Disclaimer This is a PDF version of the Annual Report on Form 20-F 2019 and is an exact copy of the document filed with the SEC at www.sec.gov. Certain sections of the Annual Report on Form 20-F 2018 have been audited. These are on pages 87 to 142 and the Guarantor Statements on pages 173 to 178. The maintenance and integrity of the Unilever website is the responsibility of the Directors; 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 and the Netherlands 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 2019. Unilever accepts no responsibility for any information on other websites that may be accessed from this site by hyperlinks. Purpose-led, future-fit Annual Report on Form 20-F 2019 Annual Report on Form 20-F 2019 In this report This document is made up of the Strategic Report, the Governance Report, the Financial Statements and Notes, and Additional Strategic Report Information for US Listing Purposes. How our strategy is delivering value for our stakeholders The Unilever Group consists of Unilever N.V. (NV) and Unilever PLC (PLC) together with the companies they control. The terms “Unilever”, At a glance 2 the “Group”, “we”, “our” and “us” refer to the Unilever Group. Chairman's introduction 4 Our Strategic Report, pages 1 to 46, contains information about us, Our Board of Directors 5 how we create value and how we run our business. It includes our strategy, business model, market outlook and key performance Chief Executive Officer's Q&A 6 indicators, as well as our approach to sustainability and risk. The Unilever Leadership Executive 7 Strategic Report is only part of the Annual Report and Accounts 2019. Our strategy The Strategic Report has been approved by the Boards and signed on their behalf by Ritva Sotamaa – Group Secretary. Our fast-changing world 8 Our Governance Report, pages 47 to 77 contains detailed corporate Our strategy 9 governance information, our Committee reports and how we Our value creation model 10 remunerate our Directors. Our stakeholders Our Financial Statements and Notes are on pages 78 to 142. Stakeholder review: 12 Pages 1 to 162 constitute the Unilever Annual Report and Accounts 2019 for UK and Dutch purposes, which we may also refer to as – Consumers 14 ‘this Annual Report and Accounts’ throughout this document. – Our People 16 The Directors’ Report of PLC on pages 47 to 59, 78 (Statement of – Society 18 Directors’ responsibilities), 108 (Dividends on ordinary capital), 121 to 127 (Treasury Risk Management), 148 and 152 (Post balance sheet – Planet 19 events) and 160 (Branch disclosure) has been approved by the PLC – Customers 20 Board and signed on its behalf by Ritva Sotamaa – Group Secretary. – Shareholders 21 The Strategic Report, together with the Governance Report, Our performance 22 constitutes the report of the Directors within the meaning of Article 2:391 of the Dutch Civil Code and has been approved by the NV Board Financial review 24 and signed on its behalf by Ritva Sotamaa – Group Secretary. Our risks 33 Pages 163 to 178 are included as Additional Information for Non-financial information statement 46 US Listing Purposes. Governance Report Online How we’re running a responsible and effective business You can find more information about Unilever Corporate Governance 47 online at Report of the Audit Committee 54 www.unilever.com Report of the Corporate Responsibility Committee 56 For further information on our sustainability activities and Report of the Nominating and Corporate Governance performance visit Committee 58 www.unilever.com/sustainable-living Directors’ Remuneration report 60 The Annual Report on Form 20-F 2019 along with other Financial Statements relevant documents can be downloaded at Our full financial results and notes for the year www.unilever.com/ara2019/downloads Statement of directors’ responsibilities 78 Independent auditors’ report 79 Financial statements 87 Notes to the consolidated financial statements 91 Group companies 153 Shareholder information 161 Index 162 Additional information for US listing purposes 163 Purpose-driven performance One in three people around the world use our brands every day. With this reach comes responsibility – and opportunity. That’s why we've made it our purpose to make sustainable living commonplace. To help people live well within the limits of the planet. This isn’t just something we say – it steers our decisions and shapes our actions, at every level of the business. Our focus on purpose goes back to the days of one of our founders, William Lever, well over 100 years ago. It’s part of Unilever history, and it’s integral to our future. This is why we want all our brands to take a stand, and act, on the big social and environmental issues facing the world. We believe we’ll be a better and more successful business by following this path. To truly make sustainable living commonplace, we have to be fit for the future. This means anticipating the significant changes which are shaping our industry. Becoming fully digitised, lower cost, faster acting and more agile. Using our scale and influence to create positive change well beyond Unilever. Expanding into high-growth markets with superior products that are good for both people and the planet. And continuing to attract the very best people into a diverse, inclusive and flexible working culture. Purpose-led, future-fit At a glance As one of the world’s largest and oldest consumer goods businesses, we’re on a mission to make sustainable living commonplace. A truly global business Strong brands with purpose Our brands are available in over 190 countries. Our 400+ household brands help people feel good, look good and get more out of life. A growing 2.5 portfolio 12 brands billion of brands people use our with purpose with turnover of more products every day than €1 billion in the year 13 of the 60% 25 top 50 84% million of brands in top 1 or 2 retail sales FMCG brands* market positions outlets in our of turnover in distribution chain emerging markets Read more about our brands and consumers on pages 14 to 15. Using our scale for good Powered by our people We have ambitious time-bound sustainability Our purposeful and inclusive culture attracts goals which are delivering significant impact. and keeps the very best. 150 51/49 1.3 62% gender balance thousand in management billion employees (female/male)** people helped to improve their health of agricultural and hygiene since 2010 raw materials sustainably sourced Number 1 90% FMCG graduate % of our leaders employer of choice 100 are local in 52 markets renewable grid electricity in 5 continents Read more about our people on pages 16 to 17. * Based on market penetration and consumer interactions (Kantar Brand Footprint report). Read more about society and the planet on pages 18 to 19. ** Based on a total management population of 15,028 Unilever employees. 2 Annual Report on Form 20-F 2019 Strategic Report Financial highlights What we stand for: Making sustainable living commonplace. €52.0 billion turnover What we offer: Beauty & Personal Care, Foods & Refreshment, €6.1 billion Home Care free cash flow* Read more about our brands and consumers on pages 14 to 15. €4.2 billion dividends paid 19.1% underlying operating margin* 16.8% operating margin Beauty & Personal Care What we stand for: Beauty that cares for people, society and our planet. €21.9 billion turnover Our largest categories: Deodorants, Haircare, Skin care, Skin cleansing 42% of total turnover A selection of our brands: Axe, Clear, Dove, Lifebuoy, Lux, Pond's, Rexona, Signal, Suave, Sunsilk, TRESemmé, Vaseline 52% of total operating profit Foods & Refreshment What we stand for: Taste good. Feel good. Force for good. €19.3 billion turnover Our largest categories: Ice cream, Savoury, Dressings, Tea 37% of total turnover A selection of our brands: Ben & Jerry’s, Breyers, Brooke Bond, Heart (Wall’s), Hellmann’s, Knorr, Lipton, Magnum, Pukka, % of total operating profit Sir Kensington’s, Unilever Food Solutions 32 Home Care What we stand for: Making your home a better world. turnover Making our world a better home. €10.8 billion Our largest categories: Fabric solutions, Home and hygiene 21% of total turnover A selection of our brands: Cif, Dirt is Good (Omo, Persil), Domestos, Seventh % of total operating profit Generation, Sunlight 16 Read more about our Divisions on pages 14 to 15. * Free cash flow and underlying operating margin 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 page 27. Annual Report on Form 20-F 2019 3 Chairman's introduction Our new Chairman reflects on a year of positive value creation, changes to the Board and the steps being taken to accelerate growth in 2020 and beyond.