of such series selected for redemption under Section 11.04 and ending at the close of business on the day of the giving of such notice, or (ii) to register the transfer of or exchange any Debt Security so selected for redemption in whole or in part, except the unredeemed portion of Debt Securities being redeemed in part. SECTION 3.06. Mutilated, Destroyed, Lost and Stolen Debt Securities. If any mutilated Debt Security or Coupon is surrendered to the Trustee, the Issuer of such Debt Security may execute and the Trustee shall, in the case of a Debt Security, authenticate and deliver, or in the case of a Coupon deliver, in exchange therefor a new Debt Security or Coupon of the same series and of like tenor and amount, having, in the case of a Debt Security, endorsed thereon a Guarantee of each Guarantor, and bearing a number not contemporaneously outstanding. If there be delivered to the Issuer of any Debt Security, to each Guarantor thereof and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft or any such Debt Security or Coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of them harmless, then, in the absence of notice to such Issuer, any such Guarantor or the Trustee that such Debt Security or Coupon has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, or in the case of a Coupon deliver, in lieu of any such destroyed, lost or stolen Debt Security or Coupon a new Debt Security or Coupon of the same series and of like tenor and amount, having, in the case of a Debt Security, endorsed thereon a Guarantee of each Guarantor, and bearing a number not contemporaneously outstanding. 35 In case any such mutilated, destroyed, lost or stolen Debt Security or Coupon has become or is about to become due and payable, the Issuer thereof in its discretion may, instead of issuing a new Debt Security or Coupon, pay such Debt Security or Coupon; provided, however, that such payment, in the case of a bearer Debt Security or Coupon, shall occur only outside the United States of America. Upon the issuance of any new Debt Security or Coupon under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. Every new Debt Security or Coupon of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Debt Security or Coupon shall constitute an original additional contractual obligation of the Issuer and each Guarantor of such Debt Security, whether or not the destroyed, lost or stolen Debt Security or Coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities and Coupons of that series duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities or Coupons. SECTION 3.07. Payment of Interest; Interest Rights Preserved. Interest on any Debt Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid, in the case of registered Debt Securities, to the Person in whose name that Debt Security (or one or more Predecessor Debt Securities) is registered at the close of business on the Regular Record Date for such interest and, in the case of bearer Debt Securities, upon presentation and surrender outside the United States of America of the Coupon appertaining thereto in respect of the interest due on such Interest Payment Date. In the case of registered Debt Securities where payment is to be made in United States dollars, at any Paying Agent's office outside the Borough of Manhattan, The City of New York, payment will be made by check drawn on or by transfer to a United States dollar account maintained by the payee with, a bank in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. In the case of registered Debt Securities where payment is to be made in a Foreign Currency or in the case of bearer Debt Securities of any series and any Coupons appertaining thereto, payment will be made as established by or pursuant to action of the Board of Directors of the Issuer of such series or established in one or more supplemental indentures relating to such series and any Coupons appertaining thereto; notwithstanding the foregoing, payments on bearer Debt Securities and Coupons shall only be made outside the United States. Any interest on any Debt Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date is herein called "Defaulted Interest". Defaulted Interest on any registered Debt Security of any series shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue then of having been such Holder, and such Defaulted Interest may be paid by the Issuer of such series, at its election in each case, as provided in clause (1) or (2) below:

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36 (1) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the registered Debt Securities of such series (or their respective Predecessor Debt Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest in respect of registered Debt Securities of such series which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such Special Record Date and, in the name and at the expense of such Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner and to the extent provided in Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest on the registered Debt Securities of such series and the Special Record Date therefor having been so given, such Defaulted Interest on the Debt Securities of such series shall be paid (i) in the case of registered Debt Securities to the Persons in whose names such Debt Securities (or their respective Predecessor Debt Securities) are registered in the Security Register at the close of business on such Special Record Date, and (ii) in the case of bearer Debt Securities upon presentation and surrender outside the United States of America of the matured Coupons appertaining thereto, on the date for payment of such Defaulted Interest specified in the notice, and such Defaulted Interest shall no longer be payable pursuant to the following Clause (2); or (2) The Issuer may make payment of any Defaulted Interest on the Debt Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Debt Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to any interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. In the case of any Debt Security which is converted after any Regular Record Date and on or prior to the corresponding Interest Payment Date, interest on such Debt Security whose Stated Maturity is on such Interest Payment Date shall be deemed to continue to accrue and shall be payable on such Interest Date notwithstanding such conversion and notwithstanding that such Debt Security may have been called for redemption on a Redemption Date within such period, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Debt Security (or one or more Predecessor Debt Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly provided in the 37 immediately preceding sentence, in the case of any Debt Security which is converted, interest whose Stated Maturity is after the date of conversion of such Debt Security shall not be payable. SECTION 3.08. Persons Deemed Owners. Prior to due presentment of a registered Debt Security for registration of transfer, the Issuer and any Guarantor of such Debt Security, the Trustee and any agent of such Issuer, any such Guarantor or the Trustee may treat the Person in whose name such Debt Security is registered as the owner of such Debt Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.07) any interest on such Debt Security and for all other purposes whatsoever, whether or not such Debt Security be overdue; and neither the Issuer, any Guarantor, the Trustee nor any agent of the Issuer, any Guarantor or the Trustee shall be affected by notice to the contrary. The Issuer and any Guarantor of such Debt Security, the Trustee and any agent of such Issuer, any such Guarantor or the Trustee may treat the bearer of any bearer Debt Security or any Coupon as the owner of such Debt Security or Coupon, as the case may be, for the purpose of receiving payment of principal of (and premium, if any) and any interest on such Debt Security or payment of such Coupon, as the case may be, and for all other purposes whatsoever, whether or not such Debt Security or Coupon be overdue, and, to the extent permitted by law, neither the Issuer, any Guarantor, the Trustee nor any agent of the Issuer, any Guarantor or the Trustee shall be affected by notice to the contrary; provided, however, that the Trustee shall have no obligation to investigate the law with respect thereto. SECTION 3.09. Cancellation. All Debt Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund or analogous payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Issuer or any Guarantor may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and delivered hereunder and Coupons which the Issuer or any Guarantor, as the case may be, may have acquired in any manner whatsoever, and all Debt Securities and Coupons so delivered shall be promptly cancelled by the Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All Debt Securities and Coupons to be cancelled by the Trustee shall be marked "Cancelled" and shall be disposed of by the Trustee in its customary manner. SECTION 3.10. Computation of Interest. Except as otherwise specified pursuant to Section 3.01 for Debt Securities of any series, any interest on the Debt Securities of each series shall be computed on the basis of a year of 360 days of twelve 30-day months. SECTION 3.11. Compliance with Certain Laws and Regulations. If any bearer Debt Securities are to be issued in a series, the Issuer will make arrangements reasonably designed pursuant to then applicable laws and regulations, if any, to ensure that bearer Debt Securities are offered and sold (or resold in connection with the original issuance) only outside the United States of America and only to Persons who are not U.S. Persons or persons who have purchased for resale to any U.S. Person. SECTION 3.12. Global Security. Except as specified for a particular series pursuant to Section 3.01: (a) With respect to a series of Debt Securities which any Issuer proposes to issue as bearer Debt Securities, in lieu of initially issuing Debt Securities of such series in 38 definitive form, such Issuer may initially execute and deliver to the Trustee a Global Security representing all or a part of the Debt Securities of such series, and the Trustee shall authenticate and deliver, pursuant to an Issuer Order, such Global Security. Such Global Security shall have endorsed thereon a Guarantee, subject to Section 2.01, substantially in the form set forth in Section 2.02. The Issuer shall thereafter execute and deliver to the Trustee prior to the applicable Exchange Date, for authentication and delivery outside the United States of America by it, definitive Debt Securities of such series, having Guarantees endorsed thereon, in the aggregate principal amount of such Global Security. For purposes of this Section 3.12, "Exchange Date", with respect to the Debt Securities of a series, shall mean the date 45 days after the closing date of such series. (b) A beneficial owner of Debt Securities of a series desiring to exchange his beneficial interest in a Global Security for such Debt Securities in definitive form shall instruct the depository designated by the Issuer for such Global Security (the "Depository") to request such exchange on his behalf and, if such beneficial owner should request definitive Debt Securities in the form of bearer Debt Securities, shall deliver to the Depository a certificate satisfactory to the Depository, the Guarantors and the Issuer with respect to certain requirements of applicable tax and/or securities laws and regulations, copies of a form of which the Trustee shall make available from its offices, the offices of the Depository and the offices of each other agent appointed by the Issuer pursuant to Section 3.01. (c) From time to time (but with respect to bearer Debt Securities, only on or after the applicable Exchange Date) the Trustee shall, upon the request of the Depository acting on behalf of beneficial owners of a Global Security representing the Debt Securities of a series, authenticate and deliver to the Depository outside the United States of America for the account of such beneficial owners, in exchange for the portion of such Global Security beneficially owned by such owners, definitive Debt Securities of such series in an aggregate principal amount equal to the aggregate principal amount of such Debt Securities beneficially owned by such owners, but if such definitive Debt Securities are to be bearer Debt Securities only upon delivery by the Depository, acting on behalf of such beneficial owners, to the Trustee (at an office located outside the United States of America designated by the Trustee) of a certificate or certificates satisfactory to the Trustee, the Issuer the Guarantors with respect to certain requirements of the applicable tax and/or securities laws and regulations. The delivery to the Depository of such certificate or certificates may be relied upon by the Issuer, the Guarantors and the Trustee as conclusive evidence that a related certificate or certificates has or have been delivered to the Depository as contemplated by the terms of the preceding paragraph (b). (d) Upon any exchange of a part of a Global Security for definitive Debt Securities of a series, such part of the principal amount of such Global Security shall be endorsed on the schedule to such Global Security by the Trustee, whereupon its remaining principal amount shall be reduced for all purposes by the amount so exchanged and endorsed. Until so exchanged in full, a Global Security shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities of such series authenticated and delivered or to be authenticated and delivered hereunder, except that neither the Holder nor the beneficial owners of a Global Security shall be entitled to exchange such Global Security for any other Debt Securities, except as provided herein and in the text of such Global Security, or, to receive interest payments on such Global Security, except to the extent the text of such Global Security provides otherwise. On the second anniversary of the date of issue of any Global Security, the principal amount of 39 such Global Security which remains unexchanged on such date will be exchanged outside the United States of America for definitive Securities, to the extent and under the circumstances specified in Section 3.01, in the form of registered Debt Securities or bearer Debt Securities or both, as specified consistent with the terms of such series by the Issuer in writing to the Depository, such definitive Debt Securities to be held by the Depository and to be distributed outside the United States of America by the Depository to beneficial owners of such Debt Securities and, in the case of bearer Debt Securities, only upon receipt of a certificate evidencing beneficial ownership of such Debt Securities, referred to in paragraph (b) above. (e) Any exchange of the beneficial interest in a Global Security for Debt Securities of a series shall be made free of charge to the Holder and beneficial owners of such Global Security, except that a Person receiving Debt Securities of a series must bear the cost of insurance, postage, transportation and similar expenses in the event such Person does not receive Debt Securities of such series in person at the offices of the Depository. (f) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Debt Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. (g) Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the Depositary. SECTION 3.13. CUSIP Numbers. At its election, an Issuer in issuing any series of Debt Securities may have "CUSIP" numbers (if then generally in use) assigned to such series of Debt Securities, and, if so, the Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee of any change in the CUSIP Numbers. ARTICLE IV Satisfaction and Discharge SECTION 4.01. Satisfaction and Discharge of Indenture. This Indenture shall upon Issuer Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Debt Securities herein expressly provided for), and the Trustee, at the expense of UCC or UFN, as the case may be, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when

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40 (1) either (A) all Debt Securities theretofore authenticated and delivered and all Coupons, if any, appertaining thereto (other than (i) Debt Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, and (ii) Debt Securities or Coupons for whose payment money has theretofore been deposited in trust or segregated and held in trust by any applicable Issuer or any Guarantor and thereafter repaid to any such Issuer or Issuers or any such Guarantor, as the case may be, or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or (B) all such Debt Securities and Coupons not theretofore delivered to the Trustee for cancellation (other than Debt Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06) (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer or Issuers of such Debt Securities, and UCC or UFN, as the case may be, or any Guarantor, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount sufficient to pay and discharge the entire indebtedness on such Debt Securities and Coupons not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Debt Securities and Coupons which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; (2) UCC or UFN, as the case may be, or any Guarantor has paid or caused to be paid all other sums payable hereunder by any Issuer; and (3) UCC or UFN, as the case may be, has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. In the event there are Debt Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Debt Securities of all series as to which it is Trustee and if the other conditions thereto are met. In the event there are two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all Trustees hereunder. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of any Issuer and each Guarantor to the Trustee under Section 6.07, the obligations of any Issuer 41 and each Guarantor to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive such satisfaction and discharge. SECTION 4.02. Application of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Debt Securities, any Coupons and this Indenture, to the payment, either directly or through any Paying Agent (including any Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and any interest for the payment of which such money has been deposited with the Trustee. ARTICLE V Remedies SECTION 5.01. Events of Default. "Event of Default," wherever used herein with respect to Debt Securities of a particular series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) default in the payment of any interest or any additional interest upon any Debt Security of such series when it becomes due and payable, and continuance of such default for a period of 30 days; or (2) default in the payment of the principal of (or premium, if any, on) any Debt Security of such series at its Maturity; or (3) default in the making of any sinking fund or analogous payment, when and as due by the terms of a Debt Security of such series or beyond any period of grace provided with respect thereto; or (4) default in the performance, or breach, of any covenant or warranty of any Issuer or any Guarantor in this Indenture in respect of Debt Securities of such series (other than a covenant or warranty the breach or default in performance of which is elsewhere in this Section specifically dealt with or which is solely for the benefit of Debt Securities of any series other than such series), and continuance of such breach or default for a period of 90 days after there has been given, by registered or certified mail, to such Issuer and each Guarantor by the Trustee or to such Issuer, each Guarantor and the Trustee by the Holders of at least 25 percent in principal amount of the Outstanding Debt Securities of all series so affected (voting as one class) a written notice specifying such breach or default and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or (5) the entry of a decree or order by a court having jurisdiction in the premises granting relief in respect of the Issuer of that series or Unilever PLC in an involuntary case under Title 11 of United States Code or adjudging the Issuer of that series or Unilever PLC 42 bankrupt or insolvent, or (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency) approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer of that series or Unilever PLC under any applicable law of the United States of America, the United Kingdom or the Netherlands, or appointing a receiver, liquidator, custodian, assignee, trustee, sequestrator or other similar official of the Issuer of that series or Unilever PLC or of any substantial part of its property, or (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency) ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or (6) the commencement by the Issuer of that series or Unilever PLC of a voluntary case under Title 11 of the United States Code, or the institution by the Issuer of that series or Unilever PLC of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency) the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable bankruptcy, insolvency or similar law of the United States of America, the United Kingdom or the Netherlands, or the consent by it to the filing of such petition or to the appointment of a receiver, liquidator, custodian, assignee, trustee, sequestrator or similar official of the Issuer of that series or Unilever PLC or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency) the taking of corporate action by the Issuer of that series or Unilever PLC in furtherance of any such action. SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default described in clauses (1), (2) or (3) of Section 5.01 occurs with respect to Debt Securities of any series and is continuing, then in every such case the Trustee or the Holders of not less than 25 percent in aggregate principal amount of the Outstanding Debt Securities of such series may declare the principal amount (or, if the Debt Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Debt Securities of that series to be due and payable immediately, by a notice in writing to the Issuer of such series and each Guarantor (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default described in clauses (4), (5) or (6) of Section 5.01 occurs with respect to Debt Securities of any series and is continuing, then in every such case the Trustee or the Holders of not less than 25 percent in aggregate principal amount of all the Outstanding Debt Securities of such affected series (voting as one class) may declare the principal amount (or, if the Debt Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Debt Securities of such affected series to be due and payable immediately, by a notice in writing to the Issuer of such series and each Guarantor (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. At any time after such a declaration of acceleration with respect to Debt Securities of any series (or all the Debt Securities of such affected series, as the case may be) has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal 43 amount of the Outstanding Debt Securities of such series (or of all the Outstanding Debt Securities of such affected series (voting as one class), as the case may be), by written notice to the Issuer of such series, each Guarantor and the Trustee, may rescind and annul such declaration and its consequences if (1) the Issuer of such series or any Guarantor has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue instalments of any interest on all Debt Securities of such series, (B) the principal of (and premium, if any, on) any Debt Securities of such series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate prescribed therefor in such Debt Securities, (C) to the extent that payment of such interest is lawful, interest upon any overdue instalments of interest at the rate prescribed therefor in such Debt Securities, and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and (2) all Events of Default with respect to Debt Securities of such series, other than the nonpayment of the principal amount or specified amount of Debt Securities of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. No such rescission shall affect any subsequent default or impair any right consequent thereon. SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. Each Issuer of Debt Securities issued pursuant to this Indenture covenants that if (1) default is made in the payment of any installment of interest or additional interest on any Debt Security when such interest becomes due and payable and such default continues for a period of 30 days, or (2) default is made in the payment of the principal of (or premium, if any, on) any Debt Security at the Maturity thereof, the applicable Issuer will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Debt Securities and the holders of any Coupons appertaining thereto, the whole amount then due and payable on such Debt Securities and Coupons for principal (and premium, if any) and interest, if any, and interest on any overdue principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue interest, at the rate or rates prescribed therefor in such Debt Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. If such Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute at the expense of the Issuer a

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44 judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against such Issuer, any Guarantor or any other obligor upon such Debt Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of such Issuer, any Guarantor or any other obligor upon such Debt Securities, wherever situated. If an Event of Default with respect to Debt Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Debt Securities of such series and holders of any Coupons appertaining thereto by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. No recourse for the payment of the principal of (or premium, if any) or any interest on any Debt Security, or for any claim based thereon or on the Guarantee endorsed thereon or on any Coupon or otherwise in respect thereof or of such Guarantee or Coupon and no recourse under or upon any obligation, covenant or agreement of any Issuer or of any Guarantor in this Indenture, or in any Debt Security, Guarantee endorsed thereon or Coupon, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, past, present or future, of any such Issuer or of any Guarantor or of any successor corporation of either, either directly or through such Issuer or any Guarantor or any successor corporation of any of them, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that to the extent lawful all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture, the issue of the Debt Securities and any Coupons, and the endorsement of the Guarantees thereon. SECTION 5.04. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Issuer, any Guarantor or any other obligor upon the Debt Securities of a series or the property of any Issuer, any Guarantor or such other obligor or their creditors (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency), the Trustee (irrespective of whether the principal of the Debt Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the applicable Issuer or any Guarantor for the payment of overdue principal (and premium, if any) or any interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding, and to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of a Debt Security and each holder of a Coupon to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to such Holders or holders, to pay to the Trustee 45 any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. Subject to Article VIII and Section 9.02, nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder or any holder of a Coupon any plan of reorganization, arrangement, adjustment, or composition affecting the Debt Securities or Coupons or the rights of any Holder of any Debt Security or any holder of any Coupon or to authorize the Trustee to vote in respect of the claim of any such Holder or holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors' or other similar committee. SECTION 5.05. Trustee May Enforce Claims Without Possession of Debt Securities. All rights of action and claims under this Indenture or the Debt Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Debt Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel be for the ratable benefit of the Holders of the Debt Securities and any holders of Coupons in respect of which such judgment has been recovered. SECTION 5.06. Application of Money Collected. Subject to Article XVI, any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or any interest, upon presentation of the Debt Securities and any Coupons (such presentation, in the case of bearer Debt Securities or Coupons, to occur only outside the United States of America), and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: FIRST: To the payment of all amounts due the Trustee under Section 6.07 and the Authenticating Agent under Section 6.14; and SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and any interest on the Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Debt Securities for principal (and premium, if any) and any interest, respectively; and THIRD: To the payment of the balance, if any, to any applicable Issuer. SECTION 5.07. Limitation on Suits. No Holder of any Debt Security or holder of any Coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (1) such Holder of a Debt Security has previously given written notice to the Trustee of a continuing Event of Default with respect to Debt Securities of the same series specifying such Default and stating that such notice is a "Notice of Default" hereunder; 46 (2) the Holders of not less than 25 percent in aggregate principal amount of the Outstanding Debt Securities of such series (25 percent in aggregate principal amount of all Outstanding Debt Securities of affected series (voting as one class) in the case of an Event of Default described in clauses (4), (5) or (6) of Section 5.01) shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name, as Trustee hereunder; (3) such Holder of a Debt Security or holder of a Coupon has offered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series or of all Outstanding Debt Securities of such affected series (voting as one class), as the case may be; it being understood and intended that no one or more Holders of Debt Securities of a particular series or holders of Coupons appertaining thereto shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority or preference over any other such Holders or holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Debt Securities of such series or holders of such Coupons. SECTION 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Debt Security or the holder of any Coupon shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) any interest on such Debt Security on the respective Stated Maturities expressed in such Debt Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder or holder. SECTION 5.09. Restoration of Rights and Remedies. If the Trustee, any Holder of any Debt Security or any holder of any Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder or holder, then and in every such case, subject to any determination in such proceeding, the Issuer of such Debt Security, each Guarantor, the Trustee, the Holders of Debt Securities and the holders of Coupons shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee, the Holders of Debt Securities and the holders of Coupons shall continue as though no such proceeding had been instituted. SECTION 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities or Coupons in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee, the Holders of Debt Securities or the holders of Coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by 47 law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. SECTION 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Debt Security or holder of any Coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of Debt Securities or to the holders of Coupons may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Debt Securities or by the holders of Coupons, as the case may be. SECTION 5.12. Control by Holders. The Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Debt Securities of such series; provided that (1) such direction shall not be in conflict with any rule of law or with this Indenture; (2) the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Holders of any Debt Securities of any series not taking part in such direction with respect to which the Trustee is acting as the Trustee; and (3) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. SECTION 5.13. Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of any series (or all Outstanding Debt Securities of all affected series (voting as one class), as the case may be), may on behalf of the Holders of all the Debt Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default (1) in the payment of the principal of (or premium, if any) or any interest on any Debt Security of such series; or (2) in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each outstanding Debt Security of such series affected. Upon any such waiver, such default shall cease to exist, and any Event of Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. SECTION 5.14. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to

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48 pay the costs of such suit, and may assess costs (including legal fees and expenses) against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Trustee, UCC, UFN, Unilever PLC or UNUS. SECTION 5.15. Waiver of Usury, Stay or Extension Laws. Each Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and such Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. ARTICLE VI The Trustee SECTION 6.01. Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default, (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer's Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer's Certificates or Opinions of Counsel which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations of other facts stated therein). (b) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own wilful misconduct, except that: (i) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section 6.01; 49 (ii) the Trustee shall not be liable for any error of judgement made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Debt Securities of any series, determined as provided in Sections 1.01, 1.04 and 5.12, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Debt Securities of such series; and (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. SECTION 6.02. Notice of Defaults. If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or any interest on any Debt Securities of such series or in the payment of any sinking fund instalment with respect to Debt Securities of such series, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Debt Securities of such series; and provided further that in the case of any default of the character specified in Section 5.01(4), no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term "default" means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Debt Securities of such series. SECTION 6.03. Certain Rights of Trustee. Subject to the provisions of Section 6.01: (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; (b) any request or direction of any Issuer or any Guarantor mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order and any resolution of the Board of Directors of any Issuer or any Guarantor may be sufficiently evidenced by a Board Resolution; 50 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer's Certificate; (d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled during normal business hours on reasonable notice to examine the books, records and premises of any Issuer, personally or by agent or attorney at the expense of UCC and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; (h) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; (i) the Trustee shall not be deemed to have notice of any Default or Event of Default unless (i) a Responsible Officer has actual knowledge of a Default of Event of Default under Section 5.01(1) or 5.01(2) or (ii) written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Debt Securities and this Indenture; (j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; (k) in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and (l) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, 51 accidents, acts of war or terrorism, civil or military disturbances, epidemics or pandemics, nuclear or natural catastrophes or acts of God, and interruptions, severe loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. SECTION 6.04. Not Responsible for Recitals or Issuance of Debt Securities. The recitals contained herein and in the Debt Securities, except the Trustee's certificates of authentication, shall be taken as the statements of UCC, UFN, Unilever PLC or UNUS, as the case may be, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities or Coupons. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by any Issuer of Debt Securities or the proceeds thereof. SECTION 6.05. May Hold Debt Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of any Issuer or any Guarantor, in its individual or any other capacity, may become the owner or pledgee of Debt Securities or Coupons and, subject to Sections 6.08 and 6.13, may otherwise deal with any Issuer or any Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. SECTION 6.06. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the applicable Issuer or any Guarantor, as the case may be. SECTION 6.07. Compensation and Reimbursement. UCC, UFN, Unilever PLC and UNUS, jointly and severally, agree (1) to pay to the Trustee from time to time such compensation as shall be agreed to from time to time in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct; and (3) to fully indemnify the Trustee for, and to hold it harmless against, any and all loss, damage, claim, liability or expense, including legal fees and expenses and taxes (other than taxes based on the income of the Trustee) incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder including the costs and expenses of defending itself against any claim or liability (whether asserted by any party hereto, the

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52 Holders or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. As security for the performance of the obligations of UCC, UFN, Unilever PLC and UNUS under this Section, the Trustee shall have a lien, to which the Debt Securities are hereby made subordinate, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or any interest on the Debt Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(5) or Section 5.01(6), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. The provisions of this Section shall survive the termination of this Indenture and the removal or resignation of the Trustee. SECTION 6.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Debt Securities of more than one series. SECTION 6.09. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to the Debt Securities of each series which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such having a combined capital and surplus of at least $50,000,000, and, if there be such Person willing and able to act as trustee on reasonable and customary terms, having its Corporate Trust Office in the Borough of Manhattan, The City of New York, New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. SECTION 6.10. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. (b) The Trustee may resign at any time with respect to the Debt Securities of one or more series by giving written notice thereof to each Issuer of any such series. (c) The Trustee may be removed at any time with respect to the Debt Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such series delivered to the Trustee and to UCC, UFN, Unilever PLC and UNUS. 53 (d) If at any time: (1) the Trustee shall fail to comply with Section 6.08 after written request therefor by UCC, UFN, Unilever PLC or UNUS or by any Holder who has been a bona fide Holder of a Debt Security of the series as to which the Trustee has a conflicting interest for at least six months, or (2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by UCC, UFN, Unilever PLC or UNUS or by any Holder who has been a bona fide Holder of a Debt Security for at least six months, or (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) any Issuer by a Board Resolution may remove the Trustee with respect to all its Debt Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Debt Security for at least six months (and, in the case of Section 6.10(d)(1) above, who is a Holder of a Debt Security of the series as to which the Trustee has a conflicting interest) may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Debt Securities and the appointment of a successor Trustee or Trustees. (e) If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of notice of resignation or removal, the Trustee resigning or being removed may petition at the expense of UCC any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. (f) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Debt Securities of one or more series, any applicable Issuer, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of such series (it being understood that any successor Trustee may be appointed with respect to the Debt Securities of one or more or all of such series and at any time there shall be only one Trustee with respect to the Debt Securities of any particular series), and shall comply with the applicable requirement of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such series delivered to UCC, UFN, Unilever PLC and UNUS and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Debt Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer of such series. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Issuer of such series or the Holders of Debt Securities of such series and accepted appointment in the manner hereinafter required by Section 6.11, any Holder who has been a bona fide Holder of a Debt Security of such series for at least six months may, on behalf of himself 54 and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. (g) Each Issuer shall give notice of each resignation and each removal of the Trustee with respect to its Debt Securities of any series and each appointment of a successor Trustee with respect to its Debt Securities of any series in the manner and to the extent provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of its Corporate Trust Office. SECTION 6.11. Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor Trustee with respect to all Debt Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to UCC, UFN, Unilever PLC, UNUS and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of UCC, UFN, Unilever PLC or UNUS or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. (b) In case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the Issuer of any such series, each Guarantor, the retiring Trustee and each successor Trustee with respect to the Debt Securities of such series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of such series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Debt Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of such series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees cotrustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of such series to which the appointment of such successor Trustee relates; but, on request of the applicable Issuer, any Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with 55 respect to the Debt Securities of such series to which the appointment of such successor Trustee relates. (c) Upon request of any such successor Trustee, any applicable Issuer and each Guarantor shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authentication Trustee may adopt such authentication and deliver the Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Debt Securities. SECTION 6.13. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of any Issuer or Guarantor (or any other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against such Issuer or Guarantor (or any such other obligor). SECTION 6.14. Appointment of Authenticating Agent. At any time when any of the Debt Securities remain Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Debt Securities which shall be authorized to act on behalf of the Trustee to authenticate Debt Securities of such series issued upon exchange, registration of transfer or partial redemption thereof, and Debt Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Debt Securities by the Trustee or the Trustee's certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent (except for Debt Securities authenticated upon original issuance or upon replacement of mutilated, lost, stolen or destroyed securities) of a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to UCC and UFN, and shall at all times be a corporation organized and doing corporate trust and agency business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State or District of Columbia authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent

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56 shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided that such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the applicable Issuer. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the applicable Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the applicable Issuer and shall give notice (at the expense of the applicable Issuer) to the Holders of Debt Securities in the manner and to the extent provided in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. The applicable Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. If an appointment with respect to one or more series is made pursuant to this Section, the Debt Securities of such series may have endorsed thereon, in addition to the Trustee's certificate of authentication, an alternate certificate of authentication in the following form: CERTIFICATE OF AUTHENTICATION This is one of the Debt Securities of the series designated herein referred to in the within-mentioned Indenture. THE BANK OF NEW YORK MELLON, as Trustee, By As Authenticating Agent By As Authorized Signatory Dated:_____ ARTICLE VII 57 Holders' Lists and Reports by Trustee, UCC and Guarantors SECTION 7.01. Issuer and Guarantors to Furnish Trustee Names and Addresses of Holders. Each Issuer and the Guarantors of any series of Debt Securities issued under this Indenture will furnish or cause to be furnished to the Trustee (a) semi-annually, not more than 15 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of registered Debt Securities of such series as of such Regular Record Date, and (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by any Issuer or any Guarantor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that if and so long as the Trustee shall be the Security Registrar, such list shall not be required to be furnished with respect to registered Debt Securities of any such series, but in any event the Issuer and the Guarantors shall be required to furnish such information concerning the Holders of bearer Debt Securities of any such series which is known to them; and provided further that the Issuer and each Guarantor shall have no obligation to investigate any matter relating to any Holder of a bearer Debt Security. SECTION 7.02. Preservation of Information; Communication to Holders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders (i) contained in the most recent list furnished to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in its capacity as Paying Agent (if so acting). The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. (c) Every Holder, by receiving and holding a Debt Security, agrees with the Issuer of such Debt Security, each Guarantor and the Trustee that neither such Issuer, any Guarantor nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. SECTION 7.03. Reports by Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of this Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a). (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which the Debt Securities for which it is acting as Trustee are listed, with the Commission and with the Issuer and 58 each Guarantor of such Debt Securities. The Issuer will promptly notify the Trustee when any of the Debt Securities are listed on any stock exchange or delisted therefrom. SECTION 7.04. Reports by Issuer and Guarantors. Each Issuer and each Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer's or Guarantor's, as the case may be, compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on applicable Officer's Certificates). ARTICLE VIII Consolidation, Merger, Conveyance, Transfer or Lease SECTION 8.01. UCC, UFN, UNUS or Unilever PLC May Consolidate, Etc., Only on Certain Terms. Neither UCC, UFN, UNUS nor Unilever PLC shall consolidate or amalgamate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: (1) the corporation formed by such consolidation or amalgamation or into which UCC, UFN, UNUS or Unilever PLC is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of UCC, UFN, UNUS or Unilever PLC substantially as an entirety (i) shall be, in the case of UCC, a corporation organized and existing under the laws of the United States of America, (ii) in the case of UFN, Unilever PLC or UNUS, shall, if not incorporated in the Netherlands, the United Kingdom or the United States of America, respectively, expressly agree to make payments under the Guarantees free of any deduction or withholding for or on account of taxes, levies, imposts and charges of the country of its incorporation (or any political subdivision or taxing authority thereof or therein) in a manner equivalent to the form of Guarantee set forth in Section 2.02 and Section 10.10, subject to the exceptions, if any, contained in such form, and (iii) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, in the case of UCC, UFN, UNUS or Unilever PLC, as the case may be, the due and punctual payment of the principal of (and premium, if any), any interest on and any other payments with respect to all the Debt Securities and the performance of every covenant of this Indenture on the part of UCC, UFN, UNUS or Unilever PLC, as the case may be, to be performed or observed, and, in the case of Unilever PLC and UNUS, as applicable, the due and punctual performance of the Guarantees and (2) UCC, UFN, UNUS or Unilever PLC, as the case may be, has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, conveyance, transfer or lease and such 59 supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with; and (3) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing. SECTION 8.02. Successor Corporation Substituted. Upon any consolidation, amalgamation or merger or any conveyance, transfer or lease of the properties and assets of UCC, UFN, UNUS or Unilever PLC substantially as an entirety in accordance with Section 8.01, the successor corporation formed by such consolidation or amalgamation or into which UCC, UFN, UNUS or Unilever PLC is merged or to which such conveyance, transfer or lease is made shall succeed to and be substituted for, and may exercise every right and power of, UCC, UFN, UNUS or Unilever PLC, as the case may be, under this Indenture with the same effect as if such successor corporation had been named as UCC, UFN, UNUS or Unilever PLC, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor corporation shall be relieved of all obligations and covenants under this Indenture, the Debt Securities and the Coupons, if any. SECTION 8.03. Assumption by Guarantors or Subsidiary of Any Issuer's Obligations. Any Guarantor or any Subsidiary of any Guarantor may assume the obligations of any Issuer (or any corporation which shall have previously assumed the obligations of such Issuer) for the due and punctual payment of the principal of (and premium, if any), any interest on and any other payments with respect to any series of Debt Securities and the performance of every covenant of this Indenture, the Debt Securities and the Coupons on the part of such Issuer to be performed or observed; provided that: (1) such Guarantor or such Subsidiary, as the case may be, shall expressly assume such obligations by an indenture supplemental hereto, in form satisfactory to the Trustee, executed and delivered to the Trustee and if such Subsidiary assumes such obligations, such Guarantor shall, by such supplemental indenture, confirm that its Guarantees shall apply to such Subsidiary's obligations under the Debt Securities and the Coupons and this Indenture, as modified by such supplemental indenture; (2) such Guarantor or such Subsidiary, as the case may be, shall agree in such supplemental indenture, to the extent provided in the Debt Securities and subject to the limitations and exceptions set forth below, to pay as additional interest to a Holder or a holder of a Coupon, if any, who, with respect to a tax, assessment or other governmental charge of the United Kingdom (or any political subdivision or taxing authority thereof or therein) (a "United Kingdom Tax"), is not resident in the United Kingdom for purposes of United Kingdom taxation, with respect to a tax, assessment or other governmental charge of the Netherlands (or any political subdivision or taxing authority thereof or therein) (a "Netherlands Tax"), is not resident in the Netherlands for purposes of Netherlands taxation, and, if applicable, with respect to a tax, assessment or other governmental charge of the United States of America (or any political subdivision thereof or therein) (a "United States Tax"), is a United States Alien, such additional amounts as may be necessary so that every net payment, if applicable, of principal, premium, if any, or interest on such Debt Security or such Coupon, if any, by such Guarantor or such Subsidiary, as the case may be, after deduction or withholding for or on account of any present or future United Kingdom Tax,

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64 and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Debt Securities theretofore or thereafter authenticated and delivered hereunder and every holder of Coupons shall be bound thereby. SECTION 9.05. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. SECTION 9.06. Reference in Debt Securities to Supplemental Indentures. Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form satisfactory to the Trustee as to any matter provided for in such supplemental indenture. If UCC, UFN, Unilever PLC and UNUS shall so determine, new Debt Securities of any series so modified as to conform, and satisfactory to the Trustee, UCC, UFN, Unilever PLC and UNUS, to any such supplemental indenture may be prepared and executed by UCC, the Guarantees of each Guarantor may be endorsed thereon and such Debt Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of such series. ARTICLE X Covenants SECTION 10.01. Payment of Principal, Premium and Interest. Each Issuer covenants and agrees for the benefit of each series of Debt Securities that it will duly and punctually pay the principal of (and premium, if any) and any interest on the Debt Securities of that series in accordance with the terms of the Debt Securities, any Coupons appertaining thereto and this Indenture. Any interest on bearer Debt Securities shall be payable only upon presentation and surrender outside the United States of America of the several Coupons for such interest installments as are evidenced thereby as they severally mature. Any interest on any temporary bearer Debt Securities shall be paid, as to any installment of interest evidenced by a Coupon attached thereto, if any, only upon presentation and surrender outside the United States of America of such Coupon, and, as to the other installments of interest, if any, only upon presentation outside the United States of America of such Debt Securities for notation thereon of the payment of such interest. Any interest on registered Debt Securities shall be payable only to or upon the written order of the Holders thereof. SECTION 10.02. Maintenance of Office or Agency. Each Issuer will maintain in each Place of Payment for any series of Debt Securities an office or agency where Debt Securities of that series and any Coupons appertaining thereto may be presented or surrendered for payment, where Debt Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon such Issuer in respect of the Debt Securities of that series and any Coupons appertaining thereto and this Indenture may be served; provided, however, that at the option of such Issuer, in the case of registered Debt Securities of such series, payment of any interest thereon may be made by check mailed to the address of the Person entitled herein as such address shall appear in the Security Register. With respect to the Debt Securities of any series, such office or agency and each Place of Payment shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to the registered Debt Securities of any series (i) the place shall be the Borough of Manhattan, The City 65 of New York and (ii) such office or agency in such Place of Payment initially shall be the Corporate Trust Office of the Trustee. Each Guarantor will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon such Guarantor in respect of registered Debt Securities of any series and this Indenture may be served. UCC, UFN, Unilever PLC and UNUS will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time UCC, UFN, Unilever PLC or UNUS shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands (except presentations or surrenders of bearer Debt Securities or Coupons for payment) may be made or served at the Corporate Trust Office of the Trustee. Each of UCC, UFN, Unilever PLC and UNUS hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. Any Issuer may also from time to time designate one or more other offices or agencies where the Debt Securities of one or more series and any Coupons appertaining thereto may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve such Issuer of its obligation to maintain an office or agency in each Place of Payment for Debt Securities of any series and any Coupons appertaining thereto for such purposes. Such Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. SECTION 10.03. Money for Debt Security Payments to be Held in Trust. If UCC, UFN, Unilever PLC or UNUS shall at any time act as Paying Agent with respect to the Debt Securities of any series and any Coupons appertaining thereto, it will, on or before each due date for payment of the principal of (and premium, if any) or any interest on any of the Debt Securities of that series, segregate and hold or cause to be held in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or any interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to act. Whenever any Issuer shall have one or more Paying Agents for any series of Debt Securities, it will, on or prior to each due date for payment of the principal of (and premium, if any) or any interest on any Debt Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or any interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) such Issuer will promptly notify the Trustee of its action or its failure so to act. Each Issuer will cause each Paying Agent for any series of Debt Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent; and (2) at any time during the continuance of any such default by the Issuer (or any other obligor upon the Debt Securities of that series) in the making of any payment of principal of (and premium, if any) or interest on Debt Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of such Debt Securities. 66 UCC, UFN, UNUS or Unilever PLC, as the case may be, may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by UCC, UFN, UNUS or Unilever PLC, as the case may be, or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by UCC, UFN, UNUS or Unilever PLC, as the case may be, or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, UCC, UFN, UNUS or Unilever PLC, as the case may be, or such Paying Agent shall be released from all further liability with respect to such money. Any money deposited with the Trustee or any Paying Agent, or then held by any Issuer or any Guarantor, in trust for the payment of the principal of (and premium, if any) or any interest on any Debt Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or any interest has become due and payable shall (after deduction for any intervening tax paid with respect thereto) be paid to such Issuer or such Guarantor, as the case may be, on Issuer Request, or (if then held by such Issuer or such Guarantor) shall be discharged from such trust; and the Holder of such Debt Security and the holder of any Coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to UCC, UFN, Unilever PLC and UNUS for payment thereof (and, in the case of bearer Debt Securities or Coupons, such payments shall be made only outside the United States of America), and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of UCC, UFN, Unilever PLC or UNUS as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the applicable Issuer or Issuers cause to be published at least once, in Authorized Newspapers, published in the Borough of Manhattan, The City of New York, and London, England, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to UCC, UFN, Unilever PLC or UNUS, as the case may be. SECTION 10.04. Corporate Existence. Subject to Article VIII, UCC and Unilever PLC will do or cause to be done all things necessary to preserve and keep in full force and effect their respective corporate existences. SECTION 10.05. Limitation of Liens. (a)Unilever PLC will not, nor will it permit any Restricted Subsidiary to, issue, assume or guarantee any Debt secured by a mortgage, security interest, pledge, lien or other encumbrance (mortgages, security interests, pledges, liens and other encumbrances being hereinafter in this Section 10.05 and in Section 10.06 referred to as a "mortgage" or "mortgages") upon any Principal Property or upon any shares of stock or indebtedness of any Restricted Subsidiary (whether such Principal Property, shares of stock or indebtedness are now owned or hereafter acquired) without in each such case effectively providing concurrently with the issuance, assumption or guaranty of any such Debt that the Guarantees (together with, if Unilever PLC shall so determine, any other indebtedness of or guaranteed by Unilever PLC or such Restricted Subsidiary ranking equally with the Guarantees and then existing or thereafter created) shall be secured equally and ratably with (or prior to) such Debt (and the Trustee by its execution hereof agrees to enter into a supplemental indenture pursuant to Section 9.01(5) of this Indenture and to accept such security and hold it for the benefit of the Holders of Debt Securities at the expense of the Issuer of such Debt Securities); provided, however, that the foregoing restrictions shall not apply to, and there shall be excluded from Debt secured by a mortgage or mortgages in any computation under Section 10.05(b), Debt secured by: 67 mortgages on property, shares of stock or indebtedness of any corporation, which mortgages are existing at the time such corporation becomes a Restricted Subsidiary; mortgages on property, which mortgages are existing at the time of acquisition of such property, or mortgages to secure Debt relating to the payment of all or any part of the purchase price of such property upon the acquisition of such property by Unilever PLC or a Restricted Subsidiary, or to secure any Debt incurred prior to, at the time of, or within 12 months after, the later of the acquisition, the completion of construction (including any improvements on an existing property) or the commencement of commercial operation of such property, which Debt is incurred for the purpose of financing all or any part of the purchase price thereof; mortgages on property to secure Debt incurred to finance all or part of the cost of the construction, alteration or repair of any building, equipment or facilities or of any other improvements on, all or any part of such property, if such Debt is incurred prior to, during, or within 12 months after completion of, such construction, alteration or repair; mortgages which secure Debt owing to any Guarantor or any Restricted Subsidiary by any Restricted Subsidiary or any Guarantor; mortgages on assets held by banks to secure amounts due to such banks in the ordinary course of business or mortgages under workers' compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the repayment of Debt), or deposits to secure public or statutory obligations of Unilever PLC or any Restricted Subsidiary, or deposits of cash or obligations of the United States of America to secure surety and appeal bonds to which Unilever PLC or any Restricted Subsidiary is a party or in lieu of such bonds, or pledges or deposits for similar purposes in the ordinary course of business, or liens imposed by law, such as laborers' or other employees', carriers', warehousemen's, mechanics', materialmen's and vendors' liens and liens arising out of judgments or awards against Unilever PLC or any Restricted Subsidiary with respect to which Unilever PLC or such Restricted Subsidiary at the time shall be prosecuting an appeal or proceedings for review and with respect to which it shall have secured a stay of execution pending such appeal or proceedings for review, or liens for property taxes not yet subject to penalties for nonpayment or the amount or validity of which is being in good faith contested by appropriate proceedings by Unilever PLC or any Restricted Subsidiary, as the case may be, or minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which liens, exceptions, encumbrances, easements, reservations, rights and restrictions do not, in the opinion of Unilever PLC, in the aggregate materially detract from the value of said properties or materially impair their use in the operation of the business of Unilever PLC and the Restricted Subsidiaries; mortgages on property in favor of the United Kingdom, Canada, the United States of America, the Netherlands or any political subdivision of any thereof, or any department, agency or instrumentality of any thereof, to secure partial, progress, advance or other payments pursuant to the provisions of any contract or statute, including, but not limited to, mortgages incurred in connection with pollution control, industrial revenue or similar financing;

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68 mortgages existing at the date of the execution of this Indenture; mortgages incurred (no matter when created) in connection with engaging in leveraged or single investor lease transactions; provided that the instrument creating or evidencing any Debt secured by such mortgage shall provide that such Debt is payable solely out of the income and proceeds of the property subject to such mortgage and is not a personal obligation of the lessor; mortgages on property, shares of stock or indebtedness of a corporation existing at the time such corporation is merged into or consolidated or amalgamated with Unilever PLC or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to Unilever PLC or a Restricted Subsidiary; mortgages on property incurred or assumed in connection with an issuance of revenue bonds, the interest on which is exempt from United States Federal income taxation pursuant to Section 103 of the United States Internal Revenue Code from time to time; and any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any mortgage referred to in the foregoing clauses (i) through (x) inclusive; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the mortgage so extended, renewed or replaced (plus improvements on such property). (b) Notwithstanding the provisions of subsection (a) of this Section 10.05, Unilever PLC may, and may permit any Restricted Subsidiary to, issue, assume or guarantee Debt secured by mortgages not excepted by clauses (i) through (xi) inclusive of such subsection (a) without equally and ratably securing the Guarantees; provided, however, that the aggregate principal amount of all such Debt then outstanding, plus the principal amount of the Debt then being issued, assumed or guaranteed, and the aggregate amount of the Attributable Debt in respect of sale and leaseback transactions (with the exception of Attributable Debt which is excluded pursuant to clauses (1) through (4) inclusive of Section 10.06), shall not exceed 10 percent of Capital Employed. SECTION 10.06. Limitation on Sales and Leasebacks. Unilever PLC will not, and will not permit any Restricted Subsidiary to, enter into any transaction with any Person for the leasing by Unilever PLC or a Restricted Subsidiary of any Principal Property, the acquisition (including, without limitation, acquisition by merger, amalgamation or consolidation) or the completion of construction and commencement of full operation, whichever is later, of which has occurred more than 120 days prior thereto, which Principal Property has been or is to be sold or transferred by Unilever PLC or such Restricted Subsidiary to such Person in contemplation of such leasing (herein referred to as a "sale and leaseback transaction") unless, after giving effect thereto, the aggregate amount of all Attributable Debt with respect to all such sale and leaseback transactions plus all Debt secured by mortgages on Principal Properties (with the exception of Debt secured by mortgages which is excluded pursuant to clauses (i) through (xi) inclusive of Section 10.05(a)) would not exceed 10 percent of Capital Employed. This covenant shall not apply to, and there shall be excluded from Attributable Debt in any computation under Section 10.05 or this Section 10.06, Attributable Debt with respect to any sale and leaseback transaction if: 69 (1) the lease in such sale and leaseback transaction is for a term of not more than three years, or (2) Unilever PLC or such Restricted Subsidiary shall apply or cause to be applied an amount in cash equal to the greater of (i) the net proceeds of such sale or transfer, or (ii) the fair value (as determined by the Boards of Directors of Unilever PLC) of such Principal Property so leased at the time of entering into such arrangement to the retirement (other than any mandatory retirement or by way of payment at maturity), within 120 days of the effective date of any such arrangement, of Debt of Unilever PLC or the Restricted Subsidiaries (other than Debt owed by any Subsidiary), which by its terms matures more than 12 months after the date of the creation of such Debt, or shall apply such proceeds to investment in other Principal Properties within a period not exceeding 12 months prior or subsequent to any such arrangement, or (3) such sale and leaseback transaction is entered into between any Guarantor and a Restricted Subsidiary or between Restricted Subsidiaries or between Guarantors, or (4) Unilever PLC or a Restricted Subsidiary would be entitled to incur a mortgage on such Principal Property pursuant to clauses (i) through (xi) inclusive of Section 10.05 securing Debt without equally and ratably securing the Guarantees pursuant to Section 10.05. SECTION 10.07. Issuers to be Wholly Owned Subsidiaries. Unilever PLC will take such steps as may be necessary to ensure that at all times it shall own, directly or indirectly, all the outstanding shares of Voting Stock of the Issuers (and any successor to the Issuers as provided in Article VIII), except for directors' qualifying shares to the extent that under any mandatory law applicable to Unilever PLC or the Issuers, it shall be permitted to so own only a lesser amount of shares. SECTION 10.08. Statement as to Compliance. UCC, UFN, Unilever PLC and UNUS will each deliver to the Trustee, within 120 days after the end of each fiscal year of each such party, respectively, a certificate, from its principal executive officer or principal financial officer or principal accounting officer, stating whether or not to the best knowledge of the signer thereof such party is in compliance (without regard to periods of grace or notice requirements) with all conditions and covenants under this Indenture, and if such party shall not be in compliance, specifying such non-compliance and the nature and status thereof of which such signer may have knowledge. SECTION 10.09. Waiver of Certain Covenants. UCC, UFN and Unilever PLC may omit in any particular instance to comply with any covenant or condition set forth in Sections 10.05, 10.06 or 10.07, with respect to the Debt Securities of all series if before the time for such compliance the Holders of at least a majority in aggregate principal amount of all Outstanding Debt Securities (voting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of UCC, UFN and Unilever PLC and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 70 SECTION 10.10. Additional Payments by the Guarantors. Each Guarantor hereby agrees, subject to the limitations and exceptions set forth below, (i) that if any deduction or withholding for or on account of any present or future United Kingdom Tax or Netherlands Tax, shall at any time be required by the United Kingdom or the Netherlands (or any such subdivision or authority) in respect of any amounts to be paid by such Guarantor under this Guarantee, or (ii) provided that the terms of the Debt Security upon which this Guarantee is endorsed provide for the payment by the Issuer of additional interest in respect of any deduction or withholding for taxes, assessments or other governmental charges imposed by the United States of America (or any political subdivision or taxing authority thereof or therein), that if any deduction or withholding for or on account of any such present or future United States Tax shall at any time be required in respect of amounts to be paid by such Guarantor under this Guarantee, then such Guarantor will pay as additional interest such additional amounts as may be necessary in order that the net amounts paid pursuant to the Guarantee to the Holder of a Debt Security or to the holder of any Coupon appertaining thereto who, with respect to a United Kingdom Tax, is not resident in the United Kingdom for purposes of United Kingdom taxation, with respect to a Netherlands Tax, is not resident in the Netherlands for purposes of Netherlands taxation, and, with respect to a United States Tax, is a United States Alien, after deduction or withholding for or on account of such United Kingdom Tax, Netherlands Tax, or, if applicable, United States Tax, as the case may be, will not be less than the amount specified in such Debt Security or such Coupon, if any, to be then due and payable. However, such Guarantor or such Subsidiary, as the case may be, shall not be required to make any payment of additional interest for or on account of: (a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder or holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or holder, if such Holder or holder is an estate, trust, partnership or corporation) and, with respect to a United Kingdom Tax, the United Kingdom or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, with respect to a Netherlands Tax, the Netherlands or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, and, if applicable, with respect to a United States Tax, the United States of America or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such Holder or holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein, or (ii) the presentation of a Debt Security (where presentation is required) or Coupon, if any, for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (b) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge; (c) any tax, assessment or other governmental charge, which is payable otherwise than by withholding from payments of (or in respect of) principal of, premium, if any, or any interest on, the Debt Securities or Coupons, if any; (d) with respect to any United States Tax, if applicable, any such tax, imposed by reason of such Holder's or holder's past or present status as a personal holding company, foreign personal holding company or foreign private foundation or similar tax- 71 exempt organization with respect to the United States of America or as a corporation which accumulates earnings to avoid United States Federal income tax; (e) with respect to any United States Tax, if applicable, any such tax that would not have been imposed but for the failure of such Holder or holder or the beneficial owner of such Debt Security or Coupon, if any, to provide such certification or documentation at or prior to the time of payment to the effect that such Holder or holder or beneficial owner is a United States Alien and lacks other connections with the United States of America if such certification or documentation is required by statute or regulation of the United States Treasury Department as a precondition to relief or exemption from such Tax; (f) with respect to any United States Tax, if applicable, any such tax imposed by reason of such Holder's or holder's past or present status as (i) the actual or constructive owner of 10 percent or more of the total combined voting power of all classes of stock of UCC or UNUS or any direct or indirect subsidiary of UCC or UNUS entitled to vote, or (ii) a controlled foreign corporation that is related to UCC or UNUS through stock ownership; (g) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of, premium, if any, or any interest on, any bearer Debt Security or Coupon, if such payment can be made without such withholding by any other Paying Agent; (h) with respect to Debt Securities other than Bearer Debt Securities, any tax, assessment or other governmental charge which would not have been imposed if such Holder or holder had made a declaration of non-residence or other similar claim for exemption to the relevant tax authority; (i) any taxes imposed or withheld pursuant to the Netherlands Withholding Tax Act (Wet Bronbelasting 2021); or (j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i) above; nor shall additional interest be paid with respect to any payment of the principal of, premium, if any, or any interest on any Debt Security or Coupon to any such Holder or holder who is a fiduciary or partnership or a beneficial owner who is other than the sale beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional interest had it been the Holder or holder of the Debt Security or Coupon. SECTION 10.11. Additional Payments of Each Issuer. Each Issuer hereby agrees, subject to the limitations and exceptions set forth below, to pay as additional interest to a Holder or holder of a Coupon, if any, who, with respect to a United Kingdom Tax, is not resident in the United Kingdom for purposes of United Kingdom taxation, with respect to a Netherlands Tax, is not resident in the Netherlands for purposes of Netherlands taxation, and, if the terms of the Debt Securities so provide, with respect to a United States Tax, is a United States Alien such additional amounts as may be necessary so that every net payment of principal, premium, if any, or interest on such Debt Security or such Coupon, after deduction or withholding for or on account of any present or future United Kingdom Tax, Netherlands Tax, or, United States Tax imposed upon or as a result of such payment, will not be less than the amount provided for in such Debt Security or such Coupon to be then due and payable. However, each Issuer shall not be required to make any payment of additional interest for or on account of:

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72 (a) any tax, assessment or other governmental charge which would not have been imposed but for the existence of any present or former connection between such Holder or holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or holder, if such Holder or holder is an estate, trust, partnership or corporation) and, with respect to a United Kingdom Tax, the United Kingdom or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, with respect to a Netherlands Tax, the Netherlands or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, and, if applicable, with respect to a United States Tax, the United States of America or any political subdivision or territory thereof or therein or area subject to its jurisdiction, including, without limitation, such Holder or holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or being or having been present or engaged in trade or business therein or having had a permanent establishment therein, or (ii) the presentation of a Debt Security (where presentation is required) or Coupon for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later; (b) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge; (c) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of) principal of, premium, if any, or any interest on, the Debt Securities or Coupons; (d) with respect to any United States Tax, if applicable, any such Tax imposed by reason of such Holder's or holder's past or present status as a personal holding company, foreign personal holding company or foreign private foundation or similar tax- exempt organization with respect to the United States of America or as a corporation which accumulates earnings to avoid United States Federal income tax; (e) with respect to any United States Tax, if applicable, any such tax that would not have been imposed but for the failure of such Holder or holder or the beneficial owner of such Debt Security or Coupon to provide such certification or documentation at or prior to the time of payment to the effect that such Holder or holder or beneficial owner is a United States Alien and lacks other connections with the United States of America if such certification or documentation is required by statute or regulation of the United States Treasury Department as a precondition to relief or exemption from such Tax; (f) with respect to any United States Tax, if applicable, any such tax imposed by reason of such Holder's or holder's past or present status as (i) the actual or constructive owner of 10 percent or more of the total combined voting power of all classes of stock of UCC or UNUS or any direct or indirect subsidiary of UCC or UNUS entitled to vote, or (ii) a controlled foreign corporation that is related to UCC or UNUS through stock ownership; (g) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of, premium, if any, or any interest on, any bearer Debt Security or Coupon, if such payment can be made without such withholding by any other Paying Agent; (h) with respect to Debt Securities other than Bearer Debt Securities, any tax, assessment or other governmental charge which would not have been imposed if such 73 Holder or holder had made a declaration of non-residence or other similar claim for exemption to the relevant tax authority; (i) any taxes imposed or withheld pursuant to the Netherlands Withholding Tax Act (Wet Bronbelasting 2021); or (j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i) above; nor shall additional interest be paid with respect to any payment of the principal of, premium, if any, or any interest on any Debt Security or Coupon to any such Holder or holder who is a fiduciary or partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional interest had it been the Holder or holder of the Debt Security or Coupon. SECTION 10.12. Calculation of Original Issue Discount. The applicable Issuer shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue discount, if any, (including daily rates and accrual periods) accrued on Outstanding Debt Securities as of the end of such year. SECTION 10.13. Foreign Account Tax Compliance Act (FATCA). In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time ("Applicable Law"), UCC agrees (i) to use commercially reasonable efforts to provide to The Bank of New York Mellon, upon request, such information as it has in its possession about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so that the Trustee can determine whether it has tax related obligations under Applicable Law, (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any liability. The terms of this section shall survive the termination of this Indenture. ARTICLE XI Redemption of Debt Securities SECTION 11.01. Applicability of Article. Debt Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified pursuant to Section 3.01 for Debt Securities of any series) in accordance with this Article. SECTION 11.02. Election to Redeem; Notice to Trustee. The election of any Issuer to redeem any series of Debt Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of an Issuer, such Issuer shall, at least 60 days prior to the Redemption Date fixed by such Issuer (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Debt Securities of such series to be redeemed. In the case of any redemption of Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, the Issuer shall furnish the Trustee with respect to such Debt Securities with an Officer's Certificate evidencing compliance or waiver of such provision. 74 SECTION 11.03. Selection by Trustee of Debt Securities to be Redeemed. If less than all the Debt Securities of any series are to be redeemed, the particular Debt Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Debt Securities of such series not previously called for redemption, by lot or pursuant to applicable Depository procedures and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Debt Securities of that series or any multiple thereof) of the principal amount of Debt Securities of such series of a denomination larger than the minimum authorized denomination for Debt Securities of that series. The Trustee shall promptly notify the Issuer in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debt Securities shall relate in the case of any Debt Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt Security which has been or is to be redeemed. SECTION 11.04. Notice of Redemption. Notice of redemption shall be given not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Debt Securities to be redeemed in the manner and to the extent provided in Section 1.06. All notices of redemption shall identify the Debt Securities to be redeemed (including applicable CUSIP numbers, if any) and state: (1) the Redemption Date, (2) the Redemption Price, (3) if less than all the Outstanding Debt Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Debt Securities to be redeemed, (4) that on the Redemption Date the Redemption Price will become due and payable upon each such Debt Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, (5) the place or places where such Debt Securities are to be surrendered for payment of the Redemption Price (which, in the case of bearer Debt Securities and Coupons, shall be outside the United States), and that, unless otherwise specified in such notice, bearer Debt Securities (if any) surrendered for payment must be accompanied by all Coupons maturing subsequent to the Redemption Date, failing which the amount of any such missing Coupon or Coupons will be deducted from the sum due for payment, and (6) that the redemption is for a sinking fund, if such is the case. Notice of redemption of Debt Securities to be redeemed at the election of an Issuer shall be given by such Issuer or, at the Issuer's request, by the Trustee in the name and at the expense of such Issuer. 75 SECTION 11.05. Deposit of Redemption Price. Prior to any Redemption Date, the applicable Issuer shall deposit with the Trustee or with a Paying Agent (or, if UCC, UFN, Unilever PLC or UNUS is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Debt Securities which are to be redeemed on that date. SECTION 11.06. Debt Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the applicable Issuer shall default in the payment of the Redemption Price and any accrued interest) such Debt Securities shall cease to bear interest. Upon surrender of any such Debt Security for redemption in accordance with said notice, such Debt Security shall be paid by the Issuer thereof at the Redemption Price, together with any accrued interest to the Redemption Date; provided, however, that if the Redemption Date is an Interest Payment Date, the interest payable in respect of registered Debt Securities on such date shall be paid to the Holder at the close of business on the relevant Record Date according to the terms of the Debt Securities and the provisions of Section 3.07. If any Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, subject to Section 1.13, until paid, bear interest, if any, from the Redemption Date at the rate borne by the Debt Security. SECTION 11.07. Debt Securities Redeemed in Part. Any Debt Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Issuer or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service charge, a new Debt Security or Debt Securities of the same series of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered. SECTION 11.08. Optional Redemption Due to Changes in United States, United Kingdom or the Netherlands Tax Treatment. Each series of Debt Securities may be redeemed at the option of the Issuer of such series or any Guarantor in whole but not in part at any time (except in the case of Debt Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date) at a redemption price equal to the principal amount thereof plus any accrued interest to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of each series of such Debt Securities) if, (i) the Issuer or any Guarantor determines that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the United Kingdom or the Netherlands or, if the payment of additional interest is provided for in the Debt Securities in such event, the United States of America (or of any political subdivision or taxing authority of or in the United Kingdom or the Netherlands or, if the payment of additional interest is provided for in the Debt Securities in such event, the United States of America), or any change in the application or official interpretation of such laws, regulations or rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which the United Kingdom or the Netherlands is a party, which change, execution or amendment becomes effective, on or after the

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76 date specified for such series pursuant to Section 3.01(7), such Issuer or such Guarantor would be required to pay additional interest with respect to the Debt Securities, as described in Section 10.10 or Section 10.11 on the next succeeding Interest Payment Date and that the payment of such additional interest cannot be avoided by the use of reasonable measures available to such Issuer or such Guarantor, as the case may be, or (b) United Kingdom or Netherlands withholding tax has been or would be required to be withheld with respect to interest income received or receivable by such Issuer directly from such Guarantor (or any of such Issuer's or such Guarantor's Affiliates) and such withholding tax obligation cannot be avoided by the use of reasonable measures available to such Issuer or to such Guarantor (or to such Issuer's or such Guarantor's Affiliates), or, (ii) an Issuer or any Guarantor determines, based upon an opinion of independent counsel to such Issuer or such Guarantor, as the case may be, that, as a result of any action taken by any taxing authority of, or any action brought in a court of competent jurisdiction in, the United Kingdom or the Netherlands or, if the payment of additional interest is provided for in the Debt Securities in such event, the United States of America (or of any political subdivision or taxing authority of or in the United Kingdom, the Netherlands or, if the payment of additional interest is provided for in the Debt Securities in such event, the United States of America) (whether or not such action was taken or brought with respect to UCC, UFN, Unilever PLC or UNUS), which action is taken or brought on or after the date specified for such series pursuant to Section 3.01 (7), there is a substantial probability that the circumstances described in clause (a) or (b) would exist. UCC, UFN, Unilever PLC or UNUS, as the case may be, will also pay to each Holder, or make available for payment to each such Holder, on the Redemption Date any additional interest as described in Section 10.10 or Section 10.11 resulting from the payment of such Redemption Price. ARTICLE XII Sinking Fund SECTION 12.01. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Debt Securities of a series except as otherwise specified pursuant to Section 3.01 for Debt Securities of such series. The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of Debt Securities of any series is herein referred to as an "optional sinking fund payment". If provided for by the terms of Debt Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series as provided for by the terms of Debt Securities of such series. SECTION 12.02. Satisfaction of Sinking Fund Payments. Any Issuer (1) may deliver outstanding Debt Securities of a series (other than any previously called for redemption), and (2) may apply as a credit Debt Securities of a series which have been redeemed either at the election of such Issuer pursuant to the terms of such Debt Securities or through the application of optional sinking fund payments pursuant to the terms of such Debt Securities, in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Debt Securities of such series; provided that such Debt Securities have not been previously so credited. Such Debt Securities shall be received and credited for such purpose by the Trustee at the 77 Redemption Price specified in such Debt Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. SECTION 12.03. Redemption of Debt Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any series of Debt Securities, the Issuer of such series will deliver to the Trustee an Officer's Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Debt Securities of that series pursuant to Section 12.02 and will also deliver to the Trustee any Debt Securities to be so delivered and not theretofore delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuer thereof in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07. SECTION 12.04. Sinking Fund Moneys Not to be Applied to Redemption of Debt Securities Under Certain Circumstances. The Trustee shall not redeem Debt Securities of any series with sinking fund moneys or give any notice of redemption of any such Debt Securities during the continuance of a default in payment of any interest on such Debt Securities or of an Event of Default with respect to such series known to the Trustee, except that if notice of redemption of such Debt Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Debt Securities provided funds are deposited with it for that purpose. ARTICLE XIII Meetings of Holders of Debt Securities SECTION 13.01. Purpose of Meetings. A meeting of Holders of Debt Securities of any or all series may be called at any time and from time to time pursuant to the provisions of this Article XIII for any of the following purposes: (1) to give any notice to UCC, UFN, Unilever PLC, UNUS or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article V; (2) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI; (3) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or (4) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Debt Securities of any or all series, as the case may be, under any other provisions of this Indenture or under applicable law. 78 SECTION 13.02. Call of Meeting by Trustee. The Trustee may at any time call a meeting of Holders of Debt Securities of any or all series to take any action specified in Section 13.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York or in London, England, as the Trustee shall determine. Notice of every meeting of the Holders of Debt Securities of any or all series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given (i) to all Holders of then Outstanding bearer Debt Securities of each series that may be affected by the action proposed to be taken at such meeting, by publication at least once in an Authorized Newspaper in London, England, and, if the Trustee deems it to be fit, in the Borough of Manhattan, The City of New York, prior to the date fixed for the meeting, the first publication, in each case, to be not less than 20 nor more than 180 days prior to the date fixed for the meeting and the last publication to be not more than 15 days prior to the date fixed for the meeting, (ii) to all Holders of then Outstanding bearer Debt Securities of each series that may be affected by the action proposed to be taken at such meeting, who have filed their names and addresses with the Trustee pursuant to the Trust Indenture Act, by mailing such notice to such Holders at such addresses, not less than 20 nor more than 180 days prior to the date fixed for the meeting, and (iii) to all Holders of then Outstanding registered Debt Securities of each series that may be affected by the action proposed to be taken at such meeting, by mailing such notice to such Holders at their addresses as they shall appear on the Security Register, not less than 2 nor more than 180 days prior to the date fixed for the meeting. Failure to receive such notice or any defect therein shall in no case affect the validity of any action taken at such meeting. Any meeting of Holders of Debt Securities of all or any series shall be valid without notice if the Holders of all such Outstanding Debt Securities, UCC, UFN, Unilever PLC, UNUS and the Trustee are present in person or by proxy or shall have waived notice thereof before or after the meeting. SECTION 13.03. Call of Meeting by UCC, UFN, Unilever PLC, UNUS or Holders of Debt Securities. In case at any time UCC, UFN, Unilever PLC or UNUS, pursuant to a resolution of its Board of Directors, or the Holders of at least 10 percent in aggregate principal amount of the Outstanding Debt Securities of any affected series, shall have requested the Trustee to call a meeting of Holders of Debt Securities of such series by written request setting forth in reasonable detail the action proposed to be taken at the meeting and the Trustee shall not have mailed or published, as provided in Section 13.02, the notice of such meeting within 30 days after receipt of such request, then UCC, UFN, Unilever PLC, UNUS or such Holders may determine the time and the place in said Borough of Manhattan or London for such meeting and may call such meeting to take any action authorized in Section 13.01, by mailing or publishing notice thereof as provided in Section 13.02. SECTION 13.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders of Debt Securities, a Person shall (a) be a Holder of one or more Debt Securities of a series affected by the action proposed to be taken of, or (b) be a Person appointed by an instrument in writing as proxy by the Holder of one or more such Debt Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of UCC, UFN, Unilever PLC or UNUS and their respective counsel. SECTION 13.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Debt Securities, in regard to proof of the holding of Debt Securities and of 79 the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. Except as otherwise permitted or required by any such regulations, the holding of Debt Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04 or by having a signature of the person executing the proxy witnessed or guaranteed by any trust company, bank, banker or recognized securities dealer authorized by Section 1.04 to certify to the holding of Debt Securities. The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by UCC, UFN, Unilever PLC, UNUS or by Holders of Debt Securities as provided in Section 13.03, in which case the party calling the meeting shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. Subject to the provisions of Section 13.04, at any meeting each Holder of Outstanding Debt Securities or proxy shall be entitled to one vote for each $1,000 principal amount (in the case of Original Issue Discount Securities, such principal amount to be the principal amount of an Outstanding Original Issue Discount Security that would be due and payable as of the date of such determination upon a declaration of acceleration of Maturity thereof pursuant to Section 5.02) of Debt Securities held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Debt Securities held by him or instruments in writing as aforesaid duly designating him as the person to vote on behalf of other Holders. Any meeting of Holders of Debt Securities duly called pursuant to the provisions of Section 13.02 or 13.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. Whenever any Act is to be taken hereunder by the holders of two or more series of Debt Securities denominated in different currencies (or currency units), then, for the purpose of determining the principal amount of Securities held by such Holders, the aggregate principal amount of the Debt Securities denominated in a Foreign Currency shall be deemed to be that amount of U.S. dollars that could be obtained for such principal amount on the basis of the spot rate of exchange for such Foreign Currency as determined by the Issuer of such series or by an authorized exchange rate agent and, unless such agent is the Trustee or its Affiliate, evidenced to the Trustee by an Officer's Certificate as of the date the taking of such Act by the Holders of the requisite percentage in principal amount of the Debt Securities is evidenced to the Trustee. An exchange rate agent may be appointed in advance or from time to time by the Issuer of such series, and may be the Trustee or its Affiliate. Any such determination by such Issuer or by any such exchange rate agent shall be conclusive and binding on all Holders, such Issuer and the Trustee, and neither such Issuer nor any such exchange rate agent shall be liable therefor in the absence of bad faith. SECTION 13.06. Voting. The vote upon any resolution submitted to any meeting of Holders of Debt Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and the principal amount and/or the serial number or numbers of the Debt Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written

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80 reports in quintuplicate of all votes cast at the meeting. A record in quintuplicate of the proceedings of each meeting of Holders of Debt Securities shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed or published as provided in Section 13.02. The record shall show the principal amount and/or the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the quintuplicates shall be delivered to each of UCC, UFN, Unilever PLC, UNUS and the fifth to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. SECTION 13.07. No Delay of Rights by Meeting. Nothing in this Article contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of Debt Securities of any or all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or the Holders of Debt Securities of any or all such series, or of Coupons appertaining to such Debt Securities, under any provisions of this Indenture or of the Debt Securities. No meeting shall be required in order to enter into supplemental indentures in accordance with the provisions of Article IX of this Indenture. ARTICLE XIV Defeasance SECTION 14.01. Defeasance Upon Deposit of Moneys, U.S. Government Obligations or Foreign Government Securities. At the Issuer's option, either (a) the Issuer shall be deemed to have been Discharged (as defined below) from its obligations with respect to any series of Debt Securities and the Guarantors shall be deemed to be Discharged from their respective obligations with respect to the Guarantees relating to such Debt Securities, on the 121st day after the applicable conditions set forth below have been satisfied, or (b) the Issuer and the Guarantors, as the case may be, shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 8.01, 10.05, 10.06 and 10.07 (but only those so set forth) with respect to any series of Debt Securities, at any time after the applicable conditions set forth below have been satisfied: (1) the Issuer of such series shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Debt Securities (i) in the case of Debt Securities of such series denominated in U.S. dollars, U.S. money and/or U.S. Government Obligations; (provided, however, that in the case of Debt Securities of any series issued in whole or in part in bearer form, not more than 50 percent (determined with respect to both value and income) of the deposited collateral shall consist of U.S. Government Obligations), or (ii) in the case of Debt Securities of such series denominated in a Foreign Currency (other than a basket 81 currency), money and/or Foreign Government Securities in the same Foreign Currency, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and any interest on all the Debt Securities of such series on the dates such installments of interest or principal are due; (2) no Event of Default set forth in Sections 5.01(5) or (6) (without giving effect to the period of time referred to therein) shall have occurred and be continuing on the date of such deposit; (3) in the case of the Debt Securities of such series being Discharged pursuant to clause (a) only, the Issuer shall have delivered to the Trustee either (i) an Opinion of Counsel to the effect that Holders of the Debt Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of the Issuer's exercise of its option under clause (a) above and will be subject to United States Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised, or (ii) a ruling to that effect received from or published by the United States Internal Revenue Service; (4) in the case of the Debt Securities of such series being Discharged pursuant to clause (b) only, such Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Debt Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of the Issuer's exercise of its option under clause (b) above and will be subject to United States Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised; (5) such Discharge shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Debt Securities are in default within the meaning of such Act); (6) such Discharge shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Issuer is a party or by which it is bound; (7) such Discharge shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder; (8) the Issuer shall have delivered to the Trustee an Officer's Certificate to the effect that neither such Debt Securities nor any other Debt Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit; (9) in the case of Debt Securities designated as subordinated pursuant to clause (19) of Section 3.01, at the time of such deposit, no default in the payment of any principal of or premium or interest on any Senior Debt shall have occurred and be 82 continuing, no event of default with respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and payable prior to the date on which it would otherwise have become due and payable (unless payment of such Senior Debt has been made or duly provided for), and no other event of default with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse of time or both) the holders of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable; and (10) the Issuer shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to a defeasance under Section 14.01(a) or 14.01(b) (as the case may be) have been complied with. "Discharged" means that the Issuer shall be deemed to have paid and discharged the entire indebtedness represented by and obligations under the Debt Securities of such series and to have satisfied all the obligations under this Indenture relating to the Debt Securities of such series and the Guarantors shall be deemed to have satisfied all their respective obligations under this Indenture and with respect to the Guarantees relating to such Debt Securities (and the Trustee at the expense of the Issuer shall execute proper instruments acknowledging the same), except (A) the rights of Holders of Debt Securities of such series to receive from the trust fund described in clause (1) above payment of the principal of and any interest on such Debt Securities when such payments are due; (B) the Issuer's obligations with respect to such Debt Securities under Sections 3.04, 3.05, 3.06, 10.02, 10.03 and 14.04; and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. SECTION 14.02. Application of Trust Money. The Trustee shall hold in trust money, U.S. Government Obligations and/or Foreign Government Securities deposited with it pursuant to Section 14.01 and apply the deposited money and/or the money from such U.S. Government obligations or from such Foreign Government Securities through any Paying Agent and in accordance with this Indenture to the payment of principal of and any interest on the Debt Securities of such series in the case of a deposit pursuant to Section 14.01. SECTION 14.03. Repayment to Issuer. The Trustees and any Paying Agent promptly shall pay to the Issuer upon Issuer Request any excess money, U.S. Government Obligations and/or Foreign Government Securities held by them at any time with respect to any series of Debt Securities of such Issuer. SECTION 14.04. Indemnity for U.S. Government Obligations and Foreign Government Securities. Each Issuer shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Securities or the principal and interest received on such U.S. Government Obligations or Foreign Government Securities deposited in respect of any series of Debt Securities of such Issuer. SECTION 14.05. Reinstatement. If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations and/or Foreign Government Securities deposited in trust in accordance with Section 14.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority located within the United States of 83 America and having jurisdiction in the premises, enjoining, restraining or otherwise prohibiting such application (including any such order or judgment requiring the payment of money, U.S. Government Obligations and/or Foreign Government Securities to the Issuer), the obligations of UCC, UFN, Unilever PLC and UNUS, as the case may be, under this Indenture, the Debt Securities of such series and the Guarantees relating to such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.01, until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations and/or Foreign Government Securities in accordance with Section 14.01; provided, however, that if the Issuer or any Guarantor has made any payment of any interest on or principal of any Debt Securities of such series because of the reinstatement of its obligations, such Issuer or such Guarantor, as the case may be, shall be subrogated to the rights of the holders of the Debt Securities of such series to receive such payment from the money, U.S. Government Obligations and/or Foreign Government Securities held by the Trustee pursuant to Section 14.01. SECTION 14.06. Return of Unclaimed Money. Any money deposited with or paid to the Trustee or Paying Agent for payment of the principal of, or any interest on, the Debt Securities of such series and not applied but remaining unclaimed by the holders of the Debt Securities of such series for two years after the date of the Maturity of the Debt Securities of such series or the date fixed for the redemption of all the Outstanding Debt Securities of such series shall be repaid to the Issuer by the Trustee or Paying Agent on demand; and the Holder of any of such Debt Securities shall thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, subject to applicable abandoned property law. ARTICLE XV Conversion of Debt Securities SECTION 15.01. Applicability of Article. The provisions of this Article shall be applicable to any series of Debt Securities designated as convertible pursuant to clause (12) of Section 3.01. SECTION 15.02. Conversion Privilege. Subject to and upon compliance with the provisions of this Article and subject to any applicable fiscal and other laws or regulations, at the option of the Holder thereof, any Debt Security of any series designated as convertible pursuant to clause (12) of Section 3.01 may, at any time specified pursuant to Section 3.01 for Debt Securities of such series (or in case such Debt Security or some portion thereof shall be called for redemption prior to its Stated Maturity, then, with respect to such Debt Security or portion thereof as is so called, until and including, but (if no default is made in making due provision for the payment of the Redemption Price) not after, the close of business on the applicable Redemption Date), be converted at 100 percent of the principal amount of such Debt Security (or portion thereof), into new and/or existing Unilever PLC Shares, as determined by Unilever PLC, credited as fully paid at the conversion price, determined as hereinafter provided, in effect on the date such Debt Security is surrendered for conversion in accordance with Section 15.03 (the "Date of Surrender"). In the absence of any specification with respect to the Debt Securities of any series, such Debt Securities may be converted in whole or in part in multiples of $1,000 principal amount. SECTION 15.03. Exercise of Conversion Privilege. In order to exercise the conversion privilege, the Holder of any Debt Security to be converted shall surrender such Debt Security to the Issuer at any time during usual business hours at the office or agency designated

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84 for such purpose in the applicable Prospectus Supplement, accompanied by a fully executed written notice, with a duplicate original to the Trustee in substantially the form set forth on the reverse of the Debt Security, that the holder elects to convert such Debt Security or a stated portion thereof constituting a multiple of $1,000 principal amount (or such other multiple as may be specified pursuant to Section 3.01), and, in the case of registered Debt Security, if such Debt Security (i) is surrendered for conversion during the period between the close of business on the Regular Record Date for any Interest Payment Date and the opening of business on such Interest Payment Date and (ii) has not been called for redemption on a Redemption Date within such period, accompanied also by payment, by certified or official bank check drawn on a bank located in the United States, of an amount equal to the interest payable on such Interest Payment Date on the principal amount of the Debt Security (or portion thereof) being surrendered for conversion; provided that no such payment need be made if there shall exist on the Date of Surrender a default in the payment of interest on the Debt Securities. Debt Securities surrendered for conversion shall be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Trustee duly executed by, the Holder or his attorney duly authorized in writing. Debt Securities in bearer form surrendered for conversion must be accompanied by all Coupons maturing subsequent to the date of such conversion failing which the amount of any such missing Coupon or Coupons will be deducted from the principal amount of such Debt Security for the purposes of determining the number of Unilever PLC Shares to be issued upon such conversion. Unless Unilever PLC is the Issuer, the Trustee, upon surrender of a Debt Security by the Holder for conversion and receipt of a fully executed notice of conversion with respect thereto pursuant to this Section, shall make demand on the Issuer, and the Issuer shall pay to the Trustee (which demand and payment, in the case of bearer Debt Securities, shall occur outside the United States of America), in immediately available funds, an amount in pound sterling (based on the noon buying rate on the date of conversion in New York City for cable transfers of pounds sterling, as certified by the Federal Reserve Bank of New York) equal to the initial conversion price specified pursuant to Section 3.01 for Debt Securities of such series or the adjusted conversion price in effect at the date of conversion if an adjustment has been made pursuant to Section 15.06 (the "Subscription Price") multiplied by the number of Unilever PLC Shares deliverable to such Holder upon conversion. Upon receipt of such payment from the Issuer, the Trustee shall demand that Unilever PLC issue or otherwise provide the Trustee with the number of Unilever PLC Shares deliverable upon conversion against payment by the Trustee to Unilever PLC of the Subscription Price per each such Unilever PLC Share, and Unilever PLC hereby agrees promptly to so issue or otherwise provide such Unilever PLC Shares to the Trustee against such payment; in the case of a bearer Debt Security, such demand and issuance or other provision shall occur outside of the United States of America. If Unilever PLC is the Issuer of the Debt Security to be converted, as promptly as practicable on or after the conversion date, Unilever PLC shall issue and shall deliver at such office or agency a certificate or certificates for the number of Unilever PLC Shares issuable upon conversion. As promptly as practicable after the purchase by the Trustee of such Unilever PLC Shares (i) the Trustee shall deliver or cause to be delivered or transferred to such Holder, or on his written order (which delivery, in the case of Unilever PLC Shares delivered or transferred with respect to a bearer debt security, shall occur outside of the United States of America), the number of Unilever PLC Shares deliverable upon the conversion of such Debt Security, duly endorsed or assigned as specified by such Holder and (ii) in the case of conversion of a portion, but less than all, of a Debt Security, the Issuer shall execute, and the Trustee shall authenticate and deliver to 85 the Holder thereof, without charge to him, a Debt Security or Debt Securities of such series in the aggregate principal amount of the unconverted portion of the Debt Security surrendered. Except as otherwise expressly provided in this Section, no payment or adjustment shall be made on conversion of any Debt Security for interest accrued on such Debt Security (or portion thereof so converted) or for dividends or distributions on any Unilever PLC Shares issued upon conversion of any Debt Security. SECTION 15.04. Fractional Interests. No fractions of shares or scrip representing fractions of shares shall be issued upon conversion of Debt Securities. If more than one Debt Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Debt Securities so surrendered. If any fractional Unilever PLC Share would, except for the provisions of this Section, be deliverable upon the conversion of any Debt Security or Debt Securities, the Issuer shall make payment in lieu thereof in an amount of United States dollars equal to the value of such fraction computed on the basis of the Closing Price of the Unilever PLC Shares on the last Business Day prior to the Date of Surrender. SECTION 15.05. Conversion Price. The conversion price per Unilever PLC Share deliverable upon conversion of the Debt Securities of any series shall initially be the dollar amount specified pursuant to Section 3.01 for Debt Securities of such series. SECTION 15.06. Adjustment of Conversion Price. The conversion price applicable to the Debt Securities of any series shall be subject to adjustment from time to time as follows: (a) In case Unilever PLC shall (1) pay a dividend or make a distribution to holders of Unilever PLC Shares in Unilever PLC Shares, (2) subdivide its outstanding Unilever PLC Shares into a greater number of shares, (3) combine its outstanding Unilever PLC Shares into a smaller number of shares or (4) issue any shares by reclassification of its Unilever PLC Shares, the conversion price in effect immediately prior to such action shall be adjusted so that the Holder of any Debt Security thereafter surrendered for conversion shall be entitled to receive the number of Unilever PLC Shares which he would have owned or have been entitled to receive immediately following such action had such Debt Security been converted immediately prior thereto. Any adjustment made pursuant to this subsection (a) shall become effective immediately, except as provided in subsection (e) below, after the record date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision or combination. (b) In case Unilever PLC shall issue rights or warrants to all holders of Unilever PLC Shares entitling them to subscribe for or purchase Unilever PLC Shares at a price per share less than the current market price per Unilever PLC Share (as determined pursuant to subsection (d) below) on the record date mentioned below, the conversion price shall be adjusted to a price, computed to the nearest cent, so that the same shall equal the price determined by multiplying: (1) the conversion price in effect immediately prior to the date of issuance of such rights or warrants by a fraction, of which (2) the numerator shall be (A) the number of Unilever PLC Shares outstanding on the date of issuance of such rights or warrants immediately prior to 86 such issuance, plus (B) the number of shares which the aggregate offering price (in United States dollars) of the total number of shares so offered would purchase at such current market price (determined by multiplying such total number of shares by the exercise price of such rights or warrants and dividing the product so obtained by such current market price), and of which (3) the denominator shall be (A) the number of Unilever PLC Shares outstanding on the date of issuance of such rights or warrants immediately prior to such issuance, plus (B) the number of additional Unilever PLC Shares which are so offered for subscription or purchase. Such adjustment shall be made successively whenever any such rights or warrants are issued, and shall become effective immediately, except as provided in subsection (e) below, after the record date for the determination of holders entitled to receive such rights or warrants. In determining whether any rights or warrants entitle the holders to subscribe for or purchase Unilever PLC Shares at less than such current market price, and in determining the aggregate offering price of such Unilever PLC Shares, there shall be taken into account any consideration received by Unilever PLC for such rights or warrants, the value of such consideration, if other than cash, to be determined, in good faith, by the Board of Directors of Unilever PLC. (c) In case Unilever PLC shall distribute to all holders of Unilever PLC Shares evidences of indebtedness, equity securities other than Unilever PLC Shares or other assets (other than cash dividends or cash distributions payable out of retained earnings), or shall distribute to all holders of Unilever PLC Shares rights or warrants to subscribe for or purchase any of its securities (other than those referred to in subsection (b) above), then in each such case the conversion price shall be adjusted so that the same shall equal the price determined by multiplying the conversion price in effect immediately prior to the date of such distribution by a fraction of which the numerator shall be the current market price per Unilever PLC Share (determined as provided in subsection (d) below) on the record date mentioned below less the then fair market value (in United States dollars) (as determined by the Board of Directors of Unilever PLC whose determination shall, if made in good faith, be conclusive) of the portion of the evidences of indebtedness, equity securities or assets so distributed or of such subscription rights or warrants applicable to one Unilever PLC Share and of which the denominator shall be such current market price per Unilever PLC Share (determined as provided in subsection (d) below). Such adjustment shall become effective immediately, except as provided in subsection (e) below, after the record date for the determination of stockholders entitled to receive such distribution. (d) For the purpose of any computation under subsections (b) and (c) above, the current market price per Unilever PLC Share at any date shall be deemed to be the average of the daily Closing Prices on the 5 consecutive Trading Days commencing not more than 20 Trading Days before the date in question. The term "Closing Price" on any Trading Day shall mean (i) the last reported sales price per Unilever PLC Share on such Trading Day on the New York Stock Exchange, as published by or derived from relevant Bloomberg page HP (or any successor ticker page) (setting Last Price, or any other successor setting and using values not adjusted for any event occurring after such dealing day; and for the avoidance of doubt, all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) (ii) if the 87 Unilever PLC Shares are not listed or admitted for trading on the New York Stock Exchange, the last reported sales price on such other national securities exchange on which the Unilever PLC Shares are admitted for trading as may be designated by the Board of Directors of Unilever PLC for the purposes hereof, or (iii) if the Unilever PLC Shares are not listed or admitted for trading on any national securities exchange, the fair market value on such Trading Day of an Unilever PLC Share as determined in good faith by the Board of Directors of Unilever PLC; and the term "Trading Day" shall mean, with respect to the New York Stock Exchange or any other national securities exchange, any day on which such exchange is open for trading, and with respect to the Financial Industry Regulatory Authority, automated quotation system or any similar system, any day on which trades can be made on such system; provided that with respect to clause (iv) above, "Trading Day" shall mean any Business Day. (e) In any case in which this Section shall require that an adjustment be made immediately following a record date, the Issuer may elect to defer the effectiveness of such adjustment (but in no event until a date later than the effective time of the event giving rise to such adjustment), in which case the Issuer shall, with respect to any Debt Security converted after such record date and before such adjustment shall have become effective (i) defer paying any cash payment pursuant to Section 15.04 and defer paying to the Trustee the Subscription Price referred to in Section 15.03 with respect to the Unilever PLC Shares deliverable upon such conversion in excess of the number of Unilever PLC Shares deliverable thereupon only on the basis of the conversion price prior to adjustment, and (ii) not later than five Business Days after such adjustment shall have become effective, pay to such Holder the appropriate cash payment pursuant to Section 15.04 and pay to the Trustee the Subscription Price referred to in Section 15.03 with respect to the additional Unilever PLC Shares deliverable on such conversion. (f) No adjustment in the conversion price shall be required unless such adjustment would require an increase or decrease of at least one percent in such price per Unilever PLC Share; provided that any adjustments which by reason of this subsection (f) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article shall be made to the nearest penny. (g) Whenever the conversion price is adjusted as herein provided, Unilever PLC and UCC (if UCC is an Issuer of any series of Debt Securities the conversion price of which is subject to adjustment hereunder) shall promptly (i) file with the Trustee an Officer's Certificate setting forth the conversion price after such adjustment and setting forth a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment, and (ii) notify each Holder of Debt Securities as provided in Section 1.06. Anything in this Section to the contrary notwithstanding, Unilever PLC, and UCC (where UCC is an Issuer of any series of Debt Securities issued under this Indenture) shall be entitled to make such reductions in the conversion price, in addition to those required by this Section, as they in their discretion shall determine to be advisable in order that any stock dividend, subdivision of shares, distribution of rights or warrants to purchase stock or securities, or distribution of other assets (other than cash dividends) hereafter made by Unilever PLC. to its respective stockholders shall not be taxable to the recipients. (h) The conversion price shall not in any event be reduced to below the nominal or par value of a Unilever PLC Share or be reduced so that on conversion of the

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88 Debt Securities, Unilever PLC Shares would fall to be issued in circumstances not permitted by applicable laws or regulations. SECTION 15.07. Continuation of Conversion Privilege in Case of Reclassification, Change, Merger, Consolidation or Sale of Assets. If any of the following shall occur, namely: (a) any reclassification or change of outstanding Unilever PLC Shares issuable upon conversion of the Debt Securities (other than a change in par value, or as a result of a subdivision or combination); (b) any consolidation or merger to which Unilever PLC is a party as a result of which the holders of Unilever PLC Shares shall be entitled to receive stock, other securities or other assets (including, cash) with respect to or in exchange for Unilever PLC Shares; or (c) sale or conveyance of all or substantially all of the assets or business of Unilever PLC as an entirety or substantially as an entirety; then Unilever PLC or such successor or purchasing corporation, as the case may be, shall, as a condition precedent to such reclassification, change, consolidation, merger, sale or conveyance, execute and deliver (together with UCC and each other Guarantor) to the Trustee a supplemental indenture (which shall conform to the Trust Indenture Act) providing that the Holder of each Debt Security then outstanding shall have the right to convert such Debt Security into the kind and amount of shares of stock and other securities and assets (including cash) receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of the number of Unilever PLC Shares deliverable upon conversion of such Debt Security immediately prior to such reclassification, change, consolidation, merger, sale or conveyance, assuming such holder of Unilever PLC Shares (i) is not a Person with which Unilever PLC consolidated or into which Unilever PLC merged or which merged into Unilever PLC or to which such sale or transfer was made, as the case may be ("constituent Person"), or an Affiliate of a constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of stock and other securities and assets (including cash) receivable upon such consolidation, merger, sale or transfer (provided that if the kind or amount of stock and other securities and assets (including cash) receivable upon such consolidation, merger, sale or transfer is not the same for each Unilever PLC Share held immediately prior to such consolidation, merger, sale or transfer by other than a constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised ("non-electing share"), then for the purpose of this Section the kind and amount of stock and other securities and assets (including cash) receivable upon such consolidation, merger, sale or transfer by each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality of the non-electing shares). Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article. If, in the case of any such consolidation, merger, sale or conveyance, the stock or other securities and assets receivable thereupon by a holder of Unilever PLC Shares includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Debt Securities as shall reasonably be necessary by reason of the foregoing. The provisions of this Section shall similarly apply to successive consolidations, mergers, sales or conveyances. 89 Notice of the execution of each such supplemental indenture shall be given to each Holder of Debt Securities in accordance with Section 1.06. The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any such supplemental indenture relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of Debt Securities upon the conversion of their Debt Securities after any such reclassification, change, consolidation, merger, sale or conveyance or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 6.01, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers Certificate of Unilever PLC and UCC (if applicable) (which Unilever PLC and UCC (if applicable) shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. SECTION 15.08. Notice of Certain Events. In case: (a) Unilever PLC shall declare a dividend (or any other distribution) payable to the holders of Unilever PLC Shares otherwise than in cash out of retained earnings; or (b) Unilever PLC shall authorize the granting to the holders of Unilever PLC Shares of rights to subscribe for or purchase any shares of stock of any class or of any other rights; or (c) Unilever PLC shall authorize any reclassification or change of the Unilever PLC Shares (other than a subdivision or combination of the outstanding shares thereof), or any consolidation or merger to which Unilever PLC is a party and for which approval of any stockholders of Unilever PLC is required, or the sale or conveyance of all or substantially all of the property or business or Unilever PLC; or (d) there shall be proposed any voluntary or involuntary dissolution, liquidation or winding-up of Unilever PLC; then, Unilever PLC and UCC (if UCC is an Issuer of any series of Debt Securities hereunder) shall cause to be filed at the office or agency maintained for the purpose of conversion of the Debt Securities as provided in Section 10.02, and shall cause to be given to each Holder of Debt Securities in accordance with Section 1.06, at least 20 days before the date hereinafter specified (or the earlier of the dates hereinafter specified, in the event that more than one date is specified), a notice stating the date on which (1) a record is expected to be taken for the purpose of such dividend, distribution or rights, or if a record is not to be taken, the date as of which the holders of Unilever PLC Shares of record to be entitled to such dividend, distribution or rights are to be determined, or (2) such reclassification, change, consolidation, merger, sale, conveyance, dissolution, liquidation or winding-up is expected to become effective and the date, if any is to be fixed, as of which it is expected that holders of Unilever PLC Shares of record shall be entitled to exchange their Unilever PLC Shares for securities or other property deliverable upon such reclassification, change, consolidation, merger, sale, conveyance, dissolution, liquidation or winding-up. SECTION 15.09. Disclaimer of Responsibility for Certain Matters. Neither the Trustee nor any agent of the Trustee shall at any time be under any duty or responsibility to any Holder of Debt Securities to determine whether any facts exist which may require any adjustment of the conversion price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be 90 employed, in making the same. Neither the Trustee nor any agent of the Trustee shall be accountable with respect to the validity or value (or the kind or amount) of any Unilever PLC Shares, or of any securities or property (including cash), which may at any time be issued or delivered upon the conversion of any Debt Security; and neither the Trustee nor any agent of the Trustee makes any representation with respect thereto. Subject to Section 6.01, neither the Trustee nor any agent of the Trustee shall be responsible for any failure of UCC or Unilever PLC to comply with any of their respective covenants contained in this Article. SECTION 15.10. Return of Funds Deposited for Redemption of Converted Debt Securities. Any funds which at any time shall have been deposited by an Issuer or on its behalf which the Trustee or any other Paying Agent for the purpose of paying the principal of, premium, if any, and interest on any of the Debt Securities and which shall not be required for such purposes because of the conversion of such Debt Securities, as provided in this Article, shall after such conversion be repaid to such Issuer by the Trustee or such other Paying Agent. ARTICLE XVI Subordination of Debt Securities SECTION 16.01. Applicability of Article. The provisions of this Article shall be applicable to any series of Debt Securities designated as subordinated pursuant to clause (19) of Section 3.01. SECTION 16.02. Agreement to Subordinate. UCC, UFN, Unilever PLC and UNUS covenant and agree, and each Holder of Debt Securities and holder of Coupons of any series designated as subordinated pursuant to clause (19) of Section 3.01 issued hereunder, whether upon original issuance or upon transfer, assignment or exchange thereof, by his acceptance thereof likewise covenants and agrees, that, to the extent and in the manner herein set forth, all indebtedness evidenced by the Debt Securities of such series and the Coupons appertaining thereto and the payment of principal (and premium, if any) and any interest on such Debt Securities and the Coupons appertaining thereto and sums payable with respect to conversion, if applicable, are hereby made expressly subordinate and subject in right of payment to the prior payment in full of all Senior Debt of the Issuer of such series of Debt Securities, and the obligations of each Guarantor evidenced by the Guarantees shall be subordinate and subject in right of payment to the prior payment in full of all Senior Debt of such Guarantor. SECTION 16.03. Payments by an Issuer to Holders. In the event and during the continuation of any default in the payment of any Senior Debt of an Issuer of any series of Debt Securities designated as subordinated pursuant to clause (19) of Section 3.01 continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, then, unless and until such event shall have been cured or waived or shall have ceased to exist, no payment shall be made by such Issuer with respect to the principal of, premium, if any, or interest on the Debt Securities of such series, or with respect to any amounts payable by such Issuer upon conversion of the Debt Securities of such series, if any, pursuant to Section 15.03 or as a sinking fund for the Debt Securities of any series, except sinking fund payments made by the acquisition of Debt Securities under Section 12.02 prior to the happening of such default and payments made pursuant to Articles IV or XIV hereof from moneys deposited with the Trustee pursuant thereto prior to the happening of such default. 91 Upon any payment or distribution of assets of an Issuer of such subordinated Debt Securities of any kind or character, whether in cash, property or securities (as such phrase is defined in Section 16.04), to creditors upon any dissolution or winding-up or total or partial liquidation or reorganization of such Issuer, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Debt of such Issuer shall first be paid in full, or payment thereof provided for in accordance with its terms, before any payment is made on account of the principal of, premium, if any, or interest on the Debt Securities of any series designated as subordinated pursuant to clause (19) of Section 3.01 (except payments made pursuant to Articles IV or XIV from moneys deposited with the Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or reorganization) or on account of any amounts payable by such Issuer upon conversion of any Debt Securities pursuant to Section 15.03, and upon any such dissolution or winding-up or liquidation or reorganization any payment or distribution of assets of such Issuer of any kind or character, whether in cash, property or securities, to which the Holders of Debt Securities or holders of Coupons of any such series or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall (except as aforesaid) be paid by such Issuer or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or by the Holders of Debt Securities or holders of Coupons of any such series or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt of such Issuer (pro rata to such holders on the basis of the respective amounts of such Senior Debt held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all such Senior Debt in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt, before any payment or distribution is made to the Holders of any series of subordinated Debt Securities or holders of Coupons of any such series or to the Trustee under this Indenture. In the event that, notwithstanding the foregoing, any payment or distribution of assets of such Issuer of any kind or character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee under this Indenture or the Holders of subordinated Debt Securities or holders of Coupons of any such series of subordinated Debt Securities before all Senior Debt of such Issuer is paid in full or provision is made for such payment in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Senior Debt of such Issuer remaining unpaid until all such Senior Debt shall have been paid in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. SECTION 16.04. Payments by Guarantors to Holders. In the event and during the continuation of any default in the payment of any Senior Debt of any Guarantor continuing beyond the period of grace, if any, specified in the instrument evidencing such Senior Debt, then, unless and until such event shall have been cured or waived or shall have ceased to exist, no payment shall be made by such Guarantor with respect to the principal of, premium, if any, or interest on the Debt Securities of any series designated as subordinated pursuant to clause (19) of Section 3.01, or with respect to any amounts payable by the Issuer upon conversion of the Debt Securities of any such series pursuant to Section 15.03 or as a sinking fund for the Debt Securities of any such series, except sinking fund payments made by the acquisition of Debt Securities under Section 12.02 prior to the happening of such default and payments made

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92 pursuant to Articles IV or XIV hereof from moneys deposited with the Trustee pursuant thereto prior to the happening of such default. Upon any payment or distribution of assets of any Guarantor of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up or total or partial liquidation or reorganization of such Guarantor, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Debt of such Guarantor shall first be paid in full, or payment thereof provided for in accordance with its terms, before any payment is made on account of the principal of, premium, if any, or interest on the Debt Securities of any series designated as subordinated pursuant to clause (19) of Section 3.01 (except payments made pursuant to Articles IV or XIV from moneys deposited with the Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or reorganization) or on account of any amounts payable by the Issuer upon conversion of any Debt Securities pursuant to Section 15.03, and upon any such dissolution or winding-up or liquidation or reorganization any payment or distribution of assets of such Guarantor of any kind or character, whether in cash, property or securities, to which the Holders of Debt Securities or holders of Coupons of any such series of subordinated Debt Securities or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall (except as aforesaid) be paid by such Guarantor or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or by the Holders of Debt Securities or holders of Coupons of any such series or by the Trustee under this Indenture if received by them or it, directly to the holders of such Senior Debt (pro rata to such holders on the basis of the respective amounts of such Senior Debt held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all such Senior Debt in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt, before any payment or distribution is made to the Holders of subordinated Debt Securities or holders of Coupons of any such series of subordinated Debt Securities or to the Trustee under this Indenture. In the event that, notwithstanding the foregoing, any payment or distribution of assets of any Guarantor of any kind or character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee under this Indenture or the Holders of subordinated Debt Securities or holders of Coupons of any such series of subordinated Debt Securities before all Senior Debt of such Guarantor is paid in full or provision is made for such payment in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Senior Debt of such Guarantor remaining unpaid until all such Senior Debt shall have been paid in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. SECTION 16.05. "Cash, Property or Securities" For purposes of this Article, the words "cash, property or securities", when used with reference to UCC, UFN, Unilever PLC or UNUS shall not be deemed to include shares of stock of UCC, UFN, Unilever PLC or UNUS as reorganized or readjusted, or securities of UCC, UFN, Unilever PLC or UNUS or any other corporation provided for by a plan or reorganization or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the applicable series of 93 Debt Securities) to the payment of all Senior Debt of UCC, UFN, Unilever PLC or UNUS which may at the time be outstanding; provided, however, that (i) if a new corporation results from such reorganization or readjustment, such corporation assumes such Senior Debt (other than leases, which need not be thus assumed), and (ii) the rights of the holders of such Senior Debt (other than leases which are not assumed by UCC, UFN, Unilever PLC or UNUS or by the new corporation, as the case may be) are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of UCC, UFN, Unilever PLC or UNUS with, or the merger of UCC, UFN, Unilever PLC or UNUS into, another corporation or the liquidation or dissolution of UCC, UFN, Unilever PLC or UNUS following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided in Article VIII shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article VIII. Nothing in this Section shall apply to claims of, or payment to, the Trustee under or pursuant to Section 6.07. This Section shall be subject to the further provisions of Section 16.08. SECTION 16.06. Subrogation of Debt Securities. Subject to the payment in full of all Senior Debt of UCC, UFN, Unilever PLC and UNUS, the Holders of subordinated Debt Securities and holders of Coupons of any such series shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, property or securities of the Issuer applicable to the Senior Debt of the Issuer, or of any Guarantor applicable to the Senior Debt of such Guarantor, until the principal of, premium, if any, and interest on the Debt Securities of such series shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of any such Senior Debt of any cash, property or securities to which the Holders of subordinated Debt Securities or holders of Coupons of any such series or the Trustee on their behalf would be entitled except for the provisions of this Article, and no payment over pursuant to the provisions of this Article to the holders of such Senior Debt by Holders of subordinated Debt Securities or holders of Coupons of any such series or the Trustee on their behalf shall, as among UCC, UFN, Unilever PLC and UNUS, the creditors of UCC, UFN, Unilever PLC and UNUS (other than holders of Senior Debt of UCC, UFN, Unilever PLC or UNUS), and the Holders of subordinated Debt Securities and holders of Coupons of any such series, be deemed to be a payment by UCC, UFN, Unilever PLC or UNUS to or on account of the Debt Securities of any series. It is understood that the provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders of the subordinated Debt Securities and holders of Coupons appertaining thereto, on the one hand, and the holders of the Senior Debt of UCC, UFN, Unilever PLC and UNUS on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Debt Securities of any series is intended to or shall impair, as among UCC, UFN, Unilever PLC, UNUS, the creditors of UCC, UFN, Unilever PLC and UNUS (other than the holders of Senior Debt of UCC, UFN, Unilever PLC or UNUS), and the Holders of subordinated Debt Securities and holders of Coupons of any such series, the obligation of any Issuer, which is absolute and unconditional, to pay to the Holders of subordinated Debt Securities or holders of Coupons of any such series the principal of (and premium, if any) and any interest on the Debt Securities of such series, and the Subscription Price in respect thereof, as and when the same shall become due and payable in accordance with their terms, or the guarantee of such obligation by any Guarantor, which is also absolute and unconditional and which, subject to the rights hereunder of the holders of Senior Debt of such Guarantor, is intended to rank equally with all other general obligations of such Guarantor, or is intended to or shall affect the relative rights of the Holders of Debt Securities or holders of Coupons of any series and creditors of UCC, UFN, Unilever PLC and UNUS (other than 94 the holders of the Senior Debt of UCC, UFN, Unilever PLC or UNUS), nor shall anything herein or therein prevent the Holder of any subordinated Debt Security, the holder of any Coupon appertaining thereto or the Trustee on his behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Debt of UCC, UFN, Unilever PLC or UNUS in respect of cash, property or securities of UCC, UFN, Unilever PLC or UNUS received upon the exercise of any such remedy. Upon any payment or distribution of assets of UCC, UFN, Unilever PLC or UNUS, as the case may be, referred to in this Article, the Trustee, subject to the provisions of Section 6.01, the Holders of the subordinated Debt Securities of any series and the holders of any Coupons appertaining thereto shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Debt Securities and holders of Coupons of any series, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt of UCC, UFN, Unilever PLC or UNUS and other indebtedness of UCC, UFN, Unilever PLC or UNUS, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. SECTION 16.07. Authorization by Holders. Each Holder of a Debt Security and holder of a Coupon of any series designated as subordinated pursuant to clause (19) of Section 3.01 by his acceptance thereof authorizes the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article with respect to such series and appoints the Trustee his attorney-in-fact for any and all such purposes. SECTION 16.08. Notice to Trustee. Each of UCC, UFN, Unilever PLC and UNUS agrees to give prompt written notice to the Trustee and to any Paying Agent of any fact known to UCC, UFN, Unilever PLC or UNUS, as the case may be, which would prohibit the making of any payment of moneys to or by the Trustee or any Paying Agent in respect of the Debt Securities of any series pursuant to the provisions of this Article. Regardless of anything to the contrary contained in this Article or elsewhere in this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Debt of UCC, UFN, Unilever PLC or UNUS or of any default or event of default with respect to any such Senior Debt or of any other facts which would prohibit the making of any payment of moneys to or by the Trustee, unless and until the Trustee shall have received notice in writing at its Corporate Trust Office to that effect signed by an officer of UCC, UFN, Unilever PLC or UNUS, or by a holder or agent of a holder of any such Senior Debt who shall have been certified to the reasonable satisfaction of the Trustee to be such holder or agent, or by the trustee under any indenture pursuant to which any such Senior Debt shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject to Section 6.01, be entitled to assume that no such facts exist; provided, however, that if on a date at least three Business Days prior to the date upon which by the terms hereof any such moneys shall become payable for any purpose (including, without limitation, the payment of the principal of, premium, if any, or any interest on any Debt Securities of any series) the Trustee shall not have received with respect to such moneys the notice provided for in this Section, then, regardless of anything herein to the contrary, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date. 95 Regardless of anything to the contrary herein, nothing shall prevent (a) any payment by an Issuer or the Trustee to the Holders of Debt Securities of any series of amounts in connection with a redemption of Debt Securities of such series if (i) notice of such redemption has been given pursuant to Article XI prior to the receipt by the Trustee of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before the Redemption Date, or (b) any payment by the Trustee to the Holders of Debt Securities of any series of amounts deposited with it pursuant to Sections 4.01 or 14.01 subject to Sections 16.04 and 16.05. The Trustee shall be entitled to rely on the delivery to it of a written notice by a person representing himself to be a holder of Senior Debt of UCC, UFN, Unilever PLC or UNUS (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of such Senior Debt or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of such Senior Debt to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. SECTION 16.09. Trustee's Relation to Senior Debt. The Trustee and any agent of UCC, UFN, Unilever PLC, UNUS or the Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Debt of UCC, UFN, Unilever PLC or UNUS which may at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Debt of UCC, UFN, Unilever PLC or UNUS, and nothing in Section 6.13 or elsewhere in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07. With respect to the holders of Senior Debt of UCC, UFN, Unilever PLC or UNUS, the Trustee, in its capacity as Trustee for the Holders of subordinated Debt Securities and any Coupons appertaining thereto, undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of such Senior Debt shall be read into this Indenture against the Trustee. The Trustee, in its capacity as Trustee for the Holders of subordinated Debt Securities and any Coupons appertaining thereto, shall not be deemed to owe any fiduciary duty to the holders of such Senior Debt and, subject to the provisions of Section 6.01, the Trustee, in its capacity as Trustee in its capacity as Trustee for the Holders of subordinated Debt Securities and any Coupons appertaining thereto, shall not be liable to any holders of such Senior Debt if it shall pay over or deliver to Holders of Debt Securities or holders of Coupons of any series, UCC, UFN, Unilever PLC or UNUS or any other Person moneys or assets to which any holders of such Senior Debt shall be entitled by virtue of this Article or otherwise. SECTION 16.10. No Impairment of Subordination. No right of any present or future holder of any Senior Debt of UCC, UFN, Unilever PLC or UNUS to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of UCC, UFN, Unilever PLC or UNUS or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by UCC, UFN, Unilever PLC or UNUS with the terms,

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96 herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of UCC, UFN, Unilever PLC or UNUS or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by UCC, UFN, Unilever PLC or UNUS with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. • • • This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. IN WITNESS WHEREOF, UCC, UFN, Unilever PLC, UNUS and the Trustee have caused this Indenture to be duly executed, all as of the day and year first above written. UNILEVER CAPITAL CORPORATION, by: Name: Title: 99 UNILEVER UNITED STATES, INC., by: Name: Title: THE BANK OF NEW YORK MELLON, by: Name: Title:

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## Exhibit 2.3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Amended and Restated Deposit Agreement, dated as of July 1, 2014 EXECUTION VERSION _____________________________________________________________________________________________ _____________________ SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT _____________________________________________________________________________________________ _____________________ by and among UNILEVER PLC AND DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary, AND THE HOLDERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY SHARES ISSUED HEREUNDER _____________________________________________________________________________________________ _____________________ Dated as of July 1, 2014 **TABLE OF CONTENTS** ARTICLE I DEFINITIONS 1 Section 1.1 "ADS Record Date" 1 Section 1.2 "Affiliate" 2 Section 1.3 "Agent" 2 Section 1.4 "American Depositary Receipt(s)", "ADRs" and "Receipt(s)" 2 Section 1.5 "American Depositary Share(s)" and "ADS(s)" 2 Section 1.6 "Applicant" 2 Section 1.7 "Beneficial Owner" 2 Section 1.8 "Certificated ADS(s)" 2 Section 1.9 "Commission" 3 Section 1.10 "Company" 3 Section 1.11 "CREST" 3 Section 1.12 "Custodian" 3 Section 1.13 "Deliver" and "Delivery" 3 Section 1.14 "Deposit Agreement" 3 Section 1.15 "Depositary" 3 Section 1.16 "Deposited Securities" 3 Section 1.17 "Dollars" and "$" 3 Section 1.18 "DRS" 3 Section 1.19 "DTC" 3 Section 1.20 "DTC Participant" 3 Section 1.21 "Exchange Act" 4 Section 1.22 "Foreign Currency" 4 Section 1.23 "Full Entitlement ADR(s)", "Full Entitlement ADS(s)" and "Full Entitlement Share(s)" 4 Section 1.24 "Holder(s)" 4 Section 1.25 "Indemnified Person" and "Indemnifying Person" 4 Section 1.26 "Original Deposit Agreement" 4 Section 1.27 "Original Depositary" 4 Section 1.28 "Partial Entitlement ADR(s)", "Partial Entitlement ADS(s)" and "Partial Entitlement Share(s)" 4 Section 1.29 "Pre-Release Transaction" 4 Section 1.30 "Principal Office" 4 Section 1.31 "Profile" 4 Section 1.32 "Registrar" 4 Section 1.33 "Restricted Securities" 5 Section 1.34 "Restricted ADR(s)", "Restricted ADS(s)" and "Restricted Shares" 5 Section 1.35 "Securities Act" 5 Section 1.36 "Share Registrar" 5 Section 1.37 "Shares" 5 Section 1.38 "Uncertificated ADS(s)" 5 Section 1.39 "United States" and "U.S" 5 ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 5 Section 2.1 Appointment of Depositary 5 Section 2.2 Form and Transferability of ADSs and ADRs 6 Section 2.3 Deposit with Custodian 7 Section 2.4 Registration and Safekeeping of Deposited Securities 8 Section 2.5 Issuance of ADSs 8 Section 2.6 Transfer, Combination and Split-up of ADRs 8 Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities 9 Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc 10 Section 2.9 Lost ADRs, etc 11 Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of Records. 11 Section 2.11 Partial Entitlement ADSs 11 Section 2.12 Certificated/Uncertificated ADSs 12 Section 2.13 Restricted ADSs 13 Section 2.14 Escheatment 14 Section 2.15 Change in ADS to Share Ratio 14 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs 14 Section 3.1 Proofs, Certificates and Other Information 14 Section 3.2 Liability for Taxes and Other Charges 14 Section 3.3 Representations and Warranties on Deposit of Shares 15 Section 3.4 Compliance with Information Requests 15 Section 3.5 Ownership Restrictions 15 ARTICLE IV THE DEPOSITED SECURITIES 16 Section 4.1 Cash Distributions 16 Section 4.2 Distribution in Shares 16 Section 4.3 Elective Distributions in Cash or Shares 16 Section 4.4 Distribution of Rights to Purchase Additional ADSs 17 Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares 18 Section 4.6 Distributions with Respect to Deposited Securities in Bearer Form 19 Section 4.7 Redemption 19 Section 4.8 Conversion of Foreign Currency 19 Section 4.9 Fixing of ADS Record Date 20 Section 4.10 Voting of Deposited Securities 20 Section 4.11 Changes Affecting Deposited Securities 21 Section 4.12 Available Information 22 Section 4.13 Reports 22 Section 4.14 List of Holders 22 Section 4.15 Taxation 22 ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 23 Section 5.1 Maintenance of Office and Transfer Books by the Registrar 23 Section 5.2 Exoneration 24 Section 5.3 Standard of Care 24 Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 25 Section 5.5 The Custodian 25 Section 5.6 Notices and Reports 26 Section 5.7 Issuance of Additional Shares 26 Section 5.8 Indemnification 27 Section 5.9 Fees and Charges of Depositary 28 Section 5.10 Pre-Release Transactions 28 Section 5.11 Restricted Securities Owners 29 ARTICLE VI AMENDMENT AND TERMINATION 29 Section 6.1 Amendment/Supplement 29 Section 6.2 Termination 30 ARTICLE VII MISCELLANEOUS 31 Section 7.1 Counterparts 31 Section 7.2 No Third-Party Beneficiaries 31 Section 7.3 Severability 31 Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect 31 Section 7.5 Notices 31 Section 7.6 Governing Law and Jurisdiction 32 Section 7.7 Assignment 33 Section 7.8 Compliance with U.S. Securities Laws 33 Section 7.9 References to the Laws of the United Kingdom 33 Section 7.10 Titles and References 33 Section 7.11 Amendment and Restatement 34 EXHIBITS Form of ADR A-1 Fee Schedule B-1

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&nbsp;&nbsp;&nbsp;&nbsp;1 SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT, dated as of July 1, 2014, by and among (i) UNILEVER PLC, a company incorporated under the laws of England and its successors (the "Company"), (ii) DEUTSCHE BANK TRUST COMPANY AMERICAS, an indirect wholly owned subsidiary of Deutsche Bank A.G . incorporated as a bank with limited liability in the State of New York, acting in its capacity as depositary, and any successor depositary hereunder (the "Depositary"), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined). WITNESSETH THAT: WHEREAS, the Company and Citibank, N.A. (the "Original Depositary") previously entered into an Amended and Restated Deposit Agreement, dated as of February 14, 2006, which was amended by Amendment No. 1 thereto dated as of May 22, 2006 and by Amendment No. 2 thereto dated as of March 4, 2014 (as so amended, the "Original Deposit Agreement"); and WHEREAS, the Company desires to amend and restate the Original Deposit Agreement and establish with the Depositary an ADR facility to provide inter alia for the deposit of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts (as hereinafter defined) evidencing certain American Depositary Shares; and WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement (as hereinafter defined); and WHEREAS, any American Depositary Receipts issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and WHEREAS, the Shares are listed on the London Stock Exchange and the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are listed for trading on the New York Stock Exchange, Inc.; and WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I DEFINITIONS All capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: Section 1.1 "ADS Record Date" shall have the meaning given to such term in Section 4.9. 2 Section 1.2 "Affiliate" shall have the meaning assigned to such term by the Commission (as hereinafter defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto. Section 1.3 "Agent" shall have the meaning given to such term in Section 7.6. Section 1.4 "American Depositary Receipt(s)", "ADR s" and "Receipt(s)" shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of this Deposit Agreement in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in accordance with the provisions of this Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held through a central depository such as DTC (as hereinafter defined), be in the form of a "Balance Certificate." The American depositary receipts issued and outstanding under the terms of the Original Deposit Agreement shall, notwithstanding anything else contained therein or herein, from and after the date hereof, be treated as ADRs issued hereunder and shall, from and after the date hereof, be subject to the terms hereof in all respects. Section 1.5 "American Depositary Share(s)" and "ADS(s)" shall mean the rights and interests in the Deposited Securities (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and, if issued as Certificated ADS(s), the ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of this Deposit Agreement in the form of (a) Certificated ADS(s), in which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes under the terms of Section 2.12. Unless otherwise specified in this Deposit Agreement or in any ADR, or unless the context otherwise requires, any reference to the terms ADS(s) or American Depositary Shares shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as the context may require. Each ADS shall represent one (1) Share until (i) there shall occur a distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued or (ii) there shall occur a change in the ADS-to-Share ratio in accordance with the terms of Section 2.15, and thereafter each ADS shall represent the Deposited Securities determined in accordance with the terms of such Sections. American depositary shares outstanding under the Original Deposit Agreement as of the date hereof shall, from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding hereunder and shall, from and after the date hereof, be subject to the terms and conditions of this Deposit Agreement in all respects, except that any amendment of the Original Deposit Agreement effected by the terms of this Deposit Agreement which prejudices any substantial existing right of "Holders" (as defined in the Original Deposit Agreement) shall not become effective as to "Holders" of American depositary shares issued under the Original Deposit Agreement until the expiration of three (3) months after notice of the amendments effected by this Deposit Agreement shall have been given to the "Holders" of American depositary shares outstanding under the Original Deposit Agreement as of the date hereof Section 1.6 "Applicant" shall have the meaning given to such term in Section 5.10. Section 1.7 "Beneficial Owner" shall mean, as to any ADS, any person or entity having a beneficial interest deriving from the ownership of such ADS. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all the ADSs registered in his/her/its name. Persons who own beneficial interests in the American depositary shares issued under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof, be treated as Beneficial Owners of ADS(s) under the terms hereof. Section 1.8 "Certificated ADS(s)" shall have the meaning set forth in Section 2.12. 3 Section 1.9 "Commission" shall mean the Securities and Exchange Commission of the United States or any successor governmental agency thereto in the United States. Section 1.10 "Company" shall mean Unilever PLC, a company incorporated under the laws of England, and its successors. Section 1.11 "CREST" shall mean Crest Co., a company which provides the bookentry settlement system for equity securities in the United Kingdom, and any successor entity thereto. Section 1.12 "Custodian" shall mean, as of the date hereof, State Street Bank, having its principal office at 525 Ferry Road, Crewe Toll, Edinburgh, EH5 2AW Scotland, as the custodian for the purposes of this Deposit Agreement, and any other entity that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional custodian hereunder. The term "Custodian" shall mean any Custodian individually or all Custodians collectively, as the context requires. Section 1.13 "Deliver" and "Delivery" shall mean, when used in respect of ADSs, Deposited Securities and Shares, either (i) the physical delivery of the certificate(s) representing such securities, or (ii) the electronic delivery of such securities by means of book-entry transfer, including without limitation through DRS/Profile (as defined in Section 2.12 herein), as applicable. Section 1.14 "Deposit Agreement" shall mean this Second Amended and Restated Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with its terms. Section 1.15 "Depositary" shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G. incorporated as a bank with limited liability in the State of New York, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder. Section 1.16 "Deposited Securities" shall mean Shares at anytime deposited under this Deposit Agreement and any and all other securities, property and cash held by the Depositary or the Custodian in respect thereof, subject, in the case of cash, to the provisions of Section 4.8. Notwithstanding anything else contained herein, the securities, property and cash delivered to the Custodian in respect of American depositary shares outstanding as of the date hereof under the Original Deposit Agreement and defined as "Deposited Securities" thereunder shall, for all purposes from and after the date hereof, be considered to be, and treated as, Deposited Securities hereunder in all respects. The collateral delivered in connection with Pre-Release Transactions described in Section 5.10 shall not constitute Deposited Securities. Section 1.17 "Dollars" and "$" shall refer to the lawful currency of the United States. Section 1.18 "DRS" shall have the meaning set forth in Section 2.12. Section 1.19 "DTC" shall mean The Depository Trust Company, a national clearinghouse and the central book- entry settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC, and any successor thereto. Section 1.20 "DTC Participant" shall mean any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving, holding and delivering securities and cash held in DTC. 4 Section 1.21 "Exchange Act" shall mean the United States Securities Exchange Act of 1934, as amended from time to time. Section 1.22 "Foreign Currency" shall mean any currency other than Dollars. Section 1.23 "Full Entitlement ADR(s)", "Full Entitlement ADS(s)" and "Full Entitlement Share(s)" shall have the respective meanings set forth in Section 2.11. Section 1.24 "Holders" shall mean the person(s) in whose name ADSs are registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADSs registered in its name, such person shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The "Holders" (as defined in the Original Deposit Agreement) of American depositary shares issued under the terms of the Original Deposit Agreement and outstanding as of the date hereof shall from and after the date hereof, become Holders under the terms of this Deposit Agreement. Section 1.25 "Indemnified Person" and "Indemnifying Person" shall have the respective meanings set forth in Section 5.8. Section 1.26 "Original Deposit Agreement" shall mean the amended and restated deposit agreement, dated as of February 14, 2006, among the Company, Citibank, N.A., as Depositary, and all Holders and Beneficial Owners as defined therein of American depositary shares issued thereunder as amended by Amendment No. 1 to amended and restated deposit agreement dated as of May 22, 2006 and by Amendment No. 2 to amended and restated deposit agreement dated as of March 4, 2014. Section 1.27 "Original Depositary" shall have the meaning given to such term in the preambles to this Deposit Agreement. Section 1.28 "Partial Entitlement ADR(s)", "Partial Entitlement ADS(s)" and "Partial Entitlement Share(s)" shall have the respective meanings set forth in Section 2.11. Section 1.29 "Pre-Release Transaction" shall have the meaning set forth in Section 5.10. Section 1.30 "Principal Office" shall mean, when used with respect to the Depositary, the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013, U.S.A. Section 1.31 "Profile" shall have the meaning set forth in Section 2.12. Section 1.32 "Registrar" shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. Registrars and co-registrars may be appointed or removed from appointment by the Depositary only in accordance with the terms of Section 5.1. Each Registrar (other than the Depositary) appointed pursuant to this Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;5 Section 1.33 "Restricted Securities" shall mean Shares, Deposited Securities or ADSs which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United States, the United Kingdom, or under a shareholder agreement or the Memorandum and Articles of Association of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction (a) covered by an effective resale registration statement, or (b) exempt from the registration requirements of the Securities Act, and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities. Section 1.34 "Restricted ADR(s)", "Restricted ADS(s)" and "Restricted Shares" shall have the respective meanings set forth in Section 2.13. Section 1.35 "Securities Act" shall mean the United States Securities Act of 1933, as amended from time to time. Section 1.36 "Share Registrar" shall mean Computershare Investor Services PLC or any other institution organized under the laws of the United Kingdom and appointed by the Company to carry out the duties of registrar for the Shares, and any successor thereto. Section 1.37 "Shares" shall mean the Company's ordinary shares, nominal value 3 1/9 pence per share, validly issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; provided that in no event shall Shares include evidence of the right to receive Shares with respect to which the full purchase price has not been paid or Shares as to which preemptive rights, if applicable, have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in nominal value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the term "Shares" shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from such event. Section 1.38 "Uncertificated ADS(s)" shall have the meaning set forth in Section 2.12. Section 1.39 "United States" and "U.S." shall have the meaning assigned to it in Regulation S as promulgated by the Commission under the Securities Act. ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS Section 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in this Deposit Agreement and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of this Deposit Agreement or by continuing to hold, from and after the date hereof any American depositary shares issued and outstanding under the Original Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and the applicable ADRs, and (b) appoint the Depositary its attorney- in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADRs, to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the 6 purposes of this Deposit Agreement and the applicable ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. Section 2.2 Form and Transferability of ADSs and ADRs. (a) Form. Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under this Deposit Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated by this Deposit Agreement or required by law. ADRs shall be (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under this Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such ADR shall have been so dated, signed, countersigned and registered (other than an American depositary receipt issued and outstanding as of the date hereof under the terms of the Original Deposit Agreement which has become subject to the terms of this Deposit Agreement in all respects). ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the Company and which are not ADRs outstanding hereunder. (b) Legends. The ADRs may, upon the written request of the Company or with the prior written consent of the Company, be endorsed with, or have incorporated in the text thereof, such legends or recitals not inconsistent with the provisions of this Deposit Agreement as (i) may be necessary to enable the Depositary or the Company to perform their respective obligations hereunder, (ii) may be required to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) may be necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) may be required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners. (c) Title. Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the person in whose name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under this Deposit Agreement or any ADR to any holder or any beneficial owner of an ADR or ADS unless such holder is the Holder registered on the books of the Depositary or, in the case of a beneficial owner, such beneficial owner, or the beneficial owner's representative, is the Holder registered on the books of the Depositary. (d) Book-Entry Systems. The Depositary shall make arrangements for the acceptance of the ADSs into DTC. A single ADR in the form of a "Balance Certificate" will evidence all ADSs held through DTC and will be registered in the name of the nominee for DTC (currently "Cede & Co.") and will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary as being issued hereunder and that the 7 aggregate number of ADSs represented thereby may from time to time be increased or decreased by making adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. As such, the nominee for DTC will be the only "Holder" of the ADR evidencing all ADSs held through DTC. Deutsche Bank Trust Company Americas (or such other entity as is appointed by DTC or its nominee) may hold such "Balance Certificate" as custodian for DTC. Each Beneficial Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants' respective accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants on behalf of Beneficial Owners of ADSs. So long as ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADR registered in the name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the interests of clients of DTC Participants). Section 2.3 Deposit with Custodian. Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of such Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A) (i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates in bearer form, the requisite coupons and talons pertaining thereto, and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary's fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement and applicable law, (C) if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may be an opinion of counsel) that (i) all necessary approvals have been granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency in the United Kingdom and (ii) there has been compliance with applicable United States securities laws, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by the person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of such Shares for any and all purposes until such Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. Without limiting any other provision of this Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit (a) any Restricted Securities (except as contemplated by Section 2.13), (b) any fractional Shares or fractional Deposited Securities or (c) a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the United Kingdom and any necessary approval has been granted by any applicable governmental body in the United Kingdom, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares 8 furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement (A) any Shares or other securities required to be registered under the provisions of the Securities Act, unless in compliance with the terms of Section 2.13 or unless a registration statement is in effect as to such Shares or other Deposited Securities, or (B) any Shares or other securities the deposit of which would violate any provisions of the Memorandum and Articles of Association of the Company. For purposes of the foregoing sentence, the Depositary shall be entitled to rely upon representations and warranties made or deemed made pursuant to this Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company (timely received by the Depositary) not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws of the United States. Section 2.4 Registration and Safekeeping of Deposited Securities. The Depositary shall instruct the Custodian upon each Delivery of (i) certificates representing registered Shares or (ii) certificates representing other securities being deposited hereunder with the Custodian as Deposited Securities, together with the other documents above specified, to, if applicable, present such certificate(s), together with the appropriate instrument(s) of transfer or endorsement, duly stamped, to the Share Registrar, or other applicable registrar, if any, for transfer and registration of the Shares or other securities (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee in each case on behalf of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. Section 2.5 Issuance of ADSs. The Depositary has made arrangements with the Custodian for the Custodian to confirm to the Depositary upon a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders' register maintained by or on behalf of the Company by the Share Registrar if registered Shares have been deposited or, if deposit is made by book-entry transfer, confirmation of such transfer in the books of CREST, (iii) that all required documents have been received, and (iv) the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of this Deposit Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for accepting such deposit, issuing such ADSs (as set forth in Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of such Shares and the issuance of such ADSs. The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. Nothing in this Section 2.5 shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement. Section 2.6 Transfer, Combination and Split-up of ADRs. (a) Transfer. In connection with any requested transfer of ADRs, the Registrar shall register the transfer of such ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs in the name of the transferee evidencing the same aggregate number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the transferee entitled thereto, if each of the following conditions has been satisfied: (i) the ADRs submitted for transfer have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a

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&nbsp;&nbsp;&nbsp;&nbsp;9 transfer thereof, (ii) the surrendered ADRs have been properly endorsed (in the case of Certificated ADSs) or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of this Deposit Agreement and of applicable law, in each case as in effect at the time thereof. (b) Combination & Split Up. In connection with any requested combination or split-up of ADRs, the Registrar shall register the split-up or combination of such ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs cancelled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) the ADRs submitted for combination or split-up have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of this Deposit Agreement and of applicable law, in each case as in effect at the time thereof. (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.6 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement. Co-transfer agents may be appointed or removed from appointment by the Depositary upon consultation with the Company. Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of ADSs shall be entitled to Delivery (at the Custodian's designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each of the following conditions: (i) the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B) have been paid, subject, however, in each case, to the terms and conditions of the ADRs evidencing the surrendered ADSs, of this Deposit Agreement, of the Company's Memorandum and Articles of Association and of any applicable laws and the rules of CREST, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian's designated office the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (as applicable), as the case may be, to or upon the written order of the 10 person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of this Deposit Agreement, of the ADRs evidencing the ADSs so cancelled, of the Memorandum and Articles of Association of the Company, of any applicable laws and of the rules of CREST, and to the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof. The Depositary shall not accept for surrender ADSs representing less than one Share. In the case of the Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in any ADR or this Deposit Agreement, the Depositary may make delivery to Holders surrendering ADSs for withdrawal of Deposited Securities at the Principal Office of the Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held by the Custodian in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc. (a) Additional Requirements. As a condition precedent to the execution and delivery, registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Securities, the Depositary, the Company or the Custodian may require (i) payment from the depositor of Shares or the presenter of ADSs or ADRs of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities, (B) the provisions of the Company's Memorandum and Articles of Association as in effect from time to time and applicable resolutions or regulations adopted by the Company's board of directors, and (C) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of the representative ADR, if applicable, this Deposit Agreement and applicable law. (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of this Deposit Agreement or the representative ADR(s), if applicable, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8. 11 (c) Regulatory Restrictions. Notwithstanding any provision of this Deposit Agreement or any ADR(s) to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 under the Securities Act (as such General Instructions may be amended from time to time). Section 2.9 Lost ADRs, etc. In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver a new ADR (which, in the discretion of the Depositary may be issued through DRS/Profile unless specifically requested otherwise) of like tenor at the expense of the Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR and upon cancellation thereof, or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to the Depositary a written request for such exchange and substitution before the Depositary has notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of its agents harmless, and (iii) has satisfied any other reasonable requirements imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such destruction, loss or theft of such ADR, the authenticity thereof and the Holder's ownership thereof. Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of Records. All ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under this Deposit Agreement or be valid or enforceable against the Depositary or Company for any purpose. The Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (i.e., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). Section 2.11 Partial Entitlement ADSs. In the event any Shares are deposited which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, "Full Entitlement Shares" and the Shares with different entitlement, "Partial Entitlement Shares"), the Depositary shall (i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of this Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon ("Partial Entitlement ADSs/ADRs" and "Full Entitlement ADSs/ADRs", respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All provisions and conditions of this Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.11. The Depositary is authorized to take any and all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.11. Prior to the issuance of any Shares that are Partial Entitlement Shares, the Company agrees to give timely written notice to the Depositary in advance of such issuance and agrees to assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian. 12 Section 2.12 Certificated/Uncertificated ADSs. Notwithstanding any other provision of this Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs, including ADSs issued through the Direct Registration System ("DRS") and the Profile Modification System ("Profile") (such ADSs, the "Uncertificated ADS(s)" and the ADS(s) evidenced by ADR(s), the "Certificated ADS(s)"). DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs. Profile is a required feature of DRS which allows a DTC Participant, claiming to act on behalf of a Holder of ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC Participant without receipt by the Depositary of prior authorization from the Holder to register such transfer. When issuing and maintaining Uncertificated ADS(s) under this Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated ADSs. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the terms of this Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes hereunder, (c) applicable law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all respects be identical to Certificated ADS(s) of the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii) Uncertificated ADS(s) shall, subject to the terms of this Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and regulations do not conflict with the terms of this Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to Holders upon request, (v) the Uncertificated ADS(s) shall not be entitled to any benefits under this Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the Depositary maintained for such purpose, (vi) the Depositary may, in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and (vii) upon termination of this Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Securities represented by such Holders' Uncertificated ADSs under the terms of Section 6.2 of this Deposit Agreement. When issuing ADSs under the terms of this Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of this Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.12. The Depositary is authorized and directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms of this Section 2.12. Any references in this Deposit Agreement or any ADR(s) to the terms "American Depositary Share(s)" or "ADS(s)" shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.12 and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of this Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs, any conflict arises

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&nbsp;&nbsp;&nbsp;&nbsp;13 between (a) the terms of this Deposit Agreement (other than this Section 2.12) and (b) the terms of this Section 2.12, the terms and conditions set forth in this Section 2.12 shall be controlling and shall govern the rights and obligations of the parties to this Deposit Agreement pertaining to the Uncertificated ADSs. Section 2.13 Restricted ADSs. The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such Restricted Shares in the form of ADSs issued under the terms hereof (such Shares, "Restricted Shares"). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the "Restricted ADSs," and the ADRs evidencing such Restricted ADSs, the "Restricted ADRs"). The Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADRs and the Restricted ADSs represented thereby may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be held separate and distinct from the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by this Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, the conditions upon which the Restricted ADR presented is, and the Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the Restricted ADR presented for transfer. Except as set forth in this Section 2.13 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of this Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of this Deposit Agreement (other than this Section 2.13) and (b) the terms of (i) this Section 2.13 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.13 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to this Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. If the Restricted ADRs, the Restricted ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations between the applicable Restricted Shares held on deposit under this Section 2.13 and the other Shares held on deposit under the terms of this Deposit Agreement that are not Restricted Shares, (ii) treat the newly unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of this Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and restrictions previously existing under this Section 2.13 between the applicable Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems. 14 Section 2.14 Escheatment. In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable statutory period relating to abandoned property laws, escheat such unclaimed property to the relevant authorities in accordance with the laws of each of the relevant States of the United States. Section 2.15 Change in ADS to Share Ratio. The Company may, at any time and from time to time, change the number of Shares which each ADS represents from the initial ratio of four (4) Shares per ADSs to any other ratio. In effectuation of any such a change of ratio, the Company shall provide timely notice to the Depositary in advance of such change and the Depositary shall, subject to the terms of this Deposit Agreement and with the Company's reasonable assistance, (i) amend this Deposit Agreement and the form of ADR contained in Exhibit A hereto, (ii) amend the Registration Statement on Form F-6 as filed with the Commission in connection with this Deposit Agreement, (iii) call for the surrender of outstanding ADRs to be exchanged for new ADRs, (iv) issue such new ADRs in exchange for outstanding ADRs called for surrender and (v) take such other actions as reasonably requested by the Company. ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs Section 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to (A) provide to the Depositary and the Custodian such proof of (i) citizenship or residence, (ii) taxpayer status, (iii) payment of all applicable taxes or other governmental charges, (iv) exchange control approval, (v) legal or beneficial ownership of ADSs and Deposited Securities, and (vi) compliance with applicable laws, the terms of this Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or the provision governing, the Deposited Securities, and (B) to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under this Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section 7.8, the delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations are made, or such other documentation or information provided, in each case to the Depositary's, the Registrar's and the Company's satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval which it receives from Holders and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners. Section 3.2 Liability for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, and the Holder and the Beneficial Owner shall remain liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of 15 ADRs and (subject to Section 7.8) the withdrawal of Deposited Securities until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement. Section 3.3 Representations and Warranties on Deposit of Shares. Each person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, non-assessable and legally obtained and held by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.13), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. Section 3.4 Compliance with Information Requests. Notwithstanding any other provision of this Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law (including, without limitation, the provisions of Section 212 of Part VI of the Companies Act 1985 of England, as amended or reenacted from time to time), the rules and requirements of the London Stock Exchange or the New York Stock Exchange, and any other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the Memorandum and Articles of Association of the Company or resolutions and regulations of the Company's board of directors, which are made to provide or obtain (i) information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request and (ii) information for purposes of blocking transfer, voting, the exercising of other rights, to enforce disclosure requirements, or to limit any ownership or enforce compliance with such request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company's expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations, to respond to any such disclosure requests and to cooperate with the Depositary with respect to enforcement of the foregoing. Section 3.5 Ownership Restrictions. Notwithstanding any other provision in this Deposit Agreement or any ADR, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Memorandum and Articles of Association of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Memorandum and Articles of Association of the Company. 16 ARTICLE IV THE DEPOSITED SECURITIES Section 4.1 Cash Distributions. Whenever the Depositary receives confirmation from the Custodian of the receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or any other entitlements held in respect of Deposited Securities under the terms hereof, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.8) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8), (ii) if applicable, establish the ADS Record Date upon the terms described in Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. Section 4.2 Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 and either (i) the Depositary shall, subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of this Deposit Agreement. Section 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to make a distribution payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary prior to the proposed distribution stating whether or not it wishes such elective distribution

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&nbsp;&nbsp;&nbsp;&nbsp;17 to be made available to Holders of ADSs. Upon timely receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the United Kingdom in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.9) and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall provide reasonable assistance to the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (x) in cash, the distribution shall be made upon the terms described in Section 4.1, or (y) in ADSs, the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Section 4.4 Distribution of Rights to Purchase Additional ADSs. (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give timely notice thereof to the Depositary prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.9) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) to enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) to deliver ADSs upon the valid exercise of such rights. The Company shall provide reasonable assistance to the Depositary to the extent necessary in establishing such procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). (b) Sale of Rights. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive reasonably satisfactory documentation within the terms of Section 5.7 or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall provide reasonable assistance to the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1. 18 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make any rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with the sale or exercise of any rights, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with any rights distribution. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights. Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give timely notice thereof in advance of such distribution to the Depositary and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall provide reasonable assistance to the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. (b) Upon receipt of reasonably satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date established for such distribution pursuant to Section 4.9, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such 19 amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. (c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the Depositary does not receive reasonably satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if in a Foreign Currency, to be converted into Dollars and (ii) distribute the proceeds of such sale and conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances. Section 4.6 Distributions with Respect to Deposited Securities in Bearer Form. Subject to the terms of this Article IV, distributions of cash, Shares, rights or of any other type in respect of Deposited Securities that are held by the Depositary in bearer form shall be made to the Depositary for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the Company of any relevant coupons, talons or certificates. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any such distribution. Section 4.7 Redemption. If the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give timely notice thereof to the Depositary prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) reasonably satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company's notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes) and retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Shares represented by each ADS redeemed. Section 4.8 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, which in the judgment of the Depositary can at such time be converted on a practicable basis, by sale or in any other manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses incurred on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in 20 either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise. Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If such conversion or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the Depositary be obligated to make such a filing. If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the Depositary is not practicable or lawful or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a reasonable cost or within a reasonable period, the Depositary shall notify the Holders to that effect and may, in its discretion, (i) make such conversion and distribution in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is lawful and practicable or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon) for the respective accounts of the Holders entitled to receive the same. Section 4.9 Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (the "ADS Record Date") for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. If the ADSs shall be listed on any securities exchange, then such record date shall be fixed in compliance with any applicable rules of such securities exchange. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable record date for the Deposited Securities (if any) set by the Company in England. Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of this Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. Section 4.10 Voting of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company's expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the

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&nbsp;&nbsp;&nbsp;&nbsp;21 Memorandum and Articles of Association of the Company and the provisions of or the provisions governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given, (including an express indication that instructions may be deemed to have been given in accordance with the last sentence of the paragraph below if no instructions are received by the Depositary prior to the deadline set for such purposes) to the Depositary to give a discretionary proxy to a person designated by the Company to vote the Shares or other Deposited Securities represented by such Holder's ADSs in his or her discretion. Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Memorandum and Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder's ADSs in accordance with such voting instructions. Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders as of the ADS Record Date or as otherwise contemplated therein. If the Depositary does not receive instructions from a Holder as of the ADS Record Date on or before the date established by the Depositary for such purpose, such Holder shall be deemed, and the Depositary shall deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities held by such Holder, and the Depositary shall give such discretionary proxy to such person; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs the Depositary that (i) the Company does not wish such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Deposited Securities may be adversely affected. Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent, or cause the Custodian to represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. On the business day following the date fixed by the Depositary as the last date for delivery of voting instructions, the Depositary shall give notice to the Company of the voting instructions received the Depositary from the Holders as of the close of business as of such fixed date. Notwithstanding anything contained in this Deposit Agreement or any ADR to the contrary, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary, if reasonably requested by the Depositary an opinion of U.S. counsel addressing any actions requested to be taken to enable such vote. There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. Section 4.11 Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement, and the ADRs shall, subject to the provisions of this Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. In effectuation of any such change, split up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger or consolidation or sale of assets, the Depositary may, with the 22 Company's approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an opinion of counsel to the Company reasonably satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) execute and deliver additional ADRs in the case of a stock dividend on the Shares, (ii) amend this Deposit Agreement and the form of ADR contained in Exhibit A hereto, (iii) amend the Registration Statement on Form F-6 as filed with the Commission in connection with this Deposit Agreement, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, (v) issue such new ADRs in exchange for outstanding ADRs called for surrender and (vi) take such other actions as reasonably requested by the Company. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall, if the Company requests, subject to receipt of an opinion of Company's counsel reasonably satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. Section 4.12 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act and accordingly files certain information with the Commission. These reports and documents can be retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located as of the date of this Deposit Agreement at 100 F Street, N.E., Washington, D.C. 20549. Section 4.13 Reports. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also provide to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. Section 4.14 List of Holders. The Depositary is authorized to, and shall at the Company's request, from time to time provide to the Company, the Shares Registrar and any other agent of the Company designated by the Company in writing (irrespective of their nationality, residency, or regulatory regime) in electronic or print format the information contained in the register of ADSs. Every Holder and Beneficial Owner of ADSs upon acceptance of any ADSs (or any interest therein) shall be deemed to have consented to the Depositary providing such information to such persons. Section 4.15 Taxation. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Securities. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary's or the Custodian's obligations under applicable law. The Holders and 23 Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution (i.e., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability. The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a "Foreign Personal Holding Company," or as a "Passive Foreign Investment Company" (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise. ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY Section 5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of this Deposit Agreement. The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar's knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the ADSs. At the expense of the Company, the Company shall have the right to inspect transfer and registration records of the Depositary or its agent, take copies thereof and require the Depositary or its agent, the Registrar and any co- transfer agents or co-registrars to supply copies of such portions of such records as the Company may request. The Depositary may perform its obligations under this Section through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed. The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8. 24 If any ADSs are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. Registrars and co-registrars may be appointed or removed from appointment by the Depositary upon consultation with the Company. Section 5.2 Exoneration. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or incur any liability to Holders, Beneficial Owners or any other person (i) if the Depositary or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the United Kingdom or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Memorandum and Articles of Association of the Company or any provision of or provision governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Memorandum and Articles of Association of the Company or provisions of or provisions governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Company or their respective controlling persons or agents in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of ADSs, or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement. The Depositary, its controlling persons and its agents, any Custodian and the Company, its Affiliates, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. Section 5.3 Standard of Care. The Company and the Depositary and their respective directors, officers, affiliates, employees and agents assume no obligation and shall not be subject to any liability under this Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s) or other persons, except that the Company and the Depositary agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without negligence or bad faith. Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective Affiliates, controlling persons, directors, officers, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms of this Deposit Agreement. The Depositary shall

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&nbsp;&nbsp;&nbsp;&nbsp;25 not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company. The Depositary and its agents shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under this Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the Company as Depositary under this Deposit Agreement by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. In connection with any removal of the Depositary by the Company, the Company and its Affiliates shall not have any liability to the Depositary or its Affiliates, except in the case of the Company, to the extent of the Company's obligations under Sections 5.8, 5.9 and 7.6, and the Depositary agrees that it will not charge the Company or its Affiliates, any Holder or any Beneficial Owner any fees, charges or additional expenses in connection with its removal as Depositary, provided that the Depositary shall still be entitled to collect fees to which it is entitled pursuant to Section 5.9 hereof. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. Section 5.5 The Custodian. The Depositary has initially appointed State Street Bank as Custodian for the purpose of this Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times 26 and in all respects to the direction of the Depositary for the Shares for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian that is organized under the laws of the United Kingdom. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company. Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. Section 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Memorandum and Articles of Association of the Company that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. The Company will also transmit to the Depositary (a) an English language version of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company's annual and semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company's expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange requirement. The Depositary will, at the expense of the Company, make available a copy of any such notices, reports or communications issued by the Company to holders of its Shares or other Deposited Securities and delivered to the Depositary for inspection by the Holders of the ADSs at the Depositary's Principal Office, at the office of the Custodian and at any other designated transfer office. Section 5.7 Issuance of Additional Shares. The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies from holders of Deposited Securities, relating to any reclassification of securities, merger or consolidation or transfer of assets, or (viii) any reclassification, recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all reasonable steps necessary to ensure that the proposed transaction does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as 27 amended, the Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing and in connection with any such transactions, the Company will furnish to the Depositary if applicable and if reasonably requested by the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such transaction (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of English counsel (reasonably satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the United Kingdom and (2) all requisite regulatory consents and approvals have been obtained in the United Kingdom. If the filing of a registration statement under the Securities Act is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective or has otherwise become effective. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction do not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. The Company represents to the Depositary that the Company has obtained an agreement from Unilever N.V., all the provisions of which are still in effect, to the effect that neither Unilever N.V. nor any company controlled by Unilever N.V., will at any time deposit or cause to be deposited any Shares, either upon original issuance or upon a sale of Shares previously issued and acquired by such person, unless a registration statement is in effect as to such Shares under the Securities Act or unless registration of such issuance or sale of such Shares shall not be required under such Securities Act. The Company reserves full discretion as to whether in the future it may or may not register under the Securities Act for purposes of offering and selling in the U.S. any Shares or any other securities, including any Shares or other securities which may be the subject of subscription or purchase rights pertaining to Deposited Securities at the time deposited under this Deposit Agreement. Section 5.8 Indemnification. The Depositary agrees to indemnify the Company and its Affiliates and their respective directors, officers, employees and agents against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of (i) acts performed or omitted by the Depositary, the Custodian, any Registrar, co-transfer agent, co-registrar and any of their respective directors, officers and employees under the terms hereof due to the negligence or bad faith of the Depositary, the Custodian, any Registrar, cotransfer agent, co- registrar and any of their respective directors, officers and employees, or (ii) the negligence or bad faith of the Depositary in the appointment of any agent hereunder. The Company agrees to indemnify the Depositary, the Custodian, any Registrar, cotransfer agent, co-registrar and any of their respective directors, officers and employees against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of counsel) which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Deposit Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of 28 ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of or as a result of any offering documents in respect thereof, or (c) out of acts performed or omitted in connection with this Deposit Agreement, the ADRs, the ADSs, the Shares or any Deposited Securities (including, but not limited to, any delivery by the Depositary on behalf of the Company of information prepared or approved by the Company, in compliance with the terms of this Deposit Agreement, the ADRs, the ADSs, the Shares, or any Deposited Securities), in any such case by the Depositary, the Custodian, any Registrar, co-transfer agent, co-registrar and any of their respective directors, officers and employees, except, in any such case of (a) through (c) above, to the extent that such direct loss, liability, tax, charge or expense was in any way caused by (i) the negligence or bad faith of the Depositary, the Custodian, any Registrar, co-transfer agent, co-registrar and any of their respective directors, officers and employees, or (ii) any delivery by the Depositary, the Custodian, any Registrar, co-transfer agent, co-registrar and any of their respective directors, officers and employees of information not prepared or approved by the Company. The obligations set forth in this Section shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto. Any person seeking indemnification hereunder (an "indemnified person") shall notify the person from whom it is seeking indemnification (the "indemnifying person") of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified person's rights to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be unreasonably withheld. Section 5.9 Fees and Charges of Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary's fees and related charges identified as payable by them respectively in the Fee Schedule attached hereto as Exhibit B. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. The Company agrees to promptly pay to the Depositary such other fees and charges and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. Section 5.10 Pre-Release Transactions. Subject to the further terms and provisions of this Section 5.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided,however, that the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a "Pre-Release Transaction"). The Depositary may receive ADSs in lieu of Shares under (i) above and

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&nbsp;&nbsp;&nbsp;&nbsp;29 receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the "Applicant") to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days' notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). Section 5.11 Restricted Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated in Section 2.13) and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.13). ARTICLE VI AMENDMENT AND TERMINATION Section 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding at any time, the provisions of this Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by this Deposit Agreement and the ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited 30 Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, this Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement this Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to this Deposit Agreement and any ADRs in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. Section 6.2 Termination. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by providing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign, or if ninety (90) days shall have expired after the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4, the Depositary may terminate this Deposit Agreement by providing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder of ADS(s) will, upon surrender of such ADS(s) at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of ADSs referred to in Section 2.7 and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such ADSs. If any ADSs shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of ADSs, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.7, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of an ADS, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of six (6) months from the date of the termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the ADSs and the Deposited Securities, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of ADSs, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 and the Depositary agrees that it will not charge the Company or its Affiliates any fees, charges or additional expenses in connection with such termination, provided that the Depositary shall still be entitled to collect (i) fees to which it is entitled pursuant to Section 5.9 hereof and (ii) fees to which it is entitled as agreed between the Company and the Depositary from time to time. The obligations of the Depositary under Sections 5.8 and 7.6 shall survive the termination of this Deposit Agreement. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination). 31 ARTICLE VII MISCELLANEOUS Section 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. Section 7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Deposit Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. Section 7.3 Severability. In case any one or more of the provisions contained in this Deposit Agreement or in the ADRs should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of ADSs shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR by acceptance thereof or any beneficial interest therein. Section 7.5 Notices. Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Unilever PLC, Unilever House, Blackfriars, London EC4P 4BQ, England, Attention: Company Secretary (fax number: 44-207-822-5464) or to any other address which the Company may specify in writing to the Depositary. Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: (001) 212 602-1044, facsimile: (001) 212 797 0327, or to any other address which the Depositary may specify in writing to the Company. Any and all notices to be given to any Holder shall be deemed to have been duly given if (a) personally delivered or sent by mail or cable, telex or facsimile transmission (provided such cable, telex or facsimile transmission is confirmed by letter), addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address, at the address specified in such request, or (b) if a Holder shall have designated such means of notification as an acceptable means of notification under the terms of this Deposit Agreement, by means of electronic messaging addressed for delivery to the e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. 32 Delivery of a notice to (i) the Company or the Depositary sent by mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the same is received, and (ii) the Holder sent by mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter. Delivery of a notice by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender's records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute e-mail address or for any other reason. Section 7.6 Governing Law and Jurisdiction. This Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to its principles of choice of law. Notwithstanding anything contained in this Deposit Agreement, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of the United Kingdom (or, if applicable, such other laws as may govern the Deposited Securities). Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Steven M. Rapp, Esq. (the "Agent") now at Unilever United States, Inc., 700 Sylvan Avenue, Englewood Cliffs, NJ 07632, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any such case, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described in this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;33 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection with, this Deposit Agreement, any ADR or the Deposited Securities. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part. Section 7.7 Assignment. Subject to the provisions of Section 5.4, this Deposit Agreement may not be assigned by either the Company or the Depositary. Section 7.8 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6, as amended from time to time, under the Securities Act. Section 7.9 References to the Laws of the United Kingdom. Any summary of the laws and regulations of the United Kingdom (including laws of England) and of the terms of the Company's Memorandum and Articles of Association set forth in this Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of this Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company's Memorandum and Articles of Association may change after the date of this Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of this Deposit Agreement to update any such summaries. Section 7.10 Titles and References. (a) Deposit Agreement. All references in this Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words "Deposit Agreement", "herein", "hereof', "hereby", "hereunder", and words of similar import refer to this Deposit Agreement as a whole, as amended and 34 supplemented, as in effect at the relevant time between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement. References to "applicable laws and regulations" shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless otherwise required by law or regulation. (b) ADRs. All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise. The words "the Receipt", "the ADR", "herein", "hereof', "hereby", "hereunder", and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in construing the language contained in the ADR. References to "applicable laws and regulations" shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless otherwise required by law or regulation. Section 7.11 Amendment and Restatement. The Depositary shall arrange to have new ADRs printed that reflect the form of ADR attached to this Deposit Agreement as promptly as reasonably practicable following effectiveness of this Deposit Agreement. All ADRs issued hereunder after the date hereof, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split-up of existing ADRs, shall be substantially in the form of the specimen ADR attached as Exhibit A hereto. However, American depositary receipts issued prior to the date hereof under the terms of the Original Deposit Agreement and outstanding as of the date hereof, which do not reflect the form of ADR attached hereto as Exhibit A, do not need to be called in for exchange and may remain outstanding until such time as the Holders thereof choose to surrender them for any reason under this Deposit Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing. The Company hereby instructs the Depositary to (i) promptly send notice of the execution of this Deposit Agreement to all holders of American depositary shares outstanding under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as "certificated American depositary shares" and outstanding under the Original Deposit Agreement as of the date hereof that they have the opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to this Deposit Agreement. Holders and Beneficial Owners of American depositary shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after the date hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant and be subject to all of the terms and conditions of this Deposit Agreement in all respects, irrespective of whether such Holders exchange their American depositary receipts issued under the Original Deposit Agreement for one or more ADR(s) issued pursuant to this Deposit Agreement; provided, however, that any term of this Deposit Agreement that prejudices any substantial existing right of holders or beneficial owners of American depositary shares issued under the Original Deposit Agreement shall not become effective as to Holders and Beneficial Owners until three (3) months after notice of the amendments effectuated by this Deposit Agreement shall have been given to holders of ADSs outstanding as of the date hereof. A-1 EXHIBIT A [FORM OF ADR] Number __________________ CUSIP NUMBER: __________ American Depositary Shares (each American Depositary Share representing one (1) fully paid ordinary share, nominal value of 3 1/9 pence per share, of Unilever PLC) AMERICAN DEPOSITARY RECEIPT FOR AMERICAN DEPOSITARY SHARES representing DEPOSITED ORDINARY SHARES of UNILEVER PLC (Incorporated under the laws of England) DEUTSCHE BANK TRUST COMPANY AMERICAS., an indirect wholly owned subsidiary of Deutsche Bank A.G.,, as depositary (the "Depositary"), hereby certifies that ______________________________________is the owner of_________American Depositary Shares (hereinafter "ADS"), representing deposited ordinary shares, each of nominal value of 3 1/9 pence per share (including evidence of rights to receive such ordinary shares, the "Shares"), of Unilever PLC, a corporation incorporated under the laws of England (the "Company"). As of the date of the Deposit Agreement (as hereinafter defined), each ADS represents one (1) Share deposited under the Deposit Agreement with the Custodian, which at the date of execution of the Deposit Agreement is State Street Bank (the "Custodian"). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles II, IV and VI of the Deposit Agreement. The Depositary's Principal Office is located at 60 Wall Street, New York, New York 10005, United States of America. (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts ("ADRs"), all issued and to be issued upon the terms and conditions set forth in the Second Amended and Restated Deposit Agreement, dated as of July 1, 2014 (as amended and supplemented from time to time, the "Deposit Agreement"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property and cash are herein called "Deposited Securities"). Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and

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&nbsp;&nbsp;&nbsp;&nbsp;A-2 conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. The statements made on the face and reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association of the Company (as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and Memorandum and Articles of Association, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such ADSs. (2) Withdrawal of Deposited Securities. The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at the Custodian's designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has duly Delivered to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary, this ADR has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement, of the Company's Memorandum and Articles of Association, of any applicable laws and the rules of CREST, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at the Custodian's designated office the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (as applicable), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of this ADR, of the Memorandum and Articles of Association of the Company, of any applicable laws and the rules of CREST, and to the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof. The Depositary shall not accept for surrender ADSs representing less than one Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery to Holders surrendering ADSs A-3 for withdrawal of Deposited Securities at the Principal Office of the Depositary of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held by the Custodian in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. (3) Transfer, Combination and Split-Up of ADRs. In connection with the requested transfer of this ADR, the Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs in the name of the transferee evidencing the same aggregate number of ADSs as those evidenced by this ADR when canceled, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the transferee entitled thereto, if each of the following conditions has been satisfied: (i) this ADR submitted for transfer has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) this ADR has been properly endorsed (in the case of Certificated ADSs) or is accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. In connection with the requested combination or split-up of this ADR, the Registrar shall register the split-up or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by this ADR (when canceled), (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) this ADR submitted for combination or split-up has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination hereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADR, the delivery of any distribution thereon, or the withdrawal of any Deposited Securities, the Depositary, the Company or the Custodian may require (i) payment from the depositor of Shares or the presenter of ADSs or ADRs of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matters contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities, (B) the provisions of the Company's Memorandum and Articles of Association as in effect from time to time and applicable resolutions or regulations adopted by the Company's board of directors, and (C) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of this ADR and the Deposit Agreement and applicable law. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfers of ADSs in particular A-4 instances may be refused, or the registration of transfer of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or this ADR, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject in all cases to paragraph (24). Notwithstanding any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders' meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or ADSs to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 under the Securities Act (as such General Instructions may be amended from time to time). (5) Compliance With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law (including, without limitation, the provisions of Section 212 of Part VI of the Companies Act 1985 of England, as amended or reenacted from time to time), the rules and requirements of the London Stock Exchange or the New York Stock Exchange, and of any other stock exchange on which Shares or ADSs are, or will be, registered, traded or listed, or the Memorandum and Articles of Association of the Company or resolutions and regulations of the Company's board of directors, which are made to provide or obtain (i) information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request and (ii) information for purposes of blocking transfer, voting, the exercising of other rights, to enforce disclosure requirements, or to limit any ownership or enforce compliance with such request. (6) Ownership Restrictions. Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Memorandum and Articles of Association of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or a mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Memorandum and Articles of Association of the Company. (7) Liability of Holder for Taxes and Other Charges. Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, and the Holder and the Beneficial Owner hereof shall remain liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph (24) hereof) the withdrawal of Deposited Securities until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to A-5 hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. (8) Representations and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, non-assessable and legally obtained and held by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.13 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. (9) Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, and any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to (A) provide to the Depositary and the Custodian such proof of (i) citizenship or residence, (ii) taxpayer status, (iii) payment of all applicable taxes or other governmental charges, (iv) exchange control approval, (v) legal or beneficial ownership of ADSs and Deposited Securities, and (vi) compliance with applicable laws, the terms of the Deposit Agreement or this ADR and the provisions of, or provisions governing, the Deposited Securities, and (B) to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (24), the delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations are made or such information and documentation are provided, in each case to the Depositary's, the Registrar's and the Company's satisfaction. (10) Charges of Depositary. The Depositary shall charge the following fees: (i) Issuance Fee: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) so issued under the terms of the Deposit Agreement; (ii) Cancellation Fee: to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) so surrendered; and (iii) Cash Distribution Fee: to any holder of ADSs (including, without limitation, Holders) receiving a distribution of cash proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) held. In addition, Holders, Beneficial Owners, persons depositing Shares and persons surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges:

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&nbsp;&nbsp;&nbsp;&nbsp;A-6 (i) taxes (including applicable interest and penalties) and other governmental charges; (ii) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; (iii) such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs; (iv) the expenses and charges incurred by the Depositary in the conversion of foreign currency; (v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and (vi) the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing of Deposited Securities. Any other charges and expenses of the Depositary under the Deposit Agreement will be paid by the Company upon agreement between the Depositary and the Company. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by paragraph (22) of this ADR and as contemplated in the Deposit Agreement. The Depositary will provide, without charge, a copy of its latest fee schedule to anyone upon request. The charges and expenses of the Custodian are for the sole account of the Depositary. (11) Title to ADRs. It is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, this ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless such holder is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner's representative is the Holder registered on the books of the Depositary. (12) Validity of ADR. The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits under the Deposit Agreement, nor shall this ADR be valid or enforceable for any purpose against the Depositary or the Company, unless this ADR has been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly- authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADSs. An ADR bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. (13) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange Act and accordingly files certain information with the Commission. These reports and documents can be retrieved from the Commission's website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, A-7 D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar's knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the ADSs. The Depositary is authorized to, and shall at the Company's request, from time to time provide to the Company, the Share Registrar and any other agent of the Company designated by the Company in writing (irrespective of their nationality, residency, or regulatory regime) in electronic or print format the information contained in the register of ADSs. Every Holder and Beneficial Owner of ADSs upon acceptance of any ADSs (or any interest therein) shall be deemed to have consented to the Depositary providing such information to such persons. The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph (24). Dated: DEUTSCHE BANK TRUST COMPANY AMERICAS DEUTSCHE BANK TRUST COMPANY AMERICAS Transfer Agent and Registrar as Depositary By:______________________________ By:_________________________________ Authorized Signatory Authorized Signatory The address of the Principal Office of the Depositary is 60 Wall Street, New York, New York 10005 , U.S.A. A-8 [FORM OF REVERSE OF ADR] SUMMARY OF CERTAIN ADDITIONAL PROVISIONS OF THE DEPOSIT AGREEMENT (14) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of the receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Deposited Securities or any other entitlements held in respect of Deposited Securities under the terms of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (upon the terms of the Deposit Agreement), (ii) if applicable, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their respective nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) the Depositary shall distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms set forth in the Deposit Agreement. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligations under the Deposit Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. A-9 Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders of ADSs upon the terms described in the Deposit Agreement, the Company and the Depositary shall determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to paragraph (16) and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the distribution shall be made as in the case of a distribution in cash upon the terms described in the Deposit Agreement. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be made as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not reasonably practicable or if the Depositary did not receive reasonably satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the United Kingdom in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Upon timely receipt by the Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation with the Company, shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in the Deposit Agreement) and establish procedures (x) to distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) to enable the Holders to exercise the rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) to deliver ADSs upon the valid exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. Notwithstanding anything herein or in the Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the

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&nbsp;&nbsp;&nbsp;&nbsp;A-10 event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights. Upon receipt of a notice indicating that the Company wishes property other than cash, Shares or rights to purchase additional Shares, to be made available to Holders of ADSs, the Depositary and the Company shall determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received reasonably satisfactory documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. Upon satisfaction of the conditions set forth in the Deposit Agreement, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date established for such distribution pursuant to Section 4.9 of the Deposit Agreement, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale (if in a Foreign Currency) to be converted into Dollars and (ii) distribute the proceeds of such sale and conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances. (15) Redemption. Upon timely receipt of notice from the Company that it intends to exercise its right of redemption in respect of any of the Deposited Securities, and upon determining that such proposed redemption is practicable and upon receipt of reasonably satisfactory documentation required by the Deposit Agreement, the Depositary shall provide to each Holder a notice setting forth the Company's intention to exercise the redemption rights and any other particulars set forth in the Company's notice to the Depositary. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof upon the terms of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of the Deposit Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Shares represented by each ADS redeemed. A-11 (16) Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (the "ADS Record Date") for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. If the ADSs shall be listed on any securities exchange, then such record date shall be fixed in compliance with any applicable rules of such securities exchange. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as possible to the applicable record date for the Deposited Securities (if any) set by the Company in England. Subject to applicable law and the terms and conditions of this ADR and the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. (17) Voting of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company's expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Memorandum and Articles of Association of the Company and the provisions of or the provisions governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given, (including an express indication that instructions may be deemed to have been given in accordance with the last sentence of the paragraph below if no instructions are received by the Depositary prior to the deadline set for such purposes) to the Depositary to give a discretionary proxy to a person designated by the Company to vote the Shares or other Deposited Securities represented by such Holder's ADSs in his or her discretion. Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Memorandum and Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder's ADSs in accordance with such voting instructions. Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders as of the ADS Record Date or as otherwise contemplated therein. If the Depositary does not receive instructions from a Holder as of the ADS Record Date on or before the date established by the Depositary for such purpose, such Holder shall be deemed, and the Depositary shall deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities held by such Holder, and the Depositary shall give such discretionary proxy to such person; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs the Depositary that (i) the Company does not wish such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Deposited Securities may be A-12 adversely affected. Notwithstanding anything else contained in the Deposit Agreement or in this ADR, the Depositary shall, if so requested in writing by the Company, represent, or cause the Custodian to represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. On the business day following the date fixed by the Depositary as the last date for delivery of voting instructions, the Depositary shall give notice to the Company of the voting instructions received by the Depositary from the Holders as of the close of business as of such fixed date. Notwithstanding anything contained in the Deposit Agreement or any ADR to the contrary, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary, if reasonably requested by the Depositary, an opinion of U.S. counsel addressing any actions requested to be taken to enable such vote. There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. (18) Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. In effectuation of any such change, split up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger or consolidation or sale of assets, the Depositary may, with the Company's approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company reasonably satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) execute and deliver additional ADRs in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the form of ADR contained in Exhibit A thereto, (iii) amend the Registration Statement on Form F-6 as filed with the Commission in connection with the Deposit Agreement, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, (v) issue such new ADRs in exchange for outstanding ADRs called for surrender and (vi) take such other actions as reasonably requested by the Company. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall, if the Company requests, subject to receipt of reasonably satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. (19) Exoneration. Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the United Kingdom or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Memorandum and Articles of Association of the Company or any provision of or provision governing any A-13 Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Memorandum and Articles of Association of the Company or provisions of or provisions governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Company or their respective controlling persons or agents in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons and its agents, any Custodian and the Company, its Affiliates, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or this ADR. (20) Standard of Care. The Company and the Depositary and their respective directors, officers, affiliates, employees and agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s) or other persons, except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad faith. Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective Affiliates, controlling persons, directors, officers, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. The Depositary and its agents shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. (21) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company as Depositary under the Deposit Agreement by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its reasonable best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required

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&nbsp;&nbsp;&nbsp;&nbsp;A-14 by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. (22) Amendment/Supplement. Subject to the terms and conditions of this paragraph 22, the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS(s), to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations. (23) Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by providing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign, or if ninety (90) days shall have expired after the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by providing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder of ADS(s) will, upon surrender of such ADS(s) at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of ADSs referred to in paragraph (2) and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such ADS. If any ADSs shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of ADSs, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends A-15 or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of an ADS, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of six (6) months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the ADSs and the Deposited Securities, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of ADSs, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. (24) Compliance with U.S. Securities Laws. Notwithstanding any provisions in this ADR or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6, as amended from time to time, under the Securities Act. (25) Certain Rights of the Depositary; Limitations. Subject to the further terms and provisions of this paragraph (25), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a "Pre- Release Transaction"). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the "Applicant") to whom ADSs or Shares are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days' notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). (26) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, A-16 ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). (ASSIGNMENT AND TRANSFER SIGNATURE LINES) FOR VALUE RECEIVED, the undersigned Holder hereby sells, assigns and transfers unto _____________________________________ whose taxpayer identification number is _____________________________ and whose address including postal zip code is ___________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing _____________________________ attorney-in-fact to transfer said ADS on the books of the Depositary with full power of substitution in the premises. Dated: Name: ___________________________________________________________ By: Title: NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR. ___________________________ SIGNATURE GUARANTEED All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. Legends [The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: "This ADR evidences ADSs representing 'partial entitlement' [type of shares] of [Company] and as such do not entitle the holders thereof to the same per-share entitlement as other [type of shares] Shares (which are 'full entitlement' [type of shares] Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the [type of shares] Shares represented by such ADSs become 'full entitlement' [type of shares] Shares."] B-1 EXHIBIT B FEE SCHEDULE DEPOSITARY FEES AND RELATED CHARGES All capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Deposit Agreement. I. Depositary Fees The Company, the Holders, the Beneficial Owners and the persons depositing Shares or surrendering ADSs for cancellation agree to pay the following fees of the Depositary: Service Rate By Whom Paid (1) Issuance of ADSs upon deposit of Shares. Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued. Person depositing Shares or person receiving ADSs. (2) Delivery of Deposited Securities against surrender of ADSs. Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered. Person surrendering ADSs for purpose of withdrawal of Deposited Securities or person to whom Deposited Securities are delivered. (3) Processing of dividends and other cash distributions. Up to U.S. $5.00 per 100 ADSs held (or fraction thereof). Any holder of ADSs (including, without limitation, Holders) receiving a distribution of cash proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a cancellation or withdrawal. II. Charges Holders, Beneficial Owners, persons depositing Shares for deposit and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the following charges: (i) taxes (including applicable interest and penalties) and other governmental charges; (ii) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively; (iii) such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs; (iv) the expenses and charges incurred by the Depositary in the conversion of foreign currency; (v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and

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&nbsp;&nbsp;&nbsp;&nbsp;B-2 (vi) the fees and expenses incurred by the Depositary, the Custodian or any nominee in connection with the servicing or delivery of Deposited Securities.

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## Exhibit 2.4

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1 DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT As of 31 December 2025, Unilever Plc ("PLC", "we", "our'' and "us") had the following securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"): Title of each class Trading symbols Name of each exchange on which registered Ordinary shares, nominal value of 3 1/2 pence per share ULVR New York Stock Exchange\* American Depositary Shares (evidenced by Depositary Receipts) each representing one ordinary share of the nominal amount of 3 1/2 pence each UL New York Stock Exchange \* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. Our ordinary shares, nominal value of 3 1/2 pence ("PLC Ordinary Shares"), are listed on the Equity Shares (Commercial Companies) category of the main market of the London Stock Exchange plc (the "LSE"). PLC American Depositary Shares ("PLC ADSs") are available through an American Depositary Receipt program established pursuant to a deposit agreement (the "Deposit Agreement") that we entered into with Deutsche Bank Trust Company Americas, as depositary (the "Depositary"). PLC ADSs, each representing one PLC Ordinary Share, are listed on the New York Stock Exchange, traded under the symbol UL, and are registered under Section 12(b) of the Exchange Act. In connection with this listing (but not for trading), the PLC Ordinary Shares are registered under Section 12(b) of the Exchange Act. The following contains a description of the rights of (i) holders of the PLC Ordinary Shares and (ii) PLC ADS holders. The following summary is subject to and qualified in its entirety by PLC's Articles of Association and by English law. This is not a summary of all the significant provisions of the Articles of Association or of English law and does not purport to be complete. Capital terms used but not defined herein have the meanings given to them in PLC's Annual Report on Form 20-F for the fiscal year ended December 31, 2025 and in the Deposit Agreement, which is an exhibit to our registration statement on Form F-6 filed with the SEC on June 24, 2014. PLC Ordinary Shares Item 9.A.3 Pre-emptive rights Under English law, PLC is not permitted to allot shares for cash without first offering those shares to existing shareholders in proportion to their existing holdings. However, at each AGM, PLC seeks shareholder approval to allot shares up to a value that represents one third of PLC's issued ordinary share capital and to disapply pre- emption rights for share allotments that represent 10% of PLC's total issued ordinary share capital. The 10% authority is split so that 5% is a disapplication for allotments for general corporate purposes and the other 5% is for allotments made in connection with financing an acquisition or other capital investment. Item 9.A.5 Type and class of securities PLC Ordinary Shares are listed on the London Stock Exchange and have a nominal value of 3 1/2 pence each. All PLC Ordinary Shares are issued in registered form. As at December 31, 2025, the total number of issued PLC Ordinary Shares was 2,181,005,247. PLC's constitutional documents place no limitation on the right to transfer PLC Ordinary Shares. Item 9.A.6 Limitations or qualifications Not applicable. Item 9.A.7 Other rights Not applicable. Item 10.B.3 Shareholder rights Dividend rights Distributable profits of PLC are paid by way of a dividend on the PLC Ordinary Shares. Any dividend unclaimed after 12 years from the date of the declaration of the dividend reverts to PLC. Voting rights 2 Each PLC Ordinary Share carries one vote. The voting rights of the Directors (Executive and Non-Executive) and members of the ULE who hold interests in the share capital of PLC are the same as for other holders of the class of share indicated. All Directors (unless they are retiring) are nominated by the Board for re-election at the AGM each year. Rights to share in the company's profits See "Item 10.B.E. Shareholder rights - Dividend rights" above. Rights to share in any surplus in the event of liquidation If PLC shall be wound-up, the surplus assets available for distribution shall be applied to the holders of the PLC Ordinary Shares (excluding any member holdings shares as treasury shares) in proportion to their shareholdings. Redemption provisions Outstanding PLC Ordinary Shares cannot be redeemed. Sinking fund provisions Not applicable. Liability to further capital calls by the company PLC may make capital calls on money unpaid on shares and not payable on a fixed date. Any provision discriminating against any existing or prospective holder of the PLC Ordinary Shares as a result of such shareholder owning a substantial number of shares Not applicable. Item 10.B.4. Changes to shareholder rights Modifications to PLC's Articles of Association must be approved by a general meeting of shareholders. A proposal to alter the Articles of Association can be made either by the Board or by requisition of shareholders in accordance with the UK Companies Act 2006. Unless expressly specified to the contrary in the Articles of Association, the Articles of Association may be amended by a special resolution. Modifications that prejudicially affect the rights and privileges of a class of PLC shareholders require the written consent of three-quarters of the affected holders (excluding the treasury shares) or a special resolution passed at a general meeting of the class at which at least two persons holding or representing at least one third of the paid- up capital (excluding treasury shares) must be present. Every shareholder is entitled to one vote per share held on a poll and may demand a poll vote. At any adjourned general meeting, present affected class holders may establish a quorum. Item 10.B.6 Limitations PLC's constitutional documents place no limitations on the right to hold PLC Ordinary Shares. There are no limitations on the right to hold or exercise voting rights on the PLC Ordinary Shares under English company law. Item 10.B.7 Change in control PLC's Articles of Association do not contain any provisions that would have the effect of delaying, deferring or preventing a change in control of the company and that would operate only with respect to a merger, acquisition of corporate restructuring involving the company (or any of its subsidiaries). Item 10.B.8 Disclosure of shareholdings PLC's constitutional documents do not contain any provisions governing the ownership threshold above which shareholder ownership must be disclosed. Under English law, however, PLC must disclose the holders of more than 3% of, or 3% of voting rights attributable to, PLC's ordinary share capital of which it is made aware. Item 10.B.9 Differences in the law With respect to Items 10.B.2-10.B.8, there are no significant differences between the laws applicable to PLC and English law. Item 10.B.10 Changes in capital The requirements imposed by PLC's Articles of Association governing changes in capital are not more stringent than is required by law. Item 12.A Debt securities 3 Not applicable. Item 12.B Warrants and Rights Not applicable. Item 12.C Other securities Not applicable. American Depositary Shares Item 12.D.1 Name and address of depositary Deutsche Bank Trust Company Americas, having its principal office at 1 Columbus Circle, New York, NY 10019, has been appointed as the Depositary under the Deposit Agreement, dated as of June 24, 2014, among PLC, the Depositary and all holders from time to time of the PLC ADSs issued thereunder. Deutsche Bank AG, having its principal office at 21 Moorfields, London, EC2Y 9DB, United Kingdom, has been appointed as the custodian (the "Custodian") under the Deposit Agreement. Item 12.D.2 Description of the PLC ADSs The following is a summary of the material provisions of the Deposit Agreement. For more complete information, you should read the Deposit Agreement in its entirety. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of PLC ADSs and the rights and duties of the Depositary in respect of the PLC Ordinary Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such PLC Ordinary Shares and held thereunder (the "Deposited Securities"). Each PLC ADS represents an ownership interest in one PLC Ordinary Share and is evidenced by an American depositary receipt ("PLC ADR"). Voting of PLC ADSs As soon as practicable after receipt of notice from PLC of any meeting of, or solicitation of consents or proxies from, Holders of PLC Ordinary Shares underlying the PLC ADSs, and upon written request by PLC received by the Depositary at least 30 days before the vote or meeting, the Depositary will fix a record date for PLC ADS Holders and arrange to deliver certain materials to PLC ADS Holders relating to the upcoming meeting or solicitation. The materials will contain: • such information as is contained in the notice of meeting or solicitation of consents or proxies received by the Depositary from PLC; • a statement that the PLC ADS Holders as of the close of business on a specified record date will be entitled, subject to any applicable law and the PLC Articles of Association, and the provisions of or governing the PLC Ordinary Shares (or any other securities, property or cash underlying the Holders' PLC ADSs), to give instructions to the Depositary as to the exercise of the voting rights, if any, pertaining to the PLC Ordinary Shares underlying the PLC ADSs; and • a statement as to the manner in which such instructions and notification may be given. In lieu of distributing the materials received from PLC in connection with the meeting of, or solicitation of consents or proxies from, Holders of PLC Ordinary Shares underlying the PLC ADSs, the Depositary may, to the extent not prohibited by applicable law, regulations or stock exchange requirements, distribute to the PLC ADS Holders a notice with instructions on how to retrieve or request such materials. A PLC ADS Holder must hold PLC ADSs on the record date established by the Depositary in order to be eligible to give instructions for the exercise of voting rights at a meeting of PLC Shareholders. It is possible that the record date PLC uses for the exercise of voting rights on the PLC Ordinary Shares, on the one hand, and the record date used by the Depositary for the exercise of voting rights relating to the PLC Ordinary Shares underlying the PLC ADSs, on the other hand, may not be the same. For voting instructions to be valid, the Depositary must receive them on or before the date specified in the materials delivered to PLC ADS Holders. The Depositary will, to the extent practicable, endeavor to vote or cause to be voted the underlying PLC Ordinary Shares in accordance with each PLC ADS holder's instructions. The Depositary will not vote the underlying PLC Ordinary Shares other than in accordance with the PLC ADS holder's instructions. Persons who hold PLC ADSs through a brokerage account or otherwise in "street name" will need to follow the procedures of their broker in order to give voting instructions to the Depositary. In connection with a Shareholders' meeting, PLC and the Depositary will not be able to assure that PLC ADS 4 Holders will receive the voting materials in time to ensure that Holders can either instruct the Depositary to vote the PLC Ordinary Shares underlying the PLC ADSs or withdraw the underlying PLC Ordinary Shares to vote them in person or by proxy. In addition, except as provided under applicable English law, the Depositary and its agents will not be responsible for failing to carry out voting instructions or for the manner in which any such vote is cast or the effect of any such vote. If the Depositary receives from a PLC ADS holder voting instructions which fail to specify the manner in which the Depositary is to vote the PLC Ordinary Shares represented by such holder's PLC ADSs, the Depositary will deem such holder to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. If no instructions are received by the Depositary from a PLC ADS holder on or before the date established by the Depositary for such purpose, such PLC ADS holder will be deemed to have given a discretionary proxy to a person designated by PLC to vote the PLC Ordinary Shares underlying such PLC ADSs. However, no discretionary proxy will be deemed given for any matter as to which PLC informs the Depositary that (i) PLC does not wish such proxy to be given, (ii) substantial opposition exists or (iii) such matter materially and adversely affects the rights of Holders of PLC Ordinary Shares. The Depositary will have no obligation to take any action with respect to any meeting of, or solicitation of consents or proxies from, Holders of PLC Ordinary Shares if such action would violate U.S. laws. Neither the Depositary nor the custodian will under any circumstances exercise any discretion as to voting, and neither the Depositary nor the custodian will vote, attempt to exercise the right to vote, or in any way make use of the PLC Ordinary Shares (or any other securities, property or cash underlying the Holders' PLC ADSs) for purposes of establishing a quorum at a meeting of shareholders or otherwise, except pursuant to and in accordance with written instructions from PLC ADS Holders or the provisions of the Deposit Agreement. Dividends and Distributions The Depositary will pay to PLC ADS Holders, as of a record date established by the Depositary under the terms of the Deposit Agreement, the cash dividends or other distributions it receives in respect of the PLC Ordinary Shares underlying such Holders' PLC ADSs, after deducting its fees and expenses. PLC ADS Holders will receive these distributions in proportion to the number of PLC Ordinary Shares represented by the PLC ADSs held by each of them. Distributions in Cash The Depositary will, as promptly as practicable, convert any cash dividend or distribution PLC pays on the PLC Ordinary Shares, other than any dividend or distribution paid in U.S. dollars, into U.S. dollars if it can effect such conversion and transfer the U.S. dollars to the United States on a practicable basis. If at any time the Depositary determines that in its reasonable judgment any foreign currency received by the Depositary is not convertible into U.S. dollars transferable to the United States on a practicable basis, or if any approval or license of any government or agency which is required for such conversion is denied or, in the opinion of the Depositary, is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency to the PLC ADS Holders or, in its discretion, hold the foreign currency uninvested and without liability for interest thereon for the respective accounts of the PLC ADS Holders. In the event that PLC or the Depositary is required to withhold and does withhold taxes or other governmental charges from such cash dividend or other cash distribution, the amount to be distributed to the PLC ADS Holders will be reduced accordingly. The Depositary will distribute only whole U.S. dollars and cents and will round any fractional amounts to the nearest whole cent. Distributions in Shares If any distribution consists of a dividend paid in, or a free distribution of, PLC Ordinary Shares, the Depositary may or will, if PLC so requests, distribute additional PLC ADSs representing any PLC Ordinary Shares that PLC so distributes as a dividend or free distribution, subject to the terms and conditions set forth in the Deposit Agreement. The Depositary will only distribute whole PLC ADSs. In lieu of delivering fractional PLC ADSs, the Depositary will sell the number of PLC Ordinary Shares represented by the aggregate of such fractions and distribute the net proceeds to the PLC ADS Holders entitled thereto. The Depositary may withhold the distribution of PLC ADSs if it has not received satisfactory assurances from PLC (including a legal opinion) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. If a distribution of additional PLC ADSs is withheld, the Depositary may sell all or part of such distribution in such amounts and in such manner as the Depositary deems necessary and practicable and distribute the net proceeds of any such sale (after deducting applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary) to the PLC ADS Holders entitled thereto. If the Depositary does not distribute the additional PLC ADSs and does not sell the distributed PLC ADSs and distribute the proceeds thereof, each PLC ADS will thereafter also represent the new PLC Ordinary Shares that PLC distributed to the Depositary (net

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5 of all applicable fees, expenses, taxes and governmental charges payable by Holders under the terms of the Deposit Agreement). Elective Distributions in Cash or Shares If PLC intends to make a distribution payable at the election of PLC Shareholders in cash or in additional PLC Ordinary Shares, the Depositary will, if PLC has timely requested that such elective distribution be made available to PLC ADS Holders, and if the Depositary has determined that such distribution is reasonably practicable and has received satisfactory legal opinions relating to such distribution, establish procedures to enable PLC ADS Holders to elect to receive the proposed dividend in cash or in additional PLC ADSs as described in the Deposit Agreement. If the conditions for an elective distribution are not satisfied, the Depositary will, to the extent permitted by law, distribute to PLC ADS Holders, on the basis of the same determination as is made in the local market in respect of PLC Ordinary Shares for which no election is made, either cash or additional PLC ADSs representing such additional PLC Ordinary Shares in the manner described in the Deposit Agreement. The Depositary will have no obligation to make any process available to PLC ADS Holders to receive the elective dividend in PLC Ordinary Shares rather than PLC ADSs. There can be no assurances that PLC ADS Holders will have the opportunity to receive elective distributions on the same terms as the Holders of the PLC Ordinary Shares. Distribution of Rights to Receive Additional Shares If PLC intends to distribute to Holders of PLC Ordinary Shares rights to subscribe for additional PLC Ordinary Shares, the Depositary will, if PLC has timely requested that such rights be made available to PLC ADS Holders, make such rights available to PLC ADS Holders if, among other conditions, the Depositary has determined that such distribution of rights is reasonably practicable and has received satisfactory legal opinions relating to such distribution. If the conditions for making such rights available to PLC ADS Holders are satisfied, the Depositary will establish procedures to distribute rights to purchase additional PLC ADSs, to enable PLC ADS Holders to exercise such rights (upon payment of the subscription price and of applicable fees and charges of, and expenses incurred by, the Depositary and applicable taxes) and to deliver PLC ADSs upon the valid exercise of such rights. If the conditions for making such rights available to PLC ADS Holders are not satisfied or if PLC requests that the rights not be made available to PLC ADS Holders, or if any rights are not exercised and appear to be about to lapse, the Depositary will (i) endeavor to sell the rights in the manner described in the Deposit Agreement if it is lawful and reasonably practicable to do so, and distribute the proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes) to the PLC ADS Holders or (ii) if timing and market conditions do not permit such sale, if the Depositary determines that it is not lawful and reasonably practicable to sell such rights, or if the Depositary is unable to arrange for such sale, allow such rights to lapse. A liquid market for such rights may not exist, and this may adversely affect the ability of the Depositary to dispose of such rights or the amount the Depositary would realize upon disposal of rights. The Depositary will have no obligation to make any process available to PLC ADS Holders to exercise rights to subscribe for PLC Ordinary Shares rather than PLC ADSs. Neither the Depositary nor PLC will be responsible for any failure to determine whether it is lawful or practicable to make rights available to PLC ADS Holders (provided that the determination of practicability must have been made without bad faith), and neither the Depositary nor PLC will be responsible for any foreign exchange exposure or loss incurred in connection with the sale or disposal of such rights. The Depositary will not be responsible for the content of any materials forwarded to the PLC ADS Holders on behalf of PLC in connection with the rights distribution. If registration of the rights, or the securities to which any rights relate, may be required under the Securities Act or any other applicable law in order for PLC to offer such rights or such securities to PLC ADS Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to PLC ADS Holders (i) unless and until a registration statement under the Securities Act or other applicable law covering such offering is in effect or (ii) unless PLC furnishes the Depositary opinion(s) of counsel in the United States and any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and sale of such securities to PLC ADS Holders and beneficial owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable law. If PLC fails to give the Depositary timely notice of a proposed distribution of rights, the Depositary will use commercially reasonable efforts to perform the actions described above, and the Depositary will have no liability for its failure to perform such actions where such notice has not been so timely given, other than its failure to use commercially reasonable efforts. There can be no assurances that PLC ADS Holders will have the opportunity to receive or exercise rights on the same terms and conditions as the Holders of PLC Ordinary Shares or be able to exercise such rights. 6 Distributions Other Than Cash, Shares or Rights If PLC intends to distribute property other than cash, PLC Ordinary Shares or rights to purchase additional PLC Ordinary Shares, the Depositary will, if PLC has timely requested the Depositary to make such distribution to PLC ADS Holders, and if the Depositary has, after consultation with PLC, determined that such distribution is reasonably practicable and has received satisfactory legal opinions relating to such distribution, the Depository will distribute the property to PLC ADS Holders in such manner as the Depositary may deem reasonably practicable. The distribution will be made net of applicable fees and charges of, and expenses incurred by, the Depositary, and net of any taxes withheld. The Depositary may dispose of all or a portion of the property in such manner as the Depositary may deem reasonably practicable or necessary to pay its fees, charges and expenses in respect of such distribution and disposal and to satisfy any taxes or other governmental charges applicable to the distribution. If the conditions for a distribution of the property are not satisfied, the Depositary may endeavor to sell the property in a public or private sale, at such place or places and upon such terms as it may deem reasonably practicable. The proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes) will be distributed to PLC ADS Holders. If the Depositary is unable to sell the property, the Depositary may dispose of such property for the account of the PLC ADS Holders in any way the Depositary deems reasonably practicable under the circumstances, including for nominal or no consideration. Neither the Depositary nor PLC will be responsible for any failure to determine whether it is lawful or practicable to make property available to PLC ADS Holders (provided that the determination of practicability must have been made without bad faith), and neither the Depositary nor PLC will be responsible for any foreign exchange exposure or loss incurred in connection with the sale or disposal of such property. Reports and Other Communications If PLC delivers notice of any meeting of PLC Shareholders or of any action in respect of any cash or other distributions or the offering of any rights relating to PLC Ordinary Shares, PLC will deliver a copy of such notice to the Depositary and the custodian. PLC will arrange for translation into English, to the extent required pursuant to any regulations of the SEC, of any notices that are made generally available to the Holders of PLC Ordinary Shares. At PLC's request and expense, the Depositary will, distribute copies of such notices to the PLC ADS Holders. The Depositary will also make available for inspection by PLC ADS Holders at its principal office any written communications from PLC that are both (i) delivered to the Depositary or the custodian and (ii) made generally available to the Holders of PLC Ordinary Shares. PLC will furnish these communications in English when so required by any rules or regulations of the SEC. The Depositary will send copies of such communications when furnished by PLC as described in the immediately preceding paragraph. Books by the Registrar The Registrar will maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and delivery of PLC ADSs, among other things. The Registrar will also keep books for the registration of PLC ADSs. PLC ADS Holders may inspect such records at such office at reasonable times, but solely for the purpose of communicating with other PLC ADS Holders in the interest of business matters relating to PLC, the PLC ADSs or the Deposit Agreement. Such register may be closed from time to time when deemed expedient by the Registrar in connection with the performance of its duties under the Deposit Agreement or at the request of PLC. The Registrar will also maintain facilities to record and process the issuance, delivery, registration, transfer and surrender of PLC ADSs in accordance with the provisions of the Deposit Agreement. Reclassifications, Recapitalizations and Mergers If there is (i) any change in nominal value, split-up, consolidation or any other reclassification, or any redemption or cancellation by PLC, of PLC Ordinary Shares underlying the PLC ADSs or (ii) any recapitalization, reorganization, Merger or consolidation or sale of assets affecting PLC or to which it is a party, then any securities, cash or property received by the Depositary or the custodian in exchange for or in conversion of the underlying PLC Ordinary Shares will, to the extent permitted by law, be treated as new underlying deposited securities, cash or property under the Deposit Agreement, and the PLC ADSs will thereafter represent, in addition to the existing underlying PLC Ordinary Shares, the right to receive the new deposited securities, cash or property so received in exchange or conversion. The Depositary may, with PLC's approval and subject to the terms of the Deposit Agreement and the Depositary's receipt of an opinion satisfactory to it that such action is not in violation of any applicable laws or regulations, execute and deliver additional PLC ADSs as in the case of a dividend paid in PLC Ordinary Shares or call for the surrender of outstanding PLC ADSs to be exchanged for new PLC ADSs. If the new underlying deposited securities received cannot be lawfully distributed to some or all PLC ADS Holders, the Depositary may, subject to receipt of an opinion satisfactory to it that such action is not in violation of any applicable laws or regulations, sell such 7 securities at such place or places and upon such terms as it may deem proper and distribute the proceeds (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the PLC ADS Holders on an averaged or other practicable basis. The Depositary is not responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to PLC ADS Holders in general or to any holder particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities. Amendment and Termination of the Deposit Agreement Amendments PLC may agree with the Depositary to amend the Deposit Agreement and the PLC ADRs without PLC ADS holder consent in any respect which they may deem necessary or desirable. If the amendment imposes or increases fees or charges (except for taxes and governmental charges, registration fees, cable, telex or fax transmission costs, delivery costs or other such expenses) or otherwise prejudices any substantial existing right of PLC ADS Holders, it will only become effective 30 days after notice of such amendment has been given to PLC ADS Holders. Under the Deposit Agreement, notice of any amendment to the Deposit Agreement or any PLC ADR need not describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice will not render such notice invalid so long as, in each such case, the notice given to the PLC ADS Holders identifies a means for Holders to retrieve or receive the text of such amendment. At the time an amendment becomes effective, a PLC ADS holder is considered, by continuing to hold PLC ADSs, to have agreed to the amendment and to be bound by the Deposit Agreement as amended. However, if any governmental body adopts new laws, rules or regulations requiring an amendment of the Deposit Agreement to comply therewith, PLC and the Depositary may amend the Deposit Agreement and any PLC ADRs, which amendment may become effective before a notice of such amendment is given to PLC ADS Holders. However, no amendment will impair a PLC ADS holder's right to receive the PLC Ordinary Shares (or any other securities, property or cash) underlying such holder's PLC ADSs in exchange for such holder's PLC ADSs, except in order to comply with applicable provisions of any mandatory laws. Termination The Deposit Agreement will be terminated (i) by the Depositary if PLC asks it to do so, in which case the Depositary must notify PLC ADS Holders at least 30 days before termination or (ii) by the Depositary if the Depositary notifies PLC and the PLC ADS Holders of the termination at least 30 days before termination. If at any time 90 days have expired after (y) PLC has delivered a notice of removal to the Depositary or (z) the Depositary has delivered to PLC a written notice of its election to resign and, in either case, a successor depositary has not been appointed by PLC and accepted its appointment, the Depositary may terminate the Deposit Agreement by mailing notice of such termination to the PLC ADS Holders then outstanding at least 30 days before termination. If any PLC ADSs remain outstanding after termination, (i) the PLC ADS Holders will be entitled to receive the underlying securities upon surrender of the PLC ADSs and payment of all fees, expenses, taxes and governmental charges, and (ii) the Depositary will stop registering the transfer of PLC ADSs, will stop distributing dividends to PLC ADS Holders, and will not give any further notices or do anything else under the Deposit Agreement other than: • collect dividends and distributions on the PLC Ordinary Shares (or any other securities, property or cash) underlying PLC ADSs; • sell rights and other properties received in respect of PLC Ordinary Shares (or any other securities, property or cash) underlying PLC ADSs as provided in the Deposit Agreement; and • deliver PLC Ordinary Shares (or any other securities, property or cash) underlying PLC ADSs, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for PLC ADSs surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of PLC ADSs, any expenses for the account of the PLC ADS holder in accordance with the terms of the Deposit Agreement, and any applicable taxes or governmental charges). At any time after the date of termination of the Deposit Agreement, the Depositary may sell any remaining deposited PLC Ordinary Shares (or any other securities, property or cash) underlying PLC ADSs. After that, the Depositary will hold the money it received on the sale, as well as any cash it is holding under the Deposit Agreement, unsegregated for the pro rata benefit of the PLC ADS Holders that have not surrendered their PLC ADSs. The Depositary will not invest the money and has no liability for interest. After making such sale, the Depositary's only obligations to PLC ADS Holders will be to account for the money and cash (net of all applicable fees, expenses, taxes and governmental charges payable by Holders under the terms of the Deposit Agreement). After termination, PLC's only obligations will be with respect to indemnification of, and to pay specified amounts to, the Depositary. The obligations under the terms of the Deposit Agreement of PLC ADS Holders outstanding as of the termination date will survive the termination date and will be discharged only when the applicable PLC ADSs are presented by 8 their Holders to the Depositary for cancellation and such PLC ADS Holder has satisfied all of its obligations under the terms of the Deposit Agreement. Withdrawal and Cancellation A PLC ADS holder may withdraw the PLC Ordinary Shares (or any other securities, property or cash) underlying such holder's PLC ADSs upon surrender of such holder's PLC ADSs for such purpose to the Depositary. Upon payment of the Depositary's fees and of any taxes and governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of the Deposit Agreement, PLC's constituent documents, any other provisions of or governing the PLC Ordinary Shares (or any other securities, property or cash underlying the holder's PLC ADSs), and other applicable laws, any deposited PLC Ordinary Shares (or any other securities, property or cash) underlying such holder's PLC ADSs that have been surrendered to the Depositary will be delivered, as promptly as practicable, to such PLC ADS Holder at the office of the custodian or through book-entry delivery of the amount of PLC Ordinary Shares represented by the PLC ADSs surrendered to the Depositary, except that the Depositary may deliver any dividends or distributions, or the proceeds of any sales of dividends, distributions or rights, at the principal office of the Depositary. The Depositary will not accept for surrender PLC ADSs representing less than one PLC Ordinary Share. A PLC ADS holder generally has the right to surrender PLC ADSs and withdraw the underlying PLC Ordinary Shares at any time except: • due to temporary delays caused by the closing of the transfer books of the Depositary or PLC or the deposit of PLC Ordinary Shares in connection with voting at a Shareholders' meeting, or the payment of dividends; • when such PLC ADS Holder owes money to pay fees, taxes and similar charges; or • when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to PLC ADSs or to the withdrawal of PLC Ordinary Shares or any other securities, property or cash underlying such holder's PLC ADSs. Limitations on Obligations and Liability to PLC ADS Holders The Deposit Agreement expressly limits the obligations and liabilities of PLC, the Depositary and any custodian to the PLC ADS Holders. These limitations include, among other things, that PLC and the Depositary: • are obligated only to take the actions specifically set forth in the Deposit Agreement without gross negligence or willful misconduct; • have no obligation to become involved in a lawsuit or proceeding related to the PLC Ordinary Shares (or any other securities, property or cash) underlying PLC ADSs or the PLC ADRs unless they are indemnified to their satisfaction; • are not liable for any consequential or punitive damages or any action or non-action by it in reliance upon any advice of or information from any legal counsel, accountants, any person depositing PLC Ordinary Shares, any PLC ADS holder or any other person whom they believe in good faith is competent to give them that advice or information; • may rely and will be protected in action upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties; and • are not be liable to Holders or beneficial owners of PLC ADSs or third parties for any special, consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement or otherwise. In addition, PLC, the Depositary and their respective directors, officers, employees, agents or affiliates are not liable to any holder or beneficial owner of PLC ADSs: • if the Depositary or PLC is prevented, delayed or forbidden from, or is subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement or the PLC Ordinary Shares (or any other securities, property or cash underlying the PLC ADSs) it is provided will be done or performed by reason of any provision of any present or future law or regulation of the U.S. or any other country, or of any governmental or regulatory authority or stock exchange or inter- dealer quotation system, or by reason of any provision, present or future, of the PLC Articles of Association, or by reason of any provision of any securities issued or distributed by PLC, or any offering or distribution thereof, or by reason of any act of God or war or other circumstances beyond its control; • by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement; or • for the inability of any holder or beneficial owner of PLC ADSs to benefit from any distribution, offering, right or other benefit which is made available to Holders of PLC Ordinary Shares (or of any other securities, property or cash underlying the PLC ADSs) but is not, under the terms of the Deposit Agreement, made available to Holders or beneficial owners of PLC ADSs.

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9 Additionally, the Depositary will not be liable for, among other things: • any acts or omissions made by a predecessor or successor depositary, so long as the Depositary performed its obligations without gross negligence or willful misconduct while it acted as the Depositary; • any acts or omissions of any securities depository, clearing agency or settlement system in connection with book-entry settlement of PLC Ordinary Shares or otherwise; • any failure to carry out any instructions to vote any of the PLC Ordinary Shares represented by the PLC ADSs, or for the manner in which any such vote is cast, if such action or non-action is in good faith, or for the effect of any such vote; • the Depositary's failure to determine that any distribution or action is lawful or reasonably practicable if such determination of practicability is made without bad faith; • the content of any information received from PLC for distribution to the PLC ADS Holders or any inaccuracy of any translation thereof; • any investment risk associated with acquiring an interest in, or the validity of worth of, the PLC Ordinary Shares (or any other securities, property or cash underlying the PLC ADSs); • any tax consequences that may result from the ownership of PLC ADSs, PLC Ordinary Shares or any other securities, property or cash underlying PLC ADSs; • the credit-worthiness of any third party; • allowing any rights to lapse in accordance with the terms of the Deposit Agreement; the failure or timeliness of any notice from PLC; or • any action of or failure to act by, or any information provided or not provided by, the Depository Trust Company ("DTC") or any DTC participant.

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## Exhibit 4.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC Unilever House 100 Victoria Embankment London EC4Y 0DY T: +44 (0)20 7822 5252 F: +44 (0)20 7822 5951 www.unilever.com Unilever PLC Registered in London number 41424 Registered office in Port Sunlight Wirral, Merseyside CH62 4ZD P a g e \| 1 Fernando Fernandez Unilever House 100 Victoria Embankment London EC4Y 0DY 24 February 2025 Dear Fernando Amendments to your service agreement Further to our recent discussions, I am writing to confirm the changes to your employment agreement with Unilever PLC ("the "Company") dated 24 October 2023 (your "Service Agreement") (as amended from time-to-time). With effect from 1 March 2025 (the "Commencement Date"): 1. Summary of key terms The table in clause 2 of your Service Agreement shall be deleted and replaced with the following: KEY REWARD ELEMENTS Fixed Pay: €1,800,000 gross per annum. Target discretionary annual bonus: 150% of Fixed Pay with actual bonus in the range of zero to a maximum of 225% (i.e. up to 150% x 150%). Deferred bonus award: 50% of your actual annual bonus value (net of taxes) will be delivered as a deferred bonus award, that will vest 3 years after the date of the award. Target discretionary Performance Share Plan award: 200% of Fixed Pay with actual bonus in the range of zero to a maximum of 400% (i.e. up to 200% x 200%). The award will vest after 3 years subject to performance/continued service and will be subject to a 2-year post-vesting holding period. Docusign Envelope ID: 11C06BAB-21D6-40C2-9C5D-5DC00A013EAD P a g e \| 2 Insurance cover (subject to terms of applicable plan rules in place from time to time, and clause 7.1 of the Service Agreement): Please refer to current plan rules for further information and details of current limits to, and caps on, any cover. Private medical insurance: Yes: provided by Allianz (Unilever International Healthcare Plan) for you and eligible dependents. Life assurance cover: Yes: Under current policy, a lump sum on death to a maximum value of 3 times' base pay, capped at €5 million. Permanent disability insurance: Yes: Under current policy, a lump sum (paid after 12 months) to a maximum value of up to 3 times' base pay in the event of permanent total disability, pro- rated for permanent partial disability, capped at €5 million. Current personal shareholding requirement: 500% of Fixed Pay to be achieved within 5 years of Commencement Date; 500% of Fixed Pay for the two years following termination of employment (or if less, your actual shareholding on termination of your employment). Tax advisory services: Provision of tax advisory services to assist with tax return preparation costs in relation to the remuneration and benefits you receive in any tax year connection with your employment under this Agreement. The vendor of such services will be selected by Unilever PLC from time to time in its discretion. Relocation allowance: Any unpaid relocation payments agreed with you prior to the date of this letter shall be paid to you as agreed, subject to compliance with Unilever's Remuneration Policy. Any such payments, and any relocation payments that have already been made to you, are and remain subject to forfeiture and repayment in certain circumstances as set out in clause 7.7 of the Service Agreement. KEY NON-REWARD TERMS Employer: Unilever PLC (registered in England with no. 41424) whose registered office is at Port Sunlight, Wirral, Merseyside CH62 4ZD. Role: From 1 March 2025, Chief Executive Officer Country: United Kingdom Docusign Envelope ID: 11C06BAB-21D6-40C2-9C5D-5DC00A013EAD P a g e \| 3 Normal office address: 100 Victoria Embankment, London EC4Y 0DY. Notice period: Not less than 12 months' prior written notice from Unilever to you. Not less than 6 months' prior written notice from you to Unilever. Restricted Period: 12 months Restrictive covenants: Non-competition. Non-solicitation/dealing: customers and suppliers. Non-poaching of staff. Start date of your continuous employment with Unilever Group: 29 August 1988 2. Consequential amendments: References in clauses 3.3(d) and 11.2(c) to "the CEO" and "the CEO's" shall be replaced by "the Board" and the "the Board's" respectively. This letter constitutes an amendment to your Service Agreement and you should retain a copy with your contractual documents. Except as outlined in this letter, all other terms and conditions of your employment remain unchanged. As a reminder, you continue to remain bound by the confidentiality provisions in clause 12, the intellectual property provisions in clause 13, and the restrictive covenants in clause 14 of your Service Agreement. In the event of any inconsistency between the terms of this letter and the Service Agreement, the terms of this letter shall prevail. This letter is governed by English law and the parties submit to the exclusive jurisdiction of the Courts of England and Wales. The various provisions, sub-provisions and identifiable parts of this letter are severable. If any provision, sub-provision or identifiable part is held to be unenforceable by any court of competent jurisdiction, this will not affect the enforceability of the remaining provisions, sub-provisions or identifiable parts. Headings are inserted for convenience only and do not affect the construction of this letter. Please sign and return a copy of this letter to me at your earliest convenience, and by no later than 24 February 2025. If you have any questions, please contact me. Yours sincerely Ian Meakins Chair Docusign Envelope ID: 11C06BAB-21D6-40C2-9C5D-5DC00A013EAD P a g e \| 4 On behalf of Unilever PLC -------------------------------- I, Fernando Fernandez, hereby accept the amendments to my Service Agreement as set out in the terms of this letter from Ian Meakins dated 24 February 2025: ______________________________ _______________ Signature Date Docusign Envelope ID: 11C06BAB-21D6-40C2-9C5D-5DC00A013EAD 24 February 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 expect you to carry out your duties to the highest professional and ethical standards, and to satisfactorily complete any training or development required to fulfil your role. 3.2 WORKING TIME. You will be expected to manage your time and work to undertake the job effectively. Accordingly, you are required to work such hours as are necessary for the proper performance of your duties, and devote the whole of your professional time, attention and abilities to carrying out your duties under this Agreement. You should act at all times in the best interests of the Unilever Group (as defined below). 3.3 DUTIES. You: (a) acknowledge that you are a fiduciary of Unilever PLC (and/or other Unilever Group members), and agree that you will at all times act in good faith, carry out your duties honestly, faithfully and to the best of your ability, comply with all lawful instructions, regulations and policies from time to time; (b) will accept any offices or directorships as Unilever PLC may reasonably require, without any additional remuneration; (c) will inform Unilever PLC immediately of any act or omission of yours which constitutes a breach of this Agreement, and of any act or omission of any other staff member of the Unilever Group of which you become aware that constitutes, or might reasonably constitute, a breach of the duties owed by that individual; (d) will report to the CEO as requested, and promptly provide any information, explanations and assistance requested regarding the business and affairs of Unilever PLC, the Unilever Group and any related matters; (e) will devote the whole of your working time, attention and skill to your role with Unilever PLC; (f) will properly perform your duties and exercise your powers; (g) will carry out your duties honestly, faithfully, to the best of your ability and at all times in compliance with the Unilever Code of Business Principles; (h) will comply with all rules, requirements, codes and regulations imposed or recommended from time to time by any industry or regulatory body relevant to your role and to the business of the Unilever Group; (i) will comply with all statutory, fiduciary or common law duties to Unilever PLC; (j) will do such things as are necessary to ensure compliance by you and Unilever PLC with the UK Corporate Governance Code (as amended from time to time) to the extent required by such Code; (k) will comply with all rules, requirements, recommendations or codes as amended, replaced or introduced from time to time including but not limited to those of the Financial Conduct Authority, the Euronext Rule Book and Financial Supervision Act and the New York Stock Exchange Rules; (l) will comply with all rules, policies and regulations issued by Unilever PLC whether or not contained in a company handbook including but not limited to the relevant anti- corruption/bribery and compliance policies; (m) will comply with personal shareholding requirements and recovery, clawback and malus provisions applicable to variable remuneration as set out in your reward letter from time to time; 4 (n) will comply with the directions of the Board; (o) will use your best endeavours to promote the interests and reputation of each and every company in the Unilever Group; and (p) will not do anything that would cause you to be disqualified from acting as a director or have a negative impact on your own reputation or the reputation of any company in the Unilever Group. 3.4 GOVERNANCE/COMPLIANCE. Good governance and compliance are essential to how we operate. It is therefore important that you comply with all relevant Unilever PLC/Unilever Group rules, policies/standards, procedures and lawful instructions in force from time to time, including without limitation the Unilever Code and related Code Policies (as defined in clause 18.1 below). Some key policies/standards in particular are referenced in this Agreement, and for your convenience a list of these is set out in Schedule A (with further details available on the Unilever intranet). Unless expressly stated otherwise, any such rules, policies/standards, procedures, instructions and Code/Code Policies do not form part of your terms and conditions of employment and may be amended or withdrawn by Unilever PLC in its sole discretion at any time (so references to policies/standards in this Agreement should be read as references to such items as amended, supplemented or replaced from time to time). If appropriate, any breach of them by you may result in disciplinary action being taken against you (potentially up to and including the summary termination of your employment, if appropriate). 3.5 MANDATORY RULES. Any payments, awards or benefits (or other arrangements) offered or made to you in connection with your employment, Directorship and/or termination thereof are and remain subject to any law, regulation, and regulatory guidance from time to time applicable, including any Remuneration Policy. Unilever PLC is only authorised to make payments and awards to you which are within the terms of the Remuneration Policy. Any other payment or award shall require the express approval of Unilever PLC's shareholders, and Unilever PLC will not be obliged to seek the approval of its shareholders in general meeting for any such payments or awards (or any other benefits or arrangements which would not otherwise be permitted by the Remuneration Policy). 4 YOUR APPOINTMENT AND SERVICE AS A DIRECTOR 4.1 You acknowledge and agree that, as a Director of Unilever PLC: (a) your duties shall include those of the duties set out in clause 3.3 applicable to a Director of a company listed in the United Kingdom; and (b) your appointment and continued service as a Director, as a member of the Board and the Unilever Leadership Executive will be subject to the Articles of Association (and other constitutional documents) and the statutory and corporate governance requirements applicable to Unilever PLC. 5 LOCATION 5.1 COUNTRY. Your Country for these purposes is where your normal place of work is located, as set out in clause 2 (your "Country"). In order to fulfil your duties, you may be required to travel to and work at other offices and locations both within and outside your Country in the proper performance of your duties. If necessary, and with appropriate notice, it may be necessary for you to relocate to another location on a temporary or permanent basis as Unilever PLC may from time to time reasonably require (although to avoid doubt, nothing in this clause requires you to relocate to another country at Unilever PLC's request without your consent).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 5.2 IMMIGRATION AND RESIDENCE. Your employment is at all times conditional on you having, and keeping, the right to work in your Country (and in any other country to which you may relocate further to clause 5.1 above). If circumstances arise that might lead to your losing that right, you must notify Unilever PLC as soon as possible. 6 FIXED AND VARIABLE PAY 6.1 FIXED PAY. Your annual Fixed Pay is set out in clause 2 and will normally be paid in equal monthly instalments in arrears by direct transfer to your bank account, subject to any tax, social security, and other deductions required by law or the terms of this Agreement. 6.2 ANNUAL BONUS. You are eligible to participate in Unilever PLC's discretionary annual bonus plan, in accordance with and subject to its rules and the remainder of this clause 6. Any discretionary bonus payment is based on Fixed Pay and made to you at Unilever's sole discretion; you have no contractual entitlement to receive any discretionary bonus payment, and any such payment in one year does not entitle you to receive one in subsequent years. 6.3 DEFERRED BONUS AWARD. 50% of your actual annual bonus value under clause 6.2 will be delivered as a deferred bonus award in accordance with the Remuneration Policy from time to time and in accordance with and subject to the remainder of clause 6. A deferred bonus award is an entitlement to free shares (or cash equivalent) on vesting/release. The number of shares subject to your deferred bonus award will have a market value on the date of grant equal to the amount of bonus deferred, and deferral may be effected on a gross or net of tax basis at Unilever PLC's sole discretion. The award normally vests (or is released) three years after grant. Any deferred bonus award is made to you at Unilever PLC's sole discretion; you have no contractual entitlement to receive any deferred bonus award and any such award in one year does not entitle you to receive one in subsequent years. The award may be made under the terms of the Unilever Share Plan 2017. 6.4 PSP. You are eligible to participate in the Unilever Share Plan 2017 (which we refer to here as the "PSP"), in accordance with and subject to its rules and the remainder of this clause 6. Under the PSP you may be granted rights to receive free shares on vesting which normally vest after three years, to the extent certain performance conditions are achieved ("PSP Awards"). Any PSP Award is made to you at Unilever PLC's sole discretion; you have no contractual entitlement to receive any PSP Award and any such PSP Award in one year does not entitle you to receive one in subsequent years. 6.5 GENERAL CONDITIONS RELATING TO VARIABLE PAY. Your eligibility for or entitlement to any bonus, share award or other element of variable pay (including but not limited to those set out in clauses 6.2 to 6.4 above) is conditional on and subject to: (a) the Unilever Remuneration Policy, the rules of the relevant plan (which may provide that a payment or award may be cancelled, reduced, withdrawn or subject to repayment in certain circumstances, and which will generally require you to still be in employment with Unilever PLC on the relevant date of vesting/payment); (b) your performance being in Unilever PLC's reasonable opinion satisfactory as at the relevant date of vesting/payment; and (c) your ongoing compliance with your obligations in clauses 12 (Confidentiality), 13 (Intellectual Property) and 14 (Restrictive Covenants) of this Agreement (and if Unilever PLC reasonably determines that you have breached any of those obligations, including those that apply after your employment has ended, any award/payment that has not vested/been paid as at the date of the breach will be forfeited and will, at Unilever PLC's discretion, lapse accordingly). 6 6.6 REWARD FRAMEWORK. We keep our reward framework under constant review to ensure that it continues to drive business goals and deliver value for the Unilever Group. Accordingly, Unilever PLC will review your pay arrangements on a regular basis and clause 2 may be updated accordingly (although any such review does not oblige Unilever PLC to grant any increase). Unilever PLC may also amend, replace or discontinue the arrangements in clause 6.2, clause 6.3, clause 6.4 and/or any other variable pay plan at its discretion from time to time, without obligation to provide any equivalent or compensation for any loss of variable pay. 6.7 DEDUCTIONS. During your employment and upon its termination, we may need to deduct certain amounts from your pay. You therefore agree that Unilever PLC may deduct from any amount due to you (whether fixed or variable pay) any sum required or permitted by law or owed by you to any member of the Unilever Group. We will, of course, endeavour to give you prior notice of any significant deduction outside the usual course of business. 7 BENEFITS 7.1 INSURANCE. Private medical insurance, life assurance cover and permanent disability insurance are provided on the basis notified to you separately. By way of illustration, cover under current policies is summarised in clause 2. All insurance benefits are provided on and subject to the terms and conditions of your employment and the relevant insurance policy documents in place from time to time, and to Unilever PLC's ability to procure such cover at a reasonable cost. No liability shall accrue to Unilever PLC in the event that any insurance cover under clause 2 and this clause 7.1 is refused by the provider or any conditions or limitations to the benefit are applied by the provider. Unilever PLC's sole obligations in respect of the insurance benefits referred to under clause 2 and this clause 7.1 are to pay the premiums from time to time required by the provider and to pay to you such sums (if any) as may from time to time be received by Unilever PLC from the provider in respect of any claim made by you under the relevant scheme. For the avoidance of doubt, Unilever PLC will be under no obligation to take any action to enforce the terms of any insurance or otherwise to provide or procure the benefit of any insurance for you. 7.2 INDEMNITY PROTECTION. Indemnity protection in relation to the performance of your role has been made available to you separately by Unilever PLC in accordance with the terms communicated to you. 7.3 EXPENSES. Unilever PLC will reimburse you for all reasonable business expenses that you actually incur in the proper performance of your duties, subject to the ULE Expenses Reimbursement Policy and to your production of satisfactory receipts or such other evidence of expenditure as we may require. 7.4 PENSION. A cash amount in lieu of pension contributions is included in your Fixed Pay as set out in clause 2; as such, you will not be offered any separate pension contributions or rights under the Unilever Group's pension scheme, except as required by law. Should Unilever PLC at any time be required by law to make contributions to a pension scheme on your behalf, such amounts will be deducted from, and offset against, your Fixed Pay. 7.5 GENERAL. As with the reward framework, Unilever PLC may from time to time at its discretion amend, replace or discontinue insurance, or amend the terms on which they are provided (including without limitation by substituting other schemes/providers, changing the scale, level and nature of your benefits package which may make it less beneficial to you, and/or terminating and not replacing any of the benefits for which you may be eligible from time to time if we believe it is in the best interests of the business to do so). 7 7.6 TAXATION SUPPORT. Unilever PLC will make available to you tax advisory services to assist with tax return preparation costs in relation to the remuneration and benefits you receive in any tax year in connection with your employment under this Agreement. The vendor of these services will be selected by Unilever PLC from time to time in its discretion. 7.7 LOCALISATION SUPPORT. Unilever PLC will pay you an allowance of EUR €433,060 gross less such deductions required by law (the "Localisation Allowance") to support your localisation to the UK and the cessation of your international assignment. The Localisation Allowance will be paid in two equal instalments, the first instalment as soon as practicable after appointment and the second instalment as soon as practicable after the first anniversary of appointment. You will forfeit any entitlement to any part of the Localisation Allowance not yet paid to you, and be required to immediately repay to Unilever PLC some or all of the Localisation Allowance already paid to you if, before 16 September 2027: (i) you serve notice to terminate your employment with Unilever PLC; (ii) you terminate, or purport to terminate, your employment with Unilever PLC without giving notice; (iii) Unilever PLC terminates your employment without notice in accordance with clause 11.2 of this Agreement; or (iv) Unilever PLC serves notice to terminate your employment for one or more of the reasons set out in clause 11.2 of this Agreement. Unilever PLC's Compensation Committee shall determine whether any repayment of the Localisation Allowance under this clause 7.7 hall be in full or on a pro-rata basis, and on a net or gross basis. 7.8 LIABILITY FOR TAX. You are liable for, and must settle, any tax, social security contributions and other levies due by you on any remuneration and benefits you receive in connection with your employment under this Agreement, and (unless stated otherwise) all amounts stated in this Agreement have been stated on a gross basis. 8 PERSONAL SHAREHOLDING REQUIREMENT You must build and maintain a personal shareholding in Unilever PLC in accordance with Unilever's Remuneration Policy as amended from time to time. This includes a requirement to maintain your personal shareholding for a set period of time after your employment ends. 9 ILL HEALTH 9.1 SICKNESS ABSENCE. During any period of absence through illness any payments to you over and above the statutory minimum requirements are made at Unilever PLC's sole discretion. The duration and continuation of any such payments will be subject to the periodic review of the Board based on their reasonable assessment of the circumstances at that time, and you must provide satisfactory medical evidence for your absence as requested from time to time and comply with any other relevant requirement. Any sickness benefit to which you are entitled under mandatory local law may be offset against any other payments provided to you by the Unilever Group during your period of sickness, and any entitlement you may have to any payments in respect of sickness, insurance or other benefit under this Agreement does not affect any right Unilever PLC may have to terminate your employment in accordance with clause 11. 9.2 MEDICAL EXAMINATION. If necessary to ascertain your fitness for work, Unilever PLC may arrange and pay for you to undergo a medical examination by a relevant professional (e.g. a doctor, occupational health practitioner or other appropriate consultant) of its choice, in which case you should attend any such examination, and agree to a copy of any report being shared with Unilever PLC. 8 10 ANNUAL LEAVE You are entitled to 30 working days holiday per annum plus public holidays (and may carry forward up to five days' untaken annual leave into the next calendar year with the Chair's written consent, subject to any relevant policy). No payment will be made for annual leave which has been accrued but not taken (although if on termination of employment you have taken annual leave in excess of your accrued entitlement, Unilever PLC may deduct any money due in respect of the excess annual leave you have taken from any payment owed to you). Unilever PLC may require you to take any outstanding annual leave during any period of notice (including during any garden leave). 11 TERMINATION 11.1 NOTICE OF TERMINATION. Subject to this clause 11, your employment will continue until it is terminated at any time by either party giving the other the prior written notice set out in clause 2. 11.2 SUMMARY TERMINATION. Notwithstanding clause 11.1, Unilever PLC may terminate your employment with immediate effect (and without being required to serve notice or make any payment in lieu of notice or other payment) if, at any time, you: (a) commit dishonesty, gross misconduct, gross incompetence, wilful neglect of duty, or any other serious or persistent breach of the terms and conditions of your employment or of any Unilever Group policy/standard (including without limitation the Code and/or any Code Policy); (b) act in any manner (whether in the course of your duties or otherwise) which brings or is likely to bring you, Unilever PLC or any Unilever Group entity into disrepute, or which materially prejudices or is materially likely to prejudice the interests of Unilever PLC or any Unilever Group entity; (c) become prohibited by law from being a director in the UK, or resign as a director of any Unilever Group entity without the CEO's express prior consent; (d) are declared bankrupt or make any composition or enter into any deed of arrangement with creditors; (e) are charged with or convicted of any criminal offence (other than an offence under road traffic legislation for which a non-custodial penalty is imposed); (f) lose or shall lose the right to work in your Country from time to time; and/or (g) directly or indirectly advise or participate or act in concert (within the meaning of the City Code on Takeovers and Mergers) with any person who makes or is considering making any offer for the issued share capital of Unilever PLC, and the right to terminate your employment under this clause 11.2 is without prejudice to any other legal right Unilever PLC may have to terminate your employment immediately. Any delay by Unilever PLC in exercising the right to terminate summarily or on short notice under this Clause 11.2 shall not constitute a waiver of that right. 11.3 PAYMENT IN LIEU OF NOTICE. Unilever PLC may terminate your employment with immediate effect by notifying you in writing that it is exercising the right, conferred by this clause 11.3 to give you a compensation payment in lieu of any or all outstanding notice due to you (the "PILON"). The amount of any such PILON will be the amount of your Fixed Pay for the unexpired portion of your notice period, less deductions required by law. In respect of the period up to the termination date, your entitlements under any annual bonus, deferred bonus award, PSP or other variable pay plan (including any buy-out

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 14.3 Each part of clause constitutes a separate and independent restriction (including, for the avoidance of doubt, each separate and independent restriction delineated by Roman numerals or bullet points or otherwise) and does not operate to limit any other obligation owed by you. If any restriction is held to be unenforceable by a court of competent jurisdiction, it is intended and understood by us that the remaining restrictions will still be enforceable. If your place of work changes to a different country such that the covenants contained in this clause 14 become subject to the laws of that country, the covenants will, if necessary, be modified so that they comply with any such laws and in order that the covenants remain enforceable in that country, provided that no changes will make any of the covenants wider in scope. Unilever PLC may expressly amend the covenants in order to reflect any such changes (and you agree to re-execute any such covenants as necessary in order to give effect to this), or alternatively the changes may be deemed to be made automatically. 14.4 The definitions used in this clause have the following meanings: (a) "Potential Customer" means any target client or customer to whom Unilever PLC and/or any Unilever Group member was actively and directly seeking to supply goods or services at any time during the Relevant Period in respect of whom you held material Confidential Information; (b) "Potential Supplier" means any target supplier in respect of whom Unilever PLC and/or any Unilever Group member was actively and directly seeking to receive goods or services on exclusive or specially negotiated terms at any time during the Relevant Period in respect of whom you held material Confidential Information; (c) "Relevant Period" means the 12 months prior to the earlier of: (i) the date on which you are placed on garden leave; and (ii) the date on which your employment terminates; (d) "Restricted Area" means: your Country; and any other country in which the Unilever Group operates (or is planning to operate) business in which you were materially involved or in respect of which you held material management responsibility, in each case at any time during the Relevant Period; and any other such country in respect of which you held material Confidential Information, at any time during the Relevant Period; (e) "Restricted Business" means business which is competitive with, or preparing to be competitive with: (i) any area of business of any Unilever Group member in respect of which you held material Confidential Information because of your material involvement or material management responsibility, at any time during the Relevant Period, and/or (ii) any other area of business of any Unilever Group member in respect of which you held material Confidential Information, in each case at any time during the Relevant Period; (f) "Restricted Customer" means any actual client or customer of Unilever PLC or any Unilever Group member in respect of whom you had material Confidential Information at any time during the Relevant Period; (g) "Restricted Employee" means any Unilever Group staff member who: works in a managerial or marketing or sales or distribution or research or senior capacity in relation to any area of business of the Unilever Group in which you were materially involved, or in respect of which you held material management responsibility and/or material Confidential Information, in each case at any time during the Relevant Period; and/or 14 has responsibility for or influence over Restricted Customers; and/or is in possession of material Confidential Information, and with whom you had material dealings and/or for whom you had direct managerial responsibility, in each case at any time during the Relevant Period; (h) "Restricted Period" means the period of time set out under the relevant heading in clause 2 following the termination of your employment, less any time spent on garden leave; and (i) "Restricted Supplier" means any supplier engaged by any Unilever Group member on exclusive and/or specially negotiated terms of business at any time during the Relevant Period and in respect of whom you held material Confidential Information. 14.5 Unilever PLC contracts as trustee and agent for the benefit of each Unilever Group member. From time to time it may be necessary for you to enter into matching restrictive covenants like these directly with another Unilever Group member (e.g. if your employing entity changes), and you agree to do so if requested (and if you fail to do so within 7 days of receiving any such request, you hereby irrevocably and unconditionally authorise Unilever PLC to execute on your behalf any document(s) required to give effect to this clause 14.5). 15 DATA PRIVACY AND USE OF EQUIPMENT 15.1 DATA PRIVACY. In the course of our activities, we need to process personal data about our staff. Unilever PLC takes its privacy obligations seriously, and aims to always process personal data in an appropriate and lawful manner in line with relevant data protection principles. This means that, typically, we expect to process your personal data as necessary for our legitimate interests, in relation to legal obligations (e.g. our rights and duties as an employer) or to protect your vital interests, and/or where you have given your consent. Further details are set out in Unilever's Privacy Notice, and in the Unilever Global Privacy Standard; it's important that you read these, and comply with them as appropriate. If you have any concerns about data privacy, either in relation to your own personal data or the handling of others' personal data in the course of your employment, you should contact the Data Privacy Officer. 15.2 Use of IT/electronic communications. In the course of your employment, you may be provided with access to various Unilever Group IT/electronic communications systems, devices and equipment (typically including our email system, intranet, a computer, a smartphone and so on). This is provided for use in your work, so it's important that you use any such systems/equipment appropriately, and comply with all relevant Unilever Group guidance and instructions. It also means that you should have no expectation of privacy in your use of such systems and equipment, and you should be aware that in certain circumstances Unilever PLC might monitor and record your usage of them to the extent permitted by local law. If you use your own device for work purposes, similar provisions might also apply (in relation to such work use only), so you should always check and comply with any relevant "Bring Your Own Device" guidelines. 16 DISCIPLINARY & GRIEVANCE POLICIES 16.1 DISCIPLINARY AND GRIEVANCE ISSUES. You are expected at all times to conduct yourself in a manner consistent with your senior status. There are no formal grievance or disciplinary rules or procedures in place in relation to executives of your seniority, but in the event of any such issue the Chair of the Board will confirm appropriate arrangements (including in relation to any appeal against a grievance or disciplinary decision), and you should comply with them. 15 16.2 SUSPENSION. Unilever PLC may suspend you where it deems this appropriate during any disciplinary or grievance process in which you are involved. Unilever PLC reserves discretion as to the terms of any such suspension, although we would envisage that it would usually be at your usual rate of pay and for a reasonable period in the circumstances. 17 COMPLIANCE WITH UNILEVER POLICIES 17.1 CONFLICTS OF INTEREST AND OUTSIDE APPOINTMENTS. You must comply with the Code Policy Avoiding Conflicts of Interest and any other relevant instructions/policies issued from time to time (and for these purposes, references in any such policy to your "line manager" should be taken to refer to the Chair). Among other things, this means that during your employment you must: (a) notify the Chair, other Directors of the Board and the CLO as soon as you become aware that any conflict situation exists or potentially could exist in relation to your employment or any office held by you; (b) not, without first obtaining the Chair's, or where appropriate the Board's, express written prior permission, directly or indirectly engage in, be concerned with, or have any financial or other interest in, any non-Unilever Group business or entity that gives rise or may give rise to a conflict of interest or the appearance of a conflict of interest with any Unilever Group member (although this will not prevent you from holding, or otherwise having an interest in, any shares or other securities of any company for investment purposes only, provided you do so in accordance with the terms and spirit of the Code Policy Avoiding Conflicts of Interest); and/or (c) not, without first obtaining the Chair's, or where appropriate the Board's express written prior permission, be or become directly or indirectly employed or engaged in, or otherwise undertake any work for, provide services to or take up appointment with, any non-Unilever business, entity or public office, whether paid or unpaid (save as expressly otherwise authorised by the Code Policy Avoiding Conflicts of Interest in relation to roles like school governor, director of a property/housing block in which you live etc). For avoidance of doubt, this clause 17.1 includes outside board appointments, although Unilever PLC recognises the value of such appointments, and if appropriate the Chair, or where appropriate, the Board may authorise them on the basis set out above (although there is no obligation on Unilever PLC to give such authorisation, and generally only one directorship of any publicly listed company per individual may be authorised and you will only be entitled to retain the fee(s), if any, from one such appointment). 17.2 CONFIRMATION. You confirm that you have disclosed to Unilever PLC (in the form of the Chief Legal Officer or such other contact as we may nominate) full details of all existing and potential conflicts of interest between either you, or to the extent that you are aware of them or ought reasonably to be aware of them, between your immediate family and Unilever PLC or any Unilever Group member. 17.3 REGULATORY COMPLIANCE. As a ULE member, you are a person discharging managerial responsibilities ("PDMR") and/or an "executive officer" for regulatory purposes. Accordingly, you must comply with all applicable rules and regulations, including without limitation: (a) all applicable rules of any recognised investment exchange regulations of any country in which our shares are listed, including without the limitation the UK Market Abuse Regulation, the EU Market Abuse Regulation and all relevant rules and regulations of the U.S. Securities & Exchange Commission (as amended or replaced from time to time); and 16 (b) any relevant Unilever policy, including without limitation our Share Dealing Manual, Disclosure Manual, and all relevant Code Policies (e.g. Preventing Insider Trading). This duty will continue (and you will be deemed to continue to be a PDMR) during and after employment until the later of: (i) six months after the date on which your employment terminates; and (ii) such time as when any price sensitive information you have obtained during your employment or any office holding ceases to be price-sensitive information, either through publication or otherwise. 18 MISCELLANEOUS 18.1 DEFINITIONS. For the purposes of this Agreement, the following terms shall have the meanings set out below: "Applicable Law" means the laws of England and Wales; "Board" means the Board of Directors of Unilever PLC from time to time; "CEO" means the Chief Executive Officer of the Unilever Group; "CFO" means the Chief Financial Officer of the Unilever Group; "CHRO" means the Chief Human Resources Officer of the Unilever Group; "Code" means the Unilever Code of Business Principles (and references to Code Policies will be construed accordingly); "Remuneration Policy" means such policy for the remuneration and benefits of directors of Unilever to be included in its remuneration report in accordance with sections 420 and 421 (2A) of the Companies Act 2006 and Part 4 of Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as shall from time to time be approved by Unilever PLC's shareholders; "Unilever Group" means Unilever PLC and any company in which either or both together directly or indirectly owns or controls the voting rights attaching to not less than 50% of the issued share capital, or controls directly or indirectly the appointment of a majority of the board of management (and references to a member of the Unilever Group will be construed accordingly); and "Unilever Leadership Executive" or "ULE" comprises the CEO and those senior executives appointed by the CEO to assist in the discharge of the powers delegated to the CEO by the Board of Directors of Unilever PLC. 18.2 INTRA-GROUP TRANSFER. Unilever PLC may, at any time during your employment, by written notice, substitute another Unilever Group member as your employer on the same terms and with the same responsibilities. If that happens, this Agreement will remain in full force and effect except that the obligations and benefits previously owed to or enjoyed by Unilever PLC will be owed to or enjoyed by that other Unilever Group member, and references to Unilever PLC shall then be deemed to be references to that other Unilever Group member. More than one such transfer may be made. You will have no claim against Unilever PLC if your employment is terminated by reason of the liquidation of Unilever PLC for the purposes of amalgamation or reconstruction provided that you are offered employment with the amalgamated or reconstructed entity on terms and conditions which in aggregate are not substantially less favourable than the terms of this Agreement. 18.3 BREACHES. In the unlikely event of your failure to comply with these terms and conditions ("breach of contract"), Unilever PLC will be entitled to recover compensation from you for any losses that Unilever PLC suffers as a result of such breach of contract.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 18.4 OTHER PROVISIONS. The terms of this Agreement constitute the entire agreement between us in relation to your continued appointment and employment with the Unilever Group, and once it takes effect on the Commencement Date will supersede and extinguish (without the need for separate notice) all prior agreements, understandings and arrangements with Unilever PLC and/or any other Unilever Group member relating to its subject matter. You confirm you have no entitlements under any previous employment with Unilever PLC and/or any other Unilever Group member (excluding any accrued pension rights) and that your previous employment with any Unilever Group member is terminated as at the Commencement Date. You must take all necessary steps to ensure your previous employment with any Unilever Group member is terminated as at the Commencement Date. If you claim any entitlements related to previous employment with any Unilever Group member, these amounts will be deducted from any sums you may otherwise by eligible from Unilever. Any variation to this Agreement must be in writing and signed on behalf of Unilever PLC, which reserves the right to vary this Agreement at its discretion; you will be given advance notice of any change, and this Agreement (or the relevant provision(s) of it) may be re-issued to you accordingly. This Agreement may be executed in any number of counterparts, each of which, when executed, shall be an original, and all counterparts together shall constitute one and the same instrument. There are no collective agreements which directly affect the terms and conditions set out in this Agreement. 18.5 NOTICES. Any notice you are required to give Unilever PLC under this Agreement should be given to the CHRO. Notice may be given by either party via hand, official Unilever email account, or first class post (and in the case of delivery by post, shall be deemed served on the second working day after posting). 18.6 GOVERNING LAW. This Agreement is governed by English law and the parties submit to the exclusive jurisdiction of the Courts of England and Wales. The various provisions, sub-provisions and identifiable parts of this Agreement are severable. If any provision, sub-provision or identifiable part is held to be unenforceable by any court of competent jurisdiction, this will not affect the enforceability of the remaining provisions, sub-provisions or identifiable parts. Headings are inserted for convenience only and do not affect the construction of this Agreement. We trust the above is all in order, but if you have any questions please contact the CHRO. Please sign and date this Agreement as a Deed (witnessed by an independent witness) as set out below to confirm your agreement to these terms and conditions, and return it as instructed. We look forward to your ongoing service with Unilever PLC on this basis. 19 SCHEDULE A: KEY POLICIES/STANDARDS APPLICABLE TO YOU As set out above, you agree to comply with all applicable Unilever PLC/Unilever Group rules, policies/standards, procedures and lawful instructions as amended and in force from time to time, including without limitation the following: Compliance/governance See further: Unilever Code of Business Principles, and related Code Policies Inside.Unilever (Code & Code Policies) Unilever Sharedealing Standard Inside.Unilever (Legal — Corporate Secretaries) Unilever Disclosure Manual Inside.Unilever (Legal — Corporate Secretaries) Unilever Personal Data & Privacy Code Policy Inside.Unilever (Code & Code Policies) Reward See further: ULE Expenses Reimbursement Policy Provided separately Remuneration Policy See Unilever's current Remuneration Policy as set out in pages 119 to 127 of Unilever's Annual Report and Accounts 2023. To avoid doubt, although any such rules, policies/standards, procedures and lawful instructions do not form part of your employment contract unless and to the extent otherwise stated (and Unilever may amend them at its discretion at any time), it is a condition of your employment that you comply with them.

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## Exhibit 4.2

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&nbsp;&nbsp;&nbsp;&nbsp;Appendix 2025 – 2027 PSP performance targets

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## Exhibit 4.3

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&nbsp;&nbsp;&nbsp;&nbsp;DB1/ 92631805.14 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 UNILEVER NORTH AMERICA OMNIBUS EQUITY COMPENSATION PLAN PROSPECTUS November 2025 DB1/ 92631805.14 2 UNILEVER NORTH AMERICA OMNIBUS EQUITY COMPENSATION PLAN PROSPECTUS Introduction The following summary of the Unilever North America Omnibus Equity Compensation Plan (referred to as the "Plan") is intended to outline for you, and help you better understand, the provisions of the Plan. You may request a copy of the Plan by contacting the General Counsel, Unilever United States, Inc., 800 Sylvan Avenue, Englewood Cliffs, NJ 07632, telephone 201-567-8000. What Is the Plan? The Plan has been established to allow Unilever PLC ("Unilever" or the "Parent Corporation") and its subsidiaries to implement in North America the Unilever global share schemes that are approved from time to time by the Board of Directors (the "Unilever Board") and shareholders of the Parent Corporation. The Plan shall be used to implement (i) the Unilever Share Plan 2017 (the "Unilever Share Plan") in North America as a subplan of the Unilever Share Plan and (ii) the Unilever SHARES Plan ("SHARES Plan"). All terms of the Plan are subject to the terms of the Unilever Share Plan and the SHARES Plan. The Plan is maintained for the benefit of eligible employees of UNUS, Unilever Canada Inc., Unilever de Puerto Rico, Inc. and other designated entities. The purpose of the Plan is to aid in attracting and developing employees capable of assuring the future success of Unilever, Unilever United States, Inc. ("UNUS"), Unilever Canada Inc., Unilever de Puerto Rico, Inc., and their affiliates (collectively referred to as the "Unilever Group"). The Plan provides designated employees with the opportunity to receive grants of performance shares, phantom shares, stock awards, stock options, and other awards payable in, based upon or otherwise related to shares of the Parent Corporation, which is the corporate parent of UNUS, Unilever Canada Inc. and Unilever de Puerto Rico, Inc. The Plan also provides for the deferral of compensation, pursuant to the Unilever United States Deferred Compensation Plan. The Plan became effective November 14, 2002, and is the successor to the Unilever North America 1992 Stock Option Plan, the Unilever North America 2001 Omnibus Stock Plan, the Unilever North America Performance Share Plan and the Amended and Restated Unilever North America Share Bonus Plan (these plans are collectively referred to as the "Prior Plans"). The Prior Plans were merged into the Plan as of the effective date of the Plan, and no additional grants will be made under the Prior Plans. Outstanding grants under the Prior Plans as of the effective date will continue in effect according to their terms. The Plan was amended and restated effective as of November 1, 2012, February 1, 2017, November 29, 2020, February 2, 2021, November 29, 2022, and November 25, 2024, and the share reserve provisions were amended as of March 14, 2024. DB1/ 92631805.14 3 Who Administers the Plan? The Plan is administered by a committee appointed by the North America Compensation Committee (the "Committee") or another committee appointed by the Board of Directors of Unilever United States, Inc. ("UNUS Board"). The Committee will take actions based on similar actions of the Unilever Board or the Compensation Committee of the Unilever Board under the Unilever Share Plan and the SHARES Plan, where appropriate. The Committee members serve until resignation or until a successor is appointed by the UNUS Board. The Committee has the authority to (i) determine the employees to whom grants will be made under the Plan, (ii) determine the type, size and terms of the grants to each such individual, (iii) determine the time when grants will be made and the duration of any applicable restrictions and conditions, including performance conditions, where appropriate, (iv) require confidentiality, non-solicitation, non-competition and other covenants as a condition of grants, where appropriate, (v) amend the terms of any previously issued grants, (vi) establish guidelines pursuant to which grants shall be made, (vii) determine whether performance conditions have been met and make any appropriate adjustments with respect to performance conditions and the amounts payable upon satisfaction of performance conditions, and (viii) deal with any other matters arising under the Plan and administer and interpret the Plan. The Committee's interpretations of the Plan and all determinations relating to the Plan are conclusive and binding. All grants are conditioned on the employee's acknowledgement that all decisions and determinations of the Committee are final and binding on all persons. The Committee can be contacted by writing to the General Counsel, Unilever United States, Inc., 800 Sylvan Avenue, Englewood Cliffs, NJ 07632, or by telephone 201-567-8000. How Many Shares Can Be Delivered Under the Plan? The total number of shares that may be delivered pursuant to the exercise or settlement of grants under the Plan may not exceed 117,900,000 American Shares, evidenced by American Depositary Receipts issued in New York (each representing one Ordinary Share) of Unilever ("Unilever ADSs") and 3,000,000 Ordinary Shares of Unilever ("Unilever Ordinary Shares") (collectively referred to as the "Shares"), and a further 10,000,000 Unilever Ordinary Shares (which may be represented by Unilever ADSs) with respect to grants made on or after March 14, 2024, subject to adjustment has described below. If any grants expire or terminate unexercised, forfeited or unearned, the Shares subject to such grants may be available for grant under the Plan. These limits and outstanding grants shall be appropriately adjusted by the Committee to take into account (i) any share dividend, spinoff, recapitalization, share split, share consolidation, or combination or exchange of shares,, (ii) a merger, reorganization or consolidation, by reason of a reclassification or change in par value, or (iii) any other extraordinary or unusual event affecting the outstanding Shares as a class without Unilever's receipt of consideration, or if the value of outstanding Shares is substantially reduced as result of a spinoff or Unilever's payment of any extraordinary dividend or distribution,. Shares to be issued or transferred under the Plan may be authorized but unissued shares, treasury shares or other reacquired shares, including shares that are purchased on the open market and DB1/ 92631805.14 4 then transferred to participants to satisfy grants under the Plan. Shares surrendered in payment of the exercise price of an option, and shares withheld or surrendered for payment of taxes with respect to any grant, shall be available for re-issuance under the Plan. To the extent that grants are designated in the grant terms to be paid in cash, and not in Shares, the grants shall not count against the share limits under the Plan. Who Is Eligible to Receive Grants Under the Plan? Except as otherwise determined by the Committee, all employees of the Unilever Group, including employees who are officers or directors of Unilever or any Unilever subsidiary, shall be eligible to receive Grants under the Plan. What Types of Grants Are Available Under the Plan? The following types of grants are available under the Plan: • Performance shares • Phantom shares • Stock awards • Stock options • Other stock-based awards How Will I Know What the Terms of My Grants Are? Each grant under the Plan will be accompanied by an award communication. The award communication will describe the type of grant that you have been awarded and the terms and restrictions applicable to the grant. You should read all award communications along with the Plan. How Do I Accept a Grant Award? You may accept a grant in any manner specified by the Committee, and you may be deemed to have accepted a grant if you have not renounced that grant within any period of time specified by the Committee. What Are Performance Shares and Phantom Shares? An award of performance shares or phantom shares represents the right of the participant to receive an amount based on the fair market value of a Share, the appreciation in fair market value of a Share or such other measurement base as the Committee deems appropriate. The Committee will determine the terms and conditions of each performance share award or phantom share award, including any applicable performance conditions, the type and number of Shares to which the award will relate, whether the award will be payable in cash, in Shares or a combination of the two and any other requirements that the Committee deems appropriate. The terms and conditions applicable to performance shares or phantom shares are described in more detail in the summary of terms for performance shares or phantom shares, which will be provided to you

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DB1/ 92631805.14 5 if you receive performance shares or phantom shares. What Are Stock Awards? A stock award is a grant of Shares that is subject to restrictions or no restrictions, as set forth in the award communication. The Committee will determine whether stock awards will be granted, the number of Shares that will be awarded, any restrictions applicable to the stock awards, and when and how the restrictions will lapse. The Committee will determine whether you will have the right to vote the Shares covered by stock awards and the extent to which you may receive dividends or other distributions paid on such Shares. The terms and conditions applicable to stock awards granted under the Plan are described in more detail in the summary of terms for stock awards, which will be provided to you if you receive stock awards. What Are Stock Options? Stock options are options that give you the right to purchase Shares at a specified exercise price during a specified period of time. The terms and conditions applicable to options granted under the Plan are described in more detail in the summary of terms for stock options, which will be provided to you if you receive stock options. All options are nonqualified stock options for United States tax purposes. What Other Awards Are Available Under the Plan? The Committee may grant other awards payable in Shares or cash, or based upon or otherwise related to Shares, including stock appreciation rights. The Committee will determine the terms and conditions of such awards. When the Committee grants performance shares, phantom shares or other awards (other than stock appreciation rights), the Committee may grant dividend equivalents in connection with such grants under such terms and conditions as the Committee deems appropriate. A dividend equivalent is an amount determined by multiplying the number of Shares subject to a grant by the per-Share cash dividend, or the per-share fair market value (as determined by the Committee) of any dividend in consideration other than cash, paid by Unilever on its Shares. Dividend equivalents may be payable in cash or Shares or in a combination of the two, as determined by the Committee. Can I Defer Payment Under the Plan? The Committee may permit or require you to defer receipt of any cash or Shares that would otherwise be due to you in connection with any grant. The Committee will establish the appropriate rules and procedures for any deferral. Are Grants Under the Plan Transferable? Grants are not transferable by you except upon death or, with respect to grants other than incentive stock options, as permitted by the Committee. Except as the Committee may otherwise determine, grants may only be exercised by you during your lifetime. Grants under the Plan may not be pledged or otherwise encumbered. DB1/ 92631805.14 6 Are Grants Under the Plan Subject to Forfeiture or Recoupment? All grants under the Plan will be subject to forfeiture or recoupment in accordance with the terms of any applicable clawback or recoupment policy adopted by the Unilever Board from time to time and any applicable malus, clawback or recoupment terms of an applicable Unilever global equity plan, including without limitation, if applicable, Rule 9 of the Unilever Share Plan and Rule 7.6 of the SHARES Plan, as in effect from time to time, and all grants will be subject to the Unilever Share Dealing Standard and other applicable Unilever policies. What Happens to My Grants Upon a Takeover or Other Corporate Event? The Committee may establish such terms for grants, and may take such actions as the Committee deems appropriate, in the event of a takeover or other corporate event, consistent with the Unilever Share Plan and the SHARES Plan, as applicable. What Adjustments may be made in the event of a Separation or Listing Applicable to the Ice Cream Business? In the event (a) all or part of the Ice Cream Business (as defined in the Ice Cream Sub-Plan, attached as Exhibit A to the Plan) is divested or separated from Unilever ("Separation") or (b) the whole of any class of issued share capital of Ice Cream Parentco (as defined in the Ice Cream Sub-Plan) is admitted to trading on a regulated market, multilateral trading facility, or other recognized investment exchange or recognized investment exchange ("Listing"), the Committee may, before the Separation or Listing takes effect (conditional on the occurrence of the Separation or Listing), adjust the outstanding Ice Cream Awards (as defined in the Ice Cream Sub-Plan) held by participants, so that the Ice Cream Awards will either be: (i) settled by paying at vesting of the Ice Cream Award per Share a fixed cash amount equal to the market value of a Share on the date of the Separation or Listing (as applicable) or on such other date determined by the Board; or (ii) with the consent of Ice Cream Parentco, automatically exchanged for a right to acquire shares in Ice Cream Parentco, or another body corporate determined and agreed between the Board and Ice Cream Parentco, as described in the Ice Cream Sub-Plan. Can the Plan Be Amended or Terminated? The Plan may be amended or terminated by the Committee at any time. No amendment to or termination of the Plan will materially impair your outstanding grants under the Plan without your consent. What Restrictions on Resale Apply? Your award communication- may contain restrictions on your ability to sell Shares acquired under the Plan. In addition, there may be certain times during the year during which you may be prohibited from selling Shares acquired under the Plan because of insider trading policies, certain prescribed blackout periods affecting the Shares, or other limitations imposed by applicable securities laws. If you are an affiliate of Unilever, you will be subject to limitations on your ability to re-offer or resell Shares issued under the Plan. An affiliate is defined under the Securities Act of 1933 (the DB1/ 92631805.14 7 "Securities Act") to be a person who directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, Unilever. Generally, affiliates may not offer or sell Shares unless the offers and sales are made pursuant to an effective registration statement under the Securities Act or pursuant to an exemption. Affiliates may sell Shares without registration under the Securities Act pursuant to Rule 144, provided that the applicable terms and conditions of Rule 144 are met. Before acquiring or disposing of any Shares, you should consult with counsel as to your status as an affiliate and as to any other restrictions on your ability to sell Shares. What Are the United States Federal Income Tax Implications of Grants Under the Plan? The current U.S. Federal income tax treatment of grants under the Plan is briefly described below. This description of tax consequences is not a complete description. There may be different income tax consequences under certain circumstances, and there may be gift and estate tax consequences. Local, state and other taxing authorities may also tax grants under the Plan. Tax laws are subject to change. You are urged to consult with your personal tax advisor concerning the application of the general principles discussed below to your own situation and the application of other tax laws. The Plan is not subject to the Employee Retirement Income Security Act of 1974 and is not a tax-qualified plan under Section 401 of the Internal Revenue Code. Stock Awards If you receive restricted stock awards, you generally will not recognize taxable income, and UNUS will not be entitled to a deduction, until the Shares are transferable by you or are no longer subject to a substantial risk of forfeiture for U.S. federal tax purposes, whichever occurs earlier. When the Shares are either transferable or no longer subject to a substantial risk of forfeiture, you will recognize ordinary income in an amount equal to the fair market value of the Shares (less any amount paid for the Shares) at that time, and generally, UNUS will be entitled to a deduction in the same amount. However, you may elect to recognize ordinary income in the year in which the restricted stock award is granted in an amount equal to the fair market value of the Shares subject to the award at that time, determined without regard to any restrictions (less any amount paid for the Shares). In that event, UNUS generally will be entitled to a corresponding deduction in the same year. Any gain or loss recognized by you upon a later disposition of the Shares will be capital gain or loss. If you receive stock awards that are not subject to a substantial risk of forfeiture or are transferable at grant, you will recognize ordinary income on the value of the Shares at the date of grant. UNUS will generally be entitled to a corresponding tax deduction. Stock Options There generally are no U.S. Federal income tax consequences to you or to UNUS upon the grant of a nonqualified stock option. Upon the exercise of a nonqualified stock option, you will recognize ordinary income in an DB1/ 92631805.14 8 amount equal to the excess of the fair market value of the Shares at the time of exercise over the exercise price. UNUS generally will be entitled to a corresponding U.S. Federal income tax deduction. Upon the sale of the Shares acquired upon the exercise of a nonqualified stock option, you will have a capital gain or loss in an amount equal to the difference between the amount realized on the sale and your tax basis in the Shares (the exercise price plus the amount of income recognized at the time of exercise). The capital gain tax rate will depend on the length of time you held the Shares and other factors. If you surrender Shares to pay the exercise price, you generally will recognize no gain or loss on the surrendered Shares, and your basis and holding period for the surrendered Shares will continue to apply to that number of new Shares equal to the surrendered Shares. To the extent that the number of Shares you receive upon the exercise of the option exceeds the number you surrendered, the fair market value of the excess Shares on the date of exercise, reduced by any cash paid by you upon exercise, will be includible in your income. Your basis in the excess Shares will equal the sum of the cash paid by you upon the exercise of the option plus any amount included in your income as a result of the exercise of the option. Performance Shares and Other Awards You generally will not recognize income when performance shares, phantom shares or other stock-based awards are granted, if no cash or Shares are paid to you at grant. You generally will recognize ordinary income when cash or Shares are paid to you with respect to grants (subject to the rules described above with respect to restricted stock). UNUS will generally be entitled to a corresponding tax deduction when you recognize ordinary income with respect to grants. Section 409A Section 409A of the Internal Revenue Code ("Section 409A") imposes income tax, interest and an additional 20% tax on deferred compensation that does not meet the requirements of Section 409A. It is anticipated that grants under the Plan will meet the requirements of Section 409A or an exemption from Section 409A. The following rules apply to any grant or program under the Plan that is subject to Section 409A, notwithstanding anything in the grant or program to the contrary: If you are a specified employee, as defined in Section 409A, and are subject to U.S. income taxation, and if you become entitled to receive a distribution under the Plan on account of separation from service, the distribution may not be made earlier than six months following the date of separation from service, if required by Section 409A and the regulations issued thereunder. If distributions are delayed pursuant to Section 409A, the accumulated amounts withheld on account of Section 409A shall be paid within 30 days after the end of the six-month period. If you die during such six-month period, the amounts withheld on account of Section 409A shall be paid to your beneficiary within 90 days after the date of death. If a grant or program is subject to Section 409A and any provision of the grant or program would violate Section 409A, that provision shall be void and of no effect. If a grant or program is

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DB1/ 92631805.14 9 subject to Section 409A, (i) no distributions shall be made except upon a specified date or upon a "separation from service" or a "change in control event" as defined in the regulations under Section 409A, or otherwise in accordance with Section 409A, (ii) a distribution upon retirement or termination of employment shall only be made upon the participant's "separation from service" under Section 409A, (iii) a payment to be made upon a change of control or similar event shall only be made upon a "change in control event" as defined under Section 409A, (iv) no participant may designate the calendar year of a payment except in accordance with an election permitted under Section 409A, and (v) if a payment is subject to execution of a release and could be made in more than one tax year, based on timing of execution of the release, payment shall be made in the later tax year if required by Section 409A. If a grant or program is subject to Section 409A and provides for payment upon a transaction that is not a "change in control event" under Section 409A or provides for a payment on a date that is otherwise not allowed by Section 409A, the payment will be made on the date on which the payment would have been made in the absence of such provision. For any grant or program that is subject to Section 409A, "separation from service" shall mean your separation from service with the Unilever Group, within the meaning of Section 409A. Separation from service for purposes of the Plan shall be determined as follows: (i) A separation from service occurs when the facts and circumstances indicate that you and the Unilever Group reasonably anticipate that no further services will be performed after a certain date or that the level of services performed after such date will permanently decrease to no more than 20% of the average level of services performed over the immediately preceding 36- month period, in accordance with Section 409A. (ii) If you cease active service with the Unilever Group by reason of a bona fide leave of absence, including sick leave or disability, and there is a reasonable expectation that you will return to active service with the Unilever Group or as otherwise permitted by Section 409A, your employment relationship will be treated as continuing intact while you are on leave of absence, if the leave of absence does not exceed six months or, if longer, so long as you retain a right to reemployment by statute or by contract. If you do not return to active service with the Unilever Group at an earlier date, you will be considered to have a separation from service for purposes of the Plan upon the first to occur of (x) the end of the leave of absence or (y) six months after the commencement of the leave of absence, or as otherwise permitted under Section 409A. Tax Withholding All grants under the plan are subject to applicable United States, Canada, Puerto Rico, state and local income tax and social security withholding requirements and the withholding requirements of other applicable country taxing authorities. Your employer will have the right to deduct from all grants paid in cash, or from other wages, any taxes required by law to be withheld with respect to such grants. In the case of grants paid in Shares, you or any other person receiving Shares or exercising options may be required to pay to the appropriate representative of the Unilever Group the amount of any taxes that your employer is required to withhold with respect to such grants, or your employer may deduct from other wages the amount of any withholding taxes due with respect to such grants. DB1/ 92631805.14 10 The Committee may determine that your employer's tax withholding obligation with respect to grants paid in Shares will be satisfied by having Shares withheld, at the time such grants become taxable. The Committee may allow you to elect to have such share withholding applied to particular grants. The election must be in a form and manner prescribed by the Committee and may be subject to the prior approval of the Committee. FATCA The U.S. Foreign Account Tax Compliance Act (FATCA) may require annual reporting to the Internal Revenue Service of share units (including performance shares, phantom shares, matching shares and deferred shares) and stock options held with respect to stock of a non-US company. You should consult with your tax advisor about the FATCA requirements and how they may apply to you. You are strongly urged to consult your personal financial and tax advisors on these and any federal/provincial/foreign tax consequences. You should also consider, in consultation with your advisors, the possibility of future legislative or interpretive changes in the tax law, which may require future changes in the Plan design and may affect the taxation of benefits. AVAILABLE INFORMATION Unilever is subject to the information requirements of the Securities Exchange Act of 1934, as amended, and in accordance therewith files reports and other information with the Securities and Exchange Commission (the "Commission"), which can be inspected and copied at prescribed rates at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington, D.C. 20549. These reports and other information may also be obtained without charge from the web site that the Commission maintains at http://www.sec.gov. The Commission allows us to "incorporate by reference" information that we file with the Commission. Incorporation by reference allows us to disclose important information to you by referring you to those other documents. This prospectus constitutes a part of a Registration Statement on Form S-8 (together with all amendments thereto, the "Registration Statement") that Unilever has filed with the Commission under the Securities Act (File No. 333-284615). This prospectus does not contain all the information set forth in the Registration Statement, certain parts of which are omitted in accordance with the rules and regulations of the Commission, and incorporates other documents by reference in such Form S-8. For further information with respect to Unilever and the Shares, reference is made to the Registration Statement and to the exhibits thereto. The information incorporated by reference is an important part of this prospectus, and information that we later file with the Commission will automatically update and supersede this information. Documents incorporated by reference include our most recent annual report on Form 20-F and reports that we have filed with the Commission subsequent to the end of our most recent fiscal year or will file with the Commission in the future and any amendments thereto. Statements contained herein concerning the provisions of certain documents are not necessarily complete, and in each instance, reference is made to the copy of the document filed as an exhibit to the Registration Statement or otherwise filed with the Commission. Each such statement is DB1/ 92631805.14 11 qualified in its entirety by that reference. WHERE YOU CAN FIND MORE INFORMATION Unilever will provide without charge to each person to whom a copy of this prospectus has been delivered, on the written or oral request of any person, a copy of any or all of the documents referred to above that have been or may be incorporated by reference into this prospectus, other than exhibits to the documents (unless the exhibits are specifically incorporated by reference into the documents). You may request a copy of these filings at no cost by writing or telephoning us at the following address and telephone number: Unilever United States, Inc. 800 Sylvan Avenue Englewood Cliffs, NJ 07632 201-567-8000 The documents incorporated by reference are also available electronically at the Commission's Internet site at http://www.sec.gov. This prospectus is intended to be a summary of the Plan, and in the event of any conflict between the terms of the Plan and this prospectus, the terms of the Plan govern. We have authorized no one to provide you with different information.

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## Exhibit 4.4

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PSP AWARD AGREEMENT March 2025 Unilever Share Plan 2017 (the Plan) Award Agreement You have been granted an Award under the Plan by Unilever Plc (the Company). A summary of this Award is set out below. It is important that you accept your Award as soon as possible and within 2 months of the acceptance window opening. To accept the terms of your Award please log into your EquatePlus account on the Computershare website (EquatePlus Account) or, for employees whose home country is the United States or Puerto Rico, your Fidelity account on the Fidelity website (Net Benefits), and accept the Award. If you do not do so within 2 months of the opening of the acceptance window, your Award may lapse. Award Name PSP Award Award Date 07 March 2025 Type of Award Conditional Award Shares under Award Can be viewed in your EquatePlus Account or Fidelity Account (or as separately communicated to you). Performance Conditions This Award is subject to Performance Conditions measured over a performance period (the Performance Period). Performance Period Begins on 1 January 2025 and ends on 31 December 2027. Vesting Date 16 February 2028 Release Date (Executive Directors only) 07 March 2030 Further information about your Award and the Plan is provided in the PSP Employee Guide. Words and phrases used in this agreement (the Agreement) have the meanings given in the Plan. In accepting my Award, I agree to the following: 1. Vesting of Award The Award will normally Vest on the Vesting Date as long as: • any Performance Conditions have been measured and satisfied; and • I remain employed by any Member of the Group. Shares under the Award will be distributed to me as soon as reasonably practicable after Vesting. The Award can Vest between 0%-200% of the number of Shares awarded to me based on the achievement of the performance goals described in Schedule 1. Vesting of my Award is subject to the Malus, Clawback, Ultimate Remedy and Discretion Policy (the "Policy"). In the event of a material conflict between the Policy and any other Plan documents, the Policy will prevail. 2. Leavers PSP AWARD AGREEMENT March 2025 If I leave employment before Vesting, except in certain good leaver circumstances, the Award will lapse and I will have no entitlement to any benefits under the Plan or to any compensation in respect of the lapse of the Award. 3. Settlement The Company may settle the Award by paying the cash equivalent of the value of the Award instead of providing Shares. 4. Dividend Equivalents The Award will carry a Dividend Equivalent right (explained in the PSP Employee Guide), payable in cash or shares, when and to the extent the Award is settled. 5. Taxes I will pay any income tax, social insurance or other tax-related or payroll deductions required by law related to my participation in the Plan (Tax-Related Items), including any amount due in excess of amounts withheld by my employer. The Company and/or, if different, my employer cannot guarantee any particular tax treatment or influence the amount of any Tax-Related Items. The Company and, if different, my employer, or their agents, may satisfy any withholding obligations for Tax-Related Items by: • withholding a number of Shares to be issued to me under the Plan, in which case, for tax purposes, I will be deemed to have received all Shares to which I am entitled under the Plan; • withholding from my salary or other cash remuneration; • withholding from proceeds of the sale of Shares acquired by me under the Plan, including a mandatory sale arranged by the Company; and/or • any other method determined by the Company. No Shares will be issued to me, or cash-equivalent paid to me until arrangements have been made for the payment of any Tax-Related Items due by me. If I move to Euronet between the Award Date and Vesting Date the payment of any Tax-Related Items will remain due by me. If I am paid through Euronet on the Award Date, Shares will be awarded on a net basis and Vest on a net basis. 6. Retention Periods – Executive Directors only Upon Vesting I will need to hold any Shares that I become entitled to (after any sale to cover any Tax Related Items) for an additional period to ensure there is a five year duration between the Award Date and the first date on which the vested Shares can be sold (the Release Date). The Release Date is the first date that I can sell the Shares. This Retention Period applies up until the Release Date. However, if I leave the Group as an Executive Director the Retention Period will lapse 2 years after I leave. Where relevant, any cash equivalent will be paid to me at the end of the Retention Period. 7. Malus and Clawback The Award is subject to Malus and Clawback as set out in the Policy, which can be found here. In the event of a material conflict between the Policy and any other Plan documents, the Policy will prevail. For members of the Unilever Leadership Executive Team (ULE), the Award is also subject to the Recovery Policy, for such period as set out in that policy, which can be found here. 8. Plan Participation Participation in the Plan is governed by the Plan rules. In addition: PSP AWARD AGREEMENT March 2025 • if I am an Executive Director, I accept any Award is subject to the Directors' Remuneration Policy, as approved by shareholders from time to time; • I confirm I have read and understand the Plan rules and the terms of this Agreement; • I accept that the Plan documents are in the English language only and I acknowledge that I fully understand the contents of the English language versions of these documents. I acknowledge that I do not need a translation of the Plan documents; • I understand that the Company is not able to provide personal financial advice in relation to my participation in the Plan and in deciding whether to participate in the Plan and accept the Award I have not relied on any representation by the Company or any member of the Group or any agent or presentative of the Company or member of the Group); • the Plan and Awards under the Plan are offered by the Company on a discretionary basis and I am participating in the Plan on a voluntary basis; • the Company may decide to terminate, suspend or modify the terms of the Plan at any time and my participation in the Plan and the receipt of an Award do not give me any contractual or other right to continue to participate in the Plan or receive further Awards; • the opportunity to participate in the Plan is offered to me outside of any employment contract I may have with my employer and will not be interpreted to form an employment contract or relationship with the Company; • any Shares I may acquire or Awards I may receive under the Plan are not part of my normal or expected remuneration for the purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar payments; • Plan documents may be sent by electronic delivery and participation in the Plan may be through an on-line or electronic system established and maintained by the Company or any Plan administrator. I agree to receive all communications electronically, including by email, and consent to contracting electronically with the Company (and/or other parties); • there is a share price risk that Shares awarded to me under the Plan may fall in value, including to nil. The Company does not guarantee a specified level of return on the Award; • if the Shares are valued in a currency which is not the currency in the Participant's jurisdiction, the actual value of the Shares (and any payment) may be affected by movements in the exchange rate. The Company accepts no liability for any losses which may arise because of such movements; • I confirm I have read and understood the Policy and consent to any deductions from my variable pay in accordance with such Policy; • if I am a member of the ULE, I also confirm I have read and understood the Recovery Policy and consent to any deductions from my variable pay in accordance with such policy; and • if I forfeit the Award, or my Award is adjusted, I am not entitled to any compensation or damages and I will not bring a claim for any loss in relation to the Award or my participation in the Plan. 9. Restrictive Covenants PSP AWARD AGREEMENT March 2025 I understand that it is a condition of my eligibility to receive an Award, or for any entitlements under an Award to Vest, that I continue to comply with any restrictive covenants (including confidentiality, non-competition and non-solicitation provisions) contained within: • Schedule 2 of this Agreement; • my employment agreement; • any termination arrangements; and • any other written agreement with a member of the Group or relevant internal policy, irrespective of the date on which any such Award is made. I agree that the Award may lapse, or be clawed back, in whole or in part, if I do not do so. I confirm that I have reviewed Schedule 2 of this Agreement before accepting the Award. 10. International The Award is subject to the terms and conditions for my country in Schedule 3 of this Agreement. Applicable laws are complex and subject to change at any time and I will consult my own duly qualified personal tax, legal and financial advisors if needed. 11. Adequate Information By accepting my Award, I certify that I (i) have been given all relevant information and materials with respect to the Group's operations and financial condition and the terms and conditions of your Award, (ii) have read and understood such information and materials, (iii) are fully aware and knowledgeable of the terms and conditions of the Award and (iv) completely and voluntarily agree to the terms and conditions of the Award as set out in the Plan documents. The information provided does not take into account my objectives, financial situation or needs. If you do not understand the contents of the Plan documents you should consult an authorized financial advisor. The Company undertakes, on request, at no charge and within a reasonable time, to provide you with a full copy of the rules of the Plan. 12. No Public Offer This is a private placement directed at officers and key employees of the Group, as selected by the Company. The offering is not intended for the general public and may not be used for any public offer which requires a prospectus. Your Award has not been authorised or approved by any applicable securities authorities and may have been offered pursuant to an exemption from registration in your local jurisdiction. The regulatory bodies in your jurisdiction accept no responsibility for the accuracy and completeness of the statements and information contained in the Plan documents and take no liability whatsoever for any loss arising from reliance upon the whole or any part of the contents of the Plan documents. No prospectus or similar offering or registration document has been prepared, authorised or approved by any applicable authority in your jurisdiction. 13. Foreign Asset/Account and Exchange Control Reporting Requirements The Shares I may acquire upon settlement of the Award may be subject to restrictions on transfer and resale and/or may be subject to disclosure requirements in my jurisdiction. The Shares may not be offered, sold, advertised or otherwise marketed in circumstances which constitute any type of public offering of securities, unless an exemption applies.

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PSP AWARD AGREEMENT March 2025 My country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect my ability to acquire or hold Shares under the Plan or cash received from participating in the Plan. I may be required to report such accounts, assets or transactions to the tax or other authorities in my country and it is my responsibility to be compliant with such regulations. I agree that I am solely responsible for complying with such regulations which apply to me with respect to my Award and neither the Company nor my employer will be responsible for obtaining exchange control approval or making such reports on my behalf. If I fail to obtain any required exchange control approval or make such reports, neither the Company nor my employer will be liable in any way for any resulting fines or penalties. I will seek independent professional advice if I am unsure about my obligations as a result of my participation in the Plan. 14. Independent Advice Recommended By accepting my Award, I agree and acknowledge that neither the Company, my employer nor any person or entity acting on their behalf has provided me with any legal, investment, tax or financial advice with respect to my participation in the Plan, the Award or any Shares or cash acquired upon settlement of the Award. 15. Employment By accepting my Award, I acknowledge that: • the grant of my Award does not form, affect or change my employment contract or my employment relationship with my employer. All benefits granted by the Award constitute an extraordinary payment and may not, in any way, be considered part of my normal remuneration. The benefits granted by my Award will not affect the calculation of pension rights or severance pay upon termination of my employment for any reason. • the Company's decision to grant the Award is discretionary and I have no automatic right to participate in the Plan. Acceptance of the Award and participation in the Plan does not create any right to continued or future employment, future participation in the Plan or the grant of future awards. The Company may at any time decide to cease offering awards under the Plan. • I do not have any right to compensation or damages for any loss (actual or potential) in relation to the Plan or the Award. 16. Shareholding Policy I understand that it is a condition of my Award that I will comply with any relevant shareholding requirements, including any post-employment shareholding requirements in the Unilever Personal Shareholding Requirement Policy that are applicable to me. I confirm that I have reviewed the Unilever Shareholding Policy before accepting the Award if applicable. 17. Data Protection In addition to the information on data privacy provided in my employment agreement, I have also read and acknowledge the Unilever Share Plan Privacy Notice in relation to the holding and processing of personal data (including sensitive personal data) provided by me to any Member of the Group, trustee or third party service provider, for all purposes relating to the operation of the Plan and for compliance with applicable procedures, laws and regulations. 18. Insider Trading Restrictions I may be subject to insider trading restrictions and/or market abuse laws, which may affect my ability to acquire or sell Shares or rights to Shares under the Plan when I am considered to have restricted information regarding the Company (as defined under any applicable laws in my country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that PSP AWARD AGREEMENT March 2025 may be imposed under the Share Dealing Manual or any applicable Company insider trading/share dealing policy. It is my responsibility to comply with any applicable restrictions. 19. Imposition of Other Requirements The Company may impose other requirements on my participation in the Plan or on any Shares issued under the Plan, if the Company determines it is necessary or advisable for legal or administrative reasons, and to require me to sign any additional agreements or documents that may be necessary to accomplish this. 20. Governance My participation in the Plan, the provisions of this Agreement and the Award are governed by, and subject to, English law and the English Courts have non-exclusive jurisdiction over any disputes that may arise. 21. Shares Under Award The number of Shares that will be subject to the Award will be calculated by reference to the value specified at grant, which can be viewed on the EquatePlus Account or Fidelity Account (based on closing share price on the Award Date), as later adjusted (where applicable) in accordance with the Annual Pay Review late change process. The Award and the terms of this Agreement are subject to the Plan rules. In the event of any inconsistency between the terms of this Agreement and the Plan, the terms of the Plan will prevail. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable. IF YOU AGREE TO THE TERMS OF YOUR AWARD PLEASE FOLLOW THE DIRECTIONS IN YOUR AWARD EMAIL TO ACCEPT YOUR AWARD IN YOUR EQUATEPLUS/FIDELITY ACCOUNT AS APPLICABLE. IF YOU DO NOT DO SO WITHIN 2 MONTHS OF THE AWARD ACCEPTANCE WINDOW OPENING, YOUR AWARD MAY LAPSE. PSP AWARD AGREEMENT March 2025 SCHEDULE 1 PERFORMANCE CONDITIONS All determinations with respect to Awards are made by the Committee. The Performance Conditions are as follows: • 25% of each Award is subject to the Group's underlying sales growth measured over the PSP Performance Period, and will Vest at 0% if below threshold performance is achieved, up to 200% for outstanding performance, with Vesting determined on a straight-line basis for performance between those points; and • 30% of each Award is subject to the Group's relative total shareholder return measured over the PSP Performance Period, and will Vest at 0% if below threshold performance is achieved, up to 200% for outstanding performance, with Vesting determined on a straight-line basis for performance between those points; and • 30% of each Award is subject to the Group's underlying return on invested capital performance and will Vest at 0% if threshold performance is achieved, up to 200% will outstanding performance, with Vesting determined on a straight-line basis for performance between those points; and • 15% of each Award is subject to the Group's performance, over the PSP Performance Period, on the Unilever Sustainability Progress Index ("SPI"), which is an assessment by the Committee taking into account progress against four core metrics and will Vest at 0% if threshold performance is achieved, up to 200% for outstanding performance, with Vesting determined on a straight-line basis for performance between those points. The Committee may change a Performance Condition (including replacing a Performance Condition) in accordance with its terms if anything happens which causes the Committee reasonably to consider it appropriate to do so. The Board has discretion to adjust the formulaic outcome of any Performance Condition to reflect its assessment of the underlying long-term performance of the Company. PSP AWARD AGREEMENT March 2025 SCHEDULE 2 RESTRICTIVE COVENANTS 1. Unilever Executive Directors 1.1. I shall not, without the prior written consent of Unilever, be or become directly or indirectly engaged or concerned or interested in any other business, trade, profession or occupation or undertake any work for any other person, firm or company whether paid or unpaid during the continuance of my employment. However, nothing in this Clause 1.1 shall prevent me from holding, or otherwise having an interest in, any shares or other securities of any company for investment purposes only, unless that holding is a significant one in a company that is a material competitor of any member of the Unilever Group. 1.2. Unless I have Unilever's express prior written agreement (not to be unreasonably withheld), during the Restricted Period I will not: a) in competition with any member of the Unilever Group: (i) be employed by; (ii) be engaged by; or (iii) otherwise provide services to, any Restricted Business which is being carried out or will be carried out within the Restricted Area; b) in competition with any member of the Unilever Group undertake or carry on any Restricted Business which is being carried out or will be carried out within the Restricted Area; c) (i) be employed by, (ii) be engaged by, or (iii) otherwise provide services to: • a Restricted Customer; • a Potential Customer; or • any other customer or target customer in respect of whom I had material dealings or material management responsibility during the Relevant Period, in each case in connection with any Restricted Business which is being carried out or will be carried out within the Restricted Area; d) (i) be employed by, (ii) be engaged by, or (iii) otherwise provide services to: • a Restricted Supplier; • a Potential Supplier; or • any other supplier or target supplier in respect of whom I had material dealings or material management responsibility during the Relevant Period, in each case in connection with any Restricted Business which is carried out or will be carried out within the Restricted Area; e) either (i) interfere with the supply of goods or services to Unilever (or any member of the Unilever Group) in relation to any contract or arrangement that such entity has with: • a Restricted Supplier; or • any other supplier in respect of which I had material dealings or material management responsibility during the Relevant Period, or (ii) induce any such supplier to cease or decline to supply such goods or services in the future, or adversely vary the terms on which they are provided; f) in competition with any member of the Unilever Group, for the purpose of any Restricted Business deal with or solicit the business of: (i) any Restricted Customer; (ii) any Potential Customer; (iii) any Restricted Supplier; (iv) any Potential Supplier; (v) any other customer or target customer in respect of whom I had material dealings or material management responsibility during the Relevant Period; or (vi) any other supplier or target supplier in respect of whom I had material dealings or material management responsibility during the Relevant Period; and/or g) offer employment to, or otherwise endeavour to entice away from Unilever or any member of the Unilever Group, any Restricted Employee.

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PSP AWARD AGREEMENT March 2025 1.3. Each part of Clause 1.2 constitutes a separate and independent restriction (including, for the avoidance of doubt, each separate and independent restriction delineated by Roman numerals or bullet points or otherwise) and does not operate to limit any other obligation I owe. If any restriction is held to be unenforceable by a court of competent jurisdiction, it is intended and understood by us that the remaining restrictions will still be enforceable. If my place of work changes to a different country such that the covenants contained in this Clause 1 become subject to the laws of that country, the covenants will, if necessary, be modified so that they comply with any such laws and in order that the covenants remain enforceable in that country, provided that no changes will make any of the covenants wider in scope. Unilever may expressly amend the covenants in order to reflect any such changes (and I agree to re-execute any such covenants as necessary in order to give effect to this), or alternatively the changes may be deemed to be made automatically. 1.4. The definitions used in this clause have the following meanings: a) "Potential Customer" means any target client or customer to whom Unilever or any Unilever Group member was actively and directly seeking to supply goods or services at any time during the Relevant Period in respect of whom I held material Confidential Information. b) "Potential Supplier" means any target supplier in respect of whom Unilever or any Unilever Group member was actively and directly seeking to receive goods or services on exclusive or specially negotiated terms at any time during the Relevant Period in respect of whom I held material Confidential Information. c) "Relevant Period" means the 12 months prior to the earlier of: (i) the date on which I am placed on garden leave; and (ii) the date on which my employment terminates; d) "Restricted Area" means: • my Country; • any other country in which the Unilever Group operates (or is planning to operate) business in which I was materially involved or in respect of which I held material management responsibility; and/or • any other such country in respect of which I held material Confidential Information, at any time during the Relevant Period; e) "Restricted Business" means business competitive with: (i) any area of business of any Unilever Group member in respect of which I held material Confidential Information because of my material involvement or material management responsibility, or (ii) any other area of business of any Unilever Group member in respect of which I held material Confidential Information, at any time during the Relevant Period; f) "Restricted Customer" means any actual client or customer of Unilever or any Unilever Group member in respect of whom I had material Confidential Information at any time during the Relevant Period; g) "Restricted Employee" means any Unilever Group staff member who: • works in a managerial or marketing or sales or distribution or research or senior capacity in relation to any area of business of the Unilever Group in which I was materially involved, or in respect of which I held material management responsibility and/or material Confidential Information, at any time during the Relevant Period; or • has responsibility for or influence over Restricted Customers; or • is in possession of material Confidential Information, and with whom I had material dealings and/or for whom I had direct managerial responsibility at any time during the Relevant Period; h) "Restricted Period" means the 12 month period following the termination of my employment, less any time spent on garden leave; and i) "Restricted Supplier" means any supplier engaged by any Unilever Group member on exclusive or specially negotiated terms of business at any time during the Relevant Period and in respect of whom I held material Confidential Information. PSP AWARD AGREEMENT March 2025 1.5. Unilever contracts as trustee and agent for the benefit of each Unilever Group member. From time to time it may be necessary for me to enter into matching restrictive covenants like these directly with another Unilever Group member (e.g. if my employing entity changes), and I agree to do so if requested (and if I fail to do so within 7 days of receiving any such request, I hereby irrevocably and unconditionally authorise Unilever to execute on my behalf any document(s) required to give effect to this Clause 1.5). 2. Unilever Leadership Executive (ULE) If you are a member of the ULE, the following restrictive covenants apply to you in priority to any of the other Parts of this Schedule: 2.1. Conflicts of interest and outside appointments. You must comply with the Code Policy Avoiding Conflicts of Interest (Code) (found here) and any other relevant instructions/policies. Among other things, this means that during your employment you must: • notify your manager if you become aware that a potential conflict situation exists in relation to your employment (or any office you hold); • not, without your manager's written prior permission, directly or indirectly engage in, be concerned with, or have any interest in a non-Unilever Group business or entity in a way that could give rise to a conflict of interest (or the appearance of one) with any Unilever Group member (although this will not prevent you from holding shares or other securities for investment purposes only, provided you do so in accordance with the Code); and/or • not, without your manager's written prior permission, be directly or indirectly engaged in, provide work/services for, or take up any appointment with any non-Unilever business, entity or public office, whether paid or unpaid (save as expressly otherwise authorised by the Code for roles like school governor, director of a property/housing block in which you live etc.), and for avoidance of doubt this includes outside board appointments, although Unilever recognises the value of such appointments and if appropriate your manager may authorise them on the basis set out above. 2.2. Additional restrictive covenants Unless you have Unilever's express prior written agreement (not to be unreasonably withheld), during the Restricted Period you will not: • in competition with any member of the Unilever Group, undertake, carry on or be employed, engaged or interested in any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, be employed or engaged in any capacity by a Restricted Supplier in connection with any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, be employed or engaged in any capacity by a Restricted Customer in connection with any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, deal with or solicit the business of any Restricted Customer or Restricted Supplier for the purpose of Restricted Business; and/or • offer employment to or otherwise endeavour to entice away from Unilever or any member of the Unilever Group any Restricted Employee. PSP AWARD AGREEMENT March 2025 The foregoing restrictions in this Clause 2.2 shall not apply, and shall not be enforced by the Unilever Group, if you primarily reside and work in the United States state of California, unless you engage in the misappropriation of trade secrets of the Unilever Group. Each part of Clause 2 constitutes a separate and independent restriction and does not operate to limit any other obligation owed by you. If any restriction is held to be unenforceable by a court of competent jurisdiction, it is intended and understood by us that the remaining restrictions will still be enforceable. If your place of work changes to a different country such that the covenants contained in this Schedule become subject to the laws of that country, the covenants will, if necessary, be modified so that they comply with any such laws and in order that the covenants remain enforceable in that country, provided that no changes will make any of the covenants wider in scope. Unilever may expressly amend the covenants in order to reflect any such changes (and you agree to re-execute any such covenants as necessary in order to give effect to this), or alternatively the changes may be deemed to be made automatically. Unilever contracts as trustee and agent for the benefit of each Unilever Group member. From time to time it may be necessary for you to enter into matching restrictive covenants like these directly with another Unilever Group member (e.g. if your employing entity changes), and you agree to do so if requested (and if you fail to do so within 7 days of receiving any such request, you hereby irrevocably and unconditionally authorise Unilever to execute on your behalf any document(s) required to give effect to this. The definitions used in this Clause 2 have the following meanings: "Confidential Information" means any information which is confidential and proprietary to the Unilever Group, including but not limited to technical data, trade secrets, know-how, research, plans, products, services, client lists and clients (including, without limitation, clients of the Unilever Group on whom you called or with whom you became acquainted during the term of your employment), markets, software, source code, object code, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, financial or other business information disclosed to you by the Unilever Group, directly or indirectly, in writing, orally, electronically, by drawings or observation of parts or equipment or otherwise. Confidential Information shall not include any information you can establish by competent proof (i) was known to you prior to disclosure by the Unilever Group; (ii) was lawfully obtained from a third party who was not under any obligation of confidentiality; or (iii) is or becomes public knowledge or part of the public domain through no act or omission by you; "Relevant Period" means the 12 months prior to the earlier of: (i) the date on which you are placed on garden leave; and (ii) the date on which your employment terminates; "Restricted Area" means: (i) the United Kingdom; and (ii) the Netherlands; and (iii) Singapore; and (iv) France; and (v) the United States; and (vi) the country of your place of work; and (vii) any other country (or in the USA, any state) in which the Unilever Group operates or is planning to operate business in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Business" means business competitive with any area of business of any Unilever Group member in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Customer" means any actual client or customer of Unilever or any Unilever Group member, or any target client or customer to whom Unilever or any Unilever Group member was actively and directly seeking to supply goods or services, and in each case with PSP AWARD AGREEMENT March 2025 whom you had material dealings, or in respect of whom you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Employee" means any Unilever Group staff member who: • works in relation to any area of business of the Unilever Group in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period in a managerial or marketing or sales or distribution or research or senior capacity; or • has responsibility for or influence over Restricted Customers; or • is in possession of Confidential Information, and with whom you had material dealings and/or for whom you had direct managerial responsibility at any time during the Relevant Period; "Restricted Period" means the period of 12 months following the termination of your employment, less any time spent on garden leave; and "Restricted Supplier" means any supplier engaged by any Unilever Group member on exclusive or specially negotiated terms of business or any target supplier, from whom Unilever or any Unilever Group member was actively and directly seeking to receive goods or services on exclusive or specially negotiated terms, where in either case, at any time during the Relevant Period, you had material dealings with or held Confidential Information about such supplier. 3. Non-ULE member based outside of the US If you are not an executive director, nor a ULE member and you are employed outside of the United States, Canada or Puerto Rico or your home country is outside of the United States, Canada or Puerto Rico the following restrictive covenants apply to you: 3.1. Conflicts of interest and outside appointments. You must comply with the Code Policy Avoiding Conflicts of Interest (Code) (found here) and any other relevant instructions/policies. Among other things, this means that during your employment you must: • notify your manager if you become aware that a potential conflict situation exists in relation to your employment (or any office you hold); • not, without your manager's written prior permission, directly or indirectly engage in, be concerned with, or have any interest in a non-Unilever Group business or entity in a way that could give rise to a conflict of interest (or the appearance of one) with any Unilever Group member (although this will not prevent you from holding shares or other securities for investment purposes only, provided you do so in accordance with the Code); and/or • not, without your manager's written prior permission, be directly or indirectly engaged in, provide work/services for, or take up any appointment with any non-Unilever business, entity or public office, whether paid or unpaid (save as expressly otherwise authorised by the Code for roles like school governor, director of a property/housing block in which you live etc.), and for avoidance of doubt this Clause 3.1 includes outside board appointments, although Unilever recognises the value of such appointments and if appropriate your manager may authorise them on the basis set out above. 3.2. Additional restrictive covenants

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PSP AWARD AGREEMENT March 2025 Unless you have Unilever's express prior written agreement (not to be unreasonably withheld), during the Restricted Period you will not: • in competition with any member of the Unilever Group, undertake, carry on or be employed, engaged or interested in any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, be employed or engaged in any capacity by a Restricted Supplier in connection with any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, be employed or engaged in any capacity by a Restricted Customer in connection with any Restricted Business within the Restricted Area; • in competition with any member of the Unilever Group, deal with or solicit the business of any Restricted Customer or Restricted Supplier for the purpose of Restricted Business; and/or • interfere with the supply of goods or services to Unilever (or any Unilever Group member) in relation to any contract or arrangement that such entity has with a Restricted Supplier, or induce a Restricted Supplier to cease supplying such goods or services or adversely vary the terms on which they are provided; and/or • offer employment to or otherwise endeavour to entice away from Unilever or any member of the Unilever Group any Restricted Employee. Each part of Clause 3.2 constitutes a separate and independent restriction and does not operate to limit any other obligation owed by you. If any restriction is held to be unenforceable by a court of competent jurisdiction, it is intended and understood by us that the remaining restrictions will still be enforceable. If your place of work changes to a different country such that the covenants contained in this Schedule 2 become subject to the laws of that country, the covenants will, if necessary, be modified so that they comply with any such laws and in order that the covenants remain enforceable in that country, provided that no changes will make any of the covenants wider in scope. Unilever may expressly amend the covenants in order to reflect any such changes (and you agree to re-execute any such covenants as necessary in order to give effect to this), or alternatively the changes may be deemed to be made automatically. Unilever contracts as trustee and agent for the benefit of each Unilever Group member. From time to time it may be necessary for you to enter into matching restrictive covenants like these directly with another Unilever Group member (e.g. if your employing entity changes), and you agree to do so if requested (and if you fail to do so within 7 days of receiving any such request, you hereby irrevocably and unconditionally authorise Unilever to execute on your behalf any document(s) required to give effect to this. The definitions used in this Clause 3 have the following meanings: "Confidential Information" means any information which is confidential and proprietary to the Unilever Group, including but not limited to technical data, trade secrets, know-how, research, plans, products, services, client lists and clients (including, without limitation, clients of the Unilever Group on whom you called or with whom you became acquainted during the term of your employment), markets, software, source code, object code, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, financial or other business information disclosed to you by the Unilever Group, directly or indirectly, in writing, orally, electronically, by drawings or observation of parts or equipment or otherwise. Confidential Information shall not include any information you can establish by competent proof (i) was known to you prior to disclosure by the Unilever Group; (ii) was lawfully obtained from a third party who was not under any obligation of confidentiality; or (iii) is or becomes public knowledge or part of the public domain through no act or omission by you; PSP AWARD AGREEMENT March 2025 "Relevant Period" means the 12 months prior to the earlier of: (i) the date on which you are placed on garden leave; and (ii) the date on which your employment terminates; "Restricted Area" means: (i) the United Kingdom; and (ii) the Netherlands; and (iii) Singapore; and (iv) France; and (v) the United States; and (vi) the country of your place of work; and (vii) any other country (or in the USA, any state) in which the Unilever Group operates or is planning to operate business in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Business" means business competitive with any area of business of any Unilever Group member in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Customer" means any actual client or customer of Unilever or any Unilever Group member, or any target client or customer to whom Unilever or any Unilever Group member was actively and directly seeking to supply goods or services, and in each case with whom you had material dealings, or in respect of whom you held management responsibility and/or Confidential Information, at any time during the Relevant Period; "Restricted Employee" means any Unilever Group staff member who: • works in relation to any area of business of the Unilever Group in which you were materially involved, or in respect of which you held management responsibility and/or Confidential Information, at any time during the Relevant Period in a managerial or marketing or sales or distribution or research or senior capacity; or • has responsibility for or influence over Restricted Customers; or • is in possession of Confidential Information, and with whom you had material dealings and/or for whom you had direct managerial responsibility at any time during the Relevant Period; "Restricted Period" means the period of 12 months following the termination of your employment, less any time spent on garden leave; and "Restricted Supplier" means any supplier engaged by any Unilever Group member on exclusive or specially negotiated terms of business or any target supplier, from whom Unilever or any Unilever Group member was actively and directly seeking to receive goods or services on exclusive or specially negotiated terms, where in either case, at any time during the Relevant Period, you had material dealings with or held Confidential Information about such supplier. 4. Non-ULE member based in the US, Canada and Puerto Rico If you are not an executive director, nor a ULE member and you are employed in the United States, Canada or Puerto Rico or your home country is United States, Canada or Puerto Rico the following restrictive covenants apply to you: 4.1. Confidential Information You acknowledge that you are provided access to confidential information of a special and unique nature and value related to Unilever PLC and its subsidiaries (the "Unilever Group"). You further recognize and acknowledge that all confidential information is the exclusive property of the Unilever Group, is material and confidential, and is critical to the successful conduct of the business of the Unilever Group. Accordingly, you hereby covenant and agree at all times during the term of your employment with the Unilever Group, and thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Unilever Group, or to disclose to any PSP AWARD AGREEMENT March 2025 person or entity without written authorization of the Unilever Group, any Confidential Information of the Unilever Group. The term "Confidential Information" means any information which is confidential and proprietary to the Unilever Group, including but not limited to technical data, trade secrets, know-how, research, plans, products, services, client lists and clients (including, without limitation, clients of the Unilever Group on whom you called or with whom you became acquainted during the term of your employment), markets, software, source code, object code, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, financial or other business information disclosed to you by the Unilever Group, directly or indirectly, in writing, orally, electronically, by drawings or observation of parts or equipment or otherwise. Confidential Information shall not include any information you can establish by competent proof (i) was known to you prior to disclosure by the Unilever Group; (ii) was lawfully obtained from a third party who was not under any obligation of confidentiality; or (iii) is or becomes public knowledge or part of the public domain through no act or omission by you. Nothing in Clause 4 restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before, providing Confidential Information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an investigation directly with any Regulator (as defined below) or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. You do not need the prior authorization of the Unilever Group to engage in such communications, respond to such inquiries, provide such Confidential Information or documents to the Regulators, or make any such reports or disclosures to the Regulators. You are not required to notify the Unilever Group that you have engaged in such communications, responded to such inquiries or made such reports or disclosures. The term "Regulator" means any governmental agency or entity, or self- regulatory authority, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the U.S. Congress, and any agency Inspector General. In other circumstances, if you are required by law to disclose Confidential Information, you are permitted to do so to the extent required by law, and you agree to give the Chief Legal Officer of the Unilever Group written notice of such required disclosure immediately upon knowledge thereof, in order to allow the Unilever Group a reasonable opportunity to seek to obtain a protective order or other appropriate remedy prior to such disclosure, to the extent permitted by law. Please take notice that United States federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. You recognize that the Unilever Group may receive from third parties certain confidential or proprietary information subject to a duty on the Unilever Group's part to maintain the confidentiality of such information and to use it only for certain limited purposes. You agree to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or entity or to use it except as necessary in carrying out your work for the Unilever Group consistent with the Unilever Group's agreement with such third party. 4.2. Restrictions During Employment You agree that, during employment with the Unilever Group, you will not: (i) work for, or be engaged by, or otherwise be involved in, any company, firm, or organization whose business is similar to or in competition with the business of any member of the Unilever Group unless you request and are given written permission by the Head of Human Resources of Unilever North America (the "Head of NA Human Resources") or (ii) solicit or induce, either directly or indirectly, or take any action to assist any entity, either directly or indirectly, in soliciting or inducing, any PSP AWARD AGREEMENT March 2025 employee of the Unilever Group to leave the employment of the Unilever Group except as may be required as part of your duties for the Unilever Group ("Induce Departures"). 4.3. Post-Employment Restrictive Covenants for U.S. Employees If you are considered a "U.S. Employee" (as defined below), the following post-employment restrictive covenants apply to you: • Employee Non-solicitation. For a period of 12 months following the termination of your employment with the Unilever Group for any reason, you will not Induce Departures or attempt to Induce Departures, or assist in the hire or employment, either directly or indirectly, of any individual whose employment by the Unilever Group ended within six months preceding that individual's hire or employment, by you or your successor employer. This non-solicitation restriction shall not apply, and shall not be enforced by the Unilever Group, if you primarily reside and work in California, unless you engage in the misappropriation of trade secrets of the Unilever Group. • Customer and Prospective Customer Non-Solicitation. For a period of 12 months following the termination of your employment with the Unilever Group for any reason, you will not, directly or indirectly, on your own behalf or on behalf of others, either solicit, contact or attempt to persuade any current or prospective customer of the Unilever Group to alter such customer's or prospective customer's relationship with us. The term "prospective customer" means any prospective customer of the Unilever Group with whom you had contact at any time during the 12 months preceding the termination of your employment. This non-solicitation restriction shall not apply, and shall not be enforced by the Unilever Group, if you primarily reside and work in California, unless you engage in the misappropriation of trade secrets of the Unilever Group. • Non-competition. For a period of 12 months following the termination of your employment with the Unilever Group for any reason, you will not, anywhere within the Geographic Scope (as defined below), directly or indirectly, for or by you, or through, on behalf of, or in conjunction with any person or legal entity: I. own, maintain, finance, operate, invest or engage in any business that competes with the Unilever Group in businesses in which you were materially involved during the two years prior to your termination; or II. provide services, either as an employee, consultant, independent contractor, agent, or otherwise, to any business that competes with the Unilever Group in businesses in which you were materially involved during the two years prior to your termination. Notwithstanding the foregoing, you may invest in or have an interest in entities traded on any public market, provided that such interest does not exceed five percent of the voting control of such entity. This non-competition restriction shall not apply, and shall not be enforced by the Unilever Group, if you primarily reside and work in California, unless you engage in the misappropriation of trade secrets of the Unilever Group. For purposes of the non-competition covenant under these "Post-Employment Covenants for U.S. Employees," the term "Geographic Scope" means: • North America (which includes the United States, Canada and the Caribbean); and • If you have regional or global job responsibilities for the Unilever Group, those countries throughout the world that are within the scope of your position with respect to Unilever Group operations in the two years preceding the date of your termination of employment with the Unilever Group.

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PSP AWARD AGREEMENT March 2025 This non-competition restriction shall not apply to any Unilever Group employee who is licensed to practice law in any state in the United States and who joins a competing business for the purpose of providing legal advice to the competing business. It shall apply, however, to any Unilever Group employee who, while licensed to practice law, joins a competing business in any position which, in whole or in part, is a non-legal position (e.g. any non-legal executive or business development role). 4.4. For purposes of these covenants, the term "U.S. Employee" means a Unilever Group employee (i) whose principal place of employment is in the 50 states of the United States or Puerto Rico, (ii) who is an International Assignee or Global Assignee whose home country is the U.S. or Puerto Rico, including individuals on a Host-based, Euronet, or other International Assignment Policy, or (iii) who is an International Assignee or Global Assignee whose home country is not the U.S. or Puerto Rico but who is on assignment in the U.S. or Puerto Rico under an applicable International Assignment Policy.Post-Employment Restrictive Covenants for Canadian Employees If you are considered a "Canadian Employee" (as defined below), the following post-employment restrictive covenants apply to you: • Employee Non-solicitation. For a period of 12 months following the termination of your employment with the Unilever Group for any reason, you will not Induce Departures or attempt to Induce Departures, either directly or indirectly, of any individual whose employment by the Unilever Group ended within six months preceding that individual's hire or employment by you or your successor employer. • Customer and Prospective Customer Non-solicitation. For a period of 12 months following the termination of your employment with the Unilever Group for any reason, you will not, directly or indirectly, on your own behalf or on behalf of others, either solicit, contact or attempt to persuade any current or prospective customer of the Unilever Group to alter such customer's or prospective customer's relationship with Unilever Group. The term "prospective customer" means any prospective customer of the Unilever Group with whom you had contact at any time during the 12 months preceding the termination of your employment. • Non-competition. For a period of six months following the termination of your employment with the Unilever Group for any reason, you will not, anywhere within the Geographic Scope (as defined below), directly or indirectly, for or by you, or through, on behalf of, or in conjunction with any person or legal entity: I. own, maintain, finance, operate, invest or engage in any business that competes with the Unilever Group in businesses in which you were materially involved during the two years prior to your termination; or II. provide services, either as an employee, consultant, independent contractor, agent, or otherwise, similar in nature to the services you performed for the Unilever Group during the course of your employment to any business that competes with the Unilever Group in businesses in which you were materially involved during the two years prior to your termination. Notwithstanding the foregoing, you may invest in or have an interest in entities traded on any public market, provided that such interest does not exceed five percent of the voting control of such entity. For purposes of the non-competition covenant under these "Post-Employment Covenants for Canadian Employees," the term "Geographic Scope" means: • The Canadian Province in which your principal office is located; and • If you have job responsibilities for the Unilever Group outside the Canadian Province in which your principal office is located, those Provinces that are within the scope of your position with PSP AWARD AGREEMENT March 2025 respect to Unilever Group operations in the two years preceding the date of your termination of employment with the Unilever Group; and • If you have regional or global job responsibilities for the Unilever Group, those countries throughout the world that are within the scope of your position with respect to Unilever Group operations in the two years preceding the date of your termination of employment with the Unilever Group. This non-competition restriction shall not apply to any Unilever Group employee who is licensed to practice law in any Province and who joins a competing business for the purpose of providing legal advice to the competing business. It shall apply, however, to any Unilever Group employee who, while licensed to practice law, joins a competing business in any position which, in whole or in part, is a non-legal position (e.g. any non-legal executive or business development role). For purposes of these covenants, the term "Canadian Employee" means a Unilever Group employee (i) whose principal place of employment is in Canada, (ii) who is an International Assignee or Global Assignee whose home country is Canada, including individuals on a Host- based, Euronet, or other International Assignment Policy, or (iii) who is an International Assignee or Global Assignee whose home country is not Canada but who is on assignment in Canada under an applicable International Assignment Policy. 4.5. Acknowledgment and Waiver You represent and warrant that if your employment were to terminate, you could earn a living while fully complying with all of the terms of these restrictive covenants. You hereby acknowledge that the Unilever Group provides a wide range of products and services to customers throughout the world and that the restrictions set forth above are reasonable and necessary to protect the Unilever Group's legitimate interest in its confidential information, trade secrets, customer relationships, and investment in the training and development of its employees. The Unilever Group may waive any of these restrictions or any breach in circumstances that it determines do not adversely affect its interests, but only in a writing signed by the Head of NA Human Resources or his or her delegate. No waiver of any one breach of the restrictions set forth herein will be deemed a waiver of any other breach. 4.6. Restrictions Separable and Divisible; Consideration for Restrictive Covenants You acknowledge and accept the restrictive covenants set forth in this Clause 4 to the maximum extent permissible under applicable law, and you agree that each restriction will be construed as separate and divisible from every other restriction. You acknowledge that your continued employment with the Unilever Group, receipt of the Award and access to Confidential Information of the Unilever Group are consideration for the restrictive covenants set forth above. If any provision of Clause 4 shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect these obligations in any other respect, and these employment and post-employment obligations shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the intention of the parties that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time which is not permitted by applicable law, or in any way construed to be too broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or enforceable under applicable law, a court of competent jurisdiction shall construe and interpret or reform these restrictive covenants to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under such applicable law. 4.7. Remedies In addition to other remedies allowed by law, if you breach any of the foregoing restrictions, you will immediately lose the right to receive any and all amounts payable under the Award. You PSP AWARD AGREEMENT March 2025 agree that the restrictions set forth above are fair, reasonable and necessary, and are reasonably required for the protection of the Unilever Group, and you acknowledge that the amount of damages that would derive from the breach of any restriction is not readily ascertainable and that the restrictions are a significant portion of the consideration that you convey to the Unilever Group in consideration of your employment with, and receipt of compensation from, the Unilever Group. You further acknowledge and agree that in the event of breach of any of these restrictions, in addition to forfeiture of benefits, monetary damages and/or reasonable attorney's fees, the Unilever Group will have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the covenants. You further consent to the issue of a temporary restraining order to maintain the status quo pending the outcome of any proceeding. 4.8. Continuation of Restrictive Covenants following Termination The rights and obligations under the foregoing restrictive covenants shall survive the termination of your service with the Unilever Group and shall inure to the benefit of the successors and assigns of the Unilever Group. 4.9. Governing Law The provisions of Clause 4 will be governed and construed in accordance with the laws of the state of New York, without giving effect to the conflict of law provisions thereof, except as may be required by applicable law, notwithstanding anything in the Award Agreement to the contrary. The federal or state courts in the state of New York shall have exclusive jurisdiction over any disputes that may arise with respect to Clause 4, notwithstanding anything in the Award Agreement to the contrary. PSP AWARD AGREEMENT March 2025 SCHEDULE 3 COUNTRY-SPECIFIC WORDING Capitalised terms used in this document have the meanings given to them in the Plan, unless otherwise defined. Cash Alternative The jurisdictions in which the Company intends that Awards will be satisfied in cash includes, but is not limited to, the following: Algeria Bangladesh Belarus Bosnia and Herzegovina Cambodia China Colombia Côte d'Ivoire Cuba Ethiopia Indonesia Iran Japan Laos Malawi Mali Morocco Mozambique Myanmar Russian Federation Sri Lanka United Republic of Tanzania Tunisia Venezuela Vietnam Zimbabwe Depending on a number of factors, including the development of local laws, the Company reserves the right to settle Awards in Shares and to settle Awards in other jurisdictions in cash. The Company also reserves the right to settle any Dividend Equivalent payable in relation to your Award in cash. ARGENTINA Securities Law Notice. Your Award is being offered to you solely in connection with your employment and is not offered to the general public. By receiving and accepting your Award, you are deemed to (i) acknowledge that the Company has not made, and will not make, any application to obtain an authorisation from the Argentinian Securities and Exchange Commission

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PSP AWARD AGREEMENT March 2025 (Comisión Nacional de Valores) for the public offering of the Awards or underlying Shares in Argentina nor has it taken any action that would permit a public offering of the underlying Awards or Shares in Argentina within the meaning of the Argentine Capital Markets Law No. 26,831 (as amended and supplemented), the Argentina Securities and Exchange Commission General Resolution No. 622/2013 (as amended and supplemented) and ancillary regulations (the CNV Rules); (ii) acknowledge that the Argentinian Securities and Exchange Commission has not reviewed or approved the offering of the Awards or the underlying Shares nor any document relating to the offering, and the documents related to the offer are the responsibility of the Company and any intervening parties; (iii) acknowledge the offer is being made on a private basis in accordance with Sub-title I, Chapter I, Title XX of the CNV Rules, and is exempt from the requirements applicable to a public offering; and (iii) agree that you will not sell or offer to sell the Awards or any Shares acquired upon settlement of your Award in Argentina within the following 6 months after its acquisition if it is not a primary placement pursuant to section 17, of sub-title II, Chapter I, Title XX of the CNV Rules. Further, receipt and acceptance of the Plan documents shall constitute your agreement that the information contained in the Plan documents may not (i) be reproduced or used, in whole or in part, for any purpose whatsoever other than as a representation of your holding of Awards or Shares, as applicable or (ii) furnished to or discussed with any person without the prior written permission from the Company. Data Protection. The Access to Public Information Agency, as the enforcing authority of Act 25.326, has the power to attend to the reports and claims from those whose rights are affected as a consequence of non-fulfilment of data protection provisions. La Agencia de Acceso a la Información Pública, en su carácter de Órgano de Control de la Ley Nº 25.326, tiene la atribución de atender las denuncias y reclamos que interpongan quienes resulten afectados en sus derechos por incumplimiento de las normas vigentes en materia de protección de datos personales. Labour Law. Please be advised that your participation in the Plan is entirely voluntary. The Company does not guarantee any benefit or gain in connection with the Awards offered under the Plan. Furthermore, the benefits that could eventually arise from the Plan do not constitute a granted right for the future and may be amended, modified or terminated at any time. Legal, tax and accountant advice should be asked for if needed, to completely understand the Plan effects and consequences. AUSTRALIA Securities Law Notice. The offer to participate in the Plan is made in reliance of Division 1A of Part 7.12 of the Corporations Act 2001 (Cth). Any advice given by the Company (or any other company within the Group) in connection with Awards made pursuant to the Plan is general advice only and does not take into account your objectives, financial situation or needs. This document does not constitute investment advice and does not constitute financial product advice as defined in the Corporations Act 2001 (Cth) and the Company makes no recommendation about whether you should participate in this offer. Before acting on the information contained in the Plan documents, you should consider obtaining your own financial product advice from a person who is licensed by the Australian Securities and Investments Commission to give such advice. As the Company's Shares are listed on the London Stock Exchange, the market value of the Shares in GBP can be determined by visiting the website of the London Stock Exchange (http://www.londonstockexchange.com). The Australian dollar equivalent of that price can be obtained by applying the prevailing GBP/AUD exchange rate published by the Reserve Bank of Australia, which is accessible at the following link: http://www.rba.gov.au/statistics/frequency/exchange-rates.html. PSP AWARD AGREEMENT March 2025 There is a risk that the value of any Shares, and so the value of any Award to you, may fall as well as rise through movement of equity markets. Market forces will impact the value of such Awards and, at their worst, market values of any underlying Shares may become zero if adverse market conditions are encountered. As the price of any underlying Shares is quoted in GBP, the value of those Shares to you may also be affected by movements in the GBP/AUD exchange rate. A copy of the trust deed and/or nominee agreement is available from the Company on request. Data Protection. If you participate in the Plan you consent to Unilever Australia Ltd or Unilever Australia Trading Limited, any of its related bodies corporate or any third-party, collecting the personal information (including sensitive information) necessary to administer the Plan and disclosing any personal information necessary to administer the Plan to the Company, any of its related bodies corporate or any third-party engaged to assist in implementing the Plan, who may be situated in or outside Australia including in jurisdictions that may not afford your information the same level of protection as Australian laws do; and Unilever Australia Ltd or Unilever Australia Trading Limited] will not be required to take steps to ensure the Company, any of its related bodies corporate or any third-party engaged to assist in implementing the Plan do not breach the Australian Privacy Principles. You acknowledge that neither the Company (nor any other company within the Group) will be required to take steps to ensure that any of its related bodies corporate or any third-party engaged to whom your personal information is disclosed do not breach data privacy principles. Tax Deferral. This is a scheme to which Subdivision 83A-C of the Income Tax Assessment Act 1997 applies, subject to the requirements in that Act. AUSTRIA Securities laws notice. This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is Unilever PLC whose registered office is located at Port Sunlight, Wirral, Merseyside, CH62 4ZD. The shares which are the subject of these rights are Shares in the Company. More information in relation to Company, including the Share price, can be found at the following web address: https://www.unilever.com/. Details of the offer can be found in the Plan documents. The obligation to publish a prospectus does not apply because of Article 1(4)(i) of the EU Prospectus Regulation. The total maximum number of Shares which are the subject of this offer in Austria is100,000. Transfer restrictions. You may not transfer, assign or otherwise dispose of your Award to any third-party at any time, except to your personal representatives on your death. BRAZIL The Awards and any Shares granted under the Plan have not been and will not be publicly issued, placed, distributed, offered or negotiated in the Brazilian capital markets and, as a result, will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários) (CVM). Therefore, the Awards will not be offered or sold in Brazil, except in circumstances which do not constitute a public offering, placement, distribution or negotiation under the Brazilian capital markets regulations. By accepting your Award you agree and acknowledge that (i) neither your employer nor any person or entity acting on behalf of your employer has provided you with financial advice with PSP AWARD AGREEMENT March 2025 respect to your Award or the Shares acquired upon settlement of your Award; and (ii) your employer does not guarantee a specified level of return on your Award or the Shares. CANADA Securities Law Requirements. By accepting this Award, you represent and warrant to the Company that your participation in the Plan is voluntary and that you have not been induced to participate by expectation of engagement, appointment, employment, continued engagement, continued appointment or continued employment, as applicable. Resale. In addition to any restrictions on resale and transfer noted in the Plan documents, Shares acquired pursuant to the Plan will be subject to certain restrictions on resale imposed by Canadian provincial securities laws (in general, participants in the offering who are resident in Canada may not resell their Shares to Canadian purchasers). Accordingly, prospective Participants are encouraged to seek legal advice prior to any resale of such Shares. Termination. By participating in the Plan, you acknowledge and accept that your Award will lapse effective immediately upon cessation of employment with the Group, regardless of the reason for cessation of employment. The lapse of your Award will be binding and shall not be reversed. Such date of cessation does not include, and will not be extended by, any period of notice, whether imposed by your terms of employment, common law, civil or otherwise, except where (and only to the extent that) such extension is strictly necessary to comply with the minimum requirements of applicable employment or labour standards legislation. For the avoidance of doubt, the term of your Award and/or your participation in the Plan will not be extended by any common law or civil notice period. You will not be entitled to any compensation or damages as a result of the lapse of your Award and/or your participation in the Plan ceasing prior to the end of any applicable common law or civil law notice period. Subject to complying with the minimum requirements of applicable employment or labour standards legislation, the Company shall have exclusive discretion to determine when your employment with the Group has ceased and, as such, when your Award will lapse. CHILE Securities Laws Notice. Neither the Company, the Plan nor the Shares have been registered in the Registro de Valores (Securities Registry) or in the Registro de Valores Extranjeros (Foreign Securities Registry) of the Comisión para el Mercado Financiero de Chile (Chilean Commission for the Financial market or CMF) and they are not subject to the control of the CMF. The Plan is ruled by General Regulation 452. As the Shares are not registered, the issuer has no obligation under Chilean law to deliver public information regarding the Shares in Chile. The Shares cannot be publicly offered in Chile unless they are registered with the CMF or they comply with General Regulation 452. The commencement date of the offer is 7 March 2025. Ni Unilever, ni el Plan ni las Acciones han sido registradas en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la Comisión para el Mercado Financiero de Chile (CMF) y ninguno de ellos está sujeto a la fiscalización de la CMF. Esta oferta de Acciones se acoge Norma de Carácter General 452. Por tratarse de valores no inscritos, el emisor de las Acciones no tiene obligación bajo la ley chilena de entregar en Chile información pública acerca de las Acciones. Las Acciones no pueden ser ofrecidas públicamente en Chile en tanto éstas no se inscriban en el Registro de Valores correspondiente a menos que se cumpla las condiciones PSP AWARD AGREEMENT March 2025 establecidas en la Norma de Carácter General 452. Se informa que la fecha de inicio de la presente oferta es el 7 de Marzo de 2025. English Language. You declare that you perfectly read and understand English and that the fact that this document is in English does not represent any inconvenience or prejudice to you. Consequently, you accept the terms and conditions stated in English herein. El Trabajador declara que lee y entiende perfectamente el idioma inglés, y que la circunstancia de que este documento se encuentre en inglés no representa ningún inconveniente o perjuicio para el trabajador. En consecuencia, el trabajador acepta los términos y condiciones establecidos en este documento en idioma inglés. CHINA If you are subject to exchange control requirements in China, the following provisions apply to your Award: Sale Requirement. Due to exchange control laws in China, you agree to sell any Shares acquired under the Plan after termination of your employment with the Group. If the Shares are not sold within six months from your termination date, the Company will sell the Shares on your behalf. Exchange Control Requirements. You understand and agree that you will be required to repatriate the cash proceeds from the sale of the Shares and any cash dividend paid on such Shares to China, including Shares sold to fund any tax liability. You further understand that such repatriation of cash proceeds may need to be made through a special domestic exchange control account established by the Company or any of its Subsidiaries, and consent and agree that any proceeds realized under the Plan may be transferred to such special account prior to being delivered to you. The following strict China SAFE rules will apply to your Award if you are a China PRC national: No Share transfers allowed. You cannot transfer your Shares at any time. China Tax treatment. Provided you are employed by the Group until the end of the Vesting period, Computershare will sell enough Vested Shares to cover your China tax obligation, and your remaining after-tax Shares will be deposited in your account. After SAFE approval is obtained, Computershare will wire transfer the China tax funds to the Company's China SAFE-approved domestic foreign currency account and HSBC will convert the tax funds to CNY. HSBC will then remit the tax funds to the China tax bureau. Disposition of your Vested Shares. You can continue to hold your Shares in your account after the end of the Vesting period or you can instruct Computershare to sell your remaining after-tax Vested Shares. After you sell your Vested Shares, and after the Company obtains SAFE approval, your cash proceeds will first be transferred to the Company's China SAFE-approved domestic foreign exchange account in China. Subject to the SAFE approval and its requirements, the Company and HSBC will then convert your sale proceeds to CNY and deduct mandatory China capital gains tax from your sale proceeds. Your sale proceeds will then be transferred to your personal payroll bank account. Disposition of your Shares if your employment with Unilever terminates. If you have not sold your Vested Shares within six months (or a shorter period required by SAFE) after your employment with the Group terminates, your Shares will be sold on your behalf and your sale proceeds will be transferred to you, as described above. In order to facilitate the sale of the Shares, your tax status must be certified. If your employment with the Group terminates before the end of the Vesting period under certain circumstances, and you are entitled to a pro rata portion of Shares, your Vested Shares (including

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PSP AWARD AGREEMENT March 2025 vested Dividend Equivalents) will be payable to you in an equivalent amount in cash due to China SAFE rules. DENMARK A copy of a statement, translated into Danish, is available to view on the Reward Hub page comply with the Danish Stock Option Act. EU COUNTRIES This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is the Company. More information in relation to the Company, including the Share price, can be found at the following web address: https://www.unilever.com/. Details of the offer can be found in the Plan documents. The obligation to publish a prospectus does not apply because of Article 1(4)(i) of the EU Prospectus Regulation. The total maximum number of Shares which are the subject of this offer is 3,000,000. FRANCE You will be notified at Vest if you are a French sub-plan participant. French sub-plan participants are French nationals, International Assignees or Global Assignees, who are working in France and in the French Social Scheme on the Award Date. If you are a French national and on an international assignment outside of France, or a non-French national outside of France, on the Award Date, and you return to, or are in France by the date of Vesting, you will not be entitled to participate in the French sub-plan. If you are a French sub-plan participant: • In France, as well as most countries, when the Award is granted, you will not recognise taxable income. • If you decide to sell your Shares, your sale proceeds will be taxable as described in the "French tax and social security treatment" document, which can be found on the Reward Hub. • Since the Company is not required to withhold tax when your Award Vests, you will be personally responsible for reporting your income from the Award and paying the applicable tax when you file your annual tax return. • For participants who also worked in other countries, when you receive a distribution of Vested Shares, the Company will report the value of the Vested Shares (including Vested Dividend Equivalents which were reinvested). If you are an International Assignee and a France Sub-Plan participant, and if you have a tax obligation in another country where you were on assignment during the Vesting period, you will be required to pay the tax you owe in that country in cash via payroll deductions or other arrangements, based on instructions which will be communicated to you when your Award Vests. • It is possible that the mandatory taxes withheld by the Company on your Shares may differ from the final taxes due to local tax authorities. If no taxes are withheld on the value of your Shares, then you probably will be required to pay any taxes due via your personal tax return. PSP AWARD AGREEMENT March 2025 Applicable tax laws are complex and subject to change at any time. As a result, you are strongly urged to consult with your own personal financial and/or tax advisor concerning the application of current (and proposed) tax laws to your particular situation. You should also consider, in consultation with your advisor, the possibility of future changes in your country's applicable tax laws, which may affect the taxation of Shares under this share scheme. HONG KONG The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This offer of the Plan (the Offer) is strictly private and only available to eligible employees of Unilever Hong Kong. The Offer has also not been approved by the Securities and Futures Commission in Hong Kong and it should not be made in whole or in part to the public or any third- party. No Awards earned or granted under the Plan may be transferred or assigned, except as expressly permitted by the Company in writing. INDIA Plan documents. The securities described in the Plan documents are being offered only to a select number of qualifying employees of the Company, its subsidiaries or any associated company. Such employees may not be acting on behalf of, or as an agent for, any other person. Securities under the Plan will not be available for subscription or purchase by any other person. The Plan documentation does not invite offers from the public for subscription or purchase of the securities of any body corporate under any law for the time being in force in India. Neither the website nor this document is a prospectus under the applicable laws for the time being in force in India. The Company does not intend to market, promote or invite offers for the subscription or purchase of the securities of any body corporate by virtue of providing you with any Plan-related documents. The information provided in the Plan documents is for record only. Any person who subscribes or purchases securities of any body corporate should consult their own investment advisers before making any investments. The Company shall not be liable or responsible for any such investment decision made by any person. Repatriation Requirements. You acknowledge that any proceeds you may receive from the sale of Shares or dividends paid with respect to such Shares must be reinvested or repatriated to India within 180 days of receipt. You also understand that you should obtain a foreign inward remittance certificate (FIRC) from the bank where you deposit any inward remittance of cash in India as evidence of your compliance with the above repatriation requirements and you agree to submit a copy of the FIRC to the Reserve Bank of India or your employer, if requested. ISRAEL Securities Laws. Participation in the Plan will be subject to compliance with the Israel Securities Law, 1968, the rules and regulations promulgated thereunder and the directives of the Israel Securities Authority as they apply to the Plan. Tax. You will be notified at Vest if you are an Israel sub-plan participant. Israel sub-plan participants are generally individuals who are working in Israel on the Award Date. If you are an Israel sub-plan participant, it is anticipated that your Shares will be subject to Capital Gain Track rules under the Israel Income Tax Ordinance pursuant to the terms and conditions of the sub-plan for Israeli participants and the terms and conditions of a ruling from the Israel tax Authority that the Company has obtained. Pursuant to the terms of the tax ruling, to qualify for a PSP AWARD AGREEMENT March 2025 preferential capital gains treatment, your Awards will be "held in trust" by ESOP Trust Company for a period of 24 months after the Award Date. After your Shares Vest, they will be immediately transferred by Computershare to a trust account in ESOP's name for your benefit in Israel. When you decide to sell or transfer your Shares, ESOP Trust Company will calculate and withhold any mandatory Israel taxes due. If you are an International Assignee, and if you have a tax obligation in a country other than Israel where you were on assignment during the Vesting period, Computershare will withhold enough Shares to cover your tax obligation before it transfers your remaining Shares to your ESOP account. The Company has obtained a ruling from the Israel Tax Authority so that the beneficial tax treatment of the Capital Gains Track will apply to the Shares. According to the Capital Gain Track rules under the Israel Income Tax Ordinance, and the terms and conditions of the tax ruling, your Shares will not be subject to tax in Israel until you sell your Shares or transfer them out of your ESOP Trust account in Israel. When you sell or transfer your Shares, the "market value" of your Shares on the Award date, as defined by the Israel Income Tax Ordinance, will be subject to ordinary income tax, national insurance and health tax, and any additional gains earned above the "market value" of your Shares at grant will be subject to 25% capital gains tax, provided the conditions of the tax ruling, if obtained, and for capital gains treatment have been met. "Market value" is calculated as the average closing price of the Shares in the 30 trading days preceding the Award Date. It is also anticipated that under the terms and conditions of the tax ruling, any Dividend Equivalents reinvested as Shares will be treated the same as your Shares on the Capital Gains Track. In the event that the terms and conditions of the tax ruling and/or the Capital Gains Track are not met, all of the proceeds from sale of the Shares will be subject to ordinary income tax, national insurance and health tax. By participating in the Plan, you agree that your Award is granted and governed under your Award Agreement, the Plan (including the Israel Sub-Plan), a copy of which has been provided to you or made available for your review, Section 102 of the Israel Income Tax Ordinance, the terms of the ITA ruling, approval or directive relating to the Award and the trust agreement with the Trustee, a copy of which has been provided to you or made available for your review. In addition, you confirm that you are familiar with the terms and provisions of Section 102 of the ITO, particularly the Capital Gains Track. The Company will have no liability of any kind or nature in the event that, as a result of the application of applicable law, actions by the Trustee or any position or interpretation of the ITA, or for any other reason whatsoever, an Award will be deemed to not qualify for any particular tax treatment. Applicable tax laws are complex and subject to change at any time. As a result, you are strongly urged to consult with your own personal financial and/or tax advisor concerning the application of current (and proposed) tax laws to your particular situation. You should also consider, in consultation with your advisor, the possibility of future changes in your country's applicable tax laws, which may affect the taxation of Shares under this share scheme. KOREA If you are employed in the Republic of Korea then, notwithstanding anything set forth in the Plan documents, your Award is granted by the Company, not your employer. MALAYSIA If you are employed in Malaysia, you should note that the grant of Awards in Malaysia constitutes or relates to an 'excluded offer', 'excluded invitation' and 'excluded issue' pursuant to PSP AWARD AGREEMENT March 2025 Sections 229 and 230 of the Malaysian Capital Markets and Services Act 2007. Copies of the Plan documents may have been delivered to the Securities Commission of Malaysia. The Plan documents do not constitute, and may not be used for the purpose of, a public offering or issue, offer for subscription or purchase, invitation to subscribe for or purchase of any securities requiring the registration of a prospectus with the Securities Commission in Malaysia under the Capital Markets and Services Act 2007. MEXICO The Shares underlying your Award have not been registered with the National Register of Securities maintained by the Mexican Banking and Securities Commission and may not be offered or sold publicly in Mexico. The Plan documents may not be publicly distributed in Mexico. These materials are addressed to you only because of your existing labor relationship with the Group and may not be reproduced or copied in any form. The offer contained in these materials is addressed solely to the present employees of the Group in Mexico and any rights under the Plan may not be assigned or transferred. The Shares underlying your Award will be offered pursuant to a private placement exception under the Mexican Securities Law. NEW ZEALAND Warning: This is an offer of ordinary shares which give you a stake in the ownership of the Company. You may receive a return if dividends are paid. If the Company runs into financial difficulties and is wound-up, you will be paid only after all creditors and holders of preference shares have been paid. You may lose some or all of your investment. New Zealand law normally requires people who offer financial products to give information to investors before they invest. This information is designed to help investors to make an informed decision. The usual rules do not apply to this offer because it is made under an employee share purchase scheme. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment. Ask questions, read all documents carefully and seek independent financial advice before committing yourself. The ordinary shares of the Company are quoted on the London Stock Exchange. You may be able to sell your Shares on this market if there are interested buyers. The price will depend on the demand for the Shares. Copies of the Company's annual report (which includes the auditor's report) and financial statements can be found at the following address: https://www.unilever.com/investors/. Please note that the Company's quarterly financial statements are not audited. Hard copies can be requested, free of charge, by contacting corporate.secretaries@unilever.com. NICARAGUA For purposes of the Nicaragua Capital Markets Law and rules issued by the Superintendencia de Bancos y de Otras Instituciones Financiera (the Bank Superintendence), the Company emphasizes that the information contained in this document does not constitute a public offer and, the information herein provided has not been reviewed by any public or private entity, in order to ensure that such information is complete, accurate and timely.

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PSP AWARD AGREEMENT March 2025 NORWAY This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is the Company. The shares which are the subject of these rights are Shares in the Company. More information in relation to the Company, including the Share price, can be found at the following web address: https://www.unilever.com/. Details of the offer can be found in the Plan documents. The obligation to publish a prospectus does not apply because of Article 7-1 of the Norwegian Securities Trading Act (which implements Article 1(4)(i) of the EU Prospectus Regulation). The total maximum number of Shares which are the subject of this offer in Norway is 6,000. PAKISTAN Exchange Control Requirements: You understand that you are required immediately to repatriate to Pakistan any funds received in connection with your Participation in the Plan (i.e., proceeds from the sale of Shares and/or dividends) and comply with applicable exchange control regulations in Pakistan. The Company has applied or may apply, on your behalf, for approval from the State Bank of Pakistan (SBP) in connection with the Plan. If, for any reason, the Company does not apply for or obtain approval from the SBP in connection with the Plan, you understand that you must obtain such approval. In any case, you understand that you must fulfil certain reporting obligations to the SBP in connection with the acquisition of the Shares, the receipt of any dividends and the sale of any Shares acquired under the Plan. PERU If you are employed in Peru, the following statement is hereby made part of the Plan documents: the Shares to be issued upon settlement of your Award have not been registered with the Public Register of the Securities Market maintained by the Peruvian Securities Market Superintendence (Superintendencia del Mercado de Valores - SMV), and may not be offered or sold publicly in Peru. In addition, the contents of the Plan documents have not been reviewed by any Peruvian regulatory authority. PHILIPPINES If you are employed in the Philippines, the following wording is hereby made a part of the Plan documents: the securities being offered or sold under the Plan have not been registered with the Philippine Securities and Exchange Commission under the Philippine Securities Regulation Code. Any future offer or sale of the securities in the Philippines is subject to registration requirements under the Securities Regulation Code unless such offer or sale qualifies as an exempt transaction. By accepting your Award, you hereby certify that you (i) have been furnished with all relevant information and materials with respect to the Company's operations and financial conditions and the terms and conditions of the Award; (ii) have read and understood such information and materials; (iii) are fully aware and knowledgeable of the terms and conditions of the Award; and (iv) completely and voluntarily agree to the terms and conditions of the Award set forth in the Plan documents. POLAND If you are employed in Poland you should also view the Information Document found on the Reward hub page. PORTUGAL PSP AWARD AGREEMENT March 2025 The obligation to publish a prospectus does not apply because of Article 1(4)(b) of the EU Prospectus Regulation (an offer to fewer than 150 persons). If you are an employee, officer or service provider in Portugal, the following wording is made a part of the Plan documents: your Award and the benefits provided under the Award are in no way secured, guaranteed or warranted by the Company or your employer and the Company, and your employer does not guarantee a specified level of return on your Award or the Shares you receive upon settlement of your Award. You expressly acknowledge that there is no obligation on the part of the Company or your employer to implement the Plan and grant any Award in subsequent years. PUERTO RICO The Shares are being offered without registration under the Securities Act of 1933, as amended (the Securities Act), in reliance upon an exemption. The Shares are also being offered without registration under any state law, in reliance upon exemptions contained in those laws. The Shares are offered in Puerto Rico pursuant to an exemption from registration under the Puerto Rico Uniform Securities Act, as amended. In making an investment decision, an investor must rely on its own examination of the terms of the offering, including the merits and risks involved. The Shares have not been approved or disapproved by any federal, state or Puerto Rico securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Private Placement Memorandum. Any representation to the contrary is a criminal offence. The Shares are subject to restrictions on transferability and resale and may not be transferred or resold, except as permitted under the Securities Act and applicable state and Puerto Rico securities laws, pursuant to registration or exemption from those provisions of law. Investors should be aware that they will be required to bear the financial risks of an investment. Please also review the information contained under the heading "United States, Canada and Puerto Rico" below. SERBIA This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is the Company. The shares which are the subject of these rights are Shares in the Company. More information in relation to the Company, including the Share price, can be found at the following web address: https://www.unilever.com/. Details of the offer can be found in the Plan documents. The obligation to publish a prospectus does not apply because of Article 36 paragraph 3 item 9) of the Capital Markets Act (Official Gazette of the Republic of Serbia no. 129/2021) (Zakon o tržištu kapitala). The total maximum number of Shares which are the subject of this offer in Serbia is 6,000. SINGAPORE The Participant acknowledges that this, or any, Plan document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Plan document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Shares may not be circulated or distributed, nor may the Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than pursuant to, and in accordance with the conditions PSP AWARD AGREEMENT March 2025 of, an exemption under any provision (other than Section 280) of Subdivision (4) of Division 1 of Part 13 of the Securities and Futures Act 2001, of Singapore (SFA). The Awards under the Plan are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notices SFA 04-N12 and FAA-N16). SOUTH AFRICA Exchange Control Notification: Under current South African exchange control policy, you understand that if you are a South African resident, you may utilise your single annual discretionary allowance of ZAR1,000,000 and your annual foreign investment allowance of ZAR10,000,000 to invest a maximum of ZAR 11,000,000 per annum in offshore investments, including in Shares. This limit does not apply to non-resident employees. For offshore investments using the annual discretionary allowance you will need to contact your Authorised Dealer and to remit funds against your annual foreign investment allowance of ZAR10,000,000 you will need to make an application to FinSurv, You understand that you may be required to provide your employer (or a third party entity designated by your employer) with an undertaking to confirm that your participation will not result in you exceeding the annual allowances indicated above. For offshore investments which result in you exceeding your single annual discretionary allowance of ZAR1,000,000, you understand that you must also obtain a tax compliance status (TCS) pin from the South African Revenue Service (SARS). A TCS PIN must be provided to the Authorised Dealer to verify your tax compliance status and this may also need to be provided to your local employer. Failure to provide the Company or your employer with any documentation or information requested, relating to your offshore investments, may result in you no longer being permitted to participate in the Plan. You are solely responsible for obtaining South African exchange control approvals with respect to your Award and the Company will not be responsible for obtaining exchange control approval on your behalf. Furthermore, in the event you fail to obtain any required exchange control approval, neither the Company nor your employer will be liable in any way for any resulting fines or penalties. SWITZERLAND The offering of the Plan in Switzerland is exempt from the requirement to prepare and publish a prospectus under the Swiss Financial Services Act (FinSA) because such offering by the Company is made exclusively to current or former members of the board of directors, members of the management board or employees of the Company and its affiliates. This document does not constitute a prospectus pursuant to FinSA and no such prospectus has been or will be prepared for or in connection with the offering of the Plan. TAIWAN The grant of Awards under the Plan has not been and will not be registered with the Financial Supervisory Commission of R.O.C. (Taiwan) pursuant to relevant securities laws and regulations. The Shares obtained under the Plan may not be offered or sold within Taiwan (R.O.C.) through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan (R.O.C.) that requires a registration or approval of the Financial Supervisory Commission of R.O.C. (Taiwan) or is prohibited under the applicable laws of Taiwan (R.O.C.). PSP AWARD AGREEMENT March 2025 如您為台灣地區員工，下列說明亦為本計畫之一部分：本計畫中獎勵之配發並未依據相關證券法 規向中華民國金融監督管理委員會（金管會）辦理申報。若您依據本計畫取得任何股票，該股票 不得於中華民國境內透過公開發行，或中華民國證券交易法下需向金管會辦理申報或核准之有價 證券發行行為、或其他中華民國法令所禁止等方式為募集或銷售。 TÜRKIYE The Plan is not a public offering in terms of the Turkish Capital Markets legislation and the information provided in any Plan-related documents and the grant of Shares within the context of the Plan cannot be construed as a public offering or a private placement and is made to you as an employee of the Company. You are not obligated to participate in the Plan and you may choose not to participate. Your decision to participate or not is entirely up to you. The grant of an Award, the receipt of Shares or your decision to participate in the Plan (or not) does not change or supplement the terms of your employment or your career in any way. The Plan documents do not constitute an employee handbook or an employment contract between you and the Company. The information set forth in the Plan documents is solely for informative reasons and the Company is not giving you investment or other financial advice and reserves the right to suspend, change, amend or supplement the terms of the Plan in whole or in part, for any reason at any time. If you are in doubt about the merits of the Plan you should contact your financial adviser. UNITED ARAB EMIRATES Social Security. The Award is discretionary and is therefore not part of your wages and is not included in your social security contributions. UK Securities Laws. This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is the Company. The shares which are the subject of these rights are Shares in the Company. More information in relation to the Company, including the Share price, can be found at the following web address: https://www.unilever.com/. Details of the offer can be found in the Plan documents. The obligation to publish a prospectus does not apply because of Section 86(1)(aa) of the Financial Services and Markets Act 2000 (as amended, supplemented or substituted by any UK legislation enacted in connection with the UK's exit from the European Union). The total maximum number of Shares which are the subject of this offer in the UK is 2,500,000. Risk notice. Nothing in the terms of the Award or any communication issued to you in connection with the Award is intended to constitute investment advice in relation to the Award. If you are in any doubt as to whether to proceed in participating in the Plan or in connection with your own financial or tax position, you are recommended to seek advice from a duly authorised independent adviser. UNITED STATES, CANADA AND PUERTO RICO The following additional terms shall apply to the Award if you are employed in, or your home country is, the United States, Canada or Puerto Rico, notwithstanding anything in any Award guide to the contrary: 1. Unilever North America Omnibus Equity Compensation Plan and Prospectus. If you are employed in, or your home country is, the United States, Canada or Puerto Rico at the date

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PSP AWARD AGREEMENT March 2025 of grant of the Award, your Award is granted under the Unilever North America Omnibus Equity Compensation Plan (the Omnibus Plan), which is a subplan of the Plan. A prospectus for the Omnibus Plan is available on the Reward Hub, which you should review in connection with the Award. All terms of the Omnibus Plan are incorporated into this document by this reference. Awards may be made in Shares of PLC GBP, or in PLC ADSs. 2. Restrictive Covenants. As a condition of the Award, you must agree to comply with the confidentiality, non-competition and non-solicitation covenants and other agreements set forth in Schedule 2 of this document and in any other written agreement with a member of the Group. Your Award may lapse, in whole or in part, and the Company may pursue other remedies, if you do not comply with these covenants and agreements. 3. Payment of Award. If the Award becomes payable in whole or in part, the Award will be paid in the calendar year in which the Vesting Date occurs, as soon as reasonably practicable after the Vesting Date. However, in the case of death, any portion of the Award that Vests upon death will be paid within 90 days of the date of death. An Award that is subject to section 409A of the United States Internal Revenue Code (applicable to United States taxpayers) may not be paid before the Vesting Date, except in the case of death. 4. Termination of Employment. For purposes of the Award, the following terms have the meanings set forth below: (a) The term "Redundancy" means an involuntary termination by your employer without Cause if you sign and do not revoke a written waiver and release of liability provided by your employer. (b) The term "Cause" will include, but is not limited to (i) gross misconduct or gross negligence in the performance of your material duties and responsibilities to your employer, (ii) the commission of a theft, embezzlement or other serious and substantial crime, (iii) willful violation of the provisions of any confidentiality, non-competition agreement or non-solicitation covenants (or similar covenants) in effect between you and any member of the Group, (iv) a material breach of Unilever's Code of Business Principles or any of the Code Policies, (v) conduct that results in significant losses or serious reputational damage to any member of the Group, or (vi) other deliberate willful action that is materially harmful to the business, interests, or reputation of any member of the Group. 5. US Taxpayers subject to section 409A. The rules in this paragraph 5 apply to any Award that is subject to section 409A of the United States Internal Revenue Code (applicable to United States taxpayers), notwithstanding anything in the Award Agreement or Any Award guide to the contrary. If the Award is subject to section 409A and any provision of the Award would violate section 409A, that provision shall be void and of no effect. If the Award is subject to section 409A, (i) no distributions shall be made except upon a specified date, upon a "separation from service," upon death, or upon a "change in control event" as defined in the regulations under section 409A, or otherwise in accordance with section 409A, (ii) a distribution upon termination of employment shall only be made upon your "separation from service" as defined under section 409A, and subject to the six-month delay for specified employees, if applicable, (iii) a payment to be made upon a change of control or similar event shall only be made upon a "change in control event" as defined under section 409A, (iv) you may not designate the calendar year of a payment except in accordance with an election permitted under section 409A, and (v) if a payment is subject to execution of a release and could be made in more than one tax year, based on timing of execution of the release, payment shall be made in the later tax year if required by section 409A. If the Award is subject to section 409A and provides for payment upon a transaction that is not a "change in control event" under section 409A or provides for a payment on a date that is otherwise PSP AWARD AGREEMENT March 2025 not allowed by section 409A, the payment will be made on the date on which the payment would have been made in the absence of such provision. This material has been prepared and distributed by Unilever, N.A., and Unilever, N.A is solely responsible for its accuracy. If you have any questions regarding your specific tax situation, please consult your tax advisor. URUGUAY The offer of the Shares qualifies as a private placement pursuant to Section 2 of Uruguayan law 18.627 and is made outside Uruguay and the information contained in the Plan documents does not constitute an advertisement of any securities in Uruguay and must not be passed on to third parties or otherwise be made publicly available in Uruguay. The Company and the Shares are not and will not be registered with the Central Bank of Uruguay. VENEZUELA The Awards are and will not be registered with the Venezuelan National Securities Superintendency and may not be sold in Venezuela through a public offering or securities exchange in Venezuela. Furthermore, the Plan has not been approved or reviewed by the Venezuelan National Securities Superintendency. By accepting your Award, you agree that the information contained in the Plan is confidential and not for public distribution. The Awards are not a component of your normal or expected compensation, will not be deemed salary and will not be included for purposes of calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

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## Exhibit 4.5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNILEVER RULES OF THE UNILEVER SHARE PLAN 2017 Directors' Adoption: 22 February 2017 Shareholders' Approval: NV: 26 April 2017 PLC: 27 April 2017 Amended by the Board: 3 March 2021 Expiry Date: 26 April 2027 Linklaters LLP One Silk Street London EC2Y 8HQ Telephone (+44) 20 7456 2000 Facsimile (+44) 20 7456 2222 Ref 01/140/Alex Beidas i **Table of Contents** Contents Page 1 Introduction .............................................................................................................................. 1 2 Definitions ................................................................................................................................ 1 3 Granting Awards ...................................................................................................................... 3 4 Documentation of Awards ....................................................................................................... 5 5 Before Vesting ......................................................................................................................... 5 6 Vesting ..................................................................................................................................... 6 7 Retention Period ..................................................................................................................... 8 8 Leaving employment and death ............................................................................................ 10 9 Malus and clawback .............................................................................................................. 12 10 Vesting in connection with relocation .................................................................................... 14 11 Takeovers and other corporate events .................................................................................. 14 12 Changing the Plan ................................................................................................................. 16 13 Tax ......................................................................................................................................... 17 14 Limits on newly issued and treasury shares ......................................................................... 18 15 General .................................................................................................................................. 18 1 1 Introduction The Plan allows for the grant of awards in the form of: - Conditional Awards - Awards under which the Participant receives Shares automatically to the extent the Award Vests; - Options - Awards under which the Participant can buy Shares, to the extent their Award has Vested, at a price (which may be zero) set when the Option is granted; or - Forfeitable Shares - Awards under which the Participant receives Shares on grant which are subject to a requirement that the Participant give the Shares back to the extent the Award lapses. Conditional Awards and Options can also be granted on the basis that they will only ever be satisfied with a cash payment equal to the value of the Shares to which the Participant would otherwise be entitled (less any Option Price). Awards will Vest over a period set by the Board for each Award and Vesting or grant may be subject to Performance Conditions or other conditions such as investments by the Participant in Shares. Before Vesting, Awards will normally lapse if the Participant leaves. After Vesting, they may also be subject to a further Retention Period during which satisfaction of the Award is subject to clawback. This introduction does not form part of the rules. 2 Definitions In these rules: "Acquiring Company" means a person who has or obtains Control of the Company; "Award" means a Conditional Award, Forfeitable Shares or an Option; "Award Date" means the date on which an Award is granted under rule 3.3; "Board" means, subject to rule 11.4, the board of directors of the Company or any committee or other person to whom the board has delegated any of its functions under these rules; "Bonus Deferral Award" means an Award which is granted to the Participant in lieu of bonus which he might otherwise have been paid in cash and which is designated as such by the Board under rule 3.3; "Business Day" means a day on which the London Stock Exchange or Euronext, as applicable, (or, if relevant and if the Board determines, any stock exchange nominated by the Board on which the Shares are traded) is open for the transaction of business; "Company" means Unilever PLC; "Conditional Award" means a conditional right to acquire Shares granted under the Plan; "Control" has the meaning given to it in Section 995 of the Income Tax Act 2007 in relation to the Company; 2 "Dealing Restrictions" means any restriction on dealing in securities imposed by regulation, statute, order, directive, the rules of any stock exchange on which Shares are listed or any code adopted by the Company as varied from time to time; "Detrimental Activity" means, as established to the satisfaction of the Board, and without the prior written consent of the Company, the Participant being in breach of any applicable restrictions on competition, solicitation or the use of confidential information (whether arising out of the Participant's employment contract, his termination arrangements or any internal policies); "Dividend Equivalent" means an amount linked to dividends paid on Shares subject to the Award; "Euronext" means Euronext Amsterdam; "Final Lapse Date" means the latest date on which an Option will lapse which will be the date set by the Board under rule 3.3 or, if no date is set, the date 10 years after the Award Date; "Forfeitable Share Agreement" means the agreement referred to in rule 4.2; "Forfeitable Shares" means Shares held in the name of or for the benefit of a Participant subject to the Forfeitable Share Agreement; "Grantor" means the Company or any other entity which grants or has agreed with the Company to satisfy an Award under the Plan; "Group" means the Company and its Subsidiaries or associated companies and "Member of the Group" shall be construed accordingly; "London Stock Exchange" means London Stock Exchange plc; "Option" means a right to acquire Shares granted under the Plan; "Option Price" means the amount (which may be zero) payable on the exercise of an Option set by the Board under rule 3.3.8; "Owned Shares" means Shares subject to a Retention Period which are transferred or issued into the beneficial ownership of the Participant as set out in rule 7.1.1(ii); "Participant" means a person who holds, or who has held, an Award or their personal representatives; "Performance Condition" means any condition linked to performance imposed under rule 3.3; "Plan" means these rules known as "The Unilever Share Plan 2017", as changed from time to time; "Retention Period" means the period after Vesting during which a Participant is required to retain their Shares or Award as set out in rule 7; "Retention Shares" means the Shares which the Participant is required to retain during the Retention Period; "Shares" means fully paid ordinary shares in the Company and includes: (i) American Depositary Shares listed on the New York Stock Exchange; and

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3 (ii) any Shares representing the Company following a reconstruction; "Subsidiary" means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006; and "Vesting", subject to the rules and any Retention Period: (i) in relation to Conditional Awards, means a Participant becoming entitled to have the Shares transferred to them; (ii) in relation to an Option, means an Option becoming exercisable; and (iii) in relation to Forfeitable Shares, means the restrictions set out in the Forfeitable Share Agreement ceasing to have effect as described in rule 6.2.3, and Vesting shall include the term Vest and Vested; and "Vesting Date" means the date set for Vesting of an Award under rule 3.3. If there is any conflict between two provisions in these rules under which an Award will lapse, the one which gives rise to the earlier lapse will prevail. 3 Granting Awards 3.1 Eligibility The Grantor may select any employee of a member of the Group to be granted an Award. However, the Board may determine that an Award will not be made to an employee who has given or been given notice terminating their employment. 3.2 Timing of Awards Awards may only be granted within 42 days starting on any of the following: 3.2.1 the date of shareholder approval of the Plan; 3.2.2 the Business Day following the day on which the Company's results are announced for any period; 3.2.3 the date of the Company's annual general meeting or any special general meeting; and 3.2.4 any day on which the Board resolves that exceptional circumstances exist which justify the grant of Awards. If the granting of Awards during any period specified above is prevented by any Dealing Restrictions, Awards may be granted within 42 days of the first date on which it is no longer prevented. No Awards may be granted after 26 April 2027 or such earlier date as the Board may specify. 3.3 Terms set at grant When granting an Award, the Board will set the following terms: 3.3.1 whether the Award will take the form of: (i) a Conditional Award; (ii) an Option; 4 (iii) Forfeitable Shares; or (iv) a combination of these; 3.3.2 whether the Award is a Bonus Deferral Award; 3.3.3 subject to rule 3.5, the number of Shares subject to the Award or how that will be determined which, in the case of a Bonus Deferral Award, will be linked to the amount of bonus which the Board determines would otherwise have been paid to the Participant in cash; 3.3.4 the terms of any Performance Condition or other condition set under rule 3.4; 3.3.5 one or more Vesting Dates (unless specified in a Performance Condition) and, if there is more than one, the proportion of the Award which can Vest on each one (or how that will be determined); 3.3.6 whether or not a Retention Period will apply and, if so, when it will normally end and how the number of Retention Shares will be determined; 3.3.7 whether or not the Award carries a Dividend Equivalent; 3.3.8 in the case of an Option: (i) the Option Price; and; (ii) the Final Lapse Date which will not be more than 10 years after the Award Date; and 3.3.9 any other terms or conditions of the Award. 3.4 Performance Conditions The Board may decide that Vesting of an Award will be conditional: 3.4.1 on the satisfaction of one or more conditions set by the Board on grant linked to the performance of the Company, the Participant and/or any business unit or member of the Group; and/or 3.4.2 any other condition set by the Board, which, in either case, may provide that the Award will lapse to the extent that it is not satisfied. The Board may change a Performance Condition in accordance with its terms or if anything happens which causes the Board reasonably to consider it appropriate to do so. The Board may waive or change any other condition in such manner as it sees fit. 3.5 Limit in Directors' Remuneration Policy An Award to be granted to a director of the Company will not exceed any applicable maximum set out in the approved directors' remuneration policy (as defined in section 226B(2) of the Companies Act 2006). 3.6 No payment for Awards A Participant is not required to pay for the grant of an Award. 5 4 Documentation of Awards 4.1 Conditional Awards and Options An Award (other than an Award of Forfeitable Shares) must be granted by deed. 4.2 Forfeitable Shares Where an Award takes the form of Forfeitable Shares, the Participant must: 4.2.1 enter into an agreement with the Grantor that, to the extent that the Award lapses under the Plan, the Shares are forfeited and they will immediately transfer their interest in them, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Grantor; 4.2.2 complete any elections required by the Board, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (or similar elections in other jurisdictions) and elections to transfer any liability, or agreements to pay social security contributions; and 4.2.3 provide any other documentation which the Board considers necessary or desirable to give effect to the terms of the Award, including a power of attorney or blank stock transfer form. If they do not do so within a period specified by the Board, the Award will lapse at the end of that period. On or after the grant of Forfeitable Shares, the Grantor will procure that the relevant number of Shares are issued or transferred to the Participant or to another person to be held for the benefit of the Participant under the terms of the Plan. Where applicable, the share certificates or other documents of title relating to any Forfeitable Shares may be retained by the Grantor. 5 Before Vesting 5.1 Voting and dividends 5.1.1 A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Option or a Conditional Award until the Shares are issued or transferred to the Participant. 5.1.2 Except to the extent specified in the Forfeitable Share Agreement, a Participant will have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses. 5.2 Transfer A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If they do, whether voluntarily or involuntarily, then the Award will immediately lapse. This rule 5.2 does not apply: 5.2.1 to the transmission of an Award on the death of a Participant to the person entitled by law to deal with the estate; 5.2.2 to an assignment by way of court order; 5.2.3 to the assignment of an Award where the Board considers that the Participant is no longer in a position to manage their own affairs by reason of ill-health; or 6 5.2.4 in any other circumstances if the Board agrees. 5.3 Adjustment of Awards 5.3.1 If there is: (i) a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital; (ii) a demerger (in whatever form) or exempt distribution (for example by virtue of Section 1075 of the Corporation Tax Act 2010); (iii) a special dividend or distribution; or (iv) any other corporate event which might affect the current or future value of any Award, the Board may adjust the number or class of Shares or securities subject to the Award and, in the case of an Option, the Option Price (see below for Forfeitable Shares). 5.3.2 Subject to the Forfeitable Share Agreement, a Participant will have the same rights as any other shareholders in respect of Forfeitable Shares where rule 5.3.1 applies. Any Shares, securities or rights allotted to a Participant as a result of such an event will be: (i) treated as if they were awarded to the Participant under the Plan in the same way and at the same time as the Forfeitable Shares in respect of which the rights were conferred; and (ii) subject to the rules of the Plan and the terms of the Forfeitable Share Agreement. 6 Vesting 6.1 Timing and extent of Vesting Subject to the rest of these rules, an Award will Vest on the later of the following: 6.1.1 the Vesting Date; and 6.1.2 the date on which the Board determines the extent to which any Performance Condition or any other condition is satisfied (which it will do as soon as reasonably practicable after the end of the period over which it is tested). The Award will only Vest to the extent that any Performance Condition or other condition is satisfied. However, if Vesting or the issue or transfer of Shares in satisfaction of an Award is prevented by any Dealing Restriction, the period for Vesting, issue or transfer will be delayed for that Award until the Dealing Restriction no longer prevents it. 6.2 Consequences of Vesting 6.2.1 If an Award takes the form of a Conditional Award, within 30 days of Vesting (or as soon as reasonably practicable after that), the Grantor will arrange (subject to the

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7 rest of this rule 6 and rules 7, 9, 13 and 15.6) for the issue or transfer to, or to the order of, the Participant of the number of Shares in respect of which the Award has Vested. 6.2.2 A Participant can only exercise an Option to the extent it has Vested. To exercise it, the Participant must give notice in such form as the Grantor may prescribe and, in the case of an Option, pay or make arrangements satisfactory to the Grantor for the payment of the Option Price (if any). Subject to the rest of this rule 6 and rules 7, 9, 13 and 15.6, the Grantor will arrange for the number of Shares in respect of which an Option has been exercised to be issued or transferred to the Participant within 30 days of the date on which the Option is exercised or as soon as reasonably practicable after that. An Option will lapse at the end of business on the Final Lapse Date if it does not lapse earlier under these rules. 6.2.3 To the extent an Award of Forfeitable Shares Vests, the restrictions referred to in rule 4.2 and contained in the Forfeitable Share Agreement will cease to apply. 6.3 Dividend Equivalent If an Award carries a Dividend Equivalent, the Participant will be entitled on Vesting of a Conditional Award or exercise of an Option to an amount equal to the Dividend Amount for each Share in respect of which the Conditional Award Vests or the Option is exercised. However: 6.3.1 where Vesting or exercise occurs after the record date but before the payment date of a Qualifying Dividend, the Participant will become entitled to the amount as soon as practicable following such payment date; and 6.3.2 where the Award continues through a Retention Period, the Participant will become entitled to the amount as soon as practicable after the end of the Retention Period. The Dividend Amount will be paid in additional Shares unless the Board decides that it will be paid in cash of equivalent value, as determined by the Board. The "Dividend Amount" will, for each Qualifying Dividend, be equal to the number of Shares which would be held if: 6.3.3 the per Share amount of the Qualifying Dividend had been reinvested in further Shares (or fractions of a Share) on the payment date of the Qualifying Dividend at market value on that date; and 6.3.4 any subsequent Qualifying Dividends on those Shares had been notionally reinvested in further Shares in the same way. A "Qualifying Dividend" is any ordinary dividend for which the record date falls between the Award Date and the date Shares (or cash of equivalent value) are issued or transferred to the Participant following the Vesting of an Award or exercise of an Option. Any reinvestment, for the purposes of determining the Dividend Amount, is entirely notional and, accordingly, may relate to fractions of a Share, but, if it is paid in Shares, the number of Shares issued or transferred will be rounded to the nearest whole Share as part of the vesting of the Award. 8 For the purpose of determining the Dividend Amount, the "market value" of a Share will be the closing price of a Share on the payment date of the Qualifying Dividend or will be determined in such other manner as the Board considers reasonable. 6.4 Cash or share alternative The Grantor can decide to satisfy any entitlement under an Award to: 6.4.1 Shares by paying a cash amount; or 6.4.2 cash by issuing or transferring Shares. In either case, based on the market value of the Shares on the date he becomes entitled (less any Option Price, in the case of an Option). An Award may be granted on the basis that it will always be satisfied as described in this rule 6.4. 6.5 Automatic exercise of Options where Dealing Restrictions apply and Option would otherwise lapse 6.5.1 To the extent that: (i) an Option has not been exercised by the close of the Business Day before the date on which it lapses; (ii) a Dealing Restriction prevents the Participant from exercising it on that day; and (iii) it is in the money on that day, the Company will, unless the Board decides otherwise, treat it as having been exercised on that day. 6.5.2 If it does treat the Option as having been exercised, the Company will arrange for sufficient Shares resulting from the exercise to be sold on behalf of the Participant to raise an amount (after costs of sale) equal to the Option Price and any tax or social security required to be withheld under rule 13. The remaining Shares subject to the Option will be issued or transferred as set out in rule 6.2.2. 6.5.3 An Option is "in the money" on any day if the Board estimates that, if all the Shares resulting from exercise were sold on that day, the sale proceeds (after making a reasonable allowance for any costs of sale and taxes) would be more than the Option Price. 6.5.4 The Participant may give notice, at any time before the day referred to in rule 6.5.1, requesting that this rule 6.5 should not apply to the Option. 6.5.5 No member of the Group will be liable for any loss a Participant may suffer as a result of the application or failure to apply this rule 6.5. 7 Retention Period This rule 7 applies if the Board determines under rule 3.3 that an Award is subject to a Retention Period. 9 7.1 How the Retention Period will apply to an Award 7.1.1 Before the Award Vests, the Board will determine whether: (i) the Award will continue in respect of the Retention Shares through the Retention Period (subject to this rule 7); or (ii) the Retention Shares will be issued or transferred into the beneficial ownership of the Participant ("Owned Shares") and held in accordance with this rule 7. 7.1.2 Where the Board determines that the Award will continue through the Retention Period, it shall calculate the number of Shares which Vest in accordance with rule 6.1, but the Retention Shares will only be issued or transferred or cash paid under rule 6.2 at the end of the Retention Period and subject to this rule 7. 7.1.3 Where the Board has determined that Owned Shares will be issued or transferred to the Participant, it will calculate the number of Shares which Vest in accordance with rule 6.1 and will issue or transfer the beneficial ownership of the Retention Shares (if not already held in respect of an Award of Forfeitable Shares), for no consideration, to any person specified by the Board to be held during the Retention Period under this rule 7. 7.1.4 Where the Award is an Option and the Board has determined that it will continue during the Retention Period, the Option will become exercisable as described in rule 6.2 and any Retention Shares acquired on the exercise of the Option during the Retention Period (less any tax paid) will continue to be held as Owned Shares. 7.2 Tax Where tax is payable at the start of the Retention Period, then rule 13 (Tax) will apply and the Retention Period will apply in respect of the remainder of the Shares. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. 7.3 Rights during the Retention Period 7.3.1 The following additional provisions will apply during the Retention Period where an Award continues through the Retention Period: (i) Except as required under rule 7.2, the Participant will have no rights in respect of the Retention Shares until the Shares are acquired at the end of the Retention Period. (ii) The Participant may not transfer, assign or otherwise dispose of the Retention Shares subject to any Award or any interest in them. 7.3.2 The following additional provisions will apply to Owned Shares during the Retention Period: (i) The Participant will be entitled to vote and to receive dividends and have all other rights of a shareholder in respect of the Owned Shares from the date the Participant becomes the beneficial owner. (ii) The Participant may not transfer, assign or otherwise dispose of the Owned Shares or any interest in them (or instruct anyone to do so) except in the case of: 10 (a) the sale of sufficient entitlements nil-paid in relation to Shares to take up the balance of the entitlements under a rights issue; (b) a forfeiture as described in rule 7.4; or (c) the sale to fund any tax in accordance with rule 7.2. (iii) Any securities which the Participant receives in respect of Owned Shares as a result of an event described in rule 5.3.1 during the Retention Period will, unless the Board decides otherwise, be subject to the same restrictions as the corresponding Owned Shares. This will not apply to any Shares which a Participant acquires on a rights issue or similar transaction to the extent that their number exceeds the number they would have acquired on a sale of sufficient rights under the rights issued nil-paid to take up the balance of the rights. 7.4 Forfeiture of Owned Shares To the extent that Owned Shares are forfeited under rule 9 (Malus and clawback) the Participant is deemed to consent to the immediate transfer of the beneficial ownership of the Shares, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Board. 7.5 End of the Retention Period 7.5.1 The Retention Period will end on the earliest of the following: (i) the date on which the Retention Period would normally end, as set by the Board in relation to the Award under rule 3.3; (ii) the date on which the Board decides that the number of Retention Shares are sufficiently small that the continuation of the Retention Period is not warranted; (iii) the date on which the Participant dies; and (iv) the date of a takeover or other transaction by virtue of which rule 11 applies. 7.5.2 At the end of a Retention Period: (i) where the Award continues through the Retention Period, the Shares will be issued or transferred or cash paid in accordance with rule 6; and (ii) the restrictions relating to Owned Shares in rule 7.3.1 will cease to apply and the Shares will be transferred to the Participant or as the Participant may direct. 8 Leaving employment and death 8.1 General rule on leaving employment Except in the case of a Bonus Deferral Award (see rule 8.7), an Award will lapse on leaving if the Participant leaves employment before Vesting.

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11 8.2 Exceptions to the general rule where certain leaver reasons apply If a Participant leaves employment before Vesting for one of the following reasons, their Award will not lapse but rule 8.3 will apply: 8.2.1 ill health, injury or disability, as established to the satisfaction of the Company; 8.2.2 retirement with the agreement of the Participant's employer; 8.2.3 the Participant's employing company ceasing to be under the Control of the Company; 8.2.4 a transfer of the undertaking (or the part of the undertaking), in which the Participant works, to a person which is neither under the Control of the Company nor a Member of the Group; 8.2.5 redundancy; or 8.2.6 any other reason, if the Board so decides in any particular case. 8.3 Extent of Vesting of Award Where rule 8.2 applies: 8.3.1 the Award will Vest to the extent any Performance Condition is satisfied on the date of Vesting; and 8.3.2 unless the Board decides otherwise, the number of Shares in respect of which the Award would otherwise Vest will be reduced by the proportion which the number of complete days from the date they left to the Vesting Date bears to the number of complete days in the period from the Award Date to the Vesting Date. 8.4 Early Vesting Alternatively, the Board may decide that the Award will Vest to the extent described in rule 8.3, on the date of leaving or a later date determined by the Board. The Board will determine the extent to which any Performance Condition is satisfied in accordance with its terms or, if they do not provide for it, in such manner as it considers reasonable. 8.5 Death If the Participant dies before Vesting, the Award will Vest, on the date of death, at halfway between the threshold and maximum levels of Vesting under the Performance Condition (or such other level as the Board may allow) and the Performance Condition will not otherwise apply. If the Participant left employment before death for one of the reasons in rule 8.2 then, unless the Board decides otherwise, the number of Shares in respect of which the Award would otherwise Vest will be reduced, as described in rule 8.3.2 (by reference to the date the Participant left employment, not the date of death). 8.6 Treatment of Options after leaving If the holder of an Option dies or leaves employment: 8.6.1 before Vesting for one of the reasons in rule 8.2; or 8.6.2 after Vesting for any reason (except as described below) 12 their Option will be exercisable for 12 months from the later of: 8.6.3 the date on which the Option Vests; and 8.6.4 the date on which the Participant left, after which the Option will lapse, but the Board may reduce or extend that period (but not beyond the Final Lapse Date). However, if the Participant leaves employment after Vesting because of misconduct or breach of the terms of their employment, their Award will lapse on the day they leave employment unless the Board determines otherwise. 8.7 Bonus Deferral Awards If a Participant dies or leaves employment before or after Vesting, their Bonus Deferral Award will continue in effect unless the Board decides that it will Vest on dying or leaving or any later date. However, if the Participant leaves employment because of misconduct or breach of the terms of their employment, their Bonus Deferral Award will lapse on the day they leave employment unless the Board determines otherwise. Rules 8.1 to 8.4 will not apply to Bonus Deferral Awards. 8.8 Detrimental activity If a Participant leaves employment due to any reason set out in rule 8.2, unless the Board decides otherwise, the Participant's Award will lapse if he engages in Detrimental Activity. 8.9 General 8.9.1 Subject to rule 8.9.2, a Participant will only be treated as "leaving employment" when they are no longer an employee or director of any member of the Group. 8.9.2 The Board may decide a Participant will be treated as "leaving employment" on the date they give or are given notice terminating their office or employment unless the reason for giving or receiving notice is listed in rules 8.2.1, 8.2.2 or 8.2.5 above. 9 Malus and clawback 9.1 Malus If the Board considers that: 9.1.1 there has been a significant downward restatement of the financial results of the Company; and/or 9.1.2 there is reasonable evidence of gross misconduct or gross negligence by the Participant; and/or 9.1.3 there is reasonable evidence of material breach by the Participant of the Company's Code of Business Principles or the Company's Code Policies; and/or 9.1.4 there is reasonable evidence of conduct by the Participant which results in significant losses or reputational damage to the Company or the Group; and/or 13 9.1.5 the Participant is in breach of any applicable restrictions on competition, solicitation or the use of confidential information (whether arising out of the Participant's employment contract, his termination arrangements or any internal policies); and/or 9.1.6 the data is misleading and/or there is an error in the information, assumptions or calculations on the basis of which the Award was granted or paid out or Vested; and/or 9.1.7 there has been a significant deterioration in the financial health of the Group or any Member of the Group resulting in severe financial constraints on the ability to fund Awards, it may, in its discretion, at any time prior to Vesting, exercise (in the case of an Option), or the end of any Retention Period, decide that: (a) an Award will lapse wholly or in part; (b) the delivery of the Shares or the end of any Retention Period will be delayed until any action or investigation is completed; and/or (c) Vesting of the Award or delivery of the Shares will be subject to additional conditions. If there is a delay under rule 9.1(b): (i) if a Participant leaves employment after the date on which the Award would have Vested, but for the delay then, unless the Board decides otherwise, rule 8 (leaving employment) will not apply. The Award will continue and Vest to the relevant extent (subject to any further adjustment under this rule 9) when the action or investigation is completed; (ii) Vesting of the Award or delivery of Shares will not be delayed beyond any date on which Vesting or delivery would otherwise occur under rule 11 (Takeovers and other Corporate Events); and (iii) for the avoidance of doubt, there may (or may not) be an adjustment or further adjustment under this rule 9 following completion of any action or investigation. 9.2 Clawback If the Board considers that: 9.2.1 there has been a significant downward restatement of the financial results of the Company; and/or 9.2.2 the data is misleading and/or there is an error in the information, assumptions or calculations on the basis of which the Award was granted or paid out or Vested; and/or 9.2.3 there has been a significant deterioration in the financial health of the Group or any Member of the Group resulting in severe financial constraints, it may, in its discretion, within two years of an Award Vesting or the start of any Retention Period: (i) require a Participant to transfer to the Company (or as the Company directs), for nominal or nil consideration, some or all of the after-tax number of Shares which have previously Vested, or pay to the Company (or as the Company directs) an amount equal to the value of those Shares (as determined by the Board); and/or 14 (ii) require the Company to withhold from, or offset against, the grant or Vesting of any other Award to which the Participant may be or become entitled in connection with his/her employment with the Group such an amount as the Board considers appropriate. 9.2.4 Where a Participant is notified they must transfer Shares or pay an amount in accordance with this rule 9.2 any Shares or cash must be transferred or paid (in the manner directed by the Company) within 30 days of that Participant being so notified. 9.3 General 9.3.1 For the avoidance of doubt, this rule 9 can apply even if the Participant was not responsible for the event in question or if it happened before the Vesting or grant of the Award. 9.3.2 Those rules may be applied in different ways for different Participants in relation to the same or different events, or in different ways for the same Participant in relation to different Awards. 9.3.3 Except to the extent the Board so decides at the time of exchange, neither malus nor clawback will apply to an Award which has been exchanged in accordance with rule 11.4. 9.3.4 Clawback will not apply after a takeover (as defined in rule 11.1). 9.3.5 The Board will notify the Participant of any application of malus or clawback under this rule 9. 9.3.6 Without limiting rule 15.1, the Participant will not be entitled to any compensation in respect of any adjustment under this rule 9, and the operation of malus will not limit any other remedy any member of the Group may have in relation to breach of any restrictions referred to in rule 9.1.5. 10 Vesting in connection with relocation If a Participant who is not a director of the Company relocates to another jurisdiction before an Award Vests and, as a result: (d) the Participant or any member of the Group is or may be subject to less favourable tax or social security treatment; or (e) the Vesting, exercise or satisfaction of the Award is or may be subject to any regulatory restriction, approval or consent, the Board may decide that the Award will Vest on such earlier date or dates and subject to such additional conditions as it may determine, including the retention of any Shares acquired on Vesting. In the case of an Option, the Board may change the period during which it can be exercised or impose additional conditions upon the exercise. 11 Takeovers and other corporate events 11.1 Takeover 11.1.1 If there is a takeover, each Award will Vest, subject to rules 9.1 (Malus) and 9.3, on the date of the takeover.

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15 11.1.2 The Board will determine the extent to which any Performance Condition has been satisfied to the date of the takeover (in accordance with its terms or, if they do not provide for it, in such manner as it considers reasonable) and the proportion of the Award which will Vest. 11.1.3 The Board may decide that an Award which has Vested under rule 11.1.1 will be reduced pro rata to reflect the acceleration of Vesting. 11.1.4 To the extent that an Award has not Vested, it shall lapse as to the balance, unless exchanged under rule 11.4 (Exchange of Awards). 11.1.5 An Option will be exercisable for a period of one month from the date of the takeover, after which it will lapse (whether or not it Vested under this rule). 11.1.6 An Award will not Vest under rule 11.1.1 but will be exchanged under rule 11.4 (Exchange of Awards) if: (i) an offer to exchange Awards is made and accepted by a Participant; or (ii) the Board, with the consent of the Acquiring Company, decides before the person obtains Control that the Awards will be automatically exchanged. There is a "takeover" when: (i) a person (or a group of persons acting in concert) obtains Control of the Company as a result of making an offer to acquire Shares; or (ii) under Section 895 of the Companies Act 2006, a court sanctions a compromise or arrangement in connection with the acquisition of Shares, but not where the Board determines rule 11.2 (Reconstruction) applies. 11.2 Reconstruction If there is any internal reconstruction, reorganisation, merger or acquisition of the Company which: 11.2.1 is not intended to result in; or 11.2.2 does not involve a significant change in the identity of the ultimate shareholders of the Company, the Board may determine this rule 11.2 applies to any Awards which have not Vested by the day the reconstruction takes effect. The Board will arrange for the Awards to be replaced by an equivalent award of shares in the new parent company or companies as determined by the Board. The Board may amend (or waive) any Performance Condition as it considers appropriate, subject to applicable laws. 11.3 Demerger or Other Corporate Event 11.3.1 If the Board becomes aware that the Company is or is expected to be affected by any demerger, distribution (other than an ordinary dividend), reconstruction or other transaction not falling within rule 11.1 (Takeover) which, in the opinion of the Board, would affect the current or future value of any Award, the Board may allow an Award to Vest (subject to rule 9 (Malus and clawback) and any such conditions as the Board may decide to impose. 16 11.3.2 Where an Award Vests under rule 11.3.1, the Board will determine the extent to which any Performance Condition has been satisfied and the proportion of the Award which will Vest. 11.3.3 The Board may decide that an Award which has Vested under rule 11.3.1 is reduced pro rata to reflect the acceleration of Vesting. 11.3.4 To the extent that an Award has not Vested, it shall lapse as to the balance. 11.3.5 The Board will determine the period during which an Option may be exercised following Vesting and whether or not it will lapse at the end of that period. 11.3.6 Participants will be notified if they are affected by the Board exercising its discretion under this rule. 11.4 Exchange of Awards If an Award is to be exchanged under this rule 11, the exchange will take place as soon as practicable after the relevant event. The new award: 11.4.1 must confer a right to acquire shares in the Acquiring Company or another body corporate determined by the Acquiring Company; 11.4.2 must be equivalent to the existing Award, subject to rules 9.3.3, 9.3.4 and 11.4.4; 11.4.3 will be treated as having been acquired at the same time as the existing Award and, subject to rule 11.4.4, will Vest in the same manner and at the same time; 11.4.4 must either: (i) be subject to a Performance Condition which is, so far as practicable, equivalent to any Performance Condition applying to the existing Award; or (ii) not be subject to any Performance Condition, but be in respect of the number of shares which is equivalent to the number of Shares comprised in the existing Award which would have Vested under rule 11.1 (Takeover); or (iii) be subject to such other terms as the Board considers appropriate in all the circumstances; and 11.4.5 will be governed by the Plan as if references to Shares were references to the shares over which the new award is granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 11.4.1. 11.5 Board In this rule 11, "Board" means those people who were members of the board of the Company immediately before the change of Control. 12 Changing the Plan 12.1 Board's powers Except as described in the rest of this rule 12, the Board may at any time change the Plan (including the terms of any Award already granted) in any way. 17 12.2 Shareholder approval 12.2.1 Except as described in rule 12.2.2, the Company in a general meeting must approve in advance by ordinary resolution any proposed change to the Plan to the advantage of present or future Participants, which relates to: (i) eligibility; (ii) the limits on the number of Shares which may be issued under the Plan; (iii) any individual limit for each Participant under the Plan; (iv) the basis for determining a Participant's entitlement to, and the terms of, securities, cash or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital; or (v) the terms of this rule 12.2.1. 12.2.2 The Board can change the Plan and need not obtain the approval of the Company in general meeting for any changes to a Performance Condition or other condition in accordance with rule 3.4 or for minor changes: (i) to benefit the administration of the Plan; (ii) to comply with or take account of the provisions of any proposed or existing legislation; (iii) to take account of any changes to legislation; or (iv) to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company, any Subsidiary or any present or future Participant. 12.2.3 The Board may, without obtaining the approval of the Company in general meeting, establish further plans (by way of schedules to the rules or otherwise) based on the rules, but modified to take account of local tax, exchange control or securities law in non-UK territories. However, any Shares made available under such plans are treated as counting against any limits on individual or overall participation in the Plan under rule 13. 12.3 Notice The Board is not required to give Participants notice of any changes. 13 Tax The Participant will be responsible for all taxes, social security contributions or other levies arising in connection with an Award and will, if required to do so, agree the transfer of liability for employer social security contributions to him. The Company, any employing company or trustee of any employee benefit trust, may withhold any amounts or make such arrangements as it considers necessary to meet any liability to pay or account for any such taxation or social security contributions or other levies. These arrangements may include the sale of or reduction in number of Shares to which a 18 Participant would otherwise be entitled or the deduction of the amount of the liability from any cash amount payable to the Participant under the Plan or otherwise. The Participant will promptly do all things necessary to facilitate such arrangements and, notwithstanding anything to the contrary in the Plan, Vesting or the issue or transfer of Shares may be delayed until he does so. 14 Limits on newly issued and treasury shares 14.1 Plan limits - 10 per cent An Award must not be granted if the number of Shares committed to be issued under that Award exceeds 10 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted in the previous 10 years. 14.2 Plan limits - 5 per cent An Award must not be granted if the number of Shares committed to be issued under that Award exceeds 5 per cent of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which has been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other discretionary employee share plan adopted by the Company, granted in the previous 10 years. 14.3 Scope of Plan limits When calculating the limits in rules 14.1 and 14.2, Shares will be ignored: 14.3.1 where the right to acquire them has been released or has lapsed; and 14.3.2 which are committed to be issued under any Dividend Equivalent. As long as so required by institutional shareholders, Shares transferred from treasury are counted as part of the ordinary share capital of the Company, and as Shares issued by the Company. 15 General 15.1 Terms of employment 15.1.1 This rule 15.1 applies during an employee's employment with a member of the Group and after the termination of an employee's employment, whether or not the termination is lawful. 15.1.2 Nothing in the rules or the operation of the Plan forms part of the contract of employment of an employee. The rights and obligations arising from the employment relationship between the employee and their employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment. 15.1.3 No employee has a right to participate in the Plan. Participation in the Plan or the grant of Awards on a particular basis in any year does not create any right to or

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19 expectation of participation in the Plan or the grant of Awards on the same basis, or at all, in any future year. 15.1.4 The terms of the Plan do not entitle the employee to the exercise of any discretion in their favour. 15.1.5 The employee will have no claim or right of action in respect of any decision, omission or discretion, which may operate to the disadvantage of the employee (including, without limitation, any adjustment under rule 9) even if it is unreasonable, irrational or might otherwise be regarded as being in breach of the duty of trust and confidence (and/or any other implied duty) between the employee and their employer. 15.1.6 No employee has any right to compensation for any loss in relation to the Plan, including any loss in relation to: (i) any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or unlawful termination of employment); (ii) any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to exercise a discretion or take a decision; or (iii) the operation, suspension, termination or amendment of the Plan. 15.2 Board's decisions final and binding The decision of the Board on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive. 15.3 Documents sent to shareholders The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares. 15.4 Costs The Company will pay the costs of introducing and administering the Plan. The Company may ask a Participant's employer or any other member of the Group to bear the costs in respect of an Award (including, for example, any trading or other working costs) to that Participant. 15.5 Data protection Participation in the Plan will be subject to: 15.5.1 any data protection policies applicable to any relevant Member of the Group; and 15.5.2 any applicable privacy notices. 15.6 Consents All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in any relevant country. The Participant is responsible for complying with any requirements they need to fulfil in order to obtain or avoid the necessity for any such consent. 20 15.7 Share rights Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of allotment. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of allotment. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date. 15.8 Listing 15.8.1 If and for so long as the Shares are listed on Eurolist by Euronext and traded on Euronext, the Company will apply for listing of any Shares issued under the Plan as soon as practicable. 15.8.2 If and for so long as Shares are listed on the Official List and traded on the London Stock Exchange, the Company will apply for listing of any Shares issued under the Plan as soon as practicable. 15.9 Notices 15.9.1 Any information or notice to a person who is or will be eligible to be a Participant under or in connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any intranet. 15.9.2 Any information or notice to the Company or other duly appointed agent under or in connection with the Plan may be sent by post or transmitted to it at its registered office or such other place, and by such other means, as the Board or duly appointed agent may decide and notify Participants. 15.9.3 Notices sent by post will be deemed to have been given on the second day after the date of posting. However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been received on the day after sending. 15.10 Governing law and jurisdiction English law governs the Plan and the English Courts have non-exclusive jurisdiction in respect of any disputes arising.

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## Exhibit 8.1

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Group Companies AS AT 31 DECEMBER 2025 In accordance with Section 409 of the Companies Act 2006, a list of subsidiaries, partnerships, associates and joint ventures as at 31 December 2025 is set out below. All subsidiary undertakings are subsidiary undertakings of their immediate parent undertaking(s) pursuant to Section 1162(2)(a) of the Companies Act 2006 unless otherwise indicated – see the notes on page 200. All subsidiary undertakings not included in the consolidation are not included because they are not material for such purposes. All associated undertakings are included in the Unilever Group's financial statements using the equity method of accounting unless otherwise indicated – see the notes on page 200. See page 183 of the Annual Report and Accounts for a list of the significant subsidiaries. Companies are listed by country and under their registered office address. The aggregate percentage of capital held by the Unilever Group is shown after the subsidiary company name, except where it is 100%. If the Nominal Value field is blank, then the Share Class Note will identify the type of interest held in the entity. Subsidiary undertakings included in the consolidation Algeria – Zone Industrielle Hassi Ameur, Oran 31000 Unilever Algérie SPA (72.50) DZD1,000.00 1 Argentina – Tucuman 1, Piso 4, Ciudad Autónoma de Buenos Aires Arisco S.A. ARS1.00 1 Unilever de Argentina S.A. ARS1.00 1 Club de Beneficios S.A.U. ARS1.00 1 Urent S.A. ARS1.00 1 Argentina – Martín Güemes 24 Sur, San Juan, Provincia de San Juan Helket S.A. ARS1.00 1 Argentina – Juana Manso 205, 7mo. Piso, Ciudad Autónoma de Buenos Aires Compre Ahora S.A. ARS1.00 1 Australia – 219 North Rocks Road, North Rocks, NSW 2151 Unilever Australia (Holdings) Pty Limited AUD1.00 1 Unilever Australia Group Pty Limited AUD2.7414 1 Unilever Australia Limited AUD1.00 1 Unilever Australia Trading Limited AUD1.00 1 Australia – 111-115 Chandos Street, Crows Nest, NSW 2065 Dermalogica Holdings Pty Limited AUD1.00 1 Dermalogica Pty Limited AUD2.00 1 Australia – Level 12, 60 Castlereagh Street, Sydney, NSW 2000 Paula's Choice International Australia Pty Limited AUD0.01 1 Australia – 4 Knowles Avenue, North Bondi, NSW Yeti Parent Holdings Pty Ltd AUD1.00 1 Australia – Level 16, 68 Pitt Street, Sydney, NSW 2000 Brand Evangelists for Beauty Pty LtdΔ (68.03) 1 Austria – Jakov-Lind-Straße 5, 1020 Wien Unilever Austria GmbH EUR10,000,000.00 1 Bangladesh – 51 Kalurghat Heavy Industrial Area, Kalurghat, Chittagong Unilever Bangladesh Limited (60.75) BDT100.00 1 Bangladesh – Fouzderhat Industrial Area, North Kattali, Chattogram 4217 Unilever Consumer Care Limited (81.98) BDT10.00 1 Belgium – Anderlecht, Industrielaan 9, 1070 Brussels Unilever Belgium NV/SA No Par Value 1 Bolivia – Av. Blanco Galindo, Km 10.5, Cochabamba Unilever Andina Bolivia S.A. BOB100.00 1 Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 16ª andar, Bairro Vila Olimpia, São Paulo, ZIP Code 04547-006 E-UB Comércio Limitada BRL1.00 5 Brazil – R Campos Salles, 20 - Centro - Valinhos, SP, CEP 13.271-900 Unilever Logistica Serviços Limitada BRL1.00 5 Brazil – Av. das Nações Unidas, n. 14.261, 3rd to 6th floors, Wing B Vila Gertrudes, ZIP Code 04794-000, São Paulo/SP Unilever Brasil Limitada BRL1.00 5 Brazil – Av. das Nações Unidas, n. 14.261, 3rd floor, Wing A, Vila Gertrudes, ZIP Code 04794-000, São Paulo/SP Unilever Brasil Industrial Limitada BRL1.00 5 Brazil – Avenida das Nações Unidas, nº 14.261, Vila Gertrudes, Andares 24º a 27º, Sala/Conjunto nº 2401B, 2501B, 2601B, e 2701B, parte, Espaço de Escritório WeWork nº 25-109, na Cidade de São Paulo, Estado de São Pa, CEP 04794-000 Name of Undertaking Nominal Value Share Class Note Mãe Terra Produtos Naturais Limitada BRL1.00 1 Brazil – Rua Tenente Pena, No. 156, Bom Retiro, CEP 01127-020, São Paulo Smart Home Comércio E Locação De Equipamentos S.A. No Par Value 1 Brazil – São Paulo, Estado de São Paulo na Rua Demóstenes nº 1072, Bairro Campo Belo CEP 04614-010 Ole Franquia Limitada BRL1.00 1 Brazil – Rua Gomes de Carvalho, 1666, conjunto 161, 5ª andar, locker 5D Bairro Vila Olimpia, São Paulo, ZIP Code 04547-006 Compra Agora Serviços Digitais Limitada BRL1.00 1 Brazil - AV Francisco Prestes Maia Avenue, Saint Bernard of the countryside, 275,SL 81,Center 09.770-000 Minimalist Importation and Trade of Cosmetics LTDA (56.02) – – Bulgaria – City of Sofia, Borough Mladost, 1, Business Park, Building 4, Floor 5 Unilever Bulgaria EOOD BGN1,000.00 1 Cambodia – Morgan Tower Building, Level 15, No. 15F-8A/8B/9/10/11/12/13/14/15/16/17A, Street Sopheak Mongkul, Phum 14, Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh, 120101 Unilever (Cambodia) Limited KHR20,000.00 1 Canada – 70 University Ave, 300, Toronto ON M5J2M4 Dermalogica (Canada) Limited No Par Value 6 Canada – 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto, ON M5X 1G5 UPD Canada Inc. No Par Value 7 Canada – 1000 rue de la Gauchetière Ouest, Bureau 2500, Montreal, H3B 0A2 4012208 Canada Inc. No Par Value 7 Canada – 160 Bloor Street East, Suite 1400, Toronto, ON M4W 3R2 Unilever Canada Inc. No Par Value 8 No Par Value 9 No Par Value 10 No Par Value 11 No Par Value 12 Canada – McCarthy Tetrault LLP, 745 Thurlow Street, Suite 2400, Vancouver, BC V6E 0C5 Hourglass Cosmetics Canada Limited No Par Value 7 Chile – Avenida Las Condes 11.000, Piso 5, Comuna de Vitacura, Santiago Unilever Chile Limitada 13 China – Room 1001, No. 398 Caoxi Road (N), Xuhui District, Shanghai, 200030 Blueair (Shanghai) Sales Co. Limited CNY1.00 1 China – No. 33 North Fuquan Road, Changning District, Shanghai, 200335 Unilever (China) Investing Company USD1.00 1 China – 88 Jinxiu Avenue, Hefei Economic and Technology Development Zone, Anhui, 230601 Unilever (China) Limited USD1.00 1 Unilever Services (Hefei) Co. Ltd CNY1.00 1 China – No. 225 Jingyi Road, Tianjin Airport Economic Area, Tianjin Unilever (Tianjin) Company Limited USD1.00 1 China – 1068 Ting Wei Road, Jinshanzui Industrial Region, Jinshan District, Shanghai Unilever Foods (China) Co. Limited USD1.00 1 China – No. 166 Unilever Avenue West, Qinglong Town, Pengshan District, Meishan City, Sichuan province 620800 Name of Undertaking Nominal Value Share Class Note 192 Unilever Annual Report and Accounts 2025 Financial Statements Unilever (Sichuan) Company Limited USD1.00 1 China – Room 326, 3rd Floor, Xinmao Building, 2 South Taizhong Road, (Shanghai) Pilot Free Trade Zone Uchieve Commerce (Shanghai) Co. Ltd CNY1.00 1 China – Floor 1, Building 2, No. 33 North Fuquan Road, Changning District, Shanghai 200335 Shanghai CarverKorea Limited USD1.00 1 China – 2F, No. 10, Lane 255, Xiaotang Road, Fengxian District, Shanghai Paula's Choice (Shanghai) Trading Co. Limited CNY1.00 1 China – Room 1436, No. 1256 and No. 1258 Wanrong Road, Jingan District, Shanghai Paula's Choice (Shanghai) Technology Co. Limited CNY1.00 1 China – No. 88 Yanghua Road, Mingzhu Industrial Zone, Conghua District, Guangzhou City Unilever (Guangzhou) Co. Limited CNY1.00 1 China – Room 925, Floor 9, Building 1, Qunjia Building, No. 366 Shengkang Road, Jiubao Street, Shangcheng District, Hangzhou, Zhejiang Province GoUni (Hangzhou) Trading Co. Limited CNY1.00 1 China – Room 407, No. 1256, No. 1258 Wanrong Road, Jingan District, Shanghai UPD (Shanghai) Trading Co. Ltd CNY1.00 1 Colombia – Avenida Carrera 45, 108-27 Torre 3, Piso 5 y 6, Bogotá D.C. Unilever Andina Colombia Limitada COP100.00 1 Costa Rica – Provincia de Heredia, Cantón Belén, Distrito de la Asunción, de la intersección Cariari-Belén, 400 Mts. Oeste, 800 Mts. al Norte UL Costa Rica SCC S.A. CRC1.00 1 Côte d'Ivoire – 01 BP 1751 Abidjan 01, Boulevard de Vridi Unilever-Côte d'Ivoire (99.78) XOF2,650.00 1 Côte d'Ivoire – Abidjan-Marcory, Boulevard Valery Giscard d'Estaing, Immeuble Plein Ciel, Business Center, 26 BP 1377, Abidjan 26 Unilever Afrique de l'Ouest (in liquidation) XOF10,000.00 1 Croatia – Strojarska cesta 20, 10000 Zagreb Unilever Hrvatska d.o.o. EUR1.00 1 Cuba – Zona Especial de Desarrollo Mariel, Provincia Artemisa Unilever Suchel, S.A. (60) USD1,000.00 56 Cyprus – Head Offices, 195C Old Road, Nicosia Limassol, CY-2540 Idalion Industrial Zone – Nicosia Unilever Tseriotis Cyprus Limited (84) EUR1.00 1 Czech Republic – Voctářova 2497/18, 180 00 Praha 8 Unilever ČR, spol. s.r.o. CZK210,000.00 1 Denmark – Ørestads Boulevard 73, 2300 København S Unilever Danmark A/S DKK1,000.00 1 Denmark – Petersmindevej 30, 5000 Odense C Unilever Produktion ApS DKK100.00 1 Djibouti – Haramous, BP 169 Unilever Djibouti FZCO Limited USD200.00 1 Dominican Republic – Av. Winston Churchill, Torre Acropolis, Piso 16 E-D, Santo Domingo Unilever Caribe, S.A. DOP1,000.00 1 Ecuador – Km 25, Vía a Daule, Guayaquil Unilever Andina Ecuador S.A. USD1.00 1 Egypt – 5th Floor, North Tower, Galleria 40 Business Complex, Sheikh Zayed, 6th of October City, Giza Unilever Mashreq for Manufacturing and Trading (SAE) EGP10.00 1 Unilever Egypt for Shared Consultations Services EGP10.00 1 Egypt – Public Free Zone, Alexandria Unilever Mashreq International Company (in liquidation) USD1,000.00 1 Egypt – 14 May Bridge, Sidi Gaber, Smouha, Alexandria Unilever Mashreq Trading LLC (in liquidation) EGP1,000.00 1 Commercial United for Import and Export LLC (in liquidation) EGP1,000.00 1 Egypt – 15 Sphinx Square, El-Mohandsin, Giza Unilever Mashreq for Import and Export LLC EGP100.00 1 El Salvador – Local 19, Nivel 19, Edificio Torre Futura, Calle El Mirador y 87 Avenida Norte, Colonia Escalón, San Salvador Unilever El Salvador, SCC S.A. de C.V. USD1.00 1 Unilever de Centro America S.A. de C.V. USD11.00 1 Name of Undertaking Nominal Value Share Class Note England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY Accantia Group Holdings (unlimited company) GBP0.01 1 Alberto-Culver (Europe) Limited (in liquidation) GBP1.00 1 Alberto-Culver Group Limited (in liquidation) GBP1.00 1 Alberto-Culver UK Holdings Limited (in liquidation) GBP1.00 1 Alberto-Culver UK Products Limited (in liquidation) GBP1.00 1 GBP5.00 14 Associated Enterprises Limited° GBP1.00 1 GroNext Technologies Limited GBP1.00 1 Hourglass Cosmetics UK Limited GBP1.00 1 Margarine Union (1930) Limited° GBP1.00 1 GBP1.00 18 GBP1.00 68 GBP1.00 69 MBUK Trading Limited (in liquidation) GBP1.00 1 Mixhold Investments Limited GBP1.00 1 ND4A Limited GBP1.00 1 Toni & Guy Products Limited° GBP0.001 1 UAC International Limited GBP1.00 1 UML Limited GBP1.00 1 Unidis Forty Nine Limited (in liquidation) GBP1.00 1 Unilever AC Limited GBP1.00 1 Unilever Assam Estates Limited GBP1.00 1 Unilever Company for Industrial Development Limited (in liquidation) GBP1.00 1 Unilever Company for Regional Marketing and Research Limited (in liquidation) GBP1.00 1 Unilever Corporate Holdings Limited° GBP1.00 1 Unilever Employee Benefit Trustees Limited GBP1.00 1 Unilever Group Limited° GBP0.25 1 Unilever South India Estates Limited° GBP1.00 1 GBP1.00 15 Unilever S.K. Holdings Limited EUR1.43 1 Unilever Overseas Holdings Limited° GBP1.00 1 Unilever U.K. Central Resources Limited GBP1.00 1 Unilever U.K. Holdings Limited° GBP1.00 1 Unilever UK & CN Holdings Limited GBP1.00 2 GBP1.00 3 GBP10.00 24 Unilever UK Group Limited GBP1.00 2 Unilever US Investments Limited° GBP0.001 1 United Holdings Limited° GBP1.00 1 England and Wales – The Manser Building, Thorncroft Manor, Thorncroft Drive, Dorking Road, Leatherhead, Surrey, KT22 8JB Dermalogica (UK) Limited GBP1.00 1 England and Wales – Oceana House, 39-49 Commercial Road, First Floor, Southampton, Hampshire, SO15 1GA Aquis Haircare UK Ltd (in liquidation) GBP1.00 1 England and Wales – c/o TMF Group, 13th Floor, One Angel Court, London EC2R 7HJ Unilever Ventures III Limited Partnership∞ (86.25) 4 Twenty Nine Capital Partners Limited Partnership∞ (80) 4 Unilever Ventures Limited GBP1.00 1 Twenty Nine Capital Partners (General Partner) Limited GBP1.00 1 Unilever Ventures General Partner Limited GBP1.00 1 England and Wales – 4th Floor, 52 Conduit Street, London W1S 2YX Twenty Nine Capital Partners V Limited Partnership ∞ (85) 4 England and Wales – Union House, 182-194 Union Street, London SE1 0LH REN Limited (60.98) GBP0.01 1 GBP0.0032 19 GBP0.0042 126 Murad Europe Limited GBP1.00 1 Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES Financial Statements Unilever Annual Report and Accounts 2025 193 England and Wales – Lever House, 3 St James Road, Kingston Upon Thames, Surrey KT1 2BA Alberto-Culver Company (U.K.) Limited GBP1.00 1 CPC (UK) Pension Trust Limited (in liquidation) 16 Nature Delivered Limited GBP0.0001 1 GBP0.0001 3 GBP0.0001 84 Marshfield Bakery Limited (in liquidation) GBP0.01 1 Unilever Pension Trust Limited GBP1.00 1 Unilever UK Limited GBP1.00 1 Unilever UK Pension Fund Trustees Limited GBP1.00 1 Unilever Superannuation Trustees Limited GBP1.00 1 USF Nominees Limited GBP1.00 1 England and Wales – 1 More Place, London SE1 2AF Accantia Health and Beauty Limited (in liquidation) GBP0.25 1 England and Wales – Port Sunlight, Wirral, Merseyside CH62 4ZD Unilever Global IP Limited° GBP1.00 1 England and Wales – Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL Paula's Choice UK Limited (in liquidation) USD1.00 1 England and Wales – 3rd Floor, 1 Ashley Road, Altrincham, Cheshire WA14 2DT Brand Evangelists for Beauty LimitedΔ (80.30) GBP0.001 2 (100) GBP0.001 85 (66.47) GBP0.001 128 (82.92) GBP0.001 129 England and Wales – Units 1.14-1.17 First Floor of Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE Wild Cosmetics Limited GBP0.00001 1 England and Wales - 3rd Floor, 5 Lloyds Avenue, London - EC3N 3AE Minimalist Science Ltd (56.02) GBP1.00 1 Estonia – Harju maakond, Tallinn, Haabersti linnaosa, Paldiski mnt 96, 13522 Unilever Eesti Aktsiaselts EUR6.30 1 Ethiopia – Bole Sub City, Kebele 03/05, Lidiya Building, Addis Ababa Unilever Manufacturing PLC ETB1,000.00 1 Finland – Post Box 254, 00101 Helsinki Unilever Finland Oy EUR16.82 1 Unilever Ingman Production Oy EUR1,000.00 1 France – 20, rue des Deux Gares, 92500, Rueil-Malmaison Bestfoods France Industries S.A.S. (99.99) No Par Value 1 Fralib Sourcing Unit S.A.S. (99.99) No Par Value 1 Saphir S.A.S. (99.99) EUR1.00 1 U-Labs S.A.S. (99.99) No Par Value 1 Unilever France S.A.S. (99.99) No Par Value 1 Unilever France Holdings S.A.S. (99.99) EUR1.00 1 Unilever France HPC Industries S.A.S. (99.99) EUR1.00 1 France – ZI de la Norge – Chevigny Saint-Sauveur, 21800 Quetigny Amora Maille Societe Industrielle S.A.S. (99.99) No Par Value 1 France – 42, rue Jean de La Fontaine, Paris, 75016 Laboratoire Garancia EUR62.50 1 UPD EU EUR1.00 1 Germany – Wiesenstraße 21, 40549 Düsseldorf Dermalogica GmbH EUR25,000.00 1 Germany – Spitaler Straße 16, 20095 Hamburg ProCepta Service GmbH EUR28,348.00 1 Germany – Neue Burg 1, 20457 Hamburg DU Gesellschaft für Arbeitnehmerüberlassung mbH (99.99) DEM50,000.00 1 Unilever Deutschland GmbH EUR90,000,000.00 1 EUR2,000,000.00 1 EUR1,000,000.00 1 EUR 100.000,00 1 Unilever Deutschland Holding GmbH EUR39,000.00 1 EUR18,000.00 1 EUR14,300.00 1 Name of Undertaking Nominal Value Share Class Note EUR5,200.00 1 EUR6,500.00 1 Unilever Deutschland Produktions GmbH & Co. OHG 4 Rizofoor Gesellschaft mit beschränkter Haftung EUR15,350.00 1 EUR138,150.00 1 Schafft GmbH EUR63,920.00 1 EUR100,000.00 1 Unilever Deutschland Pensions GmbH EUR1.00 1 Germany – Alt-Moabit 2, c/o Mazars Advisors GmbH & Co. KG, 10557 Berlin T2 Germany GmbH (in liquidation) EUR25,000.00 1 Germany – Langnesestraße 1, 64646 Heppenheim Maizena Grundstücksverwaltung Gesellschaft mit beschränkter Haftung & Co. offene Handelsgesellschaft 4 Germany – Wiesenstrasse 21, D-40549 Düsseldorf Murad GmbH EUR1.00 1 Ren GmbH EUR1.00 1 Germany – Zehdenicker Str. 110119 Berlin Paula's Choice Germany GmbH 4 Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema Unilever Ghana PLC (74.50) GHC0.0192 1 Greece – Kymis Ave & 10, Seneka Str. GR-145 64 Kifissia Elais Unilever Hellas SA EUR10.00 1 Unilever Knorr SA EUR10.00 1 Unilever Logistics SA EUR10.00 1 Guatemala – 24 Avenida 35-87 Calzada Atanasio Tzul, Zona 12 Unilever de Centroamerica S.A. GT60.00 1 Haiti – 115, Rue Panamericaine, Estabissement Número 1, Petion Ville Les Condiments Alimentaires, S.A. (61) (in liquidation) HTG1000.00 1 Honduras – Anillo Periférico 600 metros después de la colonia, Residencial, Las Uvas contigua acceso de residencial Roble Oeste, Tegucigalpa M.D.C. Unilever de Centroamerica S.A. HNL10.00 1 Hong Kong – Suite 1106-8, 11/F, Tai Yau Building, 181 Johnston Road, Wanchai Blueair Asia Limited HKD0.10 1 Hong Kong – 6 Dai Fu Street, Tai Po Industrial Estate Unilever Hong Kong Limited HKD0.10 1 Hong Kong – Suite 907, 9/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon Hourglass Cosmetics Hong Kong Limited HKD1.00 1 Hong Kong – Units 04-05, 26F, Railway Plaza, 39 Chatham Road South, Tsim Sha Tsui, Kowloon Hong Kong CarverKorea Limited HKD1.00 7 Hong Kong – 14th Floor, One Taikoo Place, 979 King's Road, Quarry Bay UPD Hong Kong Limited HKD100.00 1 Hong Kong – 14/F, One Taikoo Place, 979 King's Road, Quarry Bay Go-Uni Limited USD1.00 1 Hong Kong – Unit B, 17/F, United Centre, 95 Queensway, Admiralty Paula's Choice Hong Kong Limited HKD1.00 1 Paula's Choice Hong Kong Distributor Services Ltd HKD1.00 1 Hungary – 1138-Budapest, Váci út 121-127 Unilever Magyarország Kft HUF1.00 1 India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400099 Daverashola Estates Private Limited (61.90) INR10.00 1 Hindlever Trust Limited (61.90) INR10.00 1 Hindustan Unilever Limited° (61.90) INR1.00 1 Lakme Lever Private Limited (61.90) INR10.00 1 Levers Associated Trust Limited (61.90) INR10.00 1 Levindra Trust Limited (61.90) INR10.00 1 Unilever India Limited (61.90) INR1.00 1 Unilever India Exports Limited (61.90) INR10.00 1 Unilever Industries Private Limited° INR10.00 1 Unilever Ventures India Advisory Private Limited INR1.00 1 Kwality Wall's (India) Limited (61.90) INR1.00 1 India – S-327, Greater Kailash – II, New Delhi – 110048, Delhi Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES 194 Unilever Annual Report and Accounts 2025 Financial Statements Blueair India Private Limited (in liquidation) INR10.00 1 India – c/o Vaish Associates, 106, Peninsula Centre, Dr S.S. Rao Road, Parel, Mumbai, Maharashtra, 400012 Jech India Private Limited (in liquidation) INR10.00 1 India – Ground Floor, Plot No. 57, Industrial Area Phase I, Chandigarh 160002 Zywie Ventures Private Limited (33.02) INR10.00 1 India – 2nd Floor Commercial Building, Hotel Marriott, Khasra No. 55, Ramdas Agarwal Marg, New Jawahar Circle, Gandhi Nagar, Jaipur, Rajasthan, 302015 Uprising Science Private Limited (56.02) INR10.00 1 India – Plot no. 70, Himmat Nagar, Gopalpura Mod Durgapura, Jaipur, Rajasthan - 302018 Minimalist Foundation (55.46) INR10.00 1 Indonesia – Grha Unilever, Green Office Park Kav 3, Jalan BSD Boulevard Barat, BSD City, Tangerang, 15345 PT Unilever Indonesia Tbk (84.99) IDR2.00 1 PT Unilever Enterprises Indonesia (99.99) IDR1,000.00 1 PT Unilever Trading Indonesia IDR1,003,875.00 1 Indonesia – Gedung Pasaraya Blok M, Gedung B, Lantai 6 dan 7, Jalan Iskandarsyah II No. 2, DKI Jakarta PT Gerai Cepat Untung (88.19) IDR100,000.00 1 Indonesia – KEK Sei Mangkei, Nagori Sei Mangkei, Kecamatan Bosar Maligas, Kabupaten Simalungun 21183, Sumatera Utara PT Unilever Oleochemical Indonesia IDR1,000,000.00 1 Indonesia - Gedung Pusat Perfilman H. Usmar Ismail 2nd floor, Unit 210. Jl. H.R. Rasuna Said Kav. C-22, Karet Kuningan Setiabudi, Jakarta Selatan PT Minimalist Science Indonesia (55.96) IDR10,000,000.00 1 Iran – No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran Unilever Iran (Private Joint Stock Company) (99.99) IRR1,000,000.00 1 Ireland – 20 Riverwalk, National Digital Park, Citywest Business Campus, Dublin 24 Lipton Soft Drinks (Ireland) Limited EUR1.26 1 Unilever Ireland (Holdings) Limited EUR1.26 1 Unilever Ireland Limited EUR1.26 1 Ireland – Unit 50, The Swan Shopping Centre, Rathmines Road Lower, Dublin, D06V9K5 Dermalogica (Skin Care) Ireland Limited EUR1.00 1 Isle of Man – Bridge Chambers, West Quay, Ramsey, Isle of Man, IM8 1DL Rational International Enterprises Limited USD1.00 1 Israel – 3 Gilboa Street, Airport City, Ben Gurion Airport Beigel & Beigel Mazon (1985) Limited ILS1.00 1 Israel – 52 Julius Simon Street, Haifa, 3296279 Bestfoods TAMI Holdings Ltd ILS0.001 1 Israel Vegetable Oil Company Ltd ILS0.0001 1 Unilever Israel Foods Ltd ILS0.10 35 ILS0.10 79 ILS0.10 17 ILS0.0002 25 Unilever Israel Home and Personal Care Limited ILS1.00 1 Unilever Israel Marketing Ltd ILS0.0001 1 Unilever Shefa Israel Ltd ILS1.00 1 Italy – Viale Sarca 235, 20126 Milan Unilever Italia Administrative Services S.R.L. EUR70,000.00 1 Italy – Via Paolo di Dono n. 3/A 00142 Roma Unilever Italia Logistics S.R.L. EUR600,000.00 1 Unilever Italia Manufacturing S.R.L. EUR10,000,000.00 1 Unilever Italia Mkt Operations S.R.L. EUR25,000,000.00 1 Unilever Italy Holdings S.R.L. EUR1,000.00 1 Italy – Via Plava, 74 10135 Torino Equilibra S.R.L. EUR 10,400.00 1 Italy – Business Center Monte Napoleone, Via Monte Napoleone 8, 20121 – Milano UPD Italia S.r.l. EUR10,000.00 1 Japan – 2-1-1, Kamimeguro, Meguro-ku, Tokyo 153-8578 Unilever Japan Customer Marketing K.K. JPY100,000,001.00 1 Unilever Japan Holdings G.K. JPY10,000,000.00 1 Unilever Japan K.K. JPY100,000,001.00 1 Rafra Japan K.K. JPY20,000,000.00 1 Name of Undertaking Nominal Value Share Class Note Japan – Marunouchi Trust Tower – Main 20F, 1-8-3 Marunouchi Chiyoda-ku Tokyo 100-0005 UPD Japan K.K. JPY109,850.00 1 Jersey – IFC 5, St Helier, JE1 1ST Unilever Chile Investments Limited GBP1.00 1 Jordan – Ground Floor, Office No. 1, GH24 Building, Business Park, Development Zone, Amman Unilever Jordan for Marketing Services JOD1,000.00 1 Kazakhstan – Abylai Khan Avenue, 53, Abylai Khan Building, 6th Floor, Almaty Unilever Kazakhstan LLP 4 Kenya – Commercial Street, Industrial Area, PO Box 30062-00100, Nairobi Unilever Kenya Limited° KES20.00 1 Korea – 443 Taeheran-ro, Samsung-dong, Kangnam-gu, Seoul Unilever Korea Co., Ltd KRW10,000.00 1 Korea – 7th Floor, FKI Tower, 24 Yeoui-daero, Yeouido-dong, Yeongdeungpo- gu, Seoul CARVERKOREA Co., Limited (97.47) KRW500.00 7 Korea – #1-313 #1-314, 48, Achasan-ro 17-gil, Seongdong-gu, Seoul Paula's Choice Korea, Limited KRW500,000,000.00 1 Kuwait – AlQibla – Land No.14, Abu Bakir Alssiddiq Street, Mohamed Abdulrahman AlBahar building – Floor #9 – Unit 4 AlBahar United For Wholesale and Retail Trading Company LLCX (30) KWD0.10 1 Laos – Viengvang Tower, 4th Floor, Room no. 402A, Boulichan Road, Dongpalan Thong Village, Sisattanak District, Vientiane Capital Unilever Services (Lao) Sole Co. Limited LAK80,000.00 1 Latvia – Kronvalda bulvāris 3-10, Rīga, LV-1010 Unilever Baltic LLC EUR1.00 1 Lithuania – Skuodo St. 28, Mazeikiai, LT-89100 UAB Unilever Lietuva distribucija EUR3,620.25 1 Malawi – Room 33, Gateway Mall, Area 47, Lilongwe Malawi Unilever South East Africa (Private) Limited (in liquidation) MWK2.00 1 Malaysia – Suite 2-1, Level 2, Vertical Corporate Tower B, Avenue 10, The Vertical, Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah Persekutuan Paula's Choice Malaysia SEA Sdn. Bhd. No Par Value 1 Unilever (Malaysia) Holdings Sdn. Bhd. No Par Value 1 Malaysia - 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan Minimalist Science Sendirian Berhad (56.02) RM1.00 1 Mexico – Paseo de los Tamarindos No. 150, Piso 2, Bosques de las Loma, Cuajimalpa de Morelos, Ciudad de México, C.P. 05120 Unilever de Mexico S. de R.L. de C.V. MXN1.00 13 Mexico – Av. Tepalcapa No. 2, Col. Rancho Santo Domingo, C.P. 54900 Tultitlán, Estado de México Unilever Holding Mexico S. de R.L. de C.V. MXN1.00 13 Unilever Manufacturera S. de R.L. de C.V. MXN1.00 13 Unilever Real Estate Mexico S. de R.L. de C.V. MXN1.00 13 Mexico – Ave. del Comercio 5010, Parque Industrial Nexxus ADN 2, Salinas Victoria, Nuevo León CP 65514 Unilever NA Sourcing West S. de R.L. de C.V. MXN1.00 13 Morocco – 65, Main Street Finance District, Casablanca Finance City, Place Anfa Ouest Et Palmeraie, Immeuble Walili Street, 10ème Étage – Hay-Hassani (AR) Unilever Maghreb S.A. MAD100.00 1 Mozambique – Avenida 24 de Julho, Edifício 24, nº 1097, 4º andar, Maputo Unilever Mocambique Limitada (in liquidation) USD0.01 1 Myanmar – Plot No (40,41,47), Min Thate Hti Kyaw Swar Road, 39 Ward, Shwe Pyi Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region, 11411 Unilever (Myanmar) Limited MMK11,129,679,600.00 1 Myanmar – Lot No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Unilever (Myanmar) Services Limited USD2,000,000.00 1 Myanmar – Lot No. 31, Bamaw Ahtwin Wun Street, Hlaing Thar Yar Industrial Zone 3, Hlaing Thar Yar Township, Yangon, 11401 Unilever EAC Myanmar Company Limited (60) MMK300,000,000,0 00.00 1 Nepal – Hetauda-3, Basamadi Makawnapur Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES Financial Statements Unilever Annual Report and Accounts 2025 195

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Unilever Nepal Limited (49.52) NPR100.00 1 Netherlands – Rodezand 90, 3011 AN Rotterdam Argentina Investments B.V. EUR454.00 1 BFO Holdings B.V. EUR1.00 1 Brazinvest B.V. EUR1.00 1 Chico-invest B.V. EUR455.00 1 Doma B.V. NLG1,000.00 1 Handelmaatschappij Noorda B.V. NLG1,000.00 1 Hourglass Cosmetics Europe B.V. EUR1.00 1 Itaho B.V. EUR1.00 1 Lipoma B.V. NLG1,000.00 1 Marga B.V. EUR1.00 1 Mavibel (Maatschappij voor Internationale Beleggingen) B.V. EUR1.00 1 Mexinvest B.V. EUR1.00 1 Mixhold B.V.° EUR1.00 2 EUR1.00 3 EUR1.00 26 New Asia B.V. EUR1.00 1 Nommexar B.V. EUR1.00 1 Ortiz Finance B.V. NLG100.00 1 Pabulum B.V. NLG1,000.00 1 Rizofoor B.V. NLG1,000.00 1 Rolf von den Baumen's Vetsmelterij B.V. EUR454.00 1 Rolon B.V. NLG1,000.00 1 Saponia B.V. NLG1,000.00 1 ThaiB1 B.V. NLG1,000.00 1 ThaiB2 B.V. NLG1,000.00 1 Unilever Alser B.V. EUR1.00 1 Unilever Berran B.V. EUR1.00 1 Unilever Canada Investments B.V. EUR1.00 1 Unilever Caribbean Holdings B.V. EUR1,800.00 1 Unilever Europe B.V. EUR1.00 1 Unilever Europe Business Center B.V. EUR454.00 1 EUR454.00 14 Unilever Finance International B.V. EUR1.00 1 Unilever Finance Netherlands B.V.o EUR1.00 1 Unilever Global Services B.V. EUR1.00 1 Unilever Holdings B.V. EUR454.00 1 Unilever Indonesia Holding B.V. EUR1.00 1 Unilever Insurances N.V. EUR454.00 1 Unilever International Holdings B.V.° EUR1.00 1 Unilever Netherlands Retail Operations B.V. EUR1.00 1 Unilever Nederland Services B.V. EUR460.00 1 Unilever Overseas Holdings B.V. NLG1,000.00 1 Unilever PL Netherlands B.V. EUR1.00 1 Unilever Turkey Holdings B.V. EUR1.00 1 Unilever US Investments B.V.° EUR1.00 1 Unilever Ventures Holdings B.V. EUR453.79 1 Univest Company B.V. EUR1.00 1 UNUS Holding B.V. EUR0.10 2 EUR0.10 3 Non-voting† Verenigde Zeepfabrieken B.V. NLG1,000.00 1 Wemado B.V. NLG1,000.00 1 Netherlands – Weena 455, 3013 AL Rotterdam FoodServiceHub B.V. EUR1.00 1 Netherlands – Bronland 14, 6708 WH, Wageningen Universiteit Unilever IP Holdings B.V. EUR1.00 1 Unilever Innovation Centre Wageningen B.V. EUR460.00 1 Netherlands – Hofplein 19, 3032 AC Rotterdam Unilever Nederland B.V. EUR454.00 1 Name of Undertaking Nominal Value Share Class Note Unilever Nederland Holdings B.V. EUR454.00 1 Unilever Foods & Refreshments Global B.V. EUR453.78 1 Netherlands – Grote Koppel 7, 3813 AA Amersfoort Paula's Choice Europe B.V. EUR1.00 1 New Zealand – Level 4, 103 Carlton Gore Rd, Newmarket, Auckland 1023 Unilever New Zealand Limited NZD2.00 1 Nicaragua – Km 11.5, Carretera Vieja a León, 800 Mts Norte, 100 Mts Este, 300 Mts Norte, Managua Unilever de Centroamerica S.A. NIC50.00 1 Nigeria – 1 Billings Way, Oregun, Ikeja, Lagos Unilever Nigeria Plc (75.96) NGN0.50 1 West Africa Popular Foods Nigeria Limited (51) NGN1.00 1 Norway – Martin Linges vei 25, Postbox 1, 1331 Fornebu Unilever Norge AS NOK100.00 1 Pakistan – Avari Plaza, Fatima Jinnah Road, Karachi, 75530 Unilever Pakistan Foods Limited (76.50) PKR10.00 1 Unilever Pakistan Limited (99.26) PKR50.00 1 (71.78) PKR100.00 14 Palestine – Ersal St., Awad Center, PO Box 3801, Al-Beireh, Ramallah Unilever Market Development Company (in liquidation) JOD1.00 1 Palestine – Jamil Center, Al-Beireh, Ramallah Unilever Agencies Limited (99) (in liquidation) JOD1.00 1 Panama – PH Dream Plaza, Piso 10 y, Provincia de Panamá, Corregimiento de Parque Lefevre, Costa del Este Unilever Regional Services Panama S.A. (in liquidation) USD1.00 1 Panama – Calle 74 Este, corregimiento de San Francisco, PH Midtown SF74, piso 17, oficina 1705, distrito y provincia de Panamá Unilever de Centroamerica S.A. No Par Value 1 Paraguay – Roque Centurión Miranda No. 1635, casi Avenida San Martin, Edificio Aymac II, Asunción Unilever de Paraguay S.A. PYG1,000,000.00 1 Peru – Av. Paseo de la Republica, 5895 OF. 402, Miraflores, Lima 18 Unilever Andina Perú S.A. PEN1.00 1 Philippines – 7th Floor, Bonifacio Stopover Corporate Center, 31st Street corner 2nd Avenue, Bonifacio Global City, Taguig City Unilever Global Services, Inc. PHP10.00 7 Unilever Philippines, Inc. PHP50.00 7 Philippines – 11th Avenue, Corner 39th Street, Bonifacio Triangle, Bonifacio Global City, Taguig City, Manila Universal Philippines Body Care, Inc. PHP100.00 7 Philippines – Four/Neo, 12th Floor, Fourth Avenue, Bonifacio Global City, Barangay Fort Bonifacio, Taguig 1634, Metro Manila Gronext Technologies Phils., Inc. PHP1.00 7 Poland – Jerozolimskie 134, 02-305, Warszawa Unilever Polska Sp. z o.o. PLN50.00 1 Unilever Poland Services Sp. z o.o. PLN50.00 1 Unilever Polska S.A. PLN10.00 1 Puerto Rico – Edificio VIG Tower, 1225 Avenida Juan Ponce de León, Oficina BS- N, San Juan, 00907 Unilever de Puerto Rico, Inc.° USD100.00 1 Qatar – Almana & Partners WLL Building, Area No. 43, Al Mamoura, Main Salwa Road, PO Box 91560 Unilever Qatar LLC QAR1,000.00 1 Romania – Ploiesti, 291 Republicii Avenue, Prahova County Unilever Romania S.A. (99.93) ROL0.10 1 Unilever South Central Europe S.A. ROL260.50 1 Romania – Bucuresti, Sector 2, Barbu Vacarescu 301-311, Cladirea AFI Lakeview, Biroul, E-8-A11 Good People SA (75) (in liquidation) RON10.00 1 Saudi Arabia – PO Box 5694, Jeddah 21432 Binzagr Unilever LimitedX (49) SAR1,000.00 1 Scotland – c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh EH3 8BP Twenty Nine Capital Partners (SLP) Limited Partnership∞ 4 Unilever Ventures (SLP) General Partner Limited∞ GBP1.00 1 Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES 196 Unilever Annual Report and Accounts 2025 Financial Statements Unilever Ventures III (SLP) Limited Partnership∞ (14.10) 4 Twenty Nine Capital Partners V (SLP) Limited Partnership∞ GBP1.00 4 Serbia – Belgrade, Serbia, Omladinskih brigada 90v – Novi Beograd Unilever Beograd d.o.o. 13 Singapore – 18 Nepal Park, 139407 Unilever Asia Private Limited No Par Value 1 Unilever Singapore Pte. Limited No Par Value 1 UPD Singapore Pte. Ltd. No Par Value 1 Gronext Technologies Pte. Ltd. No Par Value 1 Singapore – 1 Maritime Square, #09-34/35, Harbourfront Centre, 099253 Paula's Choice Singapore, SEA Pte. Ltd. SGD1.00 1 Singapore - 8 Cross Sreet, #24-03/04, Manulife Tower, 048424 Minimalist Pte Ltd (56.02) USD1.00 1 Slovakia – Karadžičova 8/A, 821 08 Bratislava, mestská časť Ružinov Unilever Slovensko, spol. s. r.o. EUR1.00 1 South Africa – 15 Nollsworth Crescent, Nollsworth Park, La Lucia Ridge Office Estate, La Lucia, 4051 Unilever South Africa (Pty) Limited ZAR2.00 1 Unilever South Africa Holdings (Pty) Limited ZAR1.00 1 ZAR1.00 2 ZAR1.00 3 Aconcagua 14 Investments (RF) (Pty) Limited ZAR1.00 1 South Africa – Oakhurst Office Park, 11-13 St Andrews Road, Parktown, Johannesburg 2193 UPD South Africa (Pty) Limited (60) No Par Value 1 South Africa - Ballyoaks Office Park Ground Floor, Lacey Oak House, 2191 Bryanston, Sandton, Gauteng, 35 Ballyclare Drive Minimalist Science Pty Limited (56.02) – – Spain – C/ Tecnología 19, 08840 Viladecans Unilever España S.A. EUR24.00 1 Spain – C/ Felipe del Río, 14 – 48940 Leioa Unilever Foods Industrial España, S.L.U. EUR600.00 1 Sri Lanka – 324/9 36/1 Havelock Road, Colombo 06 Ceytea (Private) Limited LKR10.00 1 Lever Brothers (Exports and Marketing) (Private) Limited° LKR2.00 1 Premium Exports Ceylon (Private) Limited LKR10.00 1 Unilever Lanka Consumer Limited LKR10.00 1 Unilever Ceylon Services (Private) Limited LKR10.00 1 Unilever Sri Lanka Limited° LKR10.00 1 Sudan – Property No. 125, Block 2, Industrial Area, Kafori District, Bahri, Kafori Unilever Sudanese Investment Company SDG10,000.00 1 Sweden – Röntgenvägen 3, PO Box 1056, 171 22 Solna Alberto Culver AB SEK100.00 1 Unilever Holding AB SEK100.00 1 Unilever Sverige AB SEK100.00 1 Sweden – Karlavagen 104, 115 26 Stockholm Blueair AB SEK100.00 2 Switzerland – Bahnhofstrasse 19, CH 8240 Thayngen Knorr-Nährmittel Aktiengesellschaft CHF1,000.00 1 Unilever Schweiz GmbH CHF100,000.00 1 Switzerland – Spitalstrasse 5, 8200 Schaffhausen Helmsman Capital AG CHF1,000.00 1 Unilever ASCC AG USD1,190.33 1 Unilever Finance International AG EUR1,077.47 1 Unilever Overseas Holdings AG EUR1,077.47 1 Unilever Schaffhausen Service AG CHF1,000.00 1 Unilever Swiss Holdings AG CHF1,000.00 1 Streu mi Vertriebs GmbH CHF20,000.00 1 Switzerland – Hinterbergstr. 30, CH-6312 Steinhausen Oswald Nahrungsmittel GmbH CHF800,000.00 1 Taiwan – 15F, No. 39, Sec. 2, Dunhua S. Road, Da'an District, Taipei City Name of Undertaking Nominal Value Share Class Note Unilever Taiwan Limited (99.92) TWD10.00 1 Taiwan – RM 1, 8 F, No. 186, Sec. 1, Zhangmei Rd, Changhua City, Changhua County 50062, Taiwan (R.O.C.) UPD Taiwan Co., Ltd TWD27.00 1 Tanzania – Plot No. 4A, Nyerere Road, Dar Es Salaam, PO Box 40383 Unilever Tanzania Limited TZS20.00 1 Thailand – 161 Rama 9 Road, Huay Kwang Sub-District, Huay Kwang District, Bangkok 10310 Unilever Thai Holdings Limited THB100.00 1 Unilever Thai Trading Limited THB100.00 1 Thailand – 989 Siam Piwat Tower, 12A Floor, Unit B1-B2, Office No.1225, Rama 1 Road, Pathum Wan Sub-District, Pathum Wan District, Bangkok UPD (Thailand) Limited THB100.00 1 Thailand – 21/39 Soi Ladpraw 15, Chom Phon, Chatuchak, Bangkok, 10900 Gronext Technologies (Thailand) Limited THB100.00 1 Trinidad & Tobago – Albion Plaza, 3rd Floor, 22-24 Victoria Avenue, Port of Spain Unilever Caribbean Limited (50.01) TTD1.00 1 Tunisia – Z.I. Voie Z4-2014, Mégrine Erriadh – Tunis Unilever Tunisia S.A. (99.78) TND6.00 1 Unilever Maghreb Export S.A. (99.76) TND5.00 1 Tunisia – Z.I. Voie Z4, Megrine Riadh, Tunis, 2014 UTIC Distribution S.A. (99.78) TND10.00 1 Turkey – İnkılap Mahallesi, Dr. Adnan Büyükdeniz Cad, No: 13, Ümraniye İstanbul Unilever Gida Sanayi ve Ticaret AŞo (99.98) TRY0.01 1 Unilever Sanayi Ve Ticaret Türk AŞo (99.98) TRY0.01 1 Besan Besin Sanayi ve Ticaret AŞ (99.99) TRY0.01 1 Unilever Hizli Tuketim Urunleri Satis Pazarlama ve Ticaret Anonim Sirketi TRY1.00 1 Uganda – DFCU Towers, 5th Floor, Plot 26 Kyadondo Road, Industrial Area, PO Box 3515, Kampala Unilever Uganda Limited UGX20.00 1 Ukraine – 03150, Velyka Vasylkyvska 139 Unilever Ukraine LLC UAH1.00 1 United Arab Emirates – PO Box 17053, Jebel Ali, Dubai Severn Gulf FZCOX (50) AED100,000.00 1 United Arab Emirates – PO Box 17055, Jebel Ali, Dubai Unilever Gulf FZE AED1,000,000.00 1 United Arab Emirates – Office No. 901, owned by Easa Saleh AlGurg LLC, Deira, Riqqa AlBateeen Unilever Binzagr Gulf General Trading LLCX (50) AED1,000.00 1 Unilever General Trading LLC AED1,000.00 1 United Arab Emirates – Warehouse No. 1.2, Dubai Industrial Park – Seeh Shwaib 2 Unilever Home & Personal Care Products Manufacturing LLC (49) AED1,000.00 1 United Arab Emirates - Office No. 4-379-Owned by Hind Abdul Ghaffar Ghulom, Huss Minimalist Science Trading LLC (56.02) AED1,000.00 1 United States – 111 River Street, 8th Floor, Hoboken, New Jersey 07030 Alberto-Culver Company No Par Value 1 Alberto-Culver International, Inc. USD1.00 1 Alberto-Culver USA, Inc. No Par Value 1 Conopco, Inc. USD1.00 7 Kensington & Sons, LLC No Par Value 13 Pantresse, Inc. USD120.00 7 Unilever Bestfoods (Holdings) LLC 13 Unilever Capital Corporation USD1.00 1 Unilever United States, Inc. USD0.3333 7 US Health & Wellbeing LLC No Par Value 13 Murad LLC 13 Onnit Labs, Inc. USD0.01 7 Palisade Enterprise Holdings, Inc. USD0.0001 23 United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201 Living Proof, Inc. USD0.01 7 St. Ives Laboratories, Inc. USD0.01 1 Unilever North America Supply Chain Company, LLC 13 Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES Financial Statements Unilever Annual Report and Accounts 2025 197 Dermalogica, LLC 13 United States – 247 W. 30th Street, 7 Floor, New York - 10001 The Laundress, LLC 13 United States – 125 S Clark, Suite 2000, Chicago, IL 60603 Blueair Inc. No Par Value 1 United States – 2816 S. Kilbourne Avenue, Chicago, IL 60624 Unilever Illinois Manufacturing, LLC 13 United States – 2900 W. Truman Boulevard, Jefferson City, MO 65109 Unilever Manufacturing (US), LLC No Par Value 7 United States – 40 Merritt Boulevard, Trumbull, CT 06611 Unilever Trumbull Holdings, Inc. USD1.00 7 Unilever Trumbull Research Services, Inc. USD1.00 1 USD1.00 34 United States – 60 Lake Street, Suite 3N, Burlington, VT 05401 Seventh Generation, Inc. USD0.001 7 United States – 605 5th Ave S, Ste 800, Seattle, WA 98104-388 Paula's Choice, Inc. USD0.001 7 USD0.001 22 United States – 705 5th Avenue South, Suite 200, Seattle, WA 98104 Paula's Choice, LLC 13 United States – c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, New Castle County Nutraceutical Wellness, Inc. (80) USD0.001 7 The Uncovery, LLC 13 Heat Enterprise Holdings, Inc. USD0.00001 23 K18, Inc. USD0.00001 23 Biomimetek, Inc. USD0.00001 23 Cocotier, Inc. USD0.001 7 Yeti Parent Holdings, LLC USD1.00 13 Yeti Intermediate Holdings I, LLC USD1.00 13 Yeti Intermediate Holdings II, LLC USD1.00 13 Wild Cosmetics US LLC USD1.00 1 United States – 3770-1/2 Selby Avenue, Los Angeles, CA 90034 Kingdom Animalia, LLC 13 United States – 11 Ranick Drive South, Amityville, NY 11701 Sundial Brands, LLC 13 United States – 415 Jackson Street, Floor 2, San Francisco, CA 94111 Olly Public Benefit Corporation USD0.00001 7 United States – 32 West Loockerman Street, Dover, DE 19801 Tatcha, LLC 13 United States – 2121 Park Place, 1st Floor, El Segundo, CA 90245 The LIV Group, Inc. USD0.01 7 United States – 4056 Del Rey Avenue, Marina Del Rey, CA 90292 SmartyPants, Inc. No Par Value 7 United States – 4065 Glencoe Ave, Marina del Rey, Suite 300B, California 90292 Dr. Squatch, LLC USD1.00 13 United States - 16192, Coastal Highway, Lewas, Delaware, Country of Sussex, 19958 Minimalist Science Inc. (56.02) USD1.00 1 United States – 1169 Gorgas Avenue, Suite A, San Francisco, CA 94129 Welly Health PBC USD0.00001 7 USD1.00 100 USD1.00 111 United States – Resident Agents, Inc, 8 The Green, STE R, Dover, Kent, Delaware, 19901 Brand Evangelists for Beauty Inc.Δ (68.03) USD0.01 23 Uruguay – Complejo World Trade Center de Montevideo, Torre IV, Calle Luis Bonavita Nro. 1266, Piso 31, Oficina 3101, Montevideo, CP 11.300 Unilever Uruguay SCC S.A. UYU1.00 1 Uruguay – Edificio World Trade Center Free Zone Torre II, Piso 11, Unidad 1133, Dr. Luis Bonavita 1294, Montevideo, C.P. 11.300 Unilever America Latina S.A. UYU1.00 1 Vietnam – Lot A2-3, Tay Bac Cu Chi Industrial Zone, Tan An Hoi Ward, Ho Chi Minh City Name of Undertaking Nominal Value Share Class Note Unilever Vietnam International Company Limited VND863,104,820,00 0.00 13 Vietnam – No. 156, Nguyen Luong Bang Street, Tan My Ward, Ho Chi Minh City Unicorn Market Place Vietnam Company Limited (in liquidation) VND207,819,496,311 .00 13 Vietnam – 3rd Floor, The Sun Building, No. 3 Me Tri Street, Tu Liem Ward, Hanoi Paula's Choice Vietnam Company Limited VND 6,879,000,000.00 13 Vietnam – Floor 46, Bitexco Financial Tower, No.2 Hai Trieu Street, Ben Nghe Ward, District 1, Ho Chi Minh City Minimalist Vietnam Company Limited (56.02) VND1.00 1 Zambia – Stand 2375, Corner Addis Ababa Drive & Great East Road, Show Grounds, Lusaka Unilever South East Africa Zambia Limited (in liquidation) ZMK2.00 34 ZMK2.00 1 Zambia – Stand No. 3027, Nakambala Road Industrial Site, PO Box 71570, Ndola Chesebrough-Ponds (Private) Limited ZMW1.00 1 Zimbabwe – 2 Stirling Road, Workington, Harare Unilever – Zimbabwe (Pvt) LimitedΔ ZWD0.002 1 ZWD0.002 8 SUBSIDIARY UNDERTAKINGS NOT INCLUDED IN THE CONSOLIDATION Brazil – Av Das Nacoes Unidas, 14261 4º Andar Ala B, Vila Gertrudes, Cep 04792-000, Sao Paulo Unileverprev Sociedade De Previdencia Privada No Par Value 13 England and Wales – Unilever House, 100 Victoria Embankment, London EC4Y 0DY Unilever Fragrance Limited GBP1.00 1 England and Wales – 1 More London Place, London SE1 2AF Unidis Twenty Six Limited (in liquidation) GBP1.00 1 Germany – c/o Regus Stuttgart City Plaza, Rotebuhlplatz 23, 70178, Stuttgart TIGI Haircare GmbH EUR25,600.00 1 Germany – Wiesenstraße 21. D-40549 Düsseldorf Living Proof GmbH EUR1.00 1 Ghana – Plot No. Ind/A/3A-4, Heavy Industrial Area, Tema, PO Box 721, Tema Unilever Oleo Ghana Limited GHS2.250 1 India – Unilever House, B. D. Sawant Marg, Chakala, Andheri (E), Mumbai 400 099 Hindustan Unilever Foundation (61.90) INR10.00 1 Kenya – Commercial Street, PO Box 40592-00100, Nairobi Union East African Trust Limited KES20.00 1 Myanmar – No. 40-41, Min Thate Hti Kyaw Swar Street, 35 Ward, Shwe Pyi Thar Industrial Zone (2), Shwe Pyi Thar Township, Yangon Region Lever Brothers (Burma) Limited MMK500,000.00 1 Saudi Arabia – King Abdul Aziz Road, Al Shatae, PO Box 22800, Jeddah 21416 Unilever Trading and Marketing Company SAR1,000.00 1 United States – 111 River Street, 8th Floor, Hoboken, New Jersey, 07030 Unilever United States Foundation, Inc. 13 ASSOCIATED UNDERTAKINGS Australia – Floor 1, 101 Moray Street, South Melbourne, 3205 Straand Pty LtdΔ◊ (100) No Par Value 111 (12.05) No Par Value 59 Bahrain – Shop 61, Building 866, Road 3618, Block 436 Alseef Manama Unilever Bahrain Co. W.L.L. (49) BHD50.00 1 Brazil – Avenida Engenheiro Luiz Carlos Berrini, 105, 16th floor, Ed. Berrini One, Cidade das Monções, São Paulo, SP, Brazil, ZIP Code 04571-010 Gallo Brasil Distribuição e comércio Limitada (55) BRL1.00 7 Canada – Suite 300-171 West Esplanade, North Vancouver, British Columbia, V7M 3K9 A&W Root Beer Beverages Canada Inc.◊ (40) No Par Value 38 Canada – 229 Amesbury Gate, Bedford, Nova Scotia, B4B 0R8 The 7 Virtues Beauty Inc.Δ◊ (64.29) No Par Value 58 (11.79) No Par Value 119 Canada – 1400-160 Bloor Street East, Toronto, ON M4W 3R2 Food Service Direct Logistics Canada, Inc.◊ (60) CAD1.00 7 China – Room B101, Building 1, No. 33, Fuquan North Road, Changning District, Shanghai Shanghai Lihuashiheng Food Techical Co. Ltd (33.33) CNY1.00 1 Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES 198 Unilever Annual Report and Accounts 2025 Financial Statements Cyprus – 2 Marcou Dracou Street, Engomi Industrial Estate, 2409 Nicosia Unilever PMT LimitedΔ (49) EUR1.71 2 EUR1.71 3 England and Wales – 100 Victoria Embankment, Blackfriars, London EC4Y 0DY Uflexreward Holdings LimitedΔ (92.59) GBP0.001 2 GBP1.00 21 Uflexreward LimitedΔ (92.59) GBP1.00 2 England and Wales – Unit 1.8 & 1.9, The Shepherds Building, Charecroft Way, London W14 0EE SCA Investments Holdings LimitedΔ◊ (15.61) GBP0.001 40 (25.19) GBP0.001 41 (3.63) GBP0.001 42 (5.31) GBP0.001 112 England and Wales – 2nd Floor, 5 Jubilee Place, Chelsea, London SW3 3TD Trinny London LimitedΔ◊ (54.88) GBP0.01 58 (32.32) GBP0.01 71 England and Wales – 2 Leman Street, London E1W 9US Penhros Bio Limited◊ (37.7) GBP1.00 1 England and Wales – 6 Snow Hill, London EC1A 2AY VHSquared Limited◊ (in liquidation) (39.47) GBP0.01 1 (1.79) GBP0.01 57 (17.86) GBP0.01 36 England and Wales – 4 Berens Road, London, England, NW10 5EB The Nue Co, LtdΔ◊ (20.41) GBP0.000001 35 (3.98) GBP0.000001 58 England and Wales – 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ Indu Cosmetics, LtdΔ◊ (48.78) GBP0.0001 111 France – 13 Avenue Morane Saulnier, 78140 Velizy Villacoublay Pegase S.A.S. (25) EUR5,000.00 1 France – 7 rue Armand Peugeot, 92500 Rueil-Malmaison Relais D'or Centrale S.A.S. (49.99) No Par Value 1 Germany – Beerbachstraße 19, 91183 Abenberg Hans Henglein & Sohn GmbH◊ (50) EUR100,000.00 1 Henglein & Co. Handels-und Beteiligungs GmbH & Co. KG◊ (50) 4 Henglein Geschäftsführungsgesellschaft mit beschränkter Haftung◊ (50) DEM50,000.00 1 Nürnberger Kloßteig NK GmbH & Co. KG◊ (50) 4 Henglein NRW GmbH◊ (50) DEM250,000.00 1 Germany – Lauchaer Straße 1, 06647 An der Poststraße OT Klosterhaeseler Henglein GmbH & Co. KG◊ (50) DEM50,000.00 1 India – 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra Kurla, Santacruz East Mumbai, Mumbai 400098 Peel-Works Private LimitedΔ◊ (in liquidation) (48.15) INR30.00 63 (16.66) INR30.00 70 (14.65) INR30.00 32 India – 1st Floor Lodha, i-Think Techno Campus, A Wing, Chirak Nagar, Thane MH 400607 Pureplay Skin Sciences (India) Private LimitedΔ◊ (0.1) INR10.00 75 (100) INR100.00 73 (100) INR100.00 64 (6.54) INR100.00 65 (8.75) INR100.00 106 India – Plot No. D 5, Road No. 20, Marol MIDC, Andheri East, Mumbai 400093 Scentials Beautycare & Wellness LtdΔ◊ (63.42) INR10.00 73 (0.10) INR10.00 75 India – 15 Ambika Nagar, Sector 4, Hiran Magri, Udaipur, Rajasthan 313002 Derma Goodness Private LimitedΔ◊ (0.2) INR10.00 75 (97.93) INR100.00 110 (20.04) INR100.00 73 India – Z-44, Panchasayar, P-210-4-1, Panchasayar, Kolkata, WB 700094 Wellness Ville Private LimitedΔ◊ (0.10) INR10.00 75 (92.11) INR50.00 118 Name of Undertaking Nominal Value Share Class Note (100.00) INR50.00 73 India – 28, B.T. Road, Cossipore, Chiria More, Kolkata, West Bengal 700002 Rabiko Lifestyle Private LimitedΔ◊ (0.02) INR10.00 75 (100.00) INR10.00 114 India – A-2004, Floor-20, Plot-141, Phoenix Tower-A, S.B. Marg, Delisle Road, Lower Parel West, Mumbai 400013 Nutritionalab Private Limited (13.31) INR10.00 1 India – 109, Floor 1, Plot 16, Vithaldas Chamber, Mumbai Samachar Marg Bombay Stock Exchange, Fort, Mumbai, Maharashtra 400001 ClayCo Cosmetics Private LimitedΔ◊ (100) INR50.00 114 (0.1) INR10.00 75 (100) INR50.00 73 India – 109, Office No. 202, Simran Plaza, CTS E/829, JN of 3rd & 4th Road, Khar West, Opp Naginas Rest, Khar Colony, Mumbai, 400052 24Carat Remedies Private LimitedΔ◊ (79.07) INR10.00 130 (0.06) INR10.00 75 Indonesia – Jalan Srengseng Raya Nomor 55A, Rukun Tetangga 001, Rukun Warga 002, Kelurahan Srengseng, Kecamatan Kembangan, Jakarta Barat 11630 PT Anugrah Mutu Bersama◊ (40) IDR1,000,000.00 1 Iran – Second Floor, No. 23, Corner of 33rd Street, Zagros Street, Argentina Square, Tehran Unilever-Golestan Foods (Private Joint Stock Company)(51) IRR1,000,000.00 1 Ireland – 70 Sir John Rogerson's Quay, Dublin 2 Pepsi Lipton International LimitedΔ (45.45) EUR1.00 53 EUR1.00 54 EUR1.00 79 EUR1.00 121 EUR1.00 122 EUR1.00 123 EUR1.00 124 Israel – Kochav Yokneam Building, 4th Floor, PO Box 14, Yokneam Illit 20692 IB Ventures LimitedΔ (99.74) ILS1.00 14 Israel – 8 HaMada Street, Rehovot Elixr, LtdΔ◊ (28.57) USD0.01 130 Italy – Via Quercete, n.a. 81016, San Potito Sannitico (CE) P2P S.r.l (50) EUR1.00 1 Luxembourg – 5 Heienhaff, L-1736 Senningerberg Helpling Group Holding S.à r.l.Δ◊ (34.06) EUR1.00 88 (1.37) EUR1.00 61 (6.13) EUR1.00 125 Mauritius – c/o Apex Fund Services (Mauritius) Ltd, 4th Floor, 19 Bank Street, Cyber City, Ebene 72201 Capvent Asia Consumer Fund LimitedΔ (40.41) (in liquidation) USD0.01 78 Netherlands – 1016CG Amsterdam, Heregracht 346 A Inde Wild B.V.Δ◊ (60.06) EUR0.01 111 Oman – PO Box 1711, Ruwi, Postal Code 112 Towell Unilever LLC (49) OMR1.00 1 Philippines – 11th Avenue Corner, 38th Street, Bonifacio Triangle, Bonifacio Global City, Taguig City, Metro Manila Sto Tomas Paco Land CorpΔ◊ (40) PHP1.00 7 (40) PHP10.00 46 (40) PHP20.00 44 Cavite Horizons Land, Inc.◊ (35.10) PHP1.00 7 PHP10,000.00 46 Portugal – Largo Monterroio Mascarenhas, 1, 1099–081 Lisboa Fima Ola – Produtos Alimentares, S.A. (55) EUR4,125,000.00 1 Gallo Worldwide, Limitada (55) EUR550,000.00 5 Grop – Gelado Retail Operation Portugal, Unipessoal, Limitada (55) EUR50,000.00 1 Unilever Fima, Limitada (55) EUR14,462,336.00 5 Victor Guedes – Industria e Comercio, S.A. (55) EUR275,000.00 1 Fima Dressings Unipessoal, Lda (55) EUR50,000.00 1 UL Ice Cream Comercial, Lda (55) EUR55,000.00 5 Name of Undertaking Nominal Value Share Class Note GROUP COMPANIES Financial Statements Unilever Annual Report and Accounts 2025 199

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ICC Portugal Supply Unipessoal, Lda (55) EUR1,000.00 5 Portugal – Avenida Conselheiro Fernando de Sousa, 19, 15º, 1070-072, Lisboa Transportadora Central do Infante, Limitada (55) EUR27,000.00 5 Saudi Arabia – PO Box 22800, Jeddah 21416 Binzagr Unilever Distribution Company Limited (49) SAR1,000.00 1 Singapore – 3 Phillip Street, #14-05 Royal Group Building, 048693 YOU Private LimitedΔ◊ (33.33) 71 (33.56) 93 Singapore – 20A Tanjong Pagar Road, 088443 ESQA Corp Pte LtdΔ◊ (60) 73 (100) 76 Sweden – Sturegatan 38, Stockholm, 11436 SachaJuan Haircare ABΔ◊ (69.5) SEK1.00 9 United Arab Emirates – PO Box 49, Dubai Al Gurg Unilever LLC (49) AED1,000.00 1 United Arab Emirates – PO Box 49, Abu Dhabi Thani Murshid Unilever LLC (49) AED1,000.00 1 United States – 700 Sylvan Avenue, Englewood Cliffs, New Jersey 07632-3201 Pepsi Lipton Tea Partnership (50) 4 Food Service Direct Logistics, LLC (60) 13 United States – c/o The Company Corporation, 251 Little Falls Drive, Wilmington, DE, New Castle 19808 Outliers, Inc.Δ◊ (58.77) USD0.00001 62 (31.35) USD0.00001 113 Perelel, Inc.Δ◊(16.77) USD0.00001 95 (68.42) USD0.00001 58 (34.83) USD0.00001 55 True Botanicals, Inc.Δ◊ (51.23) USD0.0001 62 Hung Vanngo Beauty, Inc.Δ◊ (60) USD0.00001 59 United States – c/o Cogency Global Inc, 850 New Burton Road, in the City of Dover, County of Kent, Delaware Name of Undertaking Nominal Value Share Class Note Volition Beauty Inc.Δ◊ (66.44) USD0.0001 58 United States – c/o The Corporation Trust Company, Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, New Castle County Koco Life LLCΔ◊ (26.19) 104 (41.59) 105 New Voices Fund LPΔ◊ (32.90) 4 Oak Essentials Holdco, Inc.Δ◊ (23.81) USD0.0001 58 Lemme, Inc.Δ◊ (86.28) USD0.0001 62 (6.38) USD0.0001 95 Plant People, PBC Δ◊ (22.60) USD0.0001 95 (9.07) USD0.0001 62 Alice Mushrooms, Inc Δ◊ (28.75) USD0.001 62 Eetho Brands Inc.Δ◊ (100) USD0.0001 58 United States – c/o A Registered Agent, Inc, 8 The Green, Ste A, Dover, Kent, DE, 19901 Clean Beauty for All, Inc.Δ◊ (21.73) USD0.0001 62 (41.99) USD0.0001 95 (62.35) USD0.0001 51 (67.85) USD0.0001 96 OneSkin, Inc.Δ◊ (28.57) USD0.00001 58 (5.00) USD0.00001 7 (7.55) USD0.00001 59 United States – National Registered Agents Inc., 1209 Orange Street, Wilmington, New Castle, Delaware 19801 Mealogic, Inc.Δ◊ (24.82) USD0.00001 58 United States – 131 Continental Drive Suite 305, Newark, Newcastle, DE, 19713 Create Wellness, Inc.Δ◊ (90.07) USD0.00001 62 (14.18) USD0.00001 71 United States – Vcorp Services, LLC, 108 W. 13th Street Suite 100, Wilmington, New Castle, DE, 19801. i-Genie.AI Inc. Δ◊ (99.72) USD0.0001 103 (8.02) USD0.0001 58 Name of Undertaking Nominal Value Share Class Note Notes: 1: Ordinary, 2: Ordinary-A, 3: Ordinary-B, 4: Partnership, 5: Quotas, 6: Class-A Common, 7: Common, 8: Class A, 9: Class B, 10: Class C, 11: Class II Common, 12: Class III Common, 13: Membership Interest, 14: Preference, 15: Redeemable Preference, 16: Limited by Guarantee, 17: C Ordinary Shares, 18: Viscountcy, 19: B3 Ordinary, 20: Series C-1 Pref, 21: Ordinary-C, 22: Preferred, 23: Common Stock, 24: Redeemable Preference Class B, 25: Special, 26: Cumulative Preference, 27: 5% Cumulative Preference, 28: Non-Voting Ordinary B, 29: Common B, 30: Management, 31: Dormant, 32: Series C1 Preference, 33: Series D-2, 34: Cumulative Redeemable Preference, 35: A-Ordinary, 36: Preferred Ordinary, 37: Com, 38: Class Common-B, 39: Series A Participating Preference, 40: H-Ordinary, 41: I-Ordinary, 42: J-Ordinary, 43: Series A Preferred Convertible, 44: A Preference, 45: Series B1 CCPS, 46: B Preference, 47: Series A-5, 48: Series C-2 Preferred, 49: A-4 Com, 50: D Preference, 51: Series A-3 Preferred, 52: C Preference, 53: E Ordinary, 54: G Preferred, 55: Series Seed, 56: Nominal, 57: Preferred A, 58: Series A Preferred, 59: Series Seed-2 Preferred, 60: Series C-2, 61: Series D, 62: Series A-1 Preferred, 63: Series B-2 Preference, 64: Pre Series B CCPS, 65: Series B CCPS, 66: Series C1 CPPS, 67: Series C2, 68: Office Holders, 69: Security, 70: Series B-3 Preference, 71: Series B Preferred, 72: Series Seed B CPPS, 73: Series A CCPS, 74: Series A2 CPPS, 75: Equity, 76: Series B CCPS, 77: Series B Preferred Convertible, 78: Class A Redeemable Non-Voting Ordinary, 79: B Ordinary, 80: N Ordinary, 81: A-1 Com, 82: A-2 Com, 83: A-3 Com, 84: Series A EIS, 85: Series A Convertible Preferred, 86: Series A2 Preferred, 87: Series B2 Preferred, 88: Series C Preferred, 89: Series A1 CPPS, 90: D1 Preferred, 91: Series E, 92: Series C-2 Pref, 93: Series B-1 Preferred, 94: Series B-2 Preferred, 95: Series A-2 Preferred, 96: Series A-4 Preferred, 97: Preferred Seed, 98: Seed-3 Preferred, 99: CCPS, 100: Series A Preferred Stock, 101: Ordinary Preferred, 102: E Preference, 103: Common A, 104: Series D-5 Preferred, 105: Series D-6 Preferred, 106: Series C CCPS, 107: Series Seed Convertible Preferred, 108: Series C-E Preferred, 109: Series Seed 2 Convertible Preferred Shares, 110: Seed CCPS, 111: Series Seed Preferred Shares, 112: M-Ordinary, 113: Series A-9 Preferred, 114: Series Seed CCPS, 115: Series A-1, 116: Pre-Series B CCCPS, 117: Series A CCCPS, 118: Series Seed A CCPS, 119: Series B Common Stock, 120: B1 Ordinary, 121: I Preferred, 122: K Preferred, 123: M Preferred, 124: O Preferred, 125: Series F, 126: B4 Ordinary, 127: Pre-Series A CCPS, 128: Series B Convertible Preferred, 129: Series B2 Convertible Preferred, 130: Series Seed-1 Preferred. O Indicates an undertaking directly held by PLC. All other undertakings are indirectly held. In the case of Hindustan Unilever Limited, 47.43% is directly held and the remainder of 14.47% is indirectly held. In the case of Unilever Kenya Limited, 11.30% is directly held and the remainder of 88.70% is indirectly held. In the case of Unilever Sri Lanka Limited, 18.32% is directly held and the remainder of 81.68% is indirectly held. In the case of Mixhold B.V., 27.71% is directly held and the remainder of 72.29% is indirectly held. In the cases of each of Unilever Gida Sanayi ve Ticaret A.Ş. and Unilever Sanayi ve Ticaret Turk A.Ş., a fractional amount is directly held and the remainder is indirectly held. In the case of Mixhold B.V., 55.37% of the ordinary-A shares are directly held, the remainder of 44.63% are indirectly held and the other share classes are indirectly held. † Shares the undertaking holds in itself. Δ Denotes an undertaking where other classes of shares are held by a third party. X Binzagr Unilever Limited, Severn Gulf FZCO, Unilever Binzagr Gulf General Trading LLC and AlBahar United For Wholesale and Retail Trading Company LLC are subsidiary undertakings pursuant to Section 1162(2)(b) Companies Act 2006. The Unilever Group is entitled to 50% of the profits made by Binzagr Unilever Limited, Severn Gulf FZCO and Unilever Binzagr Gulf General Trading LLC. ◊ Accounted for as non-current investments within non-current financial assets. ∞ Exemption pursuant to Regulation 7 of the Partnership (Accounts) Regulations 2008. In addition, we have revenues either from our own operations or otherwise in the following locations: Afghanistan, Åland Islands, Albania, American Samoa, Americas, Andorra, Angola, Anguilla, Antigua and Barbuda, Armenia, Aruba, Azerbaijan, Bahamas, Barbados, Belize, Benin, Bermuda, Bhutan, Bonaire, Bosnia and Herzegovina, Botswana, British Indian Ocean Territory, British Virgin Islands, Brunei Darussalam, Burkina Faso, Burundi, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Christmas Island, Cocos (Keeling) Islands, Comoros, Congo, Cook Islands, Curaçao, Democratic Republic of Congo, Dominica, Equatorial Guinea, Eritrea, Eswatini (previously known as Swaziland), Falkland Islands (Malvinas), Faroe Islands, Federated States of Micronesia, Fiji, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Gibraltar, Greenland, Grenada, Guadeloupe, Guam, Guernsey, Guinea, Guinea-Bissau, Guyana, Heard Island and McDonald Islands, Holy See (Vatican City State), Iceland, Iraq, Jamaica, Kiribati, Kosovo, Kyrgyzstan, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Luxembourg, Macao, Madagascar, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Moldova (Republic of), Monaco, Mongolia, Montenegro, Montserrat, Namibia, Nauru, New Caledonia, Niue, Norfolk Island, North Macedonia, Northern Mariana Islands, Palau, Papua New Guinea, Pitcairn, Réunion, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Senegal, Seychelles, Sierra Leone, Sint Maarten (Dutch part), Slovenia, Solomon Islands, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Suriname, Svalbard and Jan Mayen, Tajikistan, Timor-Leste, Togo, Tokelau, Tonga, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uzbekistan, Vanuatu, Virgin Islands (US), Wallis and Futuna, Western Sahara and Yemen. The Unilever Group has established branches in Azerbaijan, China, Jordan, Kazakhstan, Lebanon, Poland, Turkey and the UK. GROUP COMPANIES 200 Unilever Annual Report and Accounts 2025 Financial Statements

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## Exhibit 11.1

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Code of Business Principles Unilever, together with its employees, management, and directors, is committed to acting with integrity. This includes following these Business Principles: Our Code and Behaviour Countering Corruption Respecting People Safeguarding Information Engaging Externally CoBP Code Policies Speak Up Global Policy Portal Version 6.0 \| Date: 19.01.2026 Our Code and Behaviour Living the Code We act in line with our values, Our Code, and all Code Policies every day. We speak up when we see potential or actual breaches and do not tolerate any retaliation for speaking up. Legal Consultation We obey relevant laws and regulations and seek advice from Legal at key moments, including (amongst others), significant contract negotiations or conclusion, ongoing or anticipated legal action, and discussions with regulators. Responsible Risk Management We identify, assess, and manage the risks relevant to our roles. Responsible Innovation, Safety and Quality We design, make, and sell products based on sound science, technology, and responsible innovation, applying rigorous standards of safety and superior quality for consumers and customers. Environment We work to reduce our environmental impact and are moving towards net zero emissions, ending plastic waste, and building resilient and regenerative ecosystems. CoBP Code Policies Version 6.0 \| Date: 19.01.2026 Countering Corruption Conflicts of Interest We avoid conflicts of interest and immediately disclose when our personal interests or external commitments could conflict with Unilever's. Anti - Bribery and Gifts & Hospitality We do not give, accept, or request bribes of any type, including gifts, hospitality, donations, or sponsorships that are intended to inappropriately influence decisions or that are outside policy limits. Political Activities and Donations We do not support political parties or make political donations, unless in our own personal capacity. Accurate Records, Reporting and Accounting We ensure our accounts and reporting is accurate. We do not tolerate fraud or tax evasion. We ensure all transactions are based on valid documentation. Protecting Unilever's Assets We protect Unilever assets, guarding them from fraud and theft, and only approving activities within our personal limits. We safeguard Unilever intellectual property by ensuring Unilever brands and innovations are protected. We respect valid third - party intellectual property rights by obtaining the relevant licences and approvals. Anti - Money Laundering and Economic Sanctions We do not engage in money laundering and do not do business with any person or company subject to economic sanctions. We conduct business in compliance with all relevant trade controls. CoBP Code Policies Version 6.0 \| Date: 19.01.2026 Respecting People Health and Safety We comply with legal and Unilever Health and Safety Standards to ensure a healthy and safe workplace, aiming for continuous improvement. Human Rights We respect human rights and are committed to treat all employees with fairness and respect. We seek to create an environment that enables diversity, inclusion, equal opportunity, freedom of association, and collective bargaining. Unilever provides employees a living wage. We have zero tolerance for forced labour, including any form of compulsory, trafficked, or child labour. Discrimination and Harassment We have zero tolerance for sexual harassment. We do not tolerate discrimination based on protected characteristics, harassment, bullying, or offensive behaviour, either directly or indirectly. We provide a transparent, confidential, and fair way for employees to raise concerns or report unfair or discriminatory treatment and do not tolerate any retaliation for speaking up. CoBP Code Policies Version 6.0 \| Date: 19.01.2026

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Safeguarding Information Protecting Technology and Information, and Privacy We ensure all of Unilever's digital assets are safe, used for work purposes, not used for inappropriate activities, and are properly maintained. We protect all forms of Unilever information by classifying, storing, securing, sharing, updating, and deleting it in line with our standards and relevant laws, including privacy and security. Preventing Insider Trading We do not trade or encourage others to trade securities, like shares, when in possession of inside information. CoBP Code Policies Version 6.0 \| Date: 19.01.2026 Engaging Externally Responsible Marketing We sell products that are accurately labelled, advertised, and communicated. We conduct marketing activities and research in line with societal expectations. Fair Competition We compete fairly and comply with all competition laws, always refusing to engage in any kind of anti - competitive practice. External Engagements and Communications We are trained and approved before speaking to brokers, analysts, shareholders, media, government, NGOs, or regulators. Responsible Sourcing and Business Partnering We select and work only with partners who are able to uphold standards consistent with our own commitment. CoBP Code Policies Version 6.0 \| Date: 19.01.2026

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## Exhibit 11.2

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&nbsp;&nbsp;&nbsp;&nbsp;1 Share Dealing Standard 25 September 2023 2 CONTENTS Page 1 The Unilever Share Dealing Standard (the "Standard") 3 1.1 Purpose of the Standard 1.2 To whom the Standard applies 1.3 Responsibility for the Standard 1.4 Key contacts 2 Obligations applicable to Board Directors and ULE members 5 2.1 Provisions applicable to Board Directors and ULE members 2.2 Dealings and where notification is not required 2.3 When clearance is likely to be given 2.4 Notification and external reporting requirements 2.5 Applicable Law 2.6 Clearance and notification procedure 3 Obligations applicable to GRRL members 11 3.1 Provisions applicable to GRRL members 3.2 Clearance procedure 3.3 Possession of Inside Information 4 Frequently Asked Questions 13 4.1 Frequently Asked Questions 5 Key terms used in the Standard 14 5.1 Frequently used terms 5.2 Closely Associated Persons 5.3 Dealings 5.4 Inside Information Appendix 1: Clearance under Unilever Equity-based Incentive Schemes and other investment options Appendix 2: Consequences of breaching the Preventing Insider Trading Code Policy and/or the Unilever Share Dealing Standard Appendix 3: Clearance to Deal form Appendix 4: Obligations of CAPs memo 3 Section 1. Unilever Share Dealing Standard (the "Standard") 1.1 PURPOSE OF THE STANDARD The purpose of this Standard is to set out the rules regarding dealing with Unilever PLC securities and those of its listed subsidiaries, seeking the related pre-clearances and complying with the associated notification procedures. This Standard is issued under the UK Market Abuse Regulation ("UK MAR") and the Unilever Preventing Insider Trading Code Policy. Failure to comply with the Preventing Insider Trading Code Policy and this Standard is a serious disciplinary matter, which may lead to dismissal and in many cases, will also constitute a civil and/or criminal offence (see Appendix 2). 1.2 TO WHOM THE STANDARD APPLIES The Standard applies to people falling within the following two groups: A. Board Directors and ULE members during the period that the office is held and for 6 months thereafter and their Closely Associated Persons ("CAPs"); and B. Unilever employees who have been informed they are on the Global Results Restricted List ("GRRL"). 1.3 RESPONSIBILITY FOR THE STANDARD This Manual is classified as a Unilever Standard. The Group Secretary is responsible for ensuring that this Standard is understood and complied with. Any deviation from this Standard or amendment to this Standard and its Appendices requires the prior approval of the Group Secretary. It is the responsibility of Corporate Secretaries to keep this Standard up to date and available on Inside Unilever. Should you have any queries on the contents of this Standard or otherwise on the policies or procedures to be followed, you should contact the Corporate Secretaries. 4 1.4 KEY CONTACTS Queries regarding the Unilever Share Dealing Standard and Notification of Dealings Maria Varsellona Group Secretary Email: maria.varsellona@unilever.com Tel: +44 7795 562319 Sarah Woodhouse Deputy Group Secretary Email: sarah.woodhouse@unilever.com Tel: +31 615 422550 Prakash Kakkad General Counsel Corporate Governance and Group Corporate Legal Email: prakash.kakkad@unilever.com Tel: +44 (7979) 968531 Queries regarding How to Deal (ULE members) Andrew Forsythe Global Reward Lead Email: andrew.forsythe@unilever.com Computershare UK: +44 344 472 6002 Outside the UK: +44 117 378 5201 Email: eis@computershare.co.uk

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&nbsp;&nbsp;&nbsp;&nbsp;5 Section 2. Obligations applicable to Board Directors and ULE members 2.1 PROVISIONS APPLICABLE TO BOARD DIRECTORS AND ULE MEMBERS a) You may not deal in Unilever securities in Closed Periods and clearance must be obtained in advance for all dealings in Unilever securities as outlined in Section 2.6 in Open Periods. b) You can only deal in Open Periods provided you are not in possession of any Inside Information. c) You must not deal in Unilever securities based on short-term considerations. d) You must keep confidential the fact that you have applied for clearance and, if clearance is refused, that must also be kept confidential. e) You must advise your CAPs of their obligations under the UK MAR; these include seeking clearance before dealing in Unilever securities. f) You must update Corporate Secretaries if your list of CAPs changes. g) You must inform the Corporate Secretaries as soon as possible (and in any event within two working days of the transaction (as explained in Section 2.6 Step 4)) after you or one of your CAPs deals in Unilever securities. h) If you want to deal in the securities of a Unilever listed subsidiary, you must first obtain clearance in advance of any dealing from the Group Secretary and also from the Company Secretary of the Unilever listed subsidiary. i) Unilever listed subsidiaries may have their own share dealing codes to comply with the requirements of local stock exchange rules. j) When requested, you must provide the Corporate Secretaries with details of your holdings of, and transactions in, Unilever securities or the securities of Unilever listed subsidiaries or other publicly traded companies. 2.2 DEALINGS AND WHERE NOTIFICATION IS NOT REQUIRED Board Directors and ULE members (and their CAPs) must get clearance for any 'dealings' in Unilever shares. Dealings are defined very widely. Dealing means any type of transaction in Unilever securities, including purchases, sales, the exercise of options, the receipt of shares under share schemes, using Unilever securities as security for a loan or other obligation and entering into, amending or terminating any agreement in relation to Unilever securities. In Section 5.3 you will find a more detailed, non-exhaustive list of transactions that are dealings which require notification to Unilever and the Financial Conduct Authority (FCA) in the UK under UK MAR. There is no requirement to notify transactions to Unilever and the FCA under UK MAR in the following 6 cases: • Where you are investing in: a) a unit or share in a collective investment undertaking ('CIU') in which the exposure to Unilever securities does not exceed 20% of the assets held by the CIU; b) a financial instrument which provides exposure to a portfolio of assets in which the exposure to Unilever securities does not exceed 20%; or c) in the cases of either a) or b) above, if you do not know, and could not know, the investment composition or exposure of such CIU or portfolio of assets in relation to Unilever securities and there is no reason to believe that such exposure is greater than 20%. • Transactions in Unilever securities executed by managers of a CIU where the manager of the CIU operates with full discretion and does not need to notify you when executing a transaction. If you are in any doubt about whether you need to seek clearance to deal or whether you have to notify, then you should ask the Group Secretary for guidance. 2.3 WHEN CLEARANCE IS LIKELY TO BE GIVEN Clearance is likely to be given where dealings take place during one of the Open Periods, provided the person wishing to deal is not in possession of any Inside Information at the time. Guidance as to whether clearance is likely to be given for transactions relating to Unilever equity-based incentive schemes, personal equity plans, individual savings accounts (ISAs) and dividend reinvestment plans is set out in Appendix 1 and any questions should be raised with the Group Secretary. If allowed by applicable rules and regulations, clearance may be given to a person to whom this Standard applies during a Closed Period on a case-by-case basis where it is the only reasonable course of action available (i.e., if the person is in severe financial difficulty or there are other exceptional circumstances). Clearance may be given for such a person to sell (but not to purchase) Unilever securities. • Severe financial difficulty is taken to mean a pressing financial commitment that cannot be satisfied otherwise than by selling Unilever securities. • An exceptional circumstance arises if the person is required by a court to transfer or sell Unilever securities or there is an overriding legal requirement to do so. 7 2.4 NOTIFICATION AND EXTERNAL REPORTING REQUIREMENTS The Corporate Secretaries will notify the relevant authorities of dealings carried out by Board Directors and members of the ULE and their respective CAPs. Such notifications need to be made promptly, but at least within three working days after the date of the transaction. Board Directors and members of the ULE, their respective CAPs are personally responsible for notifying transactions in Unilever PLC securities to the FCA and to the AFM (the Netherlands Authority for the Financial Markets). However, the Group Secretary is authorised to notify the FCA and the AFM on their behalf and will do so as soon as possible after being notified of transactions in accordance with Section 2.6, Step 4. 2.5 APPLICABLE LAW The general law, which is captured in Unilever's Preventing Insider Trading Code Policy requires that Unilever employees and Directors must not: • buy or sell securities of Unilever or any other publicly traded company (including Unilever's listed subsidiaries) when in possession of Inside Information relating to those securities (even if you believe you are not relying on it); • encourage anyone to buy or sell securities of any listed companies when they have Inside Information related to those securities; • pass Inside Information relating to Unilever to anyone within Unilever or outside Unilever, including family members or friends; and/or • spread false information or engage in other activities to manipulate the price of publicly listed securities. These prohibitions come from the Criminal Justice Act 1993 and the EU Market Abuse Regulation ("MAR"). MAR came into force in July 2016 and has been retained in UK legislation with some small changes following Brexit under the Market Abuse (Amendment) (EU Exit) Regulations 2019 and the EU (Withdrawal) Act 2018 (referred to in the UK context as UK MAR). MAR and UK MAR prohibit dealings by Board Directors and members of the ULE during Closed Periods and require notification procedures to be followed by Board Directors and members of the ULE (and their CAPs) when they deal in Unilever securities. If you have any queries about the legal position or believe you may be in possession of Inside Information, please contact the Group Secretary. 8 2.6 CLEARANCE AND NOTIFICATION PROCEDURE Process for obtaining clearance to deal in Unilever securities for Board Directors and ULE members. STEP 1 Request clearance to deal in Unilever securities for yourself or on behalf of your CAPs in one of two ways: 1. Fill out the clearance to deal form at Appendix 3 and send it by email to the Corporate Secretaries (see Section 1.4); or 2. Write to the Corporate Secretaries via email (see Section 1.4) including the following information about the trade: • Type of security (e.g. PLC Ordinary shares or PLC ADRs). • Nature of transaction (e.g. buying, selling, pledging). • Capacity in which dealing or seeking clearance (i.e., on behalf of self or on behalf of a CAP). • Reason for the dealing, if applicable. STEP 2 Corporate Secretaries will arrange for the clearance application to be considered by an appropriate person as set out below. DEALING BY: CLEARANCE TO BE OBTAINED FROM: Chairman CEO, or if not available, Senior Independent Director or the Group Secretary Chief Executive Officer Chairman, or if not available, Senior Independent Director or the Group Secretary Other Board Director Chairman or CEO, or if not available, CFO Group Secretary Chairman or CEO Members of the ULE (other than the Board directors) Group Secretary or CEO

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&nbsp;&nbsp;&nbsp;&nbsp;9 STEP 3 If clearance is given, dealing must be made as soon as possible and must be completed within two working days (excluding the day on which clearance is given). Please note that the timelines for seeking clearance and dealing are based on the time zone in the UK. Please ensure that you take this into account if you are located in another time zone. A working day is defined in UK MAR as a day other than: - a Saturday or Sunday; - Christmas Day or Good Friday; or - a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971. If you trade via Computershare or Fidelity you will be asked to confirm that you have the appropriate clearance. New clearance must be sought if the dealing is not completed within this period. Any dealing must be completed before the beginning of the next Closed Period. HOW TO DEAL ULE members must complete their dealings with Computershare via EquatePlus (Computershare's dealing platform) or over the phone. The relevant numbers and office hours are provided below, and Reward (see Section 1.4) will be able to assist if you are not able to connect with Computershare. UK: +44 (0) 344 472 6002 Outside the UK: +44 (0) 117 378 5201 8am – 5pm GMT STEP 4 Board Directors, ULE members and their CAPs must confirm IMMEDIATELY (but in any event within two working days), via an email to the Corporate Secretaries (see Section 1.4), when the transaction has (or has not) taken place. The reporting obligation also applies to Unilever securities carried out by persons professionally arranging or executing transactions or by another person on your or your CAP's behalf, even where the manager or trustee has full discretion. Unilever Directors and members of the ULE 10 must notify the Corporate Secretaries if they have transferred the management of their Unilever securities to an investment manager and must authorise the investment manager to report directly to the Corporate Secretaries (see Section 1.4) of any dealings in Unilever securities. To allow Unilever to make the notification (on your behalf) to the financial regulators within the mandatory three working days after the date of the transaction, you must notify Unilever in writing (via email to the Corporate Secretaries, see Section 1.4) as soon as possible but no later than two working days after the date of the transaction with the following information about the transaction. The following details about the trade must be provided to the Corporate Secretaries: a) Type of security (PLC ordinary shares or PLC ADRs); b) Nature of transaction (e.g. buying, selling, pledging); c) Number of shares traded; d) Price per share; e) Date and place of the transaction; and f) Name of person dealing and capacity in which dealt (e.g. self, CAP). 11 Section 3. Obligations applicable to GRRL members 3.1 PROVISIONS APPLICABLE TO GRRL MEMBERS a) You may not deal in Unilever securities in Closed Periods (except in exceptional circumstances as outlined in Section 2.3). b) You can deal in Open Periods without clearance provided you are not in possession of any Inside Information. c) You must not deal in Unilever securities based on short-term considerations. d) If you need to request clearance to deal, clearance must be obtained in advance of such dealings in Unilever securities as outlined in Section 3.2. e) Unilever listed subsidiaries may have their own share dealing codes to comply with the requirements of local stock exchange rules and you must comply with the share dealing codes of such Unilever listed subsidiaries and their local stock exchange rules. f) When requested, you must provide the Corporate Secretaries with details of your holdings of, and transactions in, Unilever securities or the securities of Unilever listed subsidiaries or other publicly traded companies. 3.2 CLEARANCE PROCEDURE Clearance is not needed in an Open Period. Dealing in a Closed Period will only be permitted in exceptional circumstances. In such cases, the process for obtaining clearance to deal in Unilever securities is set out below. STEP 1 Request clearance to deal in Unilever securities by a GRRL member in a Closed Period: Write to the Corporate Secretaries via email (see Section 1.4) including the following information about the trade: • Nature of transaction (e.g. buying, selling, pledging). • Type of security (e.g. PLC Ordinary shares or PLC ADRs). • Capacity in which dealing or seeking clearance (i.e., on behalf of self or on behalf of a CAP). • Detailed explanation of the exceptional circumstances. 12 STEP 2 Corporate Secretaries will arrange for your clearance to deal application to be considered by the Group Secretary. STEP 3 If clearance is given, dealing must be made as soon as possible and must be completed within two working days (excluding the day on which clearance is given). Please note that the timelines for seeking clearance and dealing are based on the time zone in the UK. Please ensure that you take this into account if you are located in another time zone. A working day is defined in UK MAR as a day other than: - a Saturday or Sunday; - Christmas Day or Good Friday; or - a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971. New clearance must be sought if the dealing is not completed within this period. Any dealing must be completed before the beginning of the next closed period. HOW TO DEAL Individuals who are on the GRRL must complete their dealings using their EquatePlus account. Please refer to the User Guide with FAQs for further information. 3.3 POSSESSION OF INSIDE INFORMATION If you are in possession of Inside Information, the law relating to insider dealing will apply (see Section 2.5). Please also refer to the Preventing Insider Trading Code Policy and see Appendix 2 on the consequences of breaching the rules on insider dealing. The Preventing Insider Trading course is also available for further training and information.

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&nbsp;&nbsp;&nbsp;&nbsp;13 Section 4. Frequently Asked Questions 4.1 FREQUENTLY ASKED QUESTIONS a) How will I know if Unilever is in an Open or Closed Period? Corporate Secretaries will inform you by email of forthcoming Open Periods and Closed Periods. Whilst it is your responsibility to ensure you only deal when you do not have Inside Information, Corporate Secretaries will inform you if they are aware you have access to Inside Information and will place you on a restricted project list for that purpose. b) How will I know if I have Inside Information? Whilst it is your responsibility to ensure you only deal when you do not have Inside Information, Corporate Secretaries will inform you if they are aware you have access to Inside Information and will create a restricted project list for that purpose. Please refer to Section 5.4 for further information on Inside Information. c) What is meant by 'short-term considerations' in relation to dealing in Unilever securities? Generally, Unilever securities should not be sold within one year of purchase and purchases should not be made within one year of any sale. d) What are my obligations in relation to my CAPs? (For Board Directors and ULE members only) You must: • take reasonable steps to prevent any dealings in Unilever securities by or on behalf of your CAPs on considerations of a short-term nature; • advise your CAPs that the Standard applies to them as they are a CAP; • advise your CAPs of the Closed Periods during which they should not deal in Unilever securities; and • advise your CAPs that they must seek clearance (via their Board Director or member of the ULE) before dealing in Unilever securities. 14 Section 5. Key terms used in the Standard 5.1 FREQUENTLY USED TERMS • CAP: Closely Associated Person (see Section 5.2). • Closed Period: the period of 30 days in advance of any quarterly Unilever results announcement. • Corporate Secretaries: Sarah Woodhouse (see Section 1.4). • FCA: Financial Conduct Authority in the UK. • Group Secretary: Maria Varsellona (see Section 1.4). • GRRL: the Global Results Restricted List. • Inside Information: See Section 5.4. • Open Period: the period from the day of any Unilever quarterly results announcement to the start of the next Closed Period. • ULE: the Unilever Leadership Executive. 5.2 CLOSELY ASSOCIATED PERSONS Certain obligations of UK MAR also apply to Closely Associated Persons of Unilever Directors and members of the ULE. Please note that UK MAR does not impose these obligations on CAPs of other Unilever employees who are on the GRRL. CAPs are: Family Relationship CAP Husband/wife/civil partner Yes Husband/wife/civil partner (separated but not yet divorced) Yes Ex-husband/wife/civil partner (after divorce finalised) No Live-in partner or live-out partner No Child/step-child under 18 and unmarried/no civil partner Yes Child/step-child under 18 who is married or has a civil partner and does not live at home No 15 Live-in relative (e.g. elderly aunt, grandchild, adult child or married child under 18) who has shared the same address for 1 year or more on the date of the transaction concerned Yes Live-in non-relatives (e.g. au pair, lodger) No Other relatives who don't share an address (parents, siblings, in-laws etc) No Corporate Relationship CAP Corporate body, trust or partnership: - of which you or one of your CAPs discharges the managerial responsibilities - which is directly or indirectly controlled by you or one of your CAPs - set up for your or your CAPs benefit - the economic interests of which are substantially equivalent to those of you or your CAPs Yes Corporate body of which you or one of your CAPs hold at least 20% of shares or voting rights (but not control) No 5.3 DEALINGS Dealing means any type of transaction in Unilever securities, including purchases, sales, using Unilever securities as security for a loan or other obligation and entering into, amending or terminating any agreement in relation to Unilever securities. The following is a non-exhaustive list of transactions that are dealings for the purposes of notification to Unilever and the FCA under UK MAR: • buying or selling Unilever shares; • transactions in Unilever shares carried out on your (or your CAP's) behalf (e.g. by trustees of a family trust); • selling shares to cover the tax when you receive shares under one of the Unilever's share plans; • buying shares under a dividend re-investment plan; • cashing out an award; • pledging any Unilever shares as security for a loan or other borrowing; • giving or receiving a gift of shares including to or from your spouse or civil partner; • inheriting shares; • your (or your CAP's) dealings in units or shares in a collective investment undertaking or a portfolio of assets which has an exposure to Unilever shares or debt instruments of more than 20%; and 16 • dealings in Unilever shares or debt instruments by a collective investment undertaking (for example a UCITS, or an Alternative Investment Fund), in which you or your CAP have invested, but only where you/your CAP have a say in investment decisions and not where the manager has complete discretion. Other transactions in Unilever shares carried out by other persons on your behalf – e.g. trustees of a family trust of which you are a beneficiary (whether or not you can tell them what to invest in and when) must be notified. This applies also to transactions on behalf of your CAPs. You cannot net off transactions in your notifications. So, if you buy some shares and sell others, you must notify both the sale and the purchase in full. If you are in any doubt about whether you have to notify, then you should ask the Group Secretary guidance. 5.4 INSIDE INFORMATION Inside information is defined as: - information of a precise nature; - which has not been made public; - relating, directly or indirectly, to one or more financial instruments of Unilever; and - which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments. Information is likely to have a "significant effect" on price if it is information of a kind which a reasonable investor would be likely to use as part of the basis for their investment decisions. It is the responsibility of the Disclosure Committee to determine whether Unilever's quarter or full year results or any other information is considered Inside Information by Unilever PLC.

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&nbsp;&nbsp;&nbsp;&nbsp;17 Appendix 1 - Dealings in Unilever Securities, Unilever equity-based incentive schemes and other investment options A. General 1. Board Directors and members of the ULE (either on their own behalf, or on behalf of their CAPs) are required to gain clearance to deal in Unilever securities on all occasions except as expressly set out below. 2. Unilever employees on the GRRL are not required to gain clearance to deal in Unilever securities during an Open Period provided you are not in possession of Inside Information. It is not possible for Unilever employees on the GRRL to deal in a Closed Period except in exceptional circumstances as discussed in Section 3.2. Action Is Clearance required by a Board Director or ULE member? Is Clearance likely? Transfer of Unilever securities from one account in a person's name to another account in that person's name No in Open Periods Yes in Closed Periods n/a Yes Transfer of Unilever securities from one account in a person's name to a joint account (e.g. with the person's partner) Yes Open Period only Transfer of Unilever securities from one account in a person's name to their CAP Yes Open Period only Sale of Unilever securities by a CAP Yes Open Period only Using Unilever securities as security (for instance in connection with any personal borrowing arrangement), or granting a charge, lien or other encumbrance over any Unilever securities\* Yes Open Period only \* N.B. Any Board Director or member of the ULE who is considering using their Unilever securities as security should discuss this with the Group Secretary prior to seeking clearance. Depending on the terms of the security you may be asked, as a condition to receiving clearance, to give an assurance that you have the continuing financial capacity to repay any underlying loan or potential margin call without having to sell the Unilever securities. Board Directors and members of the ULE using Unilever securities as security would require disclosure to the relevant authorities as well as a stock exchange announcement in the UK. 18 B. Limit Orders and Trading Plans Board Directors and members of the ULE are required to gain clearance to set up a Limit Order and/or a Trading Plan during an Open Period and are not permitted to set up a Limit Order and/or a Trading Plan during a Closed Period. Unilever employees on the GRRL are not required to gain clearance to set up a Limit Order and/or a Trading Plan during an Open Period and are not permitted to set up a Limit Order and/or a Trading Plan during a Closed Period. If you are in doubt as to whether you need to seek clearance please contact the Group Secretary. C. Global employee share plans, Performance Share Plan, Management Co- Investment Plan, NA Management Co-Investment Program\*, U.S. Deferred Compensation Program, NA Restricted Stock Award Program\*, SERA Pension Buy-Out in Unilever securities and any other Unilever local employee Share Plans The application to join an employee share plan, exercise of any options under it and the sale of Unilever securities within the plan can constitute dealings and require clearance under Section 2.6 or Section 3.2 as applicable. If you are in doubt as to whether you need to seek clearance please contact the Corporate Secretaries. \*NA equity programs are all governed by the Unilever North America Omnibus Equity Compensation Plan. D. Unilever securities in Individual Savings Accounts (ISAs) Board Directors and members of the ULE are required to gain clearance to set up an ISA during an Open Period and are not permitted to set up an ISA during a Closed Period. Unilever employees on the GRRL are not required to gain clearance to set up an ISA during an Open Period and are not permitted to set up an ISA during a Closed Period. Where relevant these provisions also apply to Unilever PLC shares in existing Personal Equity Plans in the United Kingdom. Please contact the Corporate Secretaries if you have any questions. E. Unilever PLC Dividend Re-investment Plan and UK ShareBuy and Share Incentive Plans The application to join a Unilever PLC Dividend Re-Investment Plan, the sale of Unilever securities within it and a decision to close such a plan can be considered dealing and may require clearance in accordance with Sections 2.6 and 3.2 as applicable. Please contact the Corporate Secretaries if you have any questions. 19 Appendix 2 - Consequences of breaching the Preventing Insider Trading Code Policy and the Unilever Share Dealing Standard • The consequences of a breach of the prohibitions set out in the Preventing Insider Trading Code Policy and the Unilever Share Dealing Standard will depend on the country in and/or from which the breach takes place. • Dismissal, as a possible Unilever sanction, is applicable for a breach. • The possible consequences of a breach in the United Kingdom are set out below. Note that the consequences of breaching the relevant UK laws are equally relevant to any Unilever employee who possesses Inside Information, even if they have not been identified as a Board Director, a member of the ULE or a Unilever employee on the GRRL. • The consequences of a breach in other countries will depend on applicable law in those jurisdictions. 20 CONSEQUENCES OF A BREACH IN THE UK Sanction Details Civil Fine The Financial Conduct Authority (FCA) may impose an unlimited fine on individuals. The minimum fine will be the greater of: • A percentage (between 0% and 40%, depending on the seriousness of abuse) of an individual's total gross employment benefits for the period that the market abuse was committed; • A multiple (between 0 and 4 times) of the profit made or loss avoided as a direct result of the breach; and • £100,000 (in serious cases of market abuse). Public Statement The FCA may make a public statement that the individual concerned has committed a breach of the prohibitions. Injunction / Freezing Order The FCA may apply to the court for: • An injunction to restrain a threatened or continued breach; • An injunction requiring a person to take steps to remedy the breach; or • A freezing order preventing the person from selling (or otherwise dealing with) assets if that person has committed or may commit a breach. Order to repay benefits The FCA may apply to the court for an order to repay benefits (either the sum of the profits the person has accrued or the amount of the victims' loss). Payment of compensation The FCA may require the payment of compensation to victims. Imprisonment and/or criminal fine The penalty for the criminal offence of insider dealing is up to ten years imprisonment and/or an unlimited fine. Alternatively, the FCA may decide to issue a formal caution rather than prosecute an offender. Suspension The FCA may impose: • A temporary prohibition on the individual acquiring or disposing of financial instruments; • A permanent prohibition on the individual taking decisions about the management of an investment firm; and/or • A suspension, limitation or other restriction in relation to the carrying on of a regulated activity for up to 12 months.

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&nbsp;&nbsp;&nbsp;&nbsp;21 Appendix 3 – Clearance to Deal form To be signed by a person wishing to deal in Unilever PLC shares in accordance with the Share Dealing Standard (the "Standard"). Please send a signed copy of this form to the Corporate Secretaries (see Section 1.4). Unilever PLC – Dealing in Unilever shares Name: [●] Address: [●] TYPE OF SECURITY Unilever PLC ordinary shares or ADRs [●] NATURE OF TRANSACTION A sale, purchase, pledge etc. [●] CAPACITY IN WHICH SEEKING CLEARANCE PDMR, on behalf of a CAP (If a CAP, please specify relationship to the PDMR), or GRRL member [●] REASON FOR DEALING If applicable, provide further detail on the reason for dealing [●] I am not in possession of any Inside Information (as defined in the Standard) relating to the above Unilever shares. If this should change at any time before the transaction, I undertake not to proceed with the transaction. I undertake to deal as soon as possible after clearance has been given, and in any event within two working days (as defined in the Standard) of clearance being received. I understand that this clearance to deal is no longer valid beyond that time. I will submit notification of the dealing to the Corporate Secretaries as soon as possible and in any event no later than two working days after the transaction takes place. Signed……………………………………… Dated: ……………………………………… CLEARANCE TO DEAL (to be completed by the Corporate Secretaries) Clearance has been granted, for …………………………………………… to carry out the above transaction on the basis that it is completed no later than close of business on …………………………..…….. Signed……………………………………… Dated…………………………………. 22 Appendix 4 – CAP obligations memo Dealings in Unilever PLC securities: your obligations You are receiving this document because you are a closely associated person (CAP) of a person discharging managerial responsibilities (PDMR) of Unilever PLC (Unilever). This means that you have an obligation under the market abuse rules to make notifications if you deal in Unilever securities. It is important that you understand your obligations as the Financial Conduct Authority (FCA) has the power to impose unlimited fines and other sanctions on individuals who breach these rules. Who is a person discharging managerial responsibilities (PDMR)? A PDMR is a person who is: • a Director of Unilever; or • a senior manager of the company who has regular access to inside information and the power to make managerial decisions, which includes the Unilever Leadership Executive (ULE). You are receiving this memo because you are a closely associated person (CAP) of a PDMR. What does being a closely associated person mean? The law lists the closely associated persons of a PDMR. They include: • a spouse or civil partner; • children or step children under the age of 18 who are unmarried and not in a civil partnership; • any relative (not including a girlfriend or boyfriend) who has shared the same household as you for at least one year on the date of the relevant transaction; or • any entities managed or controlled by a PDMR or CAP, or run for the benefit of a PDMR or CAP. What transactions need clearance to deal and must be notified? The following broad types of transaction are caught – any buying, selling, subscription or exchange of any shares in Unilever or any financial instruments of Unilever or related financial instruments such as options. Buying or selling include transactions where you do not play an active role, such as gifts, inheritance and donations. Transactions undertaken by a professional or another person on your behalf are also included, even where the third party is exercising discretion on your behalf (for example, trustees of a family trust of which you are a beneficiary, or your fund manager). You do not need to seek clearance to deal and make a notification about: - your dealings in units or shares in a collective investment undertaking or a portfolio of assets which has an exposure to Unilever shares or debt instruments of 20% or less; and As a closely associated person of a person discharging managerial responsibilities you must seek clearance to deal in Unilever securities and notify your dealings in Unilever securities to Unilever and the FCA. This must be done within two working days of the dealing taking place. Your PDMR will seek clearance to deal on your behalf and Unilever will make the notification to the FCA on your behalf. 23 - dealings in the Unilever shares or debt instruments by a collective investment undertaking (for example a UCITS, or an Alternative Investment Fund), in which you have invested, but only where you have no say in investment decisions and the manager has complete discretion. What are my obligations? If you would like to deal in Unilever securities, you must seek clearance to deal in advance. Your PDMR will do this on your behalf. If you receive clearance to deal, you must conduct the dealing within two working days. Once your dealing has taken place, notifications must be made to the Group Secretary of Unilever promptly and within two working days (working days are days on which the London Stock Exchange is open for trading). Your PDMR will notify the Group Secretary on your behalf and Unilever will make the necessary notification to the FCA on your behalf. There are very strict deadline requirements imposed by the FCA so it is very important that you inform your PDMR immediately upon dealing in Unilever securities. Please also note that the deadlines specified in this document refer to UK time zones, which will need to be taken into account if you are located outside the UK on a different time zone. If you have any questions, you can contact the Group Secretary, Maria Varsellona (maria.varsellona@unilever.com).

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## Exhibit 12.1

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Exhibit 12.1 Section 302 Certification CERTIFICATIONS I, FERNANDO FERNANDEZ, certify that: 1. I have reviewed this annual report on Form 20-F of UNILEVER PLC, 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; 4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and 5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting. Date: 12 March 2026 /s/ Fernando Fernandez Chief Executive Officer Exhibit 12.1 Section 302 Certification CERTIFICATIONS I, SRINIVAS PHATAK, certify that: 1. I have reviewed this annual report on Form 20-F of UNILEVER PLC, 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; 4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and 5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting. Date: 12 March 2026 /s/ Srinivas Phatak Chief Financial Officer

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## Exhibit 13.1

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Exhibit 13.1 Certification Pursuant to 18 U.S.C. Section 1350 As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 In connection with the Annual Report on Form 20-F of Unilever PLC, a corporation organized under the laws of the United Kingdom (the "Company") for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: 1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: 12 March 2026 /s/ Fernando Fernandez Chief Executive Officer Dated: 12 March 2026 /s/ Srinivas Phatak Chief Financial Officer

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## Exhibit 15.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the registration statements (No. 333-273447, No. 333-273447- 01, No. 333-273447-02 and No. 333-273447-03) on Form F-3 and the registration statements (No. 333-277922, No. 333-268754, No. 333-103491-01 and No. 333-185299) on Form S-8 of our report dated March 4, 2026, with respect to the consolidated financial statements of Unilever PLC and the effectiveness of internal control over financial reporting. /s/ KPMG LLP London, United Kingdom March 12, 2026

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## Exhibit 17.1

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Subsidiary Guarantors and Issuers of Guaranteed Securities Each of the following securities issued by Unilever Capital Corporation (UCC), a wholly owned subsidiary of Unilever PLC (PLC), is unconditionally and fully guaranteed, jointly and severally, by PLC and Unilever United States, Inc. (UNUS), a wholly owned subsidiary of PLC: $700M 2.0% Notes due 2026 $300M 7.250% Notes due 2026 $1000M 2.9% Notes due 2027 $750M 4.25% Notes due 2027 $1300M 3.5% Notes due 2028 $700M 4.875% Notes due 2028 $250M 6.625% Notes due 2028 $850M 2.125% Notes due 2029 $500M 1.375% Notes due 2030 $170M 4.75% Notes due 2031 $850M 1.750% Notes due 2031 $1000M 5.9% Notes due 2032 $800M 5.0% Notes due 2033 $1000M 4.625% Notes due 2034 $150M 4.824% Notes due 2035 $650M 2.625% Notes due 2051 $129M 5.600% Notes due 2097

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## Exhibit 97.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever Recovery Policy Subject: Effective From: Latest review: Recovery Policy applicable to V ariable Re muneration 01 December 202 3 January 2025 Subject Process: Global Reward Standard New Review Date: 01 February 2027 Contact: Global.Equity@unilever.com Page 2 HR Standard – Recovery Policy Contents Table Unilever Recovery Policy ............. Error! Bookmark not defined. Recovery Policy ........................................................................................................................ 2 1. Introduction ........................................................................................................................ 2 2. Applies to ............................................................................................................................. 2 3. Definitions ................................................................................................................... 3 .... 3 4. Recovery of erroneously awarded compensation .......................................................... 4 5. Application of Recovery Policy .......................................................................................... 4 6. Duration of recovery period ...................................................................................... 4 .... 4 7. Amount of recovery ............................................................................................................ 5 8. Variable remuneration ....................................................................................................... 5 9. Method of recovery .................................................................................................... 5 .... 5 10. General .............................................................................................................................. 6 8. Supporting Documentation ......................................................................................... 6 Recovery Policy 1. Introduction This policy is intended to comply with section 303A.14 of the New York Stock Exchange (NYSE) Listed Company Manual, which requires companies listed on the NYSE to adopt and comply with a written Recovery Policy to recover the amount of erroneously awarded variable remuneration in the event of a required accounting restatement. 2. Applies to This Recovery Policy applies to former and current members of the Unilever Leadership Executive (ULE) and any other employees as legally required from time to time (Executive Officers). Page 3 HR Standard – Recovery Policy This Recovery Policy applies in addition to the Malus and Clawback Policy, which can be found here: Malus Policy. This Recovery Policy applies to any relevant variable remuneration received by Executive Officers from 1 October 2023 or the date they became Executive Officers, whichever is the later. 3. Definitions A) BDA: Bonus Deferral Award. B) Executive Officers: any current or former member of the ULE (and any other employees as legally required from time to time) within the performance period to which any financial restatement relates. C) Erroneously awarded compensation: the amount of variable remuneration received that exceeds the amount of variable remuneration that otherwise would have been received had it been determined based on the restated amounts. D) Financial reporting measures: are measures that are determined and presented in accordance with the accounting principles used in preparing Unilever's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return (TSR) are also financial reporting measures. E) Variable remuneration: is any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure, for example, annual bonus, long-term incentive scheme (including MCIP, PSP, TSA, BDA). F) MCIP: Management Co-Investment Plan. G) NYSE: New York Stock Exchange H) PSP: Performance Share Plan. I) Received: Variable remuneration is deemed received in Unilever's fiscal period during which the financial reporting measure specified in the variable remuneration award is attained, even if the payment or grant of the variable remuneration occurs after the end of that period. J) Restatement: an accounting restatement due to material non-compliance with any financial reporting requirement under securities law in the US. This includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement Page 4 HR Standard – Recovery Policy if the error were corrected or left uncorrected in the current period. K) TSA: Targeted Share Award. 4. Recovery of erroneously awarded compensation Unilever will recover reasonably promptly from Executive Officers the amount of erroneously awarded variable remuneration in the event Unilever is required to prepare an accounting restatement due to material non-compliance with any financial reporting requirement under securities law in the US (Restatement). This includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected or left uncorrected in the current period. 5. Application of Recovery Policy This Recovery Policy applies while Unilever is listed on the NYSE. It applies to all variable remuneration received by an Executive Officer after beginning service as an Executive Officer or 1 October 2023, whichever is the later, who served as an Executive Officer at any time during the performance period for the applicable variable remuneration. 6. Duration of recovery period The recovery period is the three completed financial years before the date Unilever is required to prepare a Restatement. This means that if it is required to recover erroneously awarded compensation, Unilever may recover the amount from any variable remuneration awarded to an Executive Officer in the three financial years prior to the date of the Restatement. The date of the Restatement is the earlier of the date Unilever concludes (or reasonably should have concluded) that a Restatement is required or the date a court, regulator or other legally authorised body directs Unilever to prepare a Restatement.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 5 HR Standard – Recovery Policy 7. Amount of recovery The amount of variable remuneration that will be recovered is the amount of variable remuneration received that exceeds the amount of variable remuneration that otherwise would have been received had it been determined based on the restated amounts. The erroneously awarded compensation must be calculated and recovered on a gross basis. For any variable remuneration that is based on stock price or TSR where the amount of erroneously awarded compensation is not subject to mathematical calculation directly from the information in the Restatement, the amount must be based on a reasonable estimate of the effect of the Restatement on the stock price or TSR upon which the variable remuneration was received. 8. Variable remuneration This Recovery Policy applies to any part of any variable remuneration that is determined by financial reporting measures. For example, the portion of variable remuneration that is determined by financial performance measures, such as sales growth, free cash flow, operating profit, return on invested capital or other financial measures. This Recovery Policy does not apply to fixed pay, benefits, or portion of annual bonus and long-term incentive schemes that are determined by non-financial performance measures i.e. sustainability progress index. Stock price and TSR are also financial reporting measures. 9. Method of recovery The Executive Officer will be notified if a Restatement has occurred that has resulted in the requirement for Unilever to recover erroneously awarded compensation. Unilever will inform the Executive Officer of the amount of the erroneously awarded compensation and how it is proposed that the amount will be recovered. Unilever will recover any erroneously awarded compensation from the Executive Officer's variable remuneration due to be awarded or vested in the year of the date of the Restatement. If there is any remaining amount, this will be deducted from any unvested variable remuneration related to the three financial years preceding the date of the Restatement. If there is any remaining amount, the Executive Officer will be required to repay this amount to Unilever, but not more Page 6 HR Standard – Recovery Policy than any variable remuneration received by the Executive Officer in the three financial years preceding the date of the Restatement. The Executive Officer is required to repay the erroneously awarded compensation promptly on request from Unilever. 10. General A) For the avoidance of doubt, this Recovery Policy can apply even if the Executive Officer was not responsible for the Restatement in question. B) The Executive Officer will not be entitled to any compensation or indemnification in respect of any recovery under this policy. As such, if any Executive Officer wishes to take out insurance in respect of any recovery under this policy, such Executive Officer member must do so at their own arrangement and cost. C) The operation of recovery will not limit any other remedy Unilever or any member of the Unilever group of companies may have in relation to Executive Officer. D) This policy may be amended, updated, replaced or withdrawn at any time at the Company's discretion. 8. Supporting Documentation Developed by: Global Reward Expertise Approved by: Andrew Forsythe Unilever reserves the right to terminate, suspend, modify or amend from time-to-time any benefits, programs, policies or procedures.

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